Filing Flows › Xwell (XWEL) › Q1 2026
Xwell (XWEL) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 20, 2026
Xwell (XWEL) reported revenue of $6.6M for the first quarter 2026 (Q1 2026), -5% from a year earlier and -7% from the quarter before. Operating margin was -81.6%, net loss $11.0M (165.9% of revenue).
Xwell, Q1 2026: revenue $6.6M (-6% year over year), operating margin -81.6%, net loss $11.0M, operating cash flow −$4.6M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.6M | -7% | -5% |
| Operating profit | −$5.4M | — | — |
| Net earnings | −$11.0M | — | — |
| Operating cash flow | −$4.6M | — | — |
What changed
Revenue was $6.6M in Q1 2026, down 5% year over year and down 7% from the previous quarter. XpresSpa was the largest line at 63% of revenue. XpresTest lost $260K year over year (down 12%), 68% of the total change.
Gross margin was 35.4%, up 16.7 points from Q1 2025. Operating costs exceeded revenue by $5.4M, an operating margin of -81.6%. Operating expenses grew 73% against a revenue fall of 5%. The fastest-growing cost line was SG&A (+76%). The quarter ended with a net loss of $11.0M, wider than the previous quarter's $9.3M loss. Net interest and other expense of $5.6M was the main reason.
Operating cash flow was −$4.6M. Non-cash charges added back $172K of depreciation and amortization and $886K of share-based compensation. Working capital and other items added $5.4M. Capital expenditures of $390K exceeded it, leaving free cash flow of −$5.0M.
Questions
What was Xwell's revenue in the first quarter 2026?
Xwell (XWEL) reported revenue of $6.6M for the first quarter 2026 (Q1 2026), -5% from a year earlier and -7% from the quarter before.
Was Xwell profitable in the first quarter 2026?
Operating loss was $5.4M (-81.6% of revenue) and net loss $11.0M.
Source: Xwell 10-Q on SEC EDGAR.