XWELL Reports Fiscal Year 2024 Results
XWELL (XWEL) reported its fiscal year 2024 results, showing significant improvements in financial performance. Revenue grew 13% to $33.9 million, with gross margin more than doubling from 12.2% to 26.3%. The company achieved notable cost reductions, decreasing total operating expenses by 19% year-over-year.
Key developments include a three-year extension of its CDC partnership for the Traveler-based Genomic Surveillance Program, valued at $53.7 million base with an $85.7 million ceiling. XWELL expanded beyond airports with a new Naples Wax Center in Florida and secured a $4 million private placement in January 2025.
The company operates 18 domestic and 10 international XpresSpa locations, with plans to open 6 additional Naples Wax Center locations across Florida in 2025. Financial position shows $4.6 million in cash and $7.3 million in marketable securities, with no long-term debt. Operating loss improved to ($16.7) million from ($28.2) million in the previous year.
XWELL (XWEL) ha comunicato i risultati fiscali per l'anno 2024, evidenziando notevoli miglioramenti nelle prestazioni finanziarie. I ricavi sono cresciuti del 13%, raggiungendo 33,9 milioni di dollari, mentre il margine lordo è più che raddoppiato, passando dal 12,2% al 26,3%. L'azienda ha ottenuto significative riduzioni dei costi, diminuendo le spese operative totali del 19% rispetto all'anno precedente.
Tra gli sviluppi principali c'è l'estensione triennale della partnership con il CDC per il Programma di Sorveglianza Genomica basata sui viaggiatori, con un valore base di 53,7 milioni di dollari e un tetto massimo di 85,7 milioni. XWELL ha ampliato la sua presenza oltre gli aeroporti con un nuovo Naples Wax Center in Florida e ha ottenuto un collocamento privato da 4 milioni di dollari a gennaio 2025.
L'azienda gestisce 18 sedi XpresSpa nazionali e 10 internazionali, con l'intenzione di aprire altre 6 sedi Naples Wax Center in Florida nel 2025. La posizione finanziaria mostra 4,6 milioni di dollari in liquidità e 7,3 milioni in titoli negoziabili, senza debiti a lungo termine. La perdita operativa è migliorata, passando da (16,7) milioni rispetto ai (28,2) milioni dell'anno precedente.
XWELL (XWEL) presentó sus resultados fiscales del año 2024, mostrando mejoras significativas en su desempeño financiero. Los ingresos crecieron un 13% hasta 33,9 millones de dólares, con un margen bruto que más que se duplicó, pasando del 12,2% al 26,3%. La compañía logró importantes reducciones de costos, disminuyendo los gastos operativos totales en un 19% interanual.
Entre los desarrollos clave destaca la extensión por tres años de su asociación con el CDC para el Programa de Vigilancia Genómica basado en viajeros, valorado en 53,7 millones de dólares base y con un techo de 85,7 millones. XWELL se expandió más allá de los aeropuertos con un nuevo Naples Wax Center en Florida y aseguró una colocación privada de 4 millones de dólares en enero de 2025.
La empresa opera 18 ubicaciones nacionales y 10 internacionales de XpresSpa, con planes de abrir 6 centros adicionales de Naples Wax Center en Florida durante 2025. La posición financiera muestra 4,6 millones de dólares en efectivo y 7,3 millones en valores negociables, sin deuda a largo plazo. La pérdida operativa mejoró a (16,7) millones desde (28,2) millones del año anterior.
XWELL (XWEL)은 2024 회계연도 실적을 발표하며 재무 성과가 크게 개선되었음을 보여주었습니다. 매출은 13% 증가하여 3,390만 달러를 기록했으며, 총 이익률은 12.2%에서 26.3%로 두 배 이상 상승했습니다. 회사는 총 영업비용을 전년 대비 19% 줄이는 등 비용 절감에 큰 성과를 냈습니다.
주요 발전 사항으로는 여행자 기반 유전체 감시 프로그램을 위한 CDC와의 파트너십이 3년 연장되었으며, 기본 계약금액은 5,370만 달러, 최대 한도는 8,570만 달러입니다. XWELL은 플로리다에 새로운 Naples Wax Center를 개설하며 공항 외 지역으로 확장했고, 2025년 1월에 400만 달러의 사모 투자도 확보했습니다.
회사는 국내 18개, 해외 10개의 XpresSpa 지점을 운영 중이며, 2025년에는 플로리다 전역에 6개의 추가 Naples Wax Center를 열 계획입니다. 재무 상태는 현금 460만 달러와 시장성 증권 730만 달러를 보유하고 있으며, 장기 부채는 없습니다. 영업 손실은 전년도의 2,820만 달러 적자에서 1,670만 달러 적자로 개선되었습니다.
