XWELL to file late 10-K due to impairment review; preliminary FY2022 revenue ~$56M

XWELL, Inc.

Plans to file Form 12b-25 for 15-day extension to assess non-cash impairment charge; 10-K expected by April 17, 2023.
Preliminary FY2022 total revenue ~$56M: XpresSpa/Treat $15M, XpresCheck $32M, bio-surveillance $7M, HyperPointe $2M.
Gross profit margin declined to ~22% from ~44% in 2021 due to lower testing volumes.
G&A expenses ~$31M; second-half 2022 G&A ~$4M lower than first half reflecting cost savings.
Cash and equivalents ~$42M; opened 5 XpresSpa locations in Istanbul, new spa at Philadelphia in 2023.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

XWELL, Inc. reported fiscal year ended December 31, 2022 results: revenue to total approximately $56 million.

Period: fiscal year ended December 31, 2022
Revenue: to total approximately $56 million
Result: preliminary results

Exact text from the filing

The Company also announced preliminary unaudited financial results for the fiscal year ended December 31, 2022. Selected Preliminary Fiscal Year 2022 Financial Update · Fiscal year 2022 total revenue is projected to total approximately $56 million

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XWELL, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-039221

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