Filing Flows › XCel Brands (XELB) › Q3 2025
XCel Brands (XELB) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 19, 2025
XCel Brands (XELB) reported revenue of $1.1M for the third quarter 2025 (Q3 2025), -42% from a year earlier and -15% from the quarter before. Operating margin was -665.7%, net loss $8.0M (714.6% of revenue).
XCel Brands, Q3 2025: revenue $1.1M (-42% year over year), operating margin -665.7%, net loss $8.0M, operating cash flow −$1.4M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.1M | -15% | -42% |
| Operating profit | −$7.4M | — | — |
| Net earnings | −$8.0M | — | — |
| Operating cash flow | −$1.4M | — | — |
What changed
Revenue was $1.1M in Q3 2025, down 42% year over year and down 15% from the previous quarter.
Gross margin was 100.0%, up 21.3 points from a year earlier. Operating costs exceeded revenue by $7.4M, an operating margin of -665.7%. Operating expenses fell 19% while revenue fell 42%. The quarter ended with a net loss of $8.0M, wider than the previous quarter's $4.0M loss. Minority interests bore $90K of it: to shareholders the quarter was a loss of $7.9M.
Operating cash flow was −$1.4M. Non-cash charges added back $896K of depreciation and amortization and $108K of share-based compensation. Working capital and other items added $5.6M.
Questions
What was XCel Brands' revenue in the third quarter 2025?
XCel Brands (XELB) reported revenue of $1.1M for the third quarter 2025 (Q3 2025), -42% from a year earlier and -15% from the quarter before.
Was XCel Brands profitable in the third quarter 2025?
Operating loss was $7.4M (-665.7% of revenue) and net loss $8.0M.
Source: XCel Brands 10-Q on SEC EDGAR.