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• 2024 Revenue Growth of 29% and Gross Profit dollars increased 30%;
• Continued Execution of Growth Strategy to Expand Product Line Up, Fill the Factory and increase pace of cash conversion

KISSIMMEE, Fla., April 15, 2025 (GLOBE NEWSWIRE) — U.S. Auto Manufacturer ECD Automotive Design, Inc. (Nasdaq: ECDA) (“ECD” or the “Company”), the world’s largest Land Rover and Jaguar restoration company known for its custom luxury builds, including bespoke Defenders, Range Rovers, Jaguar E-Types, Ford Mustangs and Toyota FJs, announced today its financial results for the fourth quarter and year ended December 31, 2024.

Financial results and comparisons are based on re-stated numbers for 2023 and the first half of 2024.

Full Year 2024 Highlights

• Revenues increased 29% to $25.2 million in 2024, compared to $19.5 million in 2023. Growth was driven by increased volume, higher average selling price, increased upgrades and increased used vehicle sales versus 2023.
• Gross profit increased 30% to $5.9 million in 2024, compared to $4.5 million in 2023.
• Net loss was ($10.8) million in 2024, compared to a net loss of ($1.2) million in 2023.
• Adjusted EBITDA (a non-GAAP financial measure) was a loss of ($3.6) million in 2024, compared to an Adjusted EBITDA gain of $1.8 million in 2023. For Fiscal year 2024, There were approximately $0.7 million of non-recurring expenses incurred in connection with the restatements of the 2022, 2023 and first half 2024 financial statements, the suspension of BF Borgers CPA PC and related matters. The Company expects to incur additional fees through March 31, 2025 relating to the restated information.

Fourth Quarter 2024 Highlights

• Revenues increased 10% to $5.3 million in the fourth quarter of 2024, compared to $4.8 million in the same year-ago quarter. Growth was driven by increased volume, higher average selling price, increased upgrades and increased used vehicle sales versus a year ago. The Company completed approximately 12 vehicles in 2024, but the revenue for 12 vehicles could not be recognized in 2024, because title to the vehicle was not transferred to the buyer as of the end of the year. The revenue associated with these vehicles will be recognized during the first half of 2025.
• Gross profit was $0.3 million in the fourth quarter of 2024, compared to $1.2 million in the same year-ago quarter. Gross profit in the quarter was impacted by a non-cash $1.1 million write-down of labor overhead allocation and materials charged to cost of goods sold. The Company anticipates that gross margin will normalize back to historic levels in 2025.
• Net loss was ($3.3) million in the fourth quarter of 2024, compared to a net loss of ($0.7) million in same year-ago quarter.
• Adjusted EBITDA (a non-GAAP financial measure) was a loss of ($2.4) million in the fourth quarter of 2024, compared to an Adjusted EBITDA gain of $0.4 million in the same year-ago quarter. In the fourth quarter there were approximately $0.2 million of non-recurring expenses incurred in connection with the restatement of financials for 2022, 2023 and the first and second quarters of 2024.

Management Commentary

Speaking on the results for the year, Scott Wallace, CEO & Co-Founder of ECD, stated, “2024 was a year of exceptional growth and execution for ECD as the company saw revenues expand 29% to $25.2 million, a record for the company. In addition to topline growth, we also saw increased profitability, with gross profits higher by 30%, a testament to improvements to and strength of the customer journey the company employs to drive unparalleled customization and, by extension, margin. Our continued improvement in customization has enabled us to begin receiving orders for autos north of $500,000, another record for ECD, and bolsters our position as the leading luxury U.S. manufacturer of fully customized classic Defenders, Range Rovers, Jaguar E-Types and American Muscle Cars. While gross profitability has shown improvements, that did not translate to net profitability in 2024, primarily due to additional operating expenses associated with our financial restatement and non-cash items.

“Our strategic investments in operational infrastructure paid off significantly this year. Expanding our Kissimmee, Florida facility allowed us to scale our U.S. production and supply chain while maintaining the handcrafted quality that defines the ECD brand. This newly upgraded facility paired with productivity measurements, extensive data and more efficient workflows, including moving our quality control team within the production line, enabled the expansion of our product offerings and a meaningful increase in output via our ‘Right First’ completion model without compromising our commitment to engineering and quality excellence.

