Here are the 10-K annual reports from Xcel Brands Inc. (XELB) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow XELB and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full XELB filings page.
Xcel Brands, Inc. filed an amendment to its annual report for the year ended December 31, 2025. The amendment’s sole purpose is to update auditor consent Exhibits 23.1 and 23.2 to reference the company’s Form S-3 registration statement No. 333-276698.
No other portions of the original annual report are revised. The aggregate market value of common equity held by non-affiliates was $1,661,000 as of June 30, 2025, and 5,913,492 shares of common stock were outstanding as of April 10, 2026.
Xcel Brands, Inc. is a media and consumer products company that licenses and develops fashion, jewelry, home and lifestyle brands, using a working-capital-light, royalty-based model focused on live streaming and social commerce. Its portfolio includes Halston, Judith Ripka, C Wonder and a 50% interest in Longaberger, plus multiple new co-branded concepts launching from 2024–2026.
As of December 31, 2025, Xcel had cash of about $1.3 million but used roughly $7.0 million of cash in operating activities that year, raising $3.8 million via equity and $5.1 million via debt refinancing. Management and the auditor highlight substantial doubt about the company’s ability to continue as a going concern without successful execution of financing and operational plans.
Debt is significant: term loans totaled $13.6 million at year-end 2025, and in April 2026 the company issued $3.01 million of senior secured notes, all secured by substantially all assets. Revenue is highly concentrated, with the Halston Master License contributing about 52% of 2025 net licensing revenue and Qurate (QVC/HSN) about 20%. Xcel also relies on Nasdaq listing compliance, having executed a 1-for-10 reverse stock split in March 2025 to regain the minimum bid price requirement.