Xcel Brands Q3 revenue falls 60% to $4.5M; GAAP net loss $(0.21)/share

Revenues of $4.5 million for the quarter ended September 30, 2022; $21.7 million on a year-to-date basis ● Third quarter net loss of $4.0 million, or $(0.21) per share, on a GAAP basis

Total revenue was $21.7 million, a decrease of $8.1 million compared with the prior year nine months, driven by lower licensing revenues of $4.1 million and lower net sales of $4.0 million. The year-over-year decrease in licensing revenue was primarily attributable to May 2022 sale of the Isaac Mizrahi brand, partially offset by revenues related to the April 1, 2021 acquisition of the LOGO by Lori Goldstein brand. The decrease in net product sales for the nine months ended September 30, 2022 was primarily attributable to lower apparel wholesales, driven by the temporary closing of overseas factories, causing delays in product deliveries that resulted in cancelled orders, as well as retailers more recently pausing or reducing orders due to industry-wide excess inventory levels. ​ ​ 1333 BROADWAY, 10TH FLOOR • NEW YORK, NEW YORK • 10018 PHONE: 347-727-2474 • INFO@XCELBRANDS.COM Page 2 ​ Net income attributable to Xcel Brands shareholders for the current year nine-month period was approxi