$XWEL
XWELL Inc

2023 Q4 Form 10-Q Financial Statement

#000155837023019060 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $7.403M $7.468M $10.74M
YoY Change -2.08% -30.44% -59.89%
Cost Of Revenue $6.525M $6.377M $9.339M
YoY Change -8.74% -31.72% -31.64%
Gross Profit $878.0K $1.091M $1.397M
YoY Change 114.15% -21.9% -89.34%
Gross Profit Margin 11.86% 14.61% 13.01%
Selling, General & Admin $20.91M $3.906M $6.447M
YoY Change 199.58% -39.41% 24.08%
% of Gross Profit 2381.66% 358.02% 461.49%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $295.0K $590.0K $1.564M
YoY Change -73.18% -62.28% 83.57%
% of Gross Profit 33.6% 54.08% 111.95%
Operating Expenses $5.501M $4.769M $6.447M
YoY Change -31.83% -26.03% 24.08%
Operating Profit -$4.623M -$10.48M -$7.654M
YoY Change -39.65% 36.87% -208.46%
Interest Expense $274.0K $676.0K $20.00K
YoY Change 95.71% 3280.0% -106.76%
% of Operating Profit
Other Income/Expense, Net -$64.00K -$198.0K -$136.0K
YoY Change -93.96% 45.59% -64.3%
Pretax Income -$6.508M -$9.978M -$7.676M
YoY Change -54.2% 29.99% -214.88%
Income Tax $35.00K $0.00 $3.000K
% Of Pretax Income
Net Earnings -$6.584M -$9.918M -$7.179M
YoY Change -51.08% 38.15% -228.27%
Net Earnings / Revenue -88.94% -132.81% -66.87%
Basic Earnings Per Share -$2.38 -$0.08
Diluted Earnings Per Share -$1.57 -$2.38 -$0.08
COMMON SHARES
Basic Shares Outstanding 4.180M 83.49M 94.28M
Diluted Shares Outstanding 4.174M 94.62M

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.05M $26.14M $49.40M
YoY Change -45.38% -47.09% -54.75%
Cash & Equivalents $8.437M $4.827M $49.43M
Short-Term Investments $14.61M $21.31M
Other Short-Term Assets $949.0K $1.663M $2.375M
YoY Change -15.42% -29.98% 29.43%
Inventory $900.0K $968.0K $940.0K
Prepaid Expenses $894.0K $1.419M $2.058M
Receivables $1.667M $1.193M $1.309M
Other Receivables $0.00 $0.00 $270.0K
Total Short-Term Assets $26.57M $29.96M $55.18M
YoY Change -43.87% -45.7% -51.21%
LONG-TERM ASSETS
Property, Plant & Equipment $2.454M $3.801M $8.102M
YoY Change -33.06% -53.09% 78.77%
Goodwill $1.371M $4.024M
YoY Change -65.93%
Intangibles $1.353M $2.174M $4.414M
YoY Change -66.24% -50.75% 61.98%
Long-Term Investments
YoY Change
Other Assets $1.842M $1.787M $2.205M
YoY Change -22.25% -18.96% -11.87%
Total Long-Term Assets $12.43M $14.59M $29.80M
YoY Change -46.19% -51.04% 84.18%
TOTAL ASSETS
Total Short-Term Assets $26.57M $29.96M $55.18M
Total Long-Term Assets $12.43M $14.59M $29.80M
Total Assets $38.99M $44.55M $84.98M
YoY Change -44.63% -47.57% -34.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.099M $1.511M $8.000M
YoY Change -52.47% -81.11% -8.05%
Accrued Expenses $7.370M $6.072M $2.700M
YoY Change 183.46% 124.89% -3.47%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $9.330M $8.157M $10.98M
YoY Change -14.84% -25.74% -36.13%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $8.692M $9.123M $12.50M
YoY Change -24.42% -27.02% 53.26%
Total Long-Term Liabilities $8.692M $9.123M $12.50M
YoY Change -24.42% -27.02% 53.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.330M $8.157M $10.98M
Total Long-Term Liabilities $8.692M $9.123M $12.50M
Total Liabilities $18.02M $17.28M $23.45M
YoY Change -19.82% -26.31% -7.51%
SHAREHOLDERS EQUITY
Retained Earnings -$455.9M -$449.3M -$414.7M
YoY Change 6.48% 8.35% 4.04%
Common Stock $42.00K $42.00K $832.0K
YoY Change -94.95% -94.95% -20.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.00M $19.40M $52.89M
YoY Change
Total Liabilities & Shareholders Equity $38.99M $44.55M $84.98M
YoY Change -44.63% -47.57% -34.27%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$6.584M -$9.918M -$7.179M
YoY Change -51.08% 38.15% -228.27%
Depreciation, Depletion And Amortization $295.0K $590.0K $1.564M
YoY Change -73.18% -62.28% 83.57%
Cash From Operating Activities -$3.201M -$4.253M -$8.790M
YoY Change -52.79% -51.62% -212.97%
INVESTING ACTIVITIES
Capital Expenditures $266.0K $397.0K $1.730M
YoY Change -65.0% -77.05% -180.39%
Acquisitions
YoY Change
Other Investing Activities $7.088M $2.995M $0.00
YoY Change -130.62% -100.0%
Cash From Investing Activities $6.822M $2.598M -$1.730M
YoY Change -128.53% -250.17% -713.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 148.0K -11.13M
YoY Change -100.0% -101.33% 679.41%
NET CHANGE
Cash From Operating Activities -3.201M -4.253M -8.790M
Cash From Investing Activities 6.822M 2.598M -1.730M
Cash From Financing Activities 0.000 148.0K -11.13M
Net Change In Cash 3.621M -1.507M -21.65M
YoY Change -111.91% -93.04% -426.3%
FREE CASH FLOW
Cash From Operating Activities -$3.201M -$4.253M -$8.790M
Capital Expenditures $266.0K $397.0K $1.730M
Free Cash Flow -$3.467M -$4.650M -$10.52M
