Filing Flows › Xwell (XWEL) › Q2 2025
Xwell (XWEL) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 14, 2025
Xwell (XWEL) reported revenue of $7.7M for the second quarter 2025 (Q2 2025), -17% from a year earlier and +9% from the quarter before. Operating margin was -35.0%, net loss $2.1M (26.7% of revenue).
Xwell, Q2 2025: revenue $7.7M (-17% year over year), operating margin -35.0%, net loss $2.1M, operating cash flow −$2.4M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $7.7M | +9% | -17% |
| Operating profit | −$2.7M | — | — |
| Net earnings | −$2.1M | — | — |
| Operating cash flow | −$2.4M | — | — |
What changed
Revenue was $7.7M in Q2 2025, down 17% year over year and up 9% from the previous quarter. XpresSpa was the largest line at 64% of revenue. XpresTest lost $1.7M year over year (down 44%), 106% of the total change.
Gross margin was 23.1%, down 10.1 points from a year earlier. Operating costs exceeded revenue by $2.7M, an operating margin of -35.0%. Operating expenses fell 10% while revenue fell 17%. The quarter ended with a net loss of $2.1M, narrower than the previous quarter's $4.6M loss. Non-operating items added $674K, -33% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$2.4M. Non-cash charges added back $187K of depreciation and amortization and $599K of share-based compensation. Working capital and other items used $1.1M. Capital expenditures of $889K exceeded it, leaving free cash flow of −$3.3M.
Questions
What was Xwell's revenue in the second quarter 2025?
Xwell (XWEL) reported revenue of $7.7M for the second quarter 2025 (Q2 2025), -17% from a year earlier and +9% from the quarter before.
Was Xwell profitable in the second quarter 2025?
Operating loss was $2.7M (-35.0% of revenue) and net loss $2.1M.
Source: Xwell 10-Q on SEC EDGAR.