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Mar 31, 2023
XpresSpa Q1 2023 Earnings Report
Reported first quarter 2023 results, reflecting commitment to optimizing efficiencies and delivering long-term growth.
Key Takeaways
XWELL, Inc. reported a total revenue of $7.1 million for the first quarter ended March 31, 2023, compared to $24.0 million in the prior year first quarter. The company's net loss attributable to common shareholders was $5.5 million for the first quarter of 2023, compared to a net loss of $4.3 million in the first quarter of 2022. As of March 31, 2023, the Company had cash and cash equivalents of approximately $9.9 million and marketable securities of approximately $25.2 million.
Total revenue for the first quarter of 2023 was $7.1 million.
Cost of sales decreased to $6.5 million for the first quarter of 2023.
General and administrative expenses decreased to $6.1 million for the first quarter of 2023.
Net loss attributable to common shareholders was $5.5 million for the first quarter of 2023.
Forward Guidance
XWELL continues to focus on driving growth in 2023 and beyond through both organic and external investments and taking action to improve operating performance and return the business to profitability.
Positive Outlook
- Advancing retail growth initiatives
- Adding new products and technologies in XpresSpa locations
- Leveraging efficiencies and drive profit
- Expanding biosurveillance business
- Enhancing growth through off-airport acquisition
Historical Earnings Impact
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Avg. Return Before/After Earnings
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