YoY Change -54.02% -55.8% -205.91%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Note 1. Business, Basis of Presentation and Liquidity</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">Overview</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">On October 25, 2022, the Company changed its name to XWELL, Inc. (“XWELL” or the “Company”) from XpresSpa Group, Inc. The Company’s common stock, par value $0.01 per share, which had previously been listed under the trading symbol “XSPA” on the Nasdaq Capital Market, now trades under the trading symbol “XWEL” since the opening of the trading market on October 25, 2022. <span style="background:#ffffff;"> The Company filed an amended and restated certificate of incorporation with the Delaware Secretary of State on October 24, 2022 (the “Amended and Restated Certificate”) reflecting the name change. </span> Rebranding to XWELL aligned the Company’s corporate strategy to build a pure-play wellness services company, in both the airport and off airport marketplaces.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;text-align:justify;margin:0pt;"><span style="font-size:10pt;">XWELL is a global wellness company operating multiple brands and focused on bringing restorative, regenerative and reinvigorating products and services to travelers. XWELL currently has </span><span style="font-size:10pt;">three</span><span style="font-size:10pt;"> reportable operating segments: XpresSpa</span><sup style="font-size:5.62pt;line-height:100%;top:0pt;vertical-align:top;background:#ffffff;">®</sup><span style="font-size:10pt;">, Xpres</span><span style="font-size:10pt;">Test</span><sup style="font-size:5.62pt;line-height:100%;top:0pt;vertical-align:top;background:#ffffff;">®</sup><span style="font-size:10pt;">, and Treat</span><sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;background:#ffffff;">™</sup><span style="font-size:10pt;">.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">XpresSpa</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">XWELL’s subsidiary, XpresSpa Holdings, LLC (“XpresSpa”) has been a global airport retailer of spa services through its XpresSpa spa locations, offering travelers premium spa services, including massage, nail and skin care, as well as spa and travel products.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">As of September 30, 2023, there were <span style="background:#ffffff;">21</span> operating XpresSpa domestic locations. During 2022, the Company sold one<span style="background:#ffffff;"> location in Austin-Bergstrom International Airport to its franchisee which now operates both locations at that airport. </span>The Company also had 10 international locations operating as of September 30, 2023, including two XpresSpa locations in Dubai International Airport in the United Arab Emirates, three XpresSpa locations in Schiphol Amsterdam Airport in the Netherlands and five XpresSpa locations in Istanbul Airport in Turkey.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">XpresTest</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company, in partnership with certain COVID-19 testing partners, successfully launched its XpresCheck Wellness Centers through its XpresTest, Inc. subsidiary (“XpresTest”), offering testing services, also in airports.  During 2022, as countries continued to relax their testing requirements resulting in rapid decline of testing volumes at the Company’s  XpresCheck locations, the Company closed all but one XpresCheck Wellness Center. As of September 30, 2023, we have closed all XpresCheck locations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">XpresTest began conducting bio-surveillance monitoring with the Centers for Disease Control and Prevention (CDC) in collaboration with Concentric by Ginkgo in 2021 and on January 31, 2022, the Company announced the extension of the initial program, bringing the total contract to $5,534. As of August 2022, the program was renewed in partnership with Ginkgo BioWorks for a new two-year contract term which represents approximately $7,331 in revenue (for the first year) for the XpresTest segment. Effective as of August 12, 2023, the revenue for the second year was determined to be approximately $6,675.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">For reporting purposes, the former Hyperpointe segment has been consolidated into the XpresTest segment. This determination was made given that XpresTest and Hyperpointe are managed by its Chief Executive Officer, Ezra Ernst, as a single segment.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">HyperPointe, which the Company acquired in January 2022, provides a broad range of service and support options for our customers, including technical support services and advanced services.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">Treat</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Treat segment, which is operating through XWELL’s subsidiary Treat, Inc. (“Treat”) is a wellness brand that provides access to wellness services for travelers at on-site centers (currently located in JFK International Airport and in Salt Lake City International Airport).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">In 2022, the Company’s Treat brand opened new locations in Phoenix Sky Harbor International Airport (pre-security) and Salt Lake City International Airport. With respect to these locations in Phoenix and Salt Lake City, agreements had already been executed with the airports and the decision was made to convert these locations to Treat.