XWELL Inc
xwell.comWhat Do They Do?
Provides spa and waxing services and sells related wellness products to travelers and retail customers; also conducts airport bio-surveillance sampling through its XpresTest business.
10-K for FY2025, filed Apr 1, 2026XWELL is a global wellness organization dedicated to delivering restorative and health-focused services to travelers through its three…View ↗
XWELL’s subsidiary, XpresSpa Holdings, LLC (“XpresSpa”) has been a global airport retailer of spa services through its XpresSpa spa…View ↗
The Company, in partnership with certain COVID-19 testing partners, successfully launched its XpresCheck Wellness Centers, in June of 2020…View ↗
XWELL’s subsidiary Naples Wax, LLC, d/b/a Naples Wax Centers (“Naples Wax Center” or “Naples Wax”) which was acquired on September 12…View ↗
The XpresTest segment provides aircraft wastewater and passenger nasal sampling through the CDC’s bio-surveillance program. XpresTest’s…View ↗
How Do They Make Money?
Services account for 90% of revenue: customers pay for spa and waxing when the service is performed, while XpresTest earns revenue as it carries out airport sampling over the service period. The other 10% comes from products bought in stores or online.
10-K for FY2025, filed Apr 1, 2026
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10-K for FY2025, filed Apr 1, 2026
FY2025 revenue by product or service (Total revenue, net) ↗
$29.2M
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10-K for FY2025, filed Apr 1, 2026
$29.2M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Services
|
90%
FY2022: 38%
|
Services, FY2025
$26.3M Sources
|
|
|
Products
Sold outright
10-K for FY2025, filed Apr 1, 2026 |
10%
FY2022: 3.5%
|
Products, FY2025
$2.9M Sources
|
Sold outright |
Who Are Their Customers?
Travelers receive spa services at airport locations and buy products in stores or online; Priority Pass is invoiced for services performed. Naples Wax Center sells waxing and skincare offerings at its hair-removal locations.
10-K for FY2025, filed Apr 1, 2026XWELL’s subsidiary, XpresSpa Holdings, LLC (“XpresSpa”) has been a global airport retailer of spa services through its XpresSpa spa…View ↗
XWELL’s subsidiary Naples Wax, LLC, d/b/a Naples Wax Centers (“Naples Wax Center” or “Naples Wax”) which was acquired on September 12…View ↗
The Company recognizes revenue from the sale of products and services when the services are rendered at XpresSpa and Naples Wax Centers…View ↗
Do Revenues Turn Into Profits?
No. It lost $17M in FY2025.
10-K for FY2025, filed Apr 1, 2026
−$15.7MView ↗
10-K for FY2025, filed Apr 1, 2026
−$17MView ↗
10-K for FY2025, filed Apr 1, 2026
−$11.7MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 14, 2026
−$2.2MView ↗
- ▼ −1% (Loss)
- vs −$2.3M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 14, 2026
Open tableView ↗
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Jul 9, 2026
Agreed to sell airport spa and bio-surveillance businesses
Health and wellness retail locations outside airports are excluded; the sale requires stockholder approval and other closing conditions.
Sources
8-K, filed Jul 9, 2026
On July 6, 2026, XWELL, Inc., a Delaware corporation (“XWELL” or the “Company”), entered into a Securities Purchase Agreement (the…View ↗
Shrinking. Revenue fell 60% in 4 years, from $73.7M in FY2021 to $29.2M in FY2025, about 21% a year.
From testing to surveillance
XpresTest shifted from diagnostic testing for travelers and airport workers to airport bio-surveillance sampling; it no longer provides diagnostic testing.
10-K for FY2022, filed Apr 17, 2023 10-K for FY2025, filed Apr 1, 2026Following the temporary closure of all global XpresSpa locations due to the categorization by local jurisdictions of the spa locations as…View ↗
HyperPointe operations ended
HyperPointe's marketing and support services for health-sector customers and XWELL brands are no longer operating.
10-K for FY2022, filed Apr 17, 2023 10-K for FY2025, filed Apr 1, 2026XWELL’s subsidiary, gcg Connect, LLC, operating as HyperPointe segment, which was acquired in January 2022, provides direct to business…View ↗
The XpresTest segment provides aircraft wastewater and passenger nasal sampling through the CDC’s bio-surveillance program. XpresTest’s…View ↗
Added off-airport waxing locations
The portfolio has expanded beyond airport wellness with Naples Wax Center hair-removal locations and skincare products.
10-K for FY2022, filed Apr 17, 2023 10-K for FY2025, filed Apr 1, 2026XWELL’s subsidiary Naples Wax, LLC, d/b/a Naples Wax Centers (“Naples Wax Center” or “Naples Wax”) which was acquired on September 12…View ↗
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