XWELL (XWEL) a publié ses résultats pour l’exercice 2024, montrant des améliorations significatives de sa performance financière. Le chiffre d’affaires a augmenté de 13 % pour atteindre 33,9 millions de dollars, avec une marge brute plus que doublée, passant de 12,2 % à 26,3 %. L’entreprise a réalisé d’importantes réductions de coûts, diminuant les dépenses d’exploitation totales de 19 % d’une année sur l’autre.
Parmi les développements clés figure la prolongation de trois ans de son partenariat avec le CDC pour le Programme de Surveillance Génomique basé sur les voyageurs, évalué à 53,7 millions de dollars de base avec un plafond de 85,7 millions. XWELL s’est étendue au-delà des aéroports avec un nouveau Naples Wax Center en Floride et a obtenu un placement privé de 4 millions de dollars en janvier 2025.
L’entreprise exploite 18 sites XpresSpa nationaux et 10 internationaux, avec des plans pour ouvrir 6 centres Naples Wax Center supplémentaires en Floride en 2025. La situation financière affiche 4,6 millions de dollars en liquidités et 7,3 millions en titres négociables, sans dette à long terme. La perte d’exploitation s’est améliorée, passant de (28,2) millions à (16,7) millions de dollars.
XWELL (XWEL) meldete seine Finanzergebnisse für das Geschäftsjahr 2024 und zeigte dabei deutliche Verbesserungen in der finanziellen Leistung. Der Umsatz stieg um 13 % auf 33,9 Millionen US-Dollar, während die Bruttomarge sich von 12,2 % auf 26,3 % mehr als verdoppelte. Das Unternehmen erzielte bemerkenswerte Kostensenkungen und verringerte die gesamten Betriebsausgaben im Jahresvergleich um 19 %.
Zu den wichtigsten Entwicklungen zählt die dreijährige Verlängerung der Partnerschaft mit den CDC für das Traveler-based Genomic Surveillance Program, das mit einem Basiswert von 53,7 Millionen US-Dollar und einer Obergrenze von 85,7 Millionen US-Dollar bewertet wird. XWELL erweiterte seine Aktivitäten über Flughäfen hinaus mit einem neuen Naples Wax Center in Florida und sicherte sich im Januar 2025 eine Privatplatzierung in Höhe von 4 Millionen US-Dollar.
Das Unternehmen betreibt 18 nationale und 10 internationale XpresSpa-Standorte und plant, 2025 sechs weitere Naples Wax Center in Florida zu eröffnen. Die Finanzlage zeigt 4,6 Millionen US-Dollar in bar und 7,3 Millionen US-Dollar in marktfähigen Wertpapieren, ohne langfristige Schulden. Der operative Verlust verbesserte sich von (28,2) Millionen auf (16,7) Millionen US-Dollar.
- Revenue growth of 13% to $33.9 million in 2024
- Gross margin more than doubled from 12.2% to 26.3%
- Secured $53.7M three-year CDC contract extension
- 19% reduction in total operating expenses
- Operating loss improved by $11.5M year-over-year
- $4M private placement funding secured
- Net loss of $16.9 million in 2024
- Operating loss continues at $16.7 million
- Dilutive impact from convertible preferred stock and warrants issuance
Insights
XWELL's 2024 results demonstrate substantial operational improvement despite continued challenges. The company achieved 13% revenue growth to
The most significant development is the three-year CDC contract extension valued at
Despite improvements, XWELL still posted a
The company's expansion strategy shows promise, with new Naples Wax Center locations planned and strategic medical spa acquisitions leveraging their recent
XWELL's unification strategy under a single brand identity could strengthen customer recognition and enable more effective loyalty programs, potentially improving customer retention and lifetime value. The upcoming Penn Station location represents a strategic expansion beyond traditional airport settings.
NEW YORK, April 15, 2025 (GLOBE NEWSWIRE) -- XWELL, Inc. (Nasdaq: XWEL) ("XWELL" or the "Company"), a pioneer in democratizing wellness, today reported results for the year ended December 31, 2024.
Recent Highlights:
- XWELL delivered 2024 revenue growth of approximately
13% versus 2023. - Gross margin more than doubled, increasing from
12.2% in 2023 to26.3% in 2024. - The Company reduced operating and overhead expenses in 2023 and 2024, while it continues to focus on returning to overall profitability. For the year ended December 31, 2024, the Company:
- Reduced salaries and benefits by approximately
5% versus 2023. - Reduced general and administrative expenses by approximately
4% versus 2023. - Reduced total operating expenses by approximately
19% versus 2023, even with substantial non-recurring expenses incurred in 2024.
