XWELL, Inc.

For the third quarter, revenue was approximately $8.4 million versus $7.5 million in the prior-year period. Revenue came from approximately $4.9 million at XpresSpa and Treat locations, approximately $3.1 million from XpresTest (including the biosurveillance partnership and HyperPointe), and approximately $0.4 million from Naples Wax Center. Operating loss improved to $4.8 million from $12.1 million, and net loss attributable to common shareholders improved to $4.8 million from $11.5 million. Total operating expenses were approximately $6.8 million versus approximately $13.2 million a year ago. On the balance sheet, cash and cash equivalents were $4.4 million, marketable securities were $11.7 million, total current assets were approximately $19.5 million, and the company had no long-term debt. Management did not provide formal next-quarter or full-year revenue/EPS guidance on this call, but said it expects continued cost reduction and better bottom-line performance as it moves through 2025.

Ezra Ernst framed the quarter as evidence that the company is becoming leaner and more agile after consolidating the dual-CEO structure, saying the move supports cost reduction and a return to profitability. He highlighted growth initiatives in out-of-airport wellness, especially Florida expansion, with up to 10 XWELL properties expected by mid-2025 and a first Naples Wax opening in November. He also pointed to solid early traction at the Philadelphia airport spa, promising performance from autonomous massage chairs and robotic nail systems, and a Penn Station XpresSpa planned for next year.

Suzanne Scrabis said Q3 revenue was approximately $8.4 million, up from $7.5 million, and broke out the revenue mix across XpresSpa/Treat, XpresTest, and Naples Wax Center. She noted salaries and benefits were approximately $1.9 million versus $1.2 million last year, but said the prior-year quarter included about $1 million of non-recurring ERC credit; excluding that item, salaries and benefits would have decreased 4% year over year. She also said G&A was approximately $4.5 million, including more than $2 million of extraordinary legal expenses, total operating expenses were approximately $6.8 million versus $13.2 million, and the company ended with $4.4 million of cash, $11.7 million of marketable securities, and no long-term debt.

There was no analyst Q&A in the transcript. Management’s commentary focused instead on strategy and operating updates, including cost discipline, new store openings, and the early performance of tech-forward airport concepts. The only forward-looking color was qualitative: continued execution, prudent cost management, and better operating efficiency into 2025.