Filing Flows › Xwell (XWEL) › Q4 2025
Xwell (XWEL) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Apr 1, 2026
Xwell (XWEL) reported revenue of $7.2M for the fourth quarter 2025 (Q4 2025), -4% from a year earlier and -3% from the quarter before. Operating margin was -126.5%, net loss $9.3M (129.4% of revenue).
Xwell, Q4 2025: revenue $7.2M (-4% year over year), operating margin -126.5%, net loss $9.3M, operating cash flow −$42K. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $7.2M | -3% | -4% |
| Operating profit | −$9.1M | — | — |
| Net earnings | −$9.3M | — | — |
| Operating cash flow | −$42K | — | — |
What changed
Revenue was $7.2M in Q4 2025, down 4% year over year and down 3% from the previous quarter. XpresSpa was the largest line at 65% of revenue.
Gross margin was 40.8%, up 25.8 points from Q4 2024. Operating costs exceeded revenue by $9.1M, an operating margin of -126.5%. Operating expenses grew 36% against a revenue fall of 4%. The fastest-growing cost line was Other operating costs (+52%). The quarter ended with a net loss of $9.3M, wider than the previous quarter's $211K loss.
Operating cash flow was −$42K. Non-cash charges added back $288K of depreciation and amortization and $163K of share-based compensation. Working capital and other items added $8.8M. Capital expenditures of $706K exceeded it, leaving free cash flow of −$748K.
Questions
What was Xwell's revenue in the fourth quarter 2025?
Xwell (XWEL) reported revenue of $7.2M for the fourth quarter 2025 (Q4 2025), -4% from a year earlier and -3% from the quarter before.
Was Xwell profitable in the fourth quarter 2025?
Operating loss was $9.1M (-126.5% of revenue) and net loss $9.3M.
Source: Xwell 10-K on SEC EDGAR.