- Reduced salaries and benefits by approximately
- XWELL announced a three-year extension of its Traveler-based Genomic Surveillance Program in partnership with the Centers for Disease Control and Prevention, reinforcing its critical role in national biosecurity.
- Accelerating its expansion outside of airport locations, XWELL launched a new Naples Wax Center in Estero, Florida in December 2024.
- Strengthening its capital structure, XWELL successfully closed a
$4 million private placement in January 2025, comprising of convertible preferred stock and warrants. - Leveraging its recent capital raise, XWELL announced plans to acquire select medical spas to expand into the high-growth wellness and beauty sector.
- As part of its brand evolution, XWELL announced that it plans to unite all of its wellness offerings under a single, cohesive XWELL brand identity.
“We believe that XWELL’s improved 2024 financial and operational performance reflects the successful execution of our growth and productivity initiatives,” said Ezra Ernst, CEO of XWELL. “We continue to capitalize on compelling growth opportunities across our brands and remain focused on achieving sustainable expansion alongside our relentless focus on wellness and our customers.”
“We’re also grateful and proud to continue the work we developed with our partners at the CDC and Ginkgo Bioworks for another three years. An early warning system for dangerous pathogens, the Traveler-based Genomic Surveillance Program plays a crucial role in protecting national security and public health.” Mr. Ernst added, “Looking ahead, I’m excited about the opportunities ahead for XWELL. By accelerating growth both in and out of the airport, unifying our offerings under the XWELL brand, and reinforcing our role in U.S. biosecurity and exploring biosecurity opportunities outside of the United States, I believe that we’re positioning XWELL for continued growth and long-term value creation.”
Bringing A Unified Wellness Brand to the Market
Committed to capitalizing on compelling growth opportunities in the wellness market, XWELL has developed and communicated a clear vision, mission, and purpose-driven forward-looking plan.
- Our vision is to liberate wellness, making it a mainstream category synonymous with health, balance, and self-care.
- Our mission is to create environments that inspire confidence, self-improvement, and wellness for everyone, everywhere.
- Our purpose is to reshape the way people think about wellness by showing how accessible and effortless it can be.
The Company’s forward-looking plan focuses on expanding and integrating offerings across its brands, with a key emphasis on unifying airport and off-airport locations under the XWELL brand. This strategic alignment will enable the development of membership and loyalty programs like Priority Pass that provide seamless access to XWELL locations, fostering deeper customer relationships and enhancing brand loyalty. Additionally, a strong customer community will support targeted marketing initiatives and cross-promotional opportunities, strengthened by advanced technology and customer relationship management capabilities from the HyperPointe unit.
At the same time, XWELL is actively broadening its retail product portfolio to feature a range of cutting-edge wellness offerings. These offerings include state-of-the-art wellness devices, nutritional supplements, and innovative wellness patches -- each designed to support holistic health and cater to the evolving needs of today’s wellness-conscious consumers.
Planned Strategic Investment in Medical Spas
In March 2025, XWELL unveiled plans to acquire select medical spas during 2025, leveraging its recent
This strategy aligns with XWELL’s mission to liberate wellness by creating a seamless continuum of care, extending beyond airports and into metropolitan areas where demand for advanced beauty and wellness treatments is rising.
XWELL will initially focus on select metropolitan areas with strong demand for medspa services, including Orlando, Austin, Texas, and Salt Lake City.
Operating At the Intersection of Travel, Health and Wellness
Operating at the intersection of travel, health and wellness, the Company’s brands currently include XWELL™, XpresSpa®, Treat™, Naples Wax Center®, XpresCheck® and HyperPointe™.
Travel Wellness Portfolio - XpresSpa®
XpresSpa is the leading airport retailer of wellness services and related retail offerings. As of December 31, 2024, there were 18 domestic XpresSpa locations in total, comprised of 17 Company-owned locations and one franchise. The Company also had 10 international locations operating as of December 31, 2024, including two XpresSpa locations in the Dubai International Airport in the United Arab Emirates, one XpresSpa location in the Zayad International Airport in Abu Dhabi, United Arab Emirates, three XpresSpa locations in the Schiphol Amsterdam Airport in the Netherlands and four XpresSpa locations in the Istanbul Airport in Turkey.
Out-of-Airport Wellness Portfolio - Naples Wax Center®
XWELL’s first off-airport brand, Naples Wax Center, is a group of upscale hair removal and aesthetic services boutiques. Acquired in mid-September 2023, Naples Wax Center provides core products and service including face and body waxing as well as a range of skincare and cosmetic products from its current three locations.
