Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission file number: 001-34785 XWELL, Inc. (Exact Name of Registrant as Specified in its Charter) (State or other jurisdictio ...

Financial Data and Key Metrics Changes - In Q3 2022, total revenue was $10.7 million, a decline from $26.8 million in the prior year, primarily due to reduced demand at Express Check testing facilities [27] - The operating loss for the quarter was $7.6 million, compared to an operating profit of $7.1 million in the prior year [29] - Net loss attributable to common shareholders was $7.2 million, down from a net income of $5.6 million in the prior year [29] - Adjusted EBITDA was minus $4.5 million, compared to $8.7 million in the prior year [32] Business Line Data and Key Metrics Changes - Revenue from reopened Express spa locations was $4 million, with an additional $1.8 million from the biosurveillance partnership and $4.3 million from XpressCheck locations [27] - Retail sales historically accounted for approximately 17% of total revenue, with expectations of a sequential growth of 15% to 25% in Q1 2023 [13][14] Market Data and Key Metrics Changes - The company is expanding its international presence, with plans to open a 12th international location at Abu Dhabi International Airport in Q1 2023 [9] - The company has opened new locations in Istanbul, with plans for further expansion in the region [40][42] Company Strategy and Development Direction - The company is focused on a leaner business model with a path to profitability, emphasizing retail strategy and international expansion [5][19] - A new corporate identity was unveiled, and the company began trading under the new NASDAQ ticker symbol XWEL [6] - The company is exploring acquisition opportunities to diversify and grow its revenue base [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in emerging as a leaner and profitable company, with ongoing efforts to remove costs and optimize operations [25][54] - The company is optimistic about growth opportunities in both retail and international markets, with a focus on enhancing customer experience [52][54] Other Important Information - The company has successfully removed approximately $1 million in costs from its system and plans to close additional unprofitable locations [30][21] - Liquidity remains strong with cash and cash equivalents totaling $49.4 million and no long-term debt [31] Q&A Session Summary Question: Insight on XWELL's brands expanding into local communities - Management confirmed that expanding outside the airport is part of the overall strategy, with plans for strategic acquisitions in off-airport health and wellness businesses [35][36] Question: Update on M&A agreement with Benchmark - Management is actively looking at 3 to 4 potential acquisition opportunities but has no definitive agreements in place yet [38] Question: Plans to increase XWELL's global reach - Management highlighted ongoing international expansion efforts, including new locations in Istanbul and plans for Abu Dhabi [40][42] Question: Staffing trends and hiring challenges - Management acknowledged challenges in the labor market but noted improvements in recruiting tactics and staffing efforts [44][45] Question: Reduction of expenses and path to profitability - Management discussed the plan to reduce costs by over $1 million a month, which is expected to accelerate the path to profitability [46][48] Question: Future of XpressCheck footprint - Management confirmed the closure of unprofitable XpressCheck locations, entering 2023 with a streamlined operation [49][50] Question: Growth outlook for next year - Management expressed optimism about growth opportunities through core business improvements, international expansion, and potential acquisitions [52][54]

Financial Data and Key Metrics Changes - Revenue increased to $13.6 million in Q2 2022 from $9.1 million in Q2 2021, primarily driven by $7.4 million from Express Check locations and $3.7 million from reopened spas and Treat locations [47] - Operating loss was $7.8 million compared to a loss of $4.2 million in the prior year [50] - Net loss attributable to common shareholders was $7.9 million, up from $4.5 million in the previous year [50] - Cash and cash equivalents totaled $71.1 million, with working capital of $61.8 million and no long-term debt [52] Business Line Data and Key Metrics Changes - The company currently operates 26 spas globally, with plans to open five more in Q3, including the first location in