XWELL, Inc. Reports Fiscal 2025 Results and Strategic Milestones

Key Highlights from the 2025 Fiscal Year and Recent Strategic Developments

XWELL, Inc. (Nasdaq: XWEL), a global leader in wellness solutions for people on the go, has announced its audited financial results for the year ended December 31, 2025, along with several significant strategic initiatives that may have a material impact on the company’s future growth and shareholder value.

Financial Performance Overview

• Total Revenue: Approximately \$29.2 million for 2025, with \$18.6 million from XpresSpa, \$8.3 million from XpresCheck, and \$2.3 million from Naples Wax Center.
• Total Operating Expenses: Down about 10% year-over-year to \$23.2 million, compared to \$25.6 million in 2024.
• Cost of Sales: Decreased by 13% to \$21.7 million from \$25.0 million in 2024.
• General and Administrative Expenses: Down approximately 20% year-over-year.
• Operating Loss: Narrowed to \$15.7 million from \$16.7 million in the prior year.
• Net Loss Attributable to XWELL: \$17.0 million, similar to \$16.9 million in 2024.
• Liquidity Position: As of December 31, 2025, XWELL held approximately \$2.6 million in cash and cash equivalents and had no long-term debt. Total current assets were \$5.9 million.

Strategic and Operational Milestones

• Expansion beyond Airports:
  • Opened a new wellness retail location in New York City’s Pennsylvania Station during Q4 2025, marking a significant move into high-traffic, non-airport venues.
  • Launched new wellness centers in Florida at Bloomingdale Square (Brandon) and Waterford Lakes, with the latter celebrated alongside the Orlando Magic under a new multi-year partnership naming XWELL the official wellness spa of the team.
• Strategic Partnerships and Innovation:
  • In February 2026, XWELL formed a partnership with PieQ, an AI and predictive intelligence company, to co-develop a novel U.S. biosecurity forecasting platform supporting the CDC. This may enhance XWELL’s profile in the rapidly growing health security sector.
• Global Biosecurity Program:
  • Secured a three-year extension in March 2025 for its Traveler-based Genomic Surveillance Program (TGS), operated in conjunction with the CDC and Ginkgo Bioworks, providing early detection of emerging pathogens at airports – a critical national health initiative.
  • Announced plans to expand biosecurity efforts internationally, targeting global travel hubs and large-scale events. To support this, Dr. Cindy Friedman, former CDC senior advisor and founding director of the TGS program, has been appointed as a senior advisor to XWELL, expected to guide the adaptation of traveler-based surveillance for select international biosecurity projects.
• Capital and Balance Sheet Strengthening:
  • In February 2026, XWELL completed a private placement with American Ventures, LLC, raising approximately \$31.3 million in gross proceeds (before fees and expenses). Proceeds will be used to repurchase outstanding notes, redeem Series G Preferred Stock and warrants, and for general corporate and working capital needs. This significantly improves the company’s liquidity and flexibility.

Management Commentary

“We continue to execute against our strategic priorities by expanding outside of the airport, diversifying access points, and elevating brand relevance,” said Ezra Ernst, CEO of XWELL. “The opening of our off-airport wellness center in Penn Station and growth across key Florida markets reflects XWELL’s ability to extend services beyond the airport and into the everyday lives of our customers. Coupled with our long-standing CDC partnership and ongoing operational discipline, we believe XWELL is well positioned to create long-term value.”

Potential Price-Sensitive and Shareholder-Relevant Updates

• Capital Raise: The successful \$31.3 million private placement and the planned use of proceeds for debt and preferred equity reduction, as well as working capital, materially increase financial flexibility and reduce risk.
• Strategic Pivot and Expansion: The shift beyond airport locations, especially into high-traffic commuter hubs and broader wellness markets, signals growth potential and diversification of revenue streams.
• Biosecurity Initiatives: The extension and expansion of the CDC partnership, coupled with international ambitions and high-profile advisory appointments, may significantly raise XWELL’s profile and open new, potentially lucrative business lines.

About XWELL, Inc.

XWELL, Inc. operates a portfolio of wellness brands including XpresSpa®, Naples Wax Center®, and XpresCheck®, delivering accessible, real-world wellness across travel, retail, and clinical settings. For further information, visit www.XWELL.com.

Forward-Looking Statements

This article may include forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Investors are advised to review the company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, for additional information on risk factors and business outlook. XWELL, Inc. undertakes no obligation to update forward-looking statements after this publication.

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