Revenue Performance - XWELL reported third quarter 2024 revenue of $8.4 million, a 13% increase compared to $7.5 million in the third quarter of 2023[15]. - For the nine-month period ended September 30, 2024, revenue grew approximately 16% compared to the same period in 2023[2]. - XpresSpa locations generated approximately $4.9 million in revenue during the third quarter 2024[16]. Operating Expenses and Losses - The company reduced total operating expenses by approximately 35% for the nine-month period ended September 30, 2024, compared to the same period in 2023[3]. - XWELL's operating loss for the third quarter 2024 was approximately $4.8 million, significantly improved from an operating loss of approximately $12.1 million in the third quarter of 2023[18]. - Net loss attributable to XWELL was approximately $4.8 million for the third quarter 2024, compared to approximately $11.5 million in the same quarter of 2023[19]. Financial Position - As of September 30, 2024, the company had approximately $4.4 million in cash and cash equivalents and no long-term debt[13]. - The company executed a registered direct offering in August 2024, resulting in gross proceeds of $1.4 million[3]. Expansion Plans - XWELL plans to open approximately 10 out-of-airport locations in Florida in 2025, expanding its Naples Wax Center brand[8]. - XWELL is set to open a new XpresSpa location in New York City's Penn Station in 2025, enhancing its presence in transportation hubs[9].

NEW YORK, Nov. 14, 2024 (GLOBE NEWSWIRE) -- XWELL, Inc. (Nasdaq: XWEL) ("XWELL" or the "Company"), an authority in wellness solutions for people on the go, today reported results for the third quarter and nine-month period ended September 30, 2024. Recent Highlights: XWELL delivered 2024 third quarter revenue growth of approximately 13% from the comparable quarter in 2023. Additionally, for the nine-month period ended September 30, 2024, XWELL delivered revenue growth of approximately 16% from the comparabl ...

Financial Performance - Total revenue for Q3 2024 was $8,422 million, an increase of $954 million or 13% compared to Q3 2023, primarily due to the increase in the XpresTest CDC contract and the addition of Naples Wax[134] - Total revenue for the nine months ended September 30, 2024, was $26,430 million, an increase of $3,724 million or 16% compared to $22,706 million for the same period in 2023[142] - Cost of sales decreased by $1,270 million or 6%, totaling $18,633 million for the nine months ended September 30, 2024, primarily due to the closure of three XpresSpa locations[143] - General and administrative expenses increased by approximately 51% to $4,525 million, mainly due to one-time legal fees of approximately $2.1 million related to a lawsuit[139] - General and administrative expenses decreased by approximately 6%, totaling $9,682 million for the nine months ended September 30, 2024, down from $10,282 million in 2023[146] - Salaries and benefits increased by approximately 61% to $1,893 million, driven by increased payroll accruals and severance related to executive management changes[140] - Salaries and benefits increased by approximately 4%, totaling $5,627 million for the nine months ended September 30, 2024, compared to $5,423 million in 2023[147] - Depreciation and amortization expenses decreased by approximately 57% to $252 million, primarily due to the write-off of permanently closed stores in 2023[136] - Depreciation and amortization expenses decreased by approximately 60%, amounting to $705 million for the nine months ended September 30, 2024, down from $1,770 million in 2023[144] - Impairment/loss on disposal of assets significantly decreased by approximately $7,606 million, totaling $823 million for the nine months ended September 30, 2024, compared to $8,429 million in 2023[145] Operational Strategy - The company plans to expand its retail strategy by adding more products and aligning them with service offerings, such as muscle relaxation patches[113] - XWELL aims to build capabilities for delivering health and wellness services outside of airports, which is seen as a fast way to scale its brands[114] - The company is pursuing international expansion as travel returns to pre-pandemic levels, leveraging opportunities to grow its brands globally[115] - XWELL acquired Naples Wax Centers for a purchase price of $1,624 million to enhance its wellness platform and retail footprint[124] Liquidity and Capital Management - As of September 30, 2024, cash and cash equivalents were $4,365 million, with total current assets of $19,513 million and current liabilities of $9,850 million[151] - The working capital surplus decreased to $9,663 million as of September 30, 2024, compared to $17,236 million as of December 31, 2023[152] - The company used $7,541 million in operations during the nine months ended September 30, 2024, compared to $12,873 million in the same period in 2023[152] - The company has sufficient liquidity to fund operations for the next twelve months, focusing on maintaining current locations and expanding the Naples Wax brand[152] Corporate Governance and Compliance - XWELL, Inc. filed a Certificate of Designation of Series A Junior Participating Preferred Stock on August 16, 2024[3.1] - The company entered into a Tax Benefits Preservation Plan on August 16, 2024, to protect its tax benefits[4.1] - An Executive Employment Agreement was established with Ezra T. Ernst effective September 4, 2024[10.2] - A Transition and Severance Agreement was signed with Scott R. Milford effective September 4, 2024[10.3] - The company has incorporated various Inline XBRL documents for financial reporting compliance[31.1] - Ezra T. Ernst and Suzanne A. Scrabis signed the report as Chief Executive Officer and Chief Financial Officer respectively on November 14, 2024[171] - The company is actively pursuing strategies to enhance its financial reporting and compliance with the Sarbanes-Oxley Act[31.2] - The Securities Purchase Agreement dated August 6, 2024, was executed among the company and its purchasers[10.1] - The company is focused on maintaining its tax benefits through strategic planning and agreements[4.1] - The company has filed multiple documents with the SEC to ensure transparency and regulatory compliance[168]