Istanbul Airport [11][21] - Two Treat locations are currently open, with a third expected to open in Salt Lake City in late Q3 [26] - Revenue from Express Check locations was $7.4 million, while reopened spas and Treat locations generated $3.7 million [47] Market Data and Key Metrics Changes - The company is expanding its international presence, with plans to open a new spa location at Abu Dhabi Airport in Q1 2023 and five new locations at Istanbul Airport by the end of 2022 [24][22] - Istanbul Airport serves approximately 250 international destinations and over 20 million passengers annually, making it a strategic location for expansion [22] Company Strategy and Development Direction - The company aims to transform into a leading health and wellness provider for travelers, focusing on four core transformational imperatives: refreshing airport business, creating a new retail strategy, adding customers through acquisitions, and reducing infrastructure costs [7][8] - A strategic rebranding campaign is set to launch in Q4 2022, including a new name and visual identity [7][74] - The company is pursuing a B2B wellness product strategy and exploring partnerships for promotional packages and pop-up locations [73] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by the decline in testing demand but remains optimistic about the long-term growth potential through strategic initiatives [36][38] - The company is committed to optimizing capital and managing sustainable growth while focusing on shareholder value [33][70] - Management believes the underlying fundamentals are solid and that the company is well-positioned to achieve long-term objectives [45][58] Other Important Information - The company has successfully eliminated approximately $1 million a month in costs, which is expected to yield benefits starting in Q3 [51][33] - A new two-year contract with the CDC for biosurveillance efforts is valued at approximately $16 million, with a potential total value of $61 million [42][60] Q&A Session Summary Question: Can you provide guidance on the CDC contract? - The contract is worth up to $61 million over two years, with operations expanding to four major international airports and new locations for wastewater surveillance [60][62] Question: What is the expected number of locations by the end of Q3? - By the end of Q3, the company expects to have three Treat locations and 31 XpresSpa locations open globally [64] Question: What is the status of airport acquisition plans? - The company is actively pursuing acquisitions outside the airport to accelerate growth but has paused specific discussions due to valuation disagreements [68] Question: What is the company's capital allocation strategy? - The company aims to balance organic growth and external opportunities while returning excess capital to shareholders through share repurchases [69] Question: Can you elaborate on the B2B strategy? - The company has hired a leader to build a targeted B2B strategy, focusing on promotional packages and airport lounge services [73] Question: What is the timeline for the new brand launch? - The new brand is expected to launch in Q4 2022, pending the resolution of trademark and registration hurdles [74] Question: Is there potential for Monkeypox testing in the future? - The company is working with Ginkgo and the CDC to explore incorporating Monkeypox testing into their protocols [76] Question: How does the CEO view the company's direction? - The CEO believes the company is headed in the right direction, emphasizing the importance of agility and the integration of services to meet traveler needs [79]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission file number: 001-34785 XpresSpa Group, Inc. (Exact Name of Registrant as Specified in its Charter) | Delaware | 20-4988129 ...

XpresSpa Group, Inc. (XSPA) Q1 2022 Earnings Conference Call May 16, 2022 4:30 PM ET Company Participants James Berry - Chief Financial Officer Scott Milford - Chief Executive Officer Raphael Gross - Investor Relations Conference Call Participants Operator Greetings, and welcome to XpresSpa Group's First Quarter 2022 Earnings Conference Call. During the presentation, all participants will be in listen-only mode. [Operator Instructions] As a reminder, this conference is being recorded Monday, May 16, 2022. I ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission file number: 001-34785 XpresSpa Group, Inc. (Exact Name of Registrant as Specified in its Charter) | (State or other juri ...