“During the year, we announced plans to expand beyond our web-based sales process with a retail storefront presence. We’ve now seen the first evidence of the benefits of this approach in the first quarter of this year with the launch of our One Driver’s Club ‘store within a store’ in West Palm Beach. This retail distribution model allows ECD to engage our customers in an immersive experience that encourages customization. Our West Palm Beach location is already showing its potential, contributing to our order backlog, ready-now sales, and quickly converting our investments in inventory into cash on hand. Our relationship with 10 Easy Street of Nantucket, Massachussetts is the second of our retail distribution model locations opened for the season on April 4th with ECD inventory on hand. The purpose of these retail locations is not to be a traditional dealership, but rather a hub supporting engagement with the surrounding community. We have a very busy event schedule lined up for our two locations designed to increase brand awareness and engage the local communities, including the Daffodil Parade in Nantucket.”

Mr. Wallace concluded: “With the restatement of prior reporting periods behind us, ECD looks to continue executing its growth plans in 2025 while seeking opportunities to accelerate the conversion of our inventory investments to cash in hand. We will continue to drive revenue and profit through increased sales, higher ASPs, upgrades driven by innovation, and additional business lines within the multi-billion dollar classic car ecosystem.”

Year Ended December 31, 2024 Financial Results

Revenue increased 29% to a record $25.2 million for the year ended December 31, 2024, compared to $19.5 million for the year ended December 31, 2023. The increase was primarily due to increased volume, higher average selling price and increased used vehicle sales versus the same period in 2023.

For the year ended December 31, 2024 gross profit increased to $5.9 million, or 23.4% of revenue, compared to $4.5 million, or 23.2% of revenue for the year ended December 31, 2023.

Operating expenses were $10.4 million for the year ended December 31, 2024, compared to $6.1 million for the year ended December 31, 2023. The increase in operating expenses was primarily due to higher general and administrative expenses related to the ongoing costs of being a public company, one time legal fees for acquisitions and debt service, and the costs associated incurred in connection with the restatements of the 2022, 2023 and first half 2024 financial statements, the suspension of BF Borgers CPA PC and related matters.

Operating loss was ($4.6) million, compared to operating loss of ($1.5) million for the year ended December 31, 2023. The decline was primarily due to increased costs in the first year as a public company.

Net loss for the year ended December 31, 2024 was ($10.8 million), or $(0.32) per diluted share, compared to a net loss of ($1.2) million, or $(0.05) per diluted share for the year ended December 31, 2023.

Adjusted EBITDA was a loss of ($3.6) million for the year ended December 31, 2024, compared to an Adjusted EBITDA gain of $1.8 million in the same year ago period.  

Cash and equivalents on December 31, 2024 were $1.5 million, as compared to $8.1 million on December 31, 2023.

Fourth Quarter 2024 Financial Results

Revenues increased 10% to $5.3 million in the fourth quarter of 2024, compared to $4.8 million in the same year-ago quarter. Growth was driven by increased volume, higher average selling price, increased upgrades and increased used vehicle sales versus a year ago.

Gross profit was $0.3 million in the fourth quarter of 2024, compared to $1.2 million in the same year-ago quarter. Gross profit in the quarter was impacted by a non-cash $1.1 million write-down of labor overhead allocation and materials charged to cost of goods sold.

Operating expenses were $2.7 million in the fourth quarter of 2024, compared to $2.1 million in the fourth quarter of 2023. The increase in operating expenses was primarily due to higher general and administrative expenses related to the ongoing costs of being a public company and the restatement of financials with our new auditing firm.

Operating loss was ($2.4) million, compared to operating loss of ($0.9) million in the fourth quarter of 2023. The decline was primarily related to higher expenses in 2024, including the restatement costs and non-cash $1.1 million charge to cost of goods sold, compared to 2023.

Net loss for the fourth quarter 2024 was ($3.3 million), or $(0.11) per diluted share, compared to a net loss of ($0.7) million, or $0.03 per diluted share in the fourth quarter of 2023.

Adjusted EBITDA was a loss of ($2.4) million in the fourth quarter 2024, compared to an Adjusted EBITDA gain of $0.4 million in the fourth quarter of 2023.

Earnings Call and Webcast

ECD Auto Design management will host the conference call, followed by a question and answer session.

Date: Wednesday, April 16, 2025
Time: 8:30 AM Eastern Time (5:30 AM Pacific Time)
U.S. dial-in number: 877-407-4018
International number: 201-689-8471
Webcast: 4Q 2024 Webcast Link

The Company will also provide a link at https://ecdautodesign.com/ecd-investors/ for those who wish to stream the call via webcast. Please call the conference telephone number 5-10 minutes prior to the start time.

