# Xwell Inc. (XWEL)

**Exchange:** NASDAQ  
**Sector:** Healthcare  
**Market cap:** $7M  
**Price:** $1.22 (+3.39%)

> Xwell Inc. is a health and wellness holding company that operates premium spa and wellness services primarily at airport locations across the United States and internationally. The company functions through four main business segments: XpresSpa, which provides travelers with massage, nail care, and skincare services along with spa and travel products; XpresTest, which offers COVID-19 diagnostic testing and screening services through partnership with the CDC; Naples Wax Center, featuring face and body waxing alongside skincare and cosmetic products; and Treat, a travel health and wellness brand delivering in-airport spa experiences. Xwell serves the traveling public and airport employees through physical stores and kiosks, as well as online channels. The company caters to consumers seeking wellness and relaxation services while in transit, positioning itself as a convenient provider of premium health and beauty services in airport environments. Headquartered in New York, Xwell operates in the healthcare and diagnostics sectors.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $29M | $8M | -$16M | -$17M | — |
| 2024 | $34M | $9M | -$17M | -$17M | — |
| 2023 | $30M | $4M | -$28M | -$28M | — |
| 2022 | $56M | $12M | -$31M | -$33M | — |
| 2021 | $74M | $32M | $4M | $3M | — |
| 2020 | $8M | — | -$40M | -$90M | — |
| 2019 | $49M | — | -$16M | -$21M | — |
| 2018 | $50M | — | -$35M | -$37M | — |
| 2017 | $49M | — | -$15M | -$29M | — |
| 2016 | $12M | — | -$18M | -$24M | — |
| 2015 | $23M | — | -$10M | -$11M | — |
| 2014 | $1M | — | -$111M | -$110M | — |
| 2013 | $1M | — | -$41M | -$52M | — |
| 2012 | $100,000 | — | -$22M | -$21M | — |
| 2011 | $718,000 | — | -$6M | -$7M | — |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $11M | $24M | -$22M | $3M | — |
| 2024 | $25M | $18M | -$788,000 | $5M | — |
| 2023 | $39M | $18M | $13M | $8M | — |
| 2022 | $70M | $22M | $40M | $19M | — |
| 2021 | $127M | $27M | $93M | $106M | $4M |
| 2020 | $103M | $23M | $78M | $90M | $6M |
| 2019 | $29M | $31M | -$6M | $2M | $6M |
| 2018 | $31M | $17M | $9M | $3M | — |
| 2017 | $65M | $19M | $41M | $6M | $7M |
| 2016 | $83M | $19M | $60M | $18M | $7M |
| 2015 | $50M | $10M | $41M | $25M | — |
| 2014 | $37M | — | $31M | $16M | — |
| 2013 | $124M | — | $114M | $34M | — |
| 2012 | $158M | — | $148M | $57M | — |
| 2011 | $8M | — | $3M | $5M | — |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | -$9M | $3M | -$12M |
| 2024 | -$11M | $2M | -$13M |
| 2023 | -$16M | $2M | -$18M |
| 2022 | -$24M | $6M | -$31M |
| 2021 | $15M | $4M | $10M |
| 2020 | -$25M | $4M | -$29M |
| 2019 | -$113,000 | $2M | -$2M |
| 2018 | -$7M | $3M | -$10M |
| 2017 | -$12M | $4M | -$17M |
| 2016 | -$8M | $66,000 | -$9M |
| 2015 | -$3M | — | -$3M |
| 2014 | -$28M | $246,000 | -$29M |
| 2013 | -$23M | $23,000 | -$23M |
| 2012 | -$14M | $208,000 | -$15M |
| 2011 | -$5M | $27,000 | -$5M |

Source: [CompaniesByCap](https://companiesbycap.com/company/XWEL)