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Xcel Brands, a media and consumer products company, announced its Q1 2024 results. Net licensing revenues remained steady at $2.2 million. The company saw a significant reduction in direct operating costs and expenses, down 43% to $4 million. However, Xcel reported a GAAP net loss of $6.3 million, up from a $6 million loss in the same period last year.
The company attributed the revenue decline primarily to the discontinuation of its wholesale businesses under Project Fundamentals. Despite these challenges, Xcel's adjusted EBITDA improved to a negative $1.6 million, compared to negative $3 million last year.
The balance sheet reflected stockholders' equity of approximately $44 million and cash equivalents of $1.6 million. The company's term debt stood at $4.7 million, with $1 million as short-term debt. CEO Robert D'Loren expressed optimism regarding the company's restructuring and future growth.
Xcel Brands (NASDAQ: XELB) announced that it will report its first quarter 2024 financial results on May 20, 2024.
The company has scheduled a conference call for the same day at 5:00 p.m. ET to discuss the earnings. The call will be accessible through a live webcast on Xcel's Investor Relations website or by dialing specified phone numbers with Conference ID 3975904.
A replay of the webcast will also be available on the company's website.