XWELL Inc (NASDAQ: XWEL) is an airport-based travel wellness retail company that operates massage, cosmetic, and wellness service locations inside airport terminals. Revenue comes from transactional sales of massage services, cosmetic treatments, luxury products, and grab-and-go wellness food and snack offerings to airport travelers during their dwell time between security and boarding. The company has operated in the airport retail segment for over 21 years as of the 10-K filed April 1, 2026. XWELL operates stores and kiosks across airports in the United States and internationally, with a presence spanning the United States, Netherlands, Turkey, and United Arab Emirates. As of December 31, 2025, the company held cash and cash equivalents of approximately $2,716 thousand, carried an accumulated deficit of $489,697 thousand, and had going-concern conditions that management considered alleviated following a February 2026 Series H Convertible Preferred Stock private placement targeting gross proceeds of approximately $31,300 thousand. The company lists on the Nasdaq Capital Market and qualifies as a smaller reporting company.

Revenue model

Transactional retail and services revenue from in-airport locations, generated through sales of massage and spa services, cosmetic treatments, wellness and luxury products, and grab-and-go food and snack items sold directly to travelers.

Products and services

Massage and spa services, cosmetic treatments, luxury personal care products, wellness retail products, and bio-nutrient rich grab-and-go snack and food offerings sold under the XpresSpa and Naples Wax brand locations in airport terminals.

Customers and end markets

Airport travelers, primarily during dwell time after security screening and before boarding. End market is travel wellness and airport retail, with demand driven by passenger traffic volumes and airport dwell time created by security requirements.

Value-chain role

Direct-to-consumer airport retailer and service provider operating leased store and kiosk locations within airport terminals, sourcing and selling massage services, cosmetic products, wellness products, and food offerings on a transactional basis.

Geographic exposure

United States, Netherlands, Turkey, and United Arab Emirates, as disclosed in the 10-K filed April 1, 2026.

Source: SEC 10-K, filed 2026-04-01

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