Part I [Item 1. Business](index=5&type=section&id=Item%201.%20Business) XpresSpa Group operates as a global travel health and wellness company with three main segments: XpresSpa, XpresTest, and Treat - The company operates through three main segments: XpresSpa (premium spa services), XpresTest (medical diagnostic testing), and Treat (a new travel, health, and wellness brand)[18](index=18&type=chunk)[19](index=19&type=chunk)[22](index=22&type=chunk) - In response to the pandemic, the company launched XpresCheck® Wellness Centers via its XpresTest subsidiary, with **15 operating locations** in 12 airports as of the report date[21](index=21&type=chunk)[29](index=29&type=chunk) - The company initiated a biosurveillance monitoring program with the CDC at four major U.S. airports, with the contract totaling **$5.6 million** after an extension[30](index=30&type=chunk) - In January 2022, the company acquired HyperPointe, a digital healthcare and data analytics agency, for **$5.6 million in cash and $1 million in stock**[38](index=38&type=chunk)[39](index=39&type=chunk) - The company's go-forward strategy includes integrating products across its three brands, expanding health and wellness services outside of airports, and pursuing international expansion[42](index=42&type=chunk)[48](index=48&type=chunk)[49](index=49&type=chunk) - During 2021, the company repurchased **4.7 million shares for $7.8 million** and in March 2022, it repurchased an additional **7.1 million shares for $11.1 million**[37](index=37&type=chunk) Asset Impairment Charges (2020 vs. 2021) | Asset Type | 2021 Impairment | 2020 Impairment | | :--- | :--- | :--- | | Property and equipment | $90,130 | ~$5.0 million | | Operating lease right of use assets | $747,497 | ~$6.3 million | | Intangible assets (XpresSpa trademarks) | $0 | ~$3.9 million | [Item 1A. Risk Factors](index=12&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks related to its financial condition, business operations, and capital stock [Risks Related to Financial Condition and Capital Requirements](index=15&type=section&id=Risks%20Related%20to%20our%20Financial%20Condition%20and%20Capital%20Requirements) Financial stability is threatened by COVID-19's impact, an unremediated material weakness, significant capital needs, and potential limitations on NOL usage - The COVID-19 outbreak has **materially and adversely impacted** the business, particularly the spa segment, due to travel restrictions and temporary closures[83](index=83&type=chunk)[84](index=84&type=chunk) - A **material weakness** in internal control over financial reporting, identified in 2020, was not fully remediated as of December 31, 2021[85](index=85&type=chunk)[87](index=87&type=chunk) - The company has significant Net Operating Loss (NOL) carryforwards of approximately **$207.2 million** whose usability may be limited by Section 382 ownership change rules[88](index=88&type=chunk) - The business is capital-intensive, requiring substantial expenditures for new brand concepts and expanding operations, and may need to raise additional capital[92](index=92&type=chunk)[93](index=93&type=chunk) [Risks Related to Business Operations](index=19&type=section&id=Risks%20Related%20to%20our%20Business%20Operations) Operational risks stem from a limited history in diagnostic testing, reliance on third parties, extensive healthcare regulations, and dependence on air travel - The company has a **limited operating history** in the diagnostic testing and vaccination industry, which presents substantial risks and uncertainties[98](index=98&type=chunk) - The XpresCheck and Treat businesses rely on long-term contracts with professional medical practices and a **limited number of suppliers** for test kits and lab materials[99](index=99&type=chunk)[101](index=101&type=chunk) - The business is subject to extensive and complex healthcare regulations, including **CLIA, FDA oversight, and HIPAA**, where non-compliance could result in severe penalties[111](index=111&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk) - The legacy XpresSpa business is **highly dependent on the volume of air travel** and time passengers spend in airports, which have been negatively impacted by COVID-19[133](index=133&type=chunk)[134](index=134&type=chunk) - Laws regulating the corporate practice of medicine could restrict how the XpresCheck and Treat businesses are conducted, potentially requiring restructuring[196](index=196&type=chunk)[197](index=197&type=chunk) [Risks Related to Capital Stock](index=39&type=section&id=Risks%20Related%20to%20our%20Capital%20Stock) The company's common stock is