Xwell, Inc. ( (XWEL) ) has released its Q3 earnings. Here is a breakdown of the information Xwell, Inc. presented to its investors.
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XWELL, Inc., a leader in wellness solutions, operates multiple brands across the wellness sector, including XpresSpa, Naples Wax Center, XpresCheck, and HyperPointe. The company is recognized for providing wellness services and biosurveillance monitoring, especially in airport locations.
In its third quarter of 2024, XWELL, Inc. announced a substantial revenue growth of 13% compared to the previous year, reflecting its strategic focus on enhancing growth and productivity. For the nine-month period ending in September 2024, the company reported a revenue increase of 16% year-over-year, alongside significant reductions in operating expenses.
Key financial highlights include the reduction of operating expenses by approximately 35% and the achievement of gross proceeds amounting to $1.4 million from a registered direct offering. The company noted a net operating loss of $4.8 million, an improvement from the previous year’s $11.5 million loss in the same quarter. These financial improvements were in part due to cost reduction strategies and revenue growth.
Moving forward, XWELL is poised for continued expansion with plans to open new locations, such as a new XpresSpa in New York’s Penn Station and additional Naples Wax Center locations in Florida. The company remains optimistic about its growth trajectory and its capacity to deliver value to stakeholders, anticipating a strong performance in 2025.
Overall, XWELL’s management is confident in the company’s strategic direction, focusing on sustainable growth and profitability while expanding its wellness offerings and biosurveillance capabilities.
