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XWELL is a global wellness organization dedicated to delivering restorative and health-focused services to travelers through its three reportable operating segments: XpresSpa , XpresTest , and Naples Wax Center . On October 25, 2022, the Company changed its name to XWELL, Inc. ( XWELL or the Company ) from XpresSpa Group, Inc.
The business is unprofitable at the operating level (-53.65% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 13.8% YoY. Margins deteriorated 4.4pp alongside, both lines moving the wrong way.
ROIC dropped from -75.72% to -125.91%, capital efficiency is deteriorating. Negative free cash flow of -$12M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$29M
▼ -13.8% YoY
Net Income (TTM)
-$24M
▼ -0.8% YoY
Op. Margin
-62.19%
▼ -4.4pp YoY
ROIC
-152.50%
▼ -50.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$12M
▲ +8.7% YoY
Op. Cash Flow (TTM)
-$9M
▲ +20.8% YoY
Net Debt
-$8M
Net Cash Position
Cash & Equiv.
$17M
5Y CAGR: +28.4%
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