XpresSpa Q4 2023 Earnings Report
Key Takeaways
XWELL, Inc. reported fiscal year 2023 results, highlighting revenue of $30.1 million, driven by XpresSpa, Treat locations, and XpresTest. The company is focused on expanding wellness services, growing internationally, and extending its reach beyond airports.
Total revenue for fiscal year 2023 was $30.1 million.
Non-cash goodwill and intangible asset impairment charges totaled approximately $8.9 million.
The company is expanding its wellness portfolio, including new locations for Naples Wax Center.
XWELL is focused on improving operating performance and achieving profitability.
XpresSpa
XpresSpa
Forward Guidance
XWELL remains committed to improving operating performance, reaching profitability, and delivering long-term strategic priorities, including expanding its wellness portfolio and extending its reach across transportation hubs.
Positive Outlook
- Expanding wellness portfolio with additional expansion into transportation hubs.
- Launching TreatStudios, a new platform for independent wellness providers.
- Opening a new XpresSpa location in Penn Station.
- Opening additional Naples Wax Center locations in 2024.
- Expanding the CDC's Traveler-based Genomic Surveillance program to test for more pathogens.
Challenges Ahead
- Unaudited financial statements for Q3 2023 should no longer be relied upon due to misapplication of GAAP.
- Prior reports, press releases, earnings releases, and investor presentations covering Q3 2023 should no longer be relied upon.
- Goodwill and intangible asset impairment charges totaling approximately $8.9 million.
- Operating loss for 2023 was approximately $28.2 million.
- Net loss attributable to XWELL was approximately $28.0 million for 2023.