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">By the third quarter of 2022, it became clear that the Treat business required a change in strategy and as a result, the Company began to retool the offerings within the Treat locations by providing additional retail as part of its retail strategy expansion as well as lay the foundation to bring more spa-like services into the Treat locations in an attempt to unify its core offering.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">By the fourth quarter of 2022, the decision was made to close the pre-security Treat location at Phoenix Sky Harbor Airport. As of September 30, 2023, the Treat brand operated at two locations in the airport (JFK International Airport and Salt Lake City International Airport).  These remaining Treat locations offer a full retail product offering and a suite of wellness and spa services.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">On September 12, 2023, XWELL acquired Naples Wax, LLC, a group of upscale hair removal boutiques in Florida, for a purchase price of approximately $1.6 million. Known for providing a memorable customer experience, Naples Wax Center operates three high-performing locations with core products and service offerings from face and body waxing to a range of skincare and cosmetic products. The acquisition of Naples Wax Center enables the company to move beyond its airport client base with a business it can adapt a larger wellness platform while also growing its retail footprint to serve its long-term financial expectations.  </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">For reporting purposes, the Naples Wax acquisition is consolidated under the Treat segment. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">Basis of Presentation and Principles of Consolidation</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Article 8-03 of Regulation S-X, and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as amended. The condensed consolidated balance sheet as of December 31, 2022 was derived from the audited annual financial statements but does not include all information required by GAAP for annual financial statements. The financial statements include the accounts of the Company, all entities that are wholly owned by the Company, and all entities in which the Company has a controlling financial interest as well as variable interest entities in which we are the primary beneficiaries. All adjustments that, in the opinion of management, are necessary for a fair presentation for the periods presented have been reflected by the Company. Such adjustments are of a normal, recurring nature. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the entire fiscal year or for any other interim period. All significant intercompany balances and transactions have been eliminated in consolidation.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Reverse Stock Split</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">On September 28, 2023, the Company effected a <span style="-sec-ix-hidden:Hidden_XraqdZB5kkexmyqKlXeaIQ;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">1</span></span>-for-20 reverse stock split, whereby every twenty shares of its Common Stock were reduced to one share of its Common Stock and the price per share of its Common Stock was multiplied by 20. All references to shares and per share amounts have been adjusted to reflect the reverse stock split.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">Liquidity and Financial Condition</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">As of September 30, 2023, the Company had cash and cash equivalents of $4,827 (excluding restricted cash), $21,311 in marketable securities, and total current assets of $29,962. The Company’s total current liabilities balance, which includes accounts payable, deferred revenue, accrued expenses, and operating lease liabilities was approximately $8,157 as of September 30, 2023 and $10,956 as of December 31, 2022. 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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">(e) Reclassification</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Certain balances in the unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2022 have been reclassified to conform to the presentation in the unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2023, primarily the separate classification and presentation of accounts payable, gross profits, advertising and promotion expense, IT/Hosting services, and foreign exchange remeasurement gain/(loss). The above separation affected accounts payable, accrued expenses and other, general and administrative expenses, and other non-operating expense, net in the comparative 2022 financial statements. Such reclassifications did not have a material impact on the unaudited condensed consolidated financial statements.</p>
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