Filing Flows › Xwell (XWEL) › Q3 2025
Xwell (XWEL) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 14, 2025
Xwell (XWEL) reported revenue of $7.3M for the third quarter 2025 (Q3 2025), -13% from a year earlier and -4% from the quarter before. Operating margin was -10.5%, net loss $211K (2.9% of revenue).
Xwell, Q3 2025: revenue $7.3M (-13% year over year), operating margin -10.5%, net loss $211K, operating cash flow −$2.1M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $7.3M | -4% | -13% |
| Operating profit | −$770K | — | — |
| Net earnings | −$211K | — | — |
| Operating cash flow | −$2.1M | — | — |
What changed
Revenue was $7.3M in Q3 2025, down 13% year over year and down 4% from the previous quarter. XpresSpa was the largest line at 66% of revenue. XpresTest lost $1.1M year over year (down 35%), 103% of the total change.
Gross margin was 20.3%, down 4.0 points from a year earlier. Operating costs exceeded revenue by $770K, an operating margin of -10.5%. Operating expenses fell 67% while revenue fell 13%. The fastest-growing cost line was Other operating costs (+75%). The quarter ended with a net loss of $211K, narrower than the previous quarter's $2.1M loss. Non-operating items added $561K, -268% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$2.1M. Non-cash charges added back $221K of depreciation and amortization and $237K of share-based compensation. Working capital and other items used $2.4M. Capital expenditures of $945K exceeded it, leaving free cash flow of −$3.1M.
Questions
What was Xwell's revenue in the third quarter 2025?
Xwell (XWEL) reported revenue of $7.3M for the third quarter 2025 (Q3 2025), -13% from a year earlier and -4% from the quarter before.
Was Xwell profitable in the third quarter 2025?
Operating loss was $770K (-10.5% of revenue) and net loss $211K.
Source: Xwell 10-Q on SEC EDGAR.