---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-047806"
form_type: "8-K"
ticker: "XWEL"
cik: "0001410428"
company_name: "XWELL, Inc."
filed_at: "2024-04-16T23:59:59+00:00"
generated_at: "2026-06-03T22:10:40.821066+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# XWELL reports FY2023 revenue drop to $30.1M, net loss $28.0M; restates Q3 2023 results

## Summary
- FY2023 total revenue $30.1M (down 46% from $55.9M in 2022); operating loss $28.2M, net loss $28.0M.
- Non-cash impairment charges of $8.9M; restated Q3 2023 to correct $1.6M understatement of Treat segment impairment.
- XpresSpa revenue grew 39% YoY to $19.5M; plans for Penn Station location and Naples Wax Center expansion to ~10 locations by early 2025.
- CDC biosurveillance program expanded to $36.7M funding; new collection sites at MIA and ORD.
- Cash and marketable securities totaled $23.0M at Dec 31, 2023; no long-term debt.

## SEC filing metadata
- accession: 0001104659-24-047806
- form_type: 8-K
- ticker: XWEL
- cik: 0001410428
- company_name: XWELL, Inc.
- filed_at: 2024-04-16T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1410428/000110465924047806/0001104659-24-047806-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1410428/000110465924047806/tm2411854d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-047806
- JSON: https://secwatch.observer/filing/0001104659-24-047806.json
- Plain text: https://secwatch.observer/filing/0001104659-24-047806.txt

## Key facts
- Earnings Releases
  XWELL, Inc. reported financial results for fiscal year ended December 31, 2023.
  - Period: fiscal year ended December 31, 2023
  - Result: reported results
  source text: On April 16, 2024, XWELL, Inc. (the “Company”) issued a press release announcing its financial results for the fiscal year ended December 31, 2023, and provided a corporate update.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1410428/000110465924047806/0001104659-24-047806-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.