subject to high price volatility, potential delisting from Nasdaq, and anti-takeover provisions - The market price of the company's common stock has been and is expected to continue to be **highly volatile**[200](index=200&type=chunk)[206](index=206&type=chunk) - The company's ability to raise additional equity capital is constrained by a **limited number of authorized but unissued shares**[202](index=202&type=chunk) - The company has **no current plans to pay dividends** on its common stock[204](index=204&type=chunk) - Failure to meet Nasdaq's continued listing requirements, such as the **minimum $1.00 bid price**, could result in the delisting of the common stock[209](index=209&type=chunk) [Item 1B. Unresolved Staff Comments](index=43&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - Not applicable[221](index=221&type=chunk) [Item 2. Properties](index=43&type=section&id=Item%202.%20Properties) The company leases 52 spa and clinic locations across 24 airports in the U.S, Netherlands, and UAE, plus its corporate headquarters - As of December 31, 2021, the company had **52 leased spa and clinic locations** in 24 airports across the U.S., Netherlands, and UAE[222](index=222&type=chunk) - Lease terms are typically **5-8 years**, with some stores operating on a month-to-month basis[222](index=222&type=chunk) [Item 3. Legal Proceedings](index=43&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in various legal proceedings, with a recorded liability of approximately $0.8 million for outstanding matters - As of December 31, 2021, the company has recorded a liability of approximately **$0.8 million** for all outstanding legal matters[224](index=224&type=chunk) - The *In re Chen et al.* class action lawsuit received final court approval for its settlement on October 1, 2021, and the **case was marked as closed**[225](index=225&type=chunk)[229](index=229&type=chunk) - The *Kyle Collins v. Spa Products* class action was settled in mediation, with a motion for preliminary approval of the settlement pending[230](index=230&type=chunk) [Item 4. Mine Safety Disclosures](index=45&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[233](index=233&type=chunk) Part II [Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=46&type=section&id=Item%205.%20Market%20for%20Registrant%E2%80%99s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on Nasdaq as "XSPA" and a share repurchase program was active in 2021 and early 2022 - The company's common stock is listed on Nasdaq under the symbol "XSPA" and a **1-for-3 reverse stock split** was effected on June 11, 2020[235](index=235&type=chunk)[236](index=236&type=chunk) - As of March 28, 2022, there were **95,071,210 shares** of common stock outstanding[237](index=237&type=chunk) - The company has **never paid cash dividends** and does not intend to in the foreseeable future[238](index=238&type=chunk) Share Repurchase Activity | Period | Shares Repurchased | Average Cost/Share | Total Cost | | :--- | :--- | :--- | :--- | | During 2021 | 4.7 million | $1.66 | $7.8 million | | March 2022 | 7.1 million | $1.55 | $11.1 million | [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=47&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Revenue increased 779% to $73.7 million in 2021, driving a shift from a net loss to net income of $2.9 million [Results of Operations](index=54&type=section&id=Results%20of%20Operations) Total revenue surged 779% to $73.7 million in 2021, leading to operating income of $4.1 million and net income of $3.3 million - The **779% increase in total revenue** was primarily due to patient service revenue of $50.7 million and managed services fees of $16.8 million from XpresCheck[300](index=300&type=chunk) - General and administrative expenses increased by **51.8% to $24.2 million** in 2021, mainly due to start-up costs for new brands and legal fees[306](index=306&type=chunk) Consolidated Results of Operations (2021 vs. 2020) | Metric (in thousands) | 2021 | 2020 | | :--- | :--- | :--- | | **Total Revenue** | **$73,729** | **$8,385** | | Total Cost of Sales | $41,385 | $11,983 | | General & Administrative | $24,199 | $15,940 | | Impairment/disposal of assets | $837 | $15,356 | | **Operating Income (Loss)** | **$4,107** | **($40,104)** | | Loss on revaluation of warrants | $0 | ($51,147) | | **Net Income (Loss)** | **$2,893** | **($92,232)** | | Net Income (Loss) to Shareholders | $3,349 | ($90,488) | Reconciliation to Adjusted EBITDA (Non-GAAP) | Metric (in thousands) | 2021 | 2020 | | :--- | :--- | :--- | | Income (Loss) from Operations | $4,107 | ($40,104) | | Depreciation and amortization | $3,201 | $5,210 | | Impairment/disposal of assets | $837 | $15,356 | | Stock-based compensation expense | $2,856 | $1,328 | | **Adjusted EBITDA (Loss)** | **$11,001** | **($18,210)** | [Liquidity and Capital Resources](index=58&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity improved significantly, ending 2021 with $105.5 million in cash and positive operating cash flow of $14.6 million - As of December 31, 2021, the company had **$105.5 million in cash and cash equivalents** and a working capital surplus of $89.2 million[315](index=315&type=chunk) - During 2021, the exercise of various warrants provided gross proceeds of approximately **$19.2 million**[316](index=316&type=chunk) Cash Flow Summary (2021 vs. 2020) | Cash Flow Activity (in thousands) | 2021 | 2020 | | :--- | :--- | :--- | | Net cash from Operating Activities | $14,561 | ($25,012) | | Net cash used in Investing Activities | ($5,156) | ($4,349) | | Net cash from Financing Activities | $6,350 | $117,225 | [Critical Accounting Estimates](index=60&type=section&id=Critical%20Accounting%20Estimates) Critical accounting estimates include the evaluation of VIEs, impairment testing of long-lived assets, and fair value measurements - The company's evaluation of its relationship with professional medical service companies (PLLCs) led to their classification as **Variable Interest Entities (VIEs)** and subsequent consolidation[326](index=326&type=chunk) - **Impairment testing** of long-lived assets and intangible assets is a critical estimate, requiring management to make assumptions about future cash flows[327](index=327&type=chunk)[330](index=330&type=chunk) - **Fair value measurements**, particularly for equity investments and derivative liabilities, are critical and are categorized using a three-tier hierarchy[331](index=331&type=chunk) [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](index=63&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This disclosure is not required as the company qualifies as a smaller reporting company - Not required as the company is a smaller reporting company[338](index=338&type=chunk) [Item 8. Financial Statements and Supplementary Data](index=63&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section refers to the consolidated financial statements included in Item 15 of the report - This item directs the reader to the consolidated financial statements located in Item 15 of the Annual Report[339](index=339&type=chunk) [Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=63&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants - None[340](index=340&type=chunk) [Item 9A. Controls and Procedures](index=63&type=section&id=Item%209A.%20Controls%20and%20Procedures) Disclosure controls were deemed not effective due to an unmitigated material weakness in internal control over financial reporting - Management concluded that disclosure controls and procedures were **not effective** as of December 31, 2021[342](index=342&type=chunk) - A **material weakness** in internal controls over the financial close and reporting process, first identified in 2019, remained unmitigated as of December 31, 2021[347](index=347&type=chunk)[353](index=353&type=chunk) - Remediation efforts include appointing a permanent CFO and Corporate Controller, restructuring processes, and using outside service providers[348](index=348&type=chunk)[350](index=350&type=chunk) [Item 9B. Other Information](index=66&type=section&id=Item%209B.%20Other%20Information) This section details the Executive Employment Agreement for CEO Scott R. Milford, appointed effective January 19, 2022 - On March 28, 2022, the company entered into an Executive Employment Agreement with CEO Scott R. Milford, effective January 19, 2022[356](index=356&type=chunk) - The agreement includes an annual base salary of **$425,000** and an annual bonus target of up to **100% of base salary**[358](index=358&type=chunk) Part III [Items 10-14 (Directors, Executive Compensation, Security Ownership, etc.)](index=68&type=section&id=Items%2010-14) Information for these items will be included in an amendment to the Annual Report and is incorporated by reference - Information for Items 10, 11, 12, 13, and 14 is incorporated by reference and will be filed in an amendment to the Form 10-K[363](index=363&type=chunk)[364](index=364&type=chunk)[365](index=365&type=chunk) Part IV [Item 15. Exhibits and Financial Statement Schedules](index=69&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the exhibits filed with the report and references the consolidated financial statements beginning on page F-1 - This item provides an