XWELL Inc Financials
XWELL Inc (XWEL) reported $28.3M in revenue over the twelve months to Jun 30, 2026, down 7.6% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Recurring cash burn has outlasted the revenue base, leaving near-term liabilities to carry more of the business.
Gross margin recovery did not fix the model: FY2025 revenue of$29.2M produced only$7.5M of gross profit, so the company still lacked enough contribution to cover its overhead base. That is why margins improved versus FY2023 while negative equity kept deepening—the business became somewhat less inefficient, but not yet self-funding on an annual basis.
Cash conversion is better than the income statement alone suggests: FY2025 operating cash outflow was
Liquidity erosion has been severe, with cash falling from
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of XWELL Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for XWELL Inc, and counted as zero in the overall score.
XWELL Inc scores -63.72, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($8.7M) relative to total liabilities ($33.5M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
XWELL Inc passes 2 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
XWELL Inc reported a net loss of $17.0M while operations used $8.7M of cash. With neither figure positive, the ratio between the two carries no quality signal.
XWELL Inc reported an operating loss of $15.7M against $41K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
XWELL Inc generated $29.2M in revenue in fiscal year 2025. This represents a decrease of 13.8% from the prior year.
XWELL Inc's EBITDA was -$14.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 6.1% from the prior year.
XWELL Inc reported -$17.0M in net income in fiscal year 2025. This represents a decrease of 0.8% from the prior year.
XWELL Inc earned -$5.08 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 38.8% from the prior year.
Cash & Balance Sheet
XWELL Inc recorded an outflow of $11.7M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 8.7% from the prior year.
XWELL Inc held $2.6M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
XWELL Inc's gross margin was 25.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.6 percentage points from the prior year.
XWELL Inc's operating margin was -53.6% in fiscal year 2025, reflecting core business profitability. This is down 4.4 percentage points from the prior year.
XWELL Inc's net profit margin was -58.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 8.5 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
XWELL Inc invested $3.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 66.2% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
XWEL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $7.1M+7.6% | $6.6M-7.2% | $7.2M-2.6% | $7.3M-4.5% | $7.7M+9.5% | $7.0M-5.9% | $7.5M-11.3% | $8.4M |
| Cost of Revenue | $4.2M-2.1% | $4.3M+1.2% | $4.2M-27.6% | $5.9M-1.0% | $5.9M+3.7% | $5.7M-10.2% | $6.4M-0.3% | $6.4M |
| Gross Profit | $2.9M+25.3% | $2.4M-19.4% | $2.9M+95.5% | $1.5M-15.9% | $1.8M+34.6% | $1.3M+18.2% | $1.1M-45.6% | $2.1M |
| SG&A Expenses | $4.7M-38.8% | $7.6M+29.7% | $5.9M+276.8% | $1.6M-63.7% | $4.3M-0.7% | $4.3M-9.5% | $4.8M-25.7% | $6.4M |
| Operating Income | -$2.1M+61.1% | -$5.4M+40.2% | -$9.1M-1075.3% | -$770K+71.4% | -$2.7M+14.8% | -$3.2M+58.8% | -$7.7M-60.7% | -$4.8M |
| Interest Expense | $0-100.0% | $53K+108.1% | -$654K-233.5% | $490K+233.3% | $147K+153.4% | $58K-20.5% | $73K-27.0% | $100K |
| Income Tax | $51K | N/A | N/A | $2K-94.1% | $34K | N/A | N/A | N/A |
| Net Income | -$2.2M+80.0% | -$11.2M-20.7% | -$9.3M-1181.6% | -$724K+68.1% | -$2.3M+51.9% | -$4.7M+37.9% | -$7.6M-59.9% | -$4.8M |
| EPS (Diluted) | -$0.26+82.8% | -$1.51 | -$3.29-1165.4% | -$0.26+53.6% | -$0.56+44.0% | -$1.00+35.5% | -$1.55-56.6% | -$0.99 |
Not reported in any period shown, so not listed: R&D Expenses.
