XWELL, Inc. Reports Fiscal Year 2023 Results

NEW YORK, April 16, 2024 (GLOBE NEWSWIRE) -- XWELL, Inc. (Nasdaq: XWEL) ("XWELL" or the "Company"), an authority in wellness solutions for people on the go, today reported results for the year ended December 31, 2023.

Recent Highlights:

• The Company’s airport XpresSpa business segment delivered revenue growth of approximately 39% versus 2022.
• The Company continued growing internationally with the opening of its 11^th XpresSpa location in the Abu Dhabi International Airport.
• XWELL is opening an XpresSpa location in Penn Station, located in the heart of New York City’s newly revitalized PENN DISTRICT.
• The Company continues to expand outside of the airport with plans for multiple new Naples Wax Center locations in Florida.
• In March 2024, XWELL and Ginkgo Bioworks expanded the CDC Traveler-based Genomic Surveillance Program to new collection locations at US international airports in Miami (MIA) and Chicago (ORD).
• The Company continues to focus on reducing its cost structure and simplifying its processes in order to achieve profitability in 2024. During 2023, XWELL removed approximately $11 million from the business in a combination of headcount, systems, and process reductions.
• Further demonstrating the effect of the Company’s cost-savings initiatives, 2023 total cost of sales decreased approximately 40% versus 2022 and 2023 salaries, general and administrative expenses decreased approximately 33% versus 2022.
• The Company reported an operating loss for 2023 of approximately $28.2 million versus an operating loss of $31.2 million in 2022.

“XWELL is diligently executing its strategy to drive revenue growth and return to profitability,” commented Scott Milford, XWELL’s Chief Executive Officer. “Over the last year, we have continued growth internationally, cost-effectively integrated innovative Wellness services and retail products into our XpresSpa’s and expanded the scope and budget of our biosurveillance partnership. We also accelerated our growth potential by expanding outside of the airport. Following the September 2023 acquisition of Naples Wax Center, we’ve secured multiple new leases and intend to expand their portfolio to approximately 10 locations by early 2025. Further underscoring our focus on driving retail revenue growth and smart leverage of our brands beyond traditional venues, we’re opening a new labor-lite model in New York City’s Penn Station.”