index of all exhibits filed with or incorporated by reference into the Form 10-K[370](index=370&type=chunk)[371](index=371&type=chunk) - The consolidated financial statements are referenced under this item, beginning on page F-1[369](index=369&type=chunk) [Item 16. Form 10-K Summary](index=74&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company indicates there is no Form 10-K summary - None[380](index=380&type=chunk) Consolidated Financial Statements and Notes [Report of Independent Registered Public Accounting Firm](index=76&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) The auditor issued an unqualified opinion, highlighting Critical Audit Matters related to asset valuation and accounting for VIEs - The auditor issued an **unqualified opinion** on the financial statements[386](index=386&type=chunk) - A critical audit matter was the **valuation of long-lived assets** due to significant management assumptions in estimating fair value[391](index=391&type=chunk)[392](index=392&type=chunk) - A second critical audit matter was the **accounting for Variable Interest Entities (VIEs)**, which required significant auditor judgment[394](index=394&type=chunk)[396](index=396&type=chunk) [Consolidated Financial Statements](index=78&type=section&id=Consolidated%20Financial%20Statements) The financial statements show total assets grew to $127.3 million and the company shifted to a net income of $2.9 million in 2021 Consolidated Balance Sheet Data (in thousands) | | Dec 31, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | Cash and cash equivalents | $105,506 | $89,801 | | Total Current Assets | $108,979 | $91,779 | | **Total Assets** | **$127,266** | **$103,133** | | Total Current Liabilities | $19,827 | $13,477 | | **Total Liabilities** | **$27,331** | **$22,762** | | **Total Equity** | **$99,935** | **$80,371** | Consolidated Statement of Operations Data (in thousands) | | Year Ended Dec 31, 2021 | Year Ended Dec 31, 2020 | | :--- | :--- | :--- | | Total Revenue, net | $73,729 | $8,385 | | Operating Income (Loss) | $4,107 | ($40,104) | | **Net Income (Loss)** | **$2,893** | **($92,232)** | | Basic and Diluted EPS | $0.03 | ($2.05) | [Notes to the Consolidated Financial Statements](index=84&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) Key notes detail the consolidation of VIEs, segment performance, warrant activity, and the elimination of convertible debt - Effective July 1, 2021, the company began consolidating its affiliated medical groups as **Variable Interest Entities (VIEs)**, recognizing $50.7 million in patient services revenue[414](index=414&type=chunk)[452](index=452&type=chunk)[482](index=482&type=chunk) - All outstanding convertible notes were **fully converted into common stock** during 2020, eliminating that source of debt[510](index=510&type=chunk)[516](index=516&type=chunk) - In 2021, **11.3 million warrants were exercised**, generating gross proceeds of $19.2 million, with 37.8 million warrants remaining outstanding[519](index=519&type=chunk)[521](index=521&type=chunk) - The company acquired HyperPointe in January 2022 for an initial price of **$6.6 million** plus a potential earnout of up to $7.5 million[589](index=589&type=chunk)[590](index=590&type=chunk) Segment Operating Income (Loss) (in thousands) | Segment | 2021 | 2020 | | :--- | :--- | :--- | | XpresSpa | ($9,617) | ($29,966) | | XpresTest | $25,452 | ($3,494) | | Treat | ($5,735) | — | | Corporate and other | ($5,993) | ($6,644) | | **Total** | **$4,107** | **($40,104)** |

XpresSpa Group, Inc. (XSPA) Q4 2021 Results Conference Call March 15, 2022 4:30 PM ET Company Participants James Berry - Chief Financial Officer Scott Milford - Chief Executive Officer Raphael Gross - Investor Relations Conference Call Participants Thierry Wuilloud - Water Tower Research Scott Buck - H.C. Wainwright Operator Greetings, and welcome to XpresSpa Group's Fourth Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will fol ...

XpresSpa Group, Inc. (XSPA) Q3 2021 Earnings Conference Call November 16, 2021 4:30 PM ET Company Participants Douglas Satzman – CEO James Berry – CFO Conference Call Participants Michelle – Analyst Operator Greetings and welcome to XpresSpa Group Third Quarter 2021 earnings conference call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions]. As a reminder, this conference is being recorded. I would now like to ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 Commission file number: 001-34785 XpresSpa Group, Inc. ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ (Exact Name of Registrant as Specified in its Charter) | Delaware | 20-49 ...