XWEL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $20.5M-17.9% | $25.0M+122.8% | $11.2M-48.4% | $21.7M-3.1% | $22.4M-9.6% | $24.8M-2.1% | $25.4M-25.0% | $33.8M |
| Current Assets | $15.1M-23.3% | $19.7M+234.1% | $5.9M-45.3% | $10.8M-8.6% | $11.8M-20.3% | $14.8M-3.2% | $15.3M-21.4% | $19.5M |
| Cash & Equivalents | $11.8M-29.9% | $16.8M+542.0% | $2.6M-34.4% | $4.0M-24.2% | $5.3M+44.2% | $3.6M-19.8% | $4.5M+4.2% | $4.4M |
| Inventory | $391K-13.7% | $453K-11.0% | $509K-1.4% | $516K-7.9% | $560K+5.3% | $532K+6.2% | $501K-25.1% | $669K |
| Accounts Receivable | $1.8M+38.5% | $1.3M-15.6% | $1.6M+5.2% | $1.5M+1.0% | $1.5M-2.0% | $1.5M-16.5% | $1.8M+96.2% | $914K |
| Goodwill | N/A | N/A | N/A | $1.4M0.0% | $1.4M0.0% | $1.4M0.0% | $1.4M0.0% | $1.4M |
| Total Liabilities | $22.4M-9.0% | $24.6M-26.5% | $33.5M+19.2% | $28.1M+1.6% | $27.6M-9.8% | $30.6M+17.1% | $26.1M-4.9% | $27.5M |
| Current Liabilities | $6.7M-20.5% | $8.4M-34.9% | $12.9M+28.2% | $10.1M+6.1% | $9.5M+7.0% | $8.9M-3.9% | $9.2M-6.4% | $9.8M |
| Total Equity | -$1.9M-576.6% | $389K+101.7% | -$22.3M-251.5% | -$6.3M-22.2% | -$5.2M+10.6% | -$5.8M-635.4% | -$788K-112.5% | $6.3M |
| Retained Earnings | -$503.1M-0.4% | -$500.9M-2.3% | -$489.7M-1.9% | -$480.4M-0.2% | -$479.7M-0.5% | -$477.4M-1.0% | -$472.7M-1.6% | -$465.1M |
Not reported in any period shown, so not listed: Long-Term Debt.
XWEL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.5M+1.9% | -$4.6M-10857.1% | -$42K+98.0% | -$2.1M+11.7% | -$2.4M+42.9% | -$4.2M-20.6% | -$3.5M-1.4% | -$3.4M |
| Capital Expenditures | $169K-56.7% | $390K-44.8% | $706K-25.3% | $945K+6.3% | $889K+109.7% | $424K-41.8% | $729K+77.8% | $410K |
| Free Cash Flow | -$4.7M+6.2% | -$5.0M-567.4% | -$748K+75.5% | -$3.1M+6.8% | -$3.3M+28.8% | -$4.6M-9.8% | -$4.2M-9.6% | -$3.8M |
| Investing Cash Flow | -$162K+58.5% | -$390K+17.7% | -$474K-127.6% | $1.7M-51.8% | $3.6M+857.7% | -$470K-112.7% | $3.7M+266.7% | $1.0M |
| Financing Cash Flow | $0-100.0% | $19.2M+2393.1% | -$837K+3.9% | -$871K-816.8% | -$95K-102.5% | $3.7M | $0-100.0% | $1.4M |
| Share Buybacks | $0-100.0% | $9.0M | N/A | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
XWEL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 41.3%+5.8pp | 35.4%-5.4pp | 40.8%+20.5pp | 20.3%-2.7pp | 23.1%+4.3pp | 18.8%+3.8pp | 14.9%-9.4pp | 24.4% |
| Operating Margin | -29.4%+52.1pp | -81.6% | -126.5% | -10.5%+24.5pp | -35.0%+10.0pp | -45.0% | -102.7% | -56.6% |
| Net Margin | -31.4% | -168.8% | -129.7% | -9.9%+19.6pp | -29.5%+37.7pp | -67.2% | -101.7% | -56.4% |
| Return on Equity | N/A | -2879.7% | N/A | N/A | N/A | N/A | N/A | -75.3% |
| Return on Assets | -10.9%+33.9pp | -44.8%+37.9pp | -82.7%-79.4pp | -3.3%+6.8pp | -10.1%+8.9pp | -19.0%+10.9pp | -30.0%-15.9pp | -14.1% |
| Current Ratio | 2.27-0.1x | 2.35+1.9x | 0.46-0.6x | 1.08-0.2x | 1.25-0.4x | 1.680.0x | 1.66-0.3x | 1.98 |
| Debt-to-Equity | N/A | 63.25 | N/A | N/A | N/A | N/A | N/A | 4.36 |
| FCF Margin | -65.6%+9.6pp | -75.2%-64.7pp | -10.5%+31.1pp | -41.5%+1.0pp | -42.6%+22.9pp | -65.5%-9.4pp | -56.1%-10.7pp | -45.4% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
