Xcel Brands Q2 GAAP net income $9.5M on Isaac Mizrahi gain; non-GAAP loss $3.6M, revenue down 21%

XCel Brands, Inc.

2022-Q2 EPS reported $0.30 revenue$17,214,000

GAAP net income $9.5M ($0.48/diluted share) vs. loss of $1.6M in prior-year quarter; non-GAAP net loss $3.6M ($0.18 loss per share).
Revenue fell 21% to $8.5M, driven by declines in wholesale apparel and licensing revenue from Isaac Mizrahi sale.
Sold majority interest in Isaac Mizrahi brand, recognizing a $20.6M gain; 65% of cash proceeds used to pay off all debt.
Balance sheet strengthened: $10.9M cash, zero debt, $16.7M working capital at June 30, 2022.
Adjusted EBITDA was negative $2.8M vs. positive $0.9M in prior-year quarter; supply chain and inflation headwinds continue.

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