NEW YORK, Nov. 12, 2024 (GLOBE NEWSWIRE) -- XWELL, Inc. (Nasdaq: XWEL) ("XWELL" or the "Company"), an authority in wellness solutions for people on the go, today announced that it will report third quarter 2024 financial results, on Thursday, November 14, 2024, after the market close. The announcement will be followed by a webcast and conference call at 5:00 p.m. ET. The Company encourages investors, and interested parties, to listen via webcast as there is a limited capacity to access the conference call b ...

NEW YORK, Sept. 05, 2024 (GLOBE NEWSWIRE) -- XWELL, Inc. (Nasdaq: XWEL) ("XWELL" or the "Company"), an authority in wellness solutions for people on the go, today announced the appoint of Ezra T. Ernst as Chief Executive Officer. Ernst succeeds Scott Milford, who will serve in a consultative role through the end of 2024. "Ezra brings the combination of operational and strategic excellence to the position, while also having a deep understanding of the company, the industry and key partners," said XWELL Chair ...

NEW YORK, Aug. 26, 2024 (GLOBE NEWSWIRE) -- XWELL, Inc. (Nasdaq: XWEL) ("XWELL" or the "Company"), an authority in wellness solutions for people on the go, today announced a two-year partnership with Priority Pass™, the world's original and leading airport experiences program. Through this partnership, select Priority Pass members can enjoy a 25-minute Zero Gravity Massage Lounger at JFK, MIA, MCO, SLC, DFW, and PHL XpresSpa airport locations beginning August 26, 2024. The remainder of XpresSpa's 17 US loca ...

NEW YORK, Aug. 16, 2024 (GLOBE NEWSWIRE) -- XWELL, Inc. (Nasdaq: XWEL) (the "Company") announced today that its Board of Directors has adopted a Tax Benefits Preservation Plan (the "Plan") intended to preserve the value of certain of the Company's tax attributes related to previously recorded net operating losses (the "Tax Attributes"). As of August 16, 2024, the Company has Tax Attributes which may entitle the Company to reduce taxable income with respect to the Company's current 2024 tax year. The Company ...

Core Insights - XWELL, Inc. reported a revenue growth of approximately 14% in Q2 2024 compared to Q2 2023, driven by increased demand for services and retail products [2] - The company is focused on reducing costs and returning to profitability, achieving significant reductions in various expense categories [2][3] Financial Performance - Total revenue for Q2 2024 was $9.3 million, up from $8.2 million in Q2 2023 [21] - Revenue sources included approximately $4.9 million from XpresSpa and Treat locations, $3.8 million from XpresTest, and $0.5 million from Naples Wax Center [22] - Total cost of sales decreased to approximately $6.2 million from $7.0 million in Q2 2023 [23] - Operating loss improved to approximately $1.9 million from $4.7 million in Q2 2023, with net loss attributable to XWELL at approximately $2.0 million compared to $5.7 million in the prior year [24] Business Developments - XpresSpa opened a new location in Philadelphia International Airport, marking its first U.S. airport opening in over five years [2][5] - The introduction of IV hydration therapy at Miami International Airport aligns with the company's strategy to offer a wider variety of wellness services [6] - The company plans to expand Naples Wax Center locations in Florida, forecasting approximately 10 locations by early 2025 [11] Strategic Initiatives - XWELL is responding to a new three-year biosurveillance program RFP issued by the CDC, with expectations of a contract value similar to previous agreements [2][13] - The company is focused on integrating innovative services and retail products into its offerings while balancing growth outside of airport locations [3] Liquidity and Capital - As of June 30, 2024, XWELL had approximately $5.4 million in cash and cash equivalents and $13.0 million in marketable securities [18] - The company executed a registered direct offering in August 2024, raising approximately $1.4 million for working capital and general corporate purposes [19]

NEW YORK, Aug. 08, 2024 (GLOBE NEWSWIRE) -- XWELL, Inc. (Nasdaq: XWEL) ("XWELL" or the "Company"), an authority in wellness solutions for people on the go, today announced the closing of its previously announced registered direct offering priced at a premium to market for the issuance and sale of an aggregate of 652,705 shares of its common stock, par value $0.01 per share, at a purchase price of $2.18 per share. The gross proceeds to the Company from the offering were approximately $1.4 million, before ded ...

NEW YORK, July 24, 2024 (GLOBE NEWSWIRE) -- Today, CPC Pain & Wellness SPV, LLC ("CPC"), a significant XWELL, Inc. (Nasdaq: XWEL) ("XWELL" or the "Company") shareholder that beneficially owns 394,200 or 9.42% of XWELL's outstanding shares, issued the below letter to its fellow shareholders. The letter informs shareholders of CPC's recent lawsuit filing against the incumbent members of XWELL's Board of Directors for breach of their fiduciary duties and for the Board's wrongful and inequitable efforts to prev ...