In December 2024, the Company announced the ongoing expansion of its out-of-airport spas with the opening of a new Naples Wax location in Estero, FL. This opening is the first in a series of strategic growth initiatives to expand the XWELL brand beyond airports. Looking ahead, in addition to its Estero location, XWELL has plans to open 6 additional locations across Florida during 2025.
New York City’s Penn Station XpresSpa®
Consistent with XWELL’s strategy to extend its footprint into transportation hubs, the Company is executing plans to open an XpresSpa location in New York City’s Penn Station in 2025. The tech-forward spa will serve commuters, neighborhood locals, and tourists with wellness-focused retail, autonomous massage, and nail care services, enabling seamless and efficient experiences for time-crunched New York City travelers.
Life Sciences & Biosurveillance -- XpresCheck® and HyperPointe™
XpresCheck in collaboration with the Centers for Disease Control and Prevention (“CDC”) and Ginkgo Bioworks, currently operates biosurveillance stations in 8 of the nation’s busiest airports.
In March of 2025, XWELL announced that the CDC extended its Traveler-based Genomic Surveillance Program for three years. The contract has a total base value of
The TGS program functions as an early detection platform for emerging pathogens. By providing multimodal data, it enhances global biosecurity and illuminates migratory disease origin, to inform medical countermeasure research and development. The program utilizes wastewater samples from inbound international aircraft and airport triturators, along with nasal swab samples from volunteers arriving in the U.S. on select international flights.
Additionally, the Company began reporting operating results for HyperPointe within its XpresCheck business. Beginning in June 2020, and following its acquisition by XWELL in January 2022, HyperPointe’s management team and suite of services and technology have been utilized to develop and deploy the technological infrastructure necessary to scale the growth of the XpresCheck business. HyperPointe’s experience in this space continues to play a critical role in the expansion of ongoing biosurveillance efforts created in partnership with Ginkgo Bioworks and the CDC.
Liquidity and Financial Condition
As of December 31, 2024, the Company had approximately
The Company significantly reduced operating and overhead expenses in the 2023 and 2024, while it continues to focus on returning to overall profitability.
In January 2025, the Company announced the closing of its private placement offering of
Summary 2024 Financial Results
Total Revenue
Total revenue for the fiscal year ended December 31, 2024 was
Revenue for 2024 primarily consisted of approximately
Total Cost of Sales
Total cost of sales for the fiscal year ended December 31, 2024 were approximately
General and Administrative Expenses; Salaries and Benefits
General and administrative expenses for the fiscal year ended December 31, 2024 were approximately
Salaries and benefits for the fiscal year ended December 31, 2024 were approximately
Total Operating Expenses
Total operating expenses for the fiscal year ended December 31, 2024 were approximately
Operating Loss
The operating loss for the fiscal year ended December 31, 2024 totaled approximately (
Net Loss Attributable to XWELL
Net loss attributable to XWELL for the fiscal year ended December 31, 2024 totaled approximately (
About XWELL, Inc.
XWELL, Inc. (Nasdaq: XWEL) is a leading global wellness holding company operating multiple brands: XWELL™, XpresSpa®, Treat™, Naples Wax Center®, XpresCheck® and HyperPointe™.
- XpresSpa is a leading retailer of wellness services and related products.
- Naples Wax Center is a group of upscale skin care boutiques.
- XpresCheck, in partnership with the CDC and Ginkgo Biosecurity, conducts biosurveillance monitoring in its airport locations.
- HyperPointe is a leading digital healthcare and data analytics relationship company serving the global healthcare industry.
For more information on XWELL’s offerings, visit www.XWELL.com.
Forward-Looking Statements
This press release may contain "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These include statements preceded by, followed by or that otherwise include the words "believes," "expects," "anticipates," "estimates," "projects," "intends," "should," "seeks," "future," "continue," or the negative of such terms, or other comparable terminology. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements. Forward-looking statements relating to expectations about future results or events are based upon information available to XWELL as of the date of this press release, and are not guarantees of the future performance of the Company, and actual results may vary materially from the results and expectations discussed. Additional information concerning these and other risks is contained in the Company’s Annual Report on Form 10-K, as amended, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and other Securities and Exchange Commission filings. All subsequent written and oral forward-looking statements concerning XWELL, or other matters and attributable to XWELL or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. XWELL does not undertake any obligation to publicly update any of these forward-looking statements to reflect events or circumstances that may arise after the date hereof.
Media
Heather Tidwell
MWW
htidwell@mww.com
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