Note: Shareholder equity is negative (-$22.3M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.46), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Where XWELL Inc Ranks
Frequently Asked Questions
What is XWELL Inc's annual revenue?
XWELL Inc (XWEL) reported $29.2M in total revenue for fiscal year 2025. This represents a -13.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is XWELL Inc's revenue growing?
XWELL Inc (XWEL) revenue declined by 13.8% year-over-year, from $33.9M to $29.2M in fiscal year 2025.
Is XWELL Inc profitable?
No, XWELL Inc (XWEL) reported a net income of -$17.0M in fiscal year 2025, with a net profit margin of -58.2%.
What is XWELL Inc's EBITDA?
XWELL Inc (XWEL) had EBITDA of -$14.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is XWELL Inc's gross margin?
XWELL Inc (XWEL) had a gross margin of 25.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is XWELL Inc's operating margin?
XWELL Inc (XWEL) had an operating margin of -53.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is XWELL Inc's net profit margin?
XWELL Inc (XWEL) had a net profit margin of -58.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is XWELL Inc's free cash flow?
XWELL Inc (XWEL) recorded an outflow of $11.7M in free cash flow during fiscal year 2025. This represents a 8.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is XWELL Inc's operating cash flow?
XWELL Inc (XWEL) recorded an outflow of $8.7M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are XWELL Inc's total assets?
XWELL Inc (XWEL) had $11.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are XWELL Inc's capital expenditures?
XWELL Inc (XWEL) invested $3.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is XWELL Inc's current ratio?
XWELL Inc (XWEL) had a current ratio of 0.46 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is XWELL Inc's return on assets (ROA)?
XWELL Inc (XWEL) had a return on assets of -151.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does XWELL Inc's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, XWELL Inc (XWEL) held $2.6M in cash, cash equivalents and investments, and reported an operating cash outflow of $8.7M over that year. Dividing the one by the other, the reported balance equals about 4 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
Why is XWELL Inc's debt-to-equity ratio negative or not reported?
XWELL Inc (XWEL) has negative shareholder equity of -$22.3M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is XWELL Inc's Altman Z-Score?
XWELL Inc (XWEL) has an Altman Z-Score of -63.72, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is XWELL Inc's Piotroski F-Score?
XWELL Inc (XWEL) has a Piotroski F-Score of 2 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are XWELL Inc's earnings high quality?
XWELL Inc (XWEL) reported a net loss of $17.0M while operations used $8.7M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can XWELL Inc cover its interest payments?
XWELL Inc (XWEL) reported an operating loss of $15.7M against $41K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is XWELL Inc?
XWELL Inc (XWEL) scores 27 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.