Financial Performance - XWELL reported a revenue growth of approximately 13% in 2024, totaling $33.9 million compared to $30.1 million in 2023[22] - Gross margin increased significantly from 12.2% in 2023 to 26.3% in 2024[3] - Total operating expenses were reduced by approximately 19% in 2024, amounting to $25.6 million compared to $31.9 million in the prior year[25] - The operating loss decreased to approximately $16.7 million in 2024 from approximately $28.2 million in 2023[26] - Net loss attributable to XWELL was approximately $16.9 million in 2024, down from approximately $27.7 million in the previous year[27] Strategic Initiatives - XWELL plans to acquire select medical spas in 2025, leveraging a recent $4 million private placement to expand into the wellness and beauty sector[9] - XWELL launched a new Naples Wax Center in Estero, Florida, marking the first of six planned openings across Florida in 2025[14] - The company aims to unify its wellness offerings under a single XWELL brand identity to enhance customer relationships and brand loyalty[6] Government Contracts - The CDC extended its Traveler-based Genomic Surveillance Program for three years, with a total base value of $53.7 million and a maximum ceiling value of $85.7 million[17] Financial Position - As of December 31, 2024, XWELL had approximately $4.6 million in cash and cash equivalents and no long-term debt[20]
XpresSpa Group(XWEL) - 2025 Q1 - Quarterly Results