XWELL FY24 Revenue $33.9M Up From $30.1M YoY

Benzinga

Apr 16, 2025

Summary 2024 Financial Results

Total RevenueTotal revenue for the fiscal year ended December 31, 2024 was $33.9 million compared to $30.1 million in the prior year.

Revenue for 2024 primarily consisted of approximately $18.3 million from XpresSpa locations, $430,000 from Treat locations and approximately $13.1 million from XpresTest, which includes XWELL's bio-surveillance partnership and its HyperPointe business. Naples Wax Center accounted for approximately $2.1 million.

Total Cost of SalesTotal cost of sales for the fiscal year ended December 31, 2024 were approximately $25.0 million compared to approximately $26.4 million in the prior year.

General and Administrative Expenses; Salaries and BenefitsGeneral and administrative expenses for the fiscal year ended December 31, 2024 were approximately $12.5 million compared to approximately $13.0 million in the prior year.

Salaries and benefits for the fiscal year ended December 31, 2024 were approximately $7.5 million compared to approximately $8.0 million in the prior year.

Total Operating ExpensesTotal operating expenses for the fiscal year ended December 31, 2024 were approximately $25.6 million compared to approximately $31.9 million in the prior year.

Operating LossThe operating loss for the fiscal year ended December 31, 2024 totaled approximately ($16.7) million compared to approximately ($28.2) million in the prior year.

Net Loss Attributable to XWELLNet loss attributable to XWELL for the fiscal year ended December 31, 2024 totaled approximately ($16.9) million compared to approximately ($27.7) million in the prior year.

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