XpresSpa Group(XWEL) - 2024 Q3 - Quarterly Results

Revenue Performance - XWELL reported third quarter 2024 revenue of $8.4 million, a 13$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$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].