XWELL, Inc. Reports First Quarter 2024 Results

NEW YORK, May 15, 2024 (GLOBE NEWSWIRE) --  XWELL, Inc. (Nasdaq: XWEL) ("XWELL" or the "Company"), an authority in wellness solutions for people on the go, today reported results for the first quarter ended March 31, 2024.

Recent Highlights:

• XWELL delivered 2024 first quarter revenue growth of approximately 24% from the 2023 first quarter.
• The Company has reduced its cost structure, simplified its processes, and has maintained continued momentum on its path to profitability. The following demonstrates the positive effects of XWELL’s actions to enhance its business model:
  • Total cost of sales decreased approximately 7% from the 2023 first quarter.
  • General and administrative expenses decreased approximately 47% from the 2023 first quarter.
  • Total operating expenses decreased approximately 26% from the 2023 first quarter.
  • As a result, the Company’s 2024 first quarter operating loss decreased approximately 62% to approximately $2.4 million from an operating loss of approximately $6.3 million in the 2023 first quarter.
• During the first quarter of 2024, XWELL and Ginkgo Bioworks expanded the CDC Traveler-based Genomic Surveillance Program to new collection locations at US international airports in Miami (MIA) and Chicago (ORD).
• During the first quarter of 2024, XWELL announced that it had signed leases to open three additional Naples Wax Center locations in 2024.
• During the first quarter of 2024, XWELL announced it had signed a lease agreement to open an XpresSpa location in New York City’s Penn Station.
  

“We believe that XWELL’s first quarter operating performance demonstrates accelerated progress in our efforts to drive growth cost-effectively and return to profitability,” commented Scott Milford, XWELL’s Chief Executive Officer. “During the quarter, we expanded the scope and long-term value of our CDC Traveler-based Genomic Surveillance Program, secured multiple new leases for our Naples Wax Center brand, and advanced plans to open a new labor-lite model in New York City’s Penn Station.”

Mr. Milford added, “We continue to see opportunities for better performance and achieved year-over-year first quarter 2024 revenue growth of 24% while cutting operating expenses by 26% and reducing our operating loss by 62%, each as compared to the first quarter of 2023. Looking ahead, we are focused on multiple long-term strategic priorities including delivering improved results, reaching profitability, expanding our wellness portfolio including further expansion into transportation hubs, advancing plans to open our first TreatStudios location later this year, continuing our collaboration with global governments in biosecurity, as well as leveraging new retail products and technologies.”