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Xcel(XELB) - 2024 Q2 - Quarterly Results
XELBXcel(XELB)2024-07-24 20:56

Revenue and Income - For the three months ended June 30, 2024, the company reported revenue of 2,954,000,whileforthesixmonthsendedJune30,2024,revenuewas2,954,000, while for the six months ended June 30, 2024, revenue was 5,138,000[4] - The pretax net income for the three months ended June 30, 2024, was 195,000,butforthesixmonths,therewasanetlossof195,000, but for the six months, there was a net loss of 6,099,000[4] - Adjusted EBITDA for the three months ended June 30, 2024, was (40,000),andforthesixmonths,itwas(40,000), and for the six months, it was (1,612,000)[4] Asset Sales and Impairments - The company expects a one-time net gain of approximately 3.8millionfromthesaleoftheLoriGoldsteinassets,whichpositivelyimpactedtheresults[3]−Thecompanyanticipatesanadditionalimpairmentchargeofapproximately3.8 million from the sale of the Lori Goldstein assets, which positively impacted the results[3] - The company anticipates an additional impairment charge of approximately 1.2 million related to the exit of its prior principal offices[4] Financial Reporting and Compliance - The preliminary financial results are unaudited and subject to completion of financial closing procedures, indicating potential variability in final figures[5] - The company is classified as an emerging growth company, which may affect its financial reporting and compliance requirements[2] - The financial information includes non-GAAP measures, which should be considered alongside U.S. GAAP measures for a comprehensive understanding of performance[6] - The company has not yet finalized its financial results, and reliance on preliminary estimates should be cautious[5] Signatory Information - The report was signed by the Chief Financial Officer, James F. Haran, on July 24, 2024[11]