XWELL Reports $29.2M Revenue, Cuts Costs and Secures $31.3M Capital
XWELL reported 2025 revenue of $29.2 million while reducing cost of sales by 13%, operating expenses by 10% and G&A by 20%. In February 2026 XWELL opened a Penn Station wellness center, partnered with AI firm PieQ on a CDC biosecurity forecasting platform and raised $31.3 million in a private placement.
1. Fiscal 2025 Financial Results
XWELL generated $29.2 million in revenue for the year ended December 31, 2025, with XpresSpa contributing $18.6 million, XpresCheck $8.3 million and Naples Wax Center $2.3 million. Cost of sales decreased 13% to $21.7 million and total operating expenses fell 10% to $23.2 million, resulting in an operating loss of $15.7 million and a net loss of $17 million.
2. Operational Expansion
In Q4 2025 XWELL opened its first off-airport wellness center in New York’s Penn Station, offering wellness-focused retail, autonomous massage and nail services. During Q3 it also launched wellness centers at Bloomingdale Square and Waterford Lakes in Florida and secured a multiyear spa partnership with the Orlando Magic.
3. Strategic Biosecurity Partnership
In February 2026 XWELL forged a partnership with AI firm PieQ to develop a biosecurity forecasting platform for the CDC, complementing its three-year extension of the traveler-based genomic surveillance program. The company appointed Dr. Cindy Friedman, former CDC TGS program director, as senior advisor to expand international biosurveillance initiatives.
4. Liquidity and Use of Proceeds
As of December 31, 2025, XWELL held $2.6 million in cash and no long-term debt. On February 26, 2026, a private placement raised $31.3 million at-market, with proceeds planned for outstanding note repurchases, Series G preferred stock redemption and general corporate purposes.