A telephonic replay of the conference call will also be available through April 30, 2024.

Toll-free replay number: 844-512-2921
International replay number: 412-317-6671
Replay passcode: 13753193

About ECD Auto Design

ECD, a public company trading under ECDA on the Nasdaq, is a creator of restored luxury vehicles that combines classic English beauty with modern performance. Currently, ECD restores Land Rover Defenders, Land Rover Series IIA, the Range Rover Classic, the Jaguar E-Type and we have recently added Ford Mustang and Toyota FJ. Historically, each vehicle produced by ECD was fully bespoke, a one-off that is designed by the client through an immersive luxury design experience and hand-built from the ground up in 2,200 hours by master-certified Automotive Service Excellence (“ASE”) craftsmen. The Company was founded in 2013 by three British “gear heads’ whose passion for classic vehicles is the driving force behind exceptionally high standards for quality, custom luxury vehicles. ECD’s global headquarters, known as the “Rover Dome,” is a 100,000-square-foot facility located in Kissimmee, Florida that is home to 67 talented craftsmen and technicians, who hold a combined 66 ASE and three master level certifications. ECD has an affiliated logistics center in the U.K. where its seven employees work to source and transport 25-year-old work vehicles back to the U.S. for restoration. For more information, visit www.ecdautodesign.com.

About Non-GAAP Financial Measures

The Company believes that EBITDA (earnings before interest, taxes, depreciation and amortization) is useful to investors because it is commonly used to evaluate companies on the basis of operating performance and leverage.

EBITDA is not intended to represent cash flows for the periods presented, nor have they been presented as an alternative to operating income or as an indicator of operating performance and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In accordance with SEC Regulation G, the non-GAAP measurements in this press release have been reconciled to the nearest GAAP measurement, which can be viewed under the heading “Reconciliation of Net Income (loss) from Operations to EBITDA” in the financial tables included in this press release.

Cautionary Note Regarding Forward-Looking Statements

This press release includes express or implied statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. Forward-looking statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance and may contain projections of our future results of operations or of our financial information or state other forward-looking information. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “attempting,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. You should carefully consider the risks and uncertainties that affect our business, including those described in our filings with the Securities and Exchange Commission (“SEC”), including under the caption “Risk Factors” in our Annual Report on Form 10-K filed for the year ended December 31, 2024 with the SEC, which can be obtained on the SEC website at www.sec.gov. These forward-looking statements speak only as of the date of this communication. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements, whether as a result of any new information, future events or otherwise. You are advised, however, to consult any further disclosures we make on related subjects in our public announcements and filings with the SEC.

Investor Relations

[email protected]

ECD AUTOMOTIVE DESIGN, INC. CONSOLIDATED STATEMENTS OF OPERATIONS
	Year Ended December 31
	2024				2023
Revenue, net	$	25,165,733			$	19,492,606
Cost of goods sold (exclusive of depreciation and amortization expense shown below)		19,277,786				14,969,683
Gross profit		5,887,947				4,522,923
Operating expenses
Advertising and marketing expenses		1,171,696				641,831
General and administrative expenses		9,106,716				5,144,601
Provision for credit losses		31,484				123,562
Depreciation and amortization expenses		126,791				148,763
Total operating expenses		10,436,687				6,058,757
Loss from operations		(4,548,740	)			(1,535,834	)
Other (expense) income
Interest expense		(5,270,404	)			(653,429	)
Change in fair value of warrant liabilities		(433,725	)			–
Change in fair value of conversion option liabilities		(204,487	)			–
Gain on forgiveness of payable		319,900				–
Resale commissions income		134,600				106,353
FX exchange gain (loss)		(48,071	)			–
Other income, net		117,531				65,949
Total (expense) income, net		(5,384,656	)			(481,127	)
Loss before income tax benefit		(9,933,396	)			(2,016,961	)
Income tax (expense) benefit		(838,055	)			838,055
Net Loss	$	(10,771,451	)		$	(1,178,906	)
Net loss per common share, basic and diluted	$	(0.32	)		$	(0.05	)
Weighted average number of common shares outstanding, basic and diluted		33,505,605				24,875,667

ECD AUTOMOTIVE DESIGN, INC. CONSOLIDATED BALANCE SHEETS
	December 31,
	2024				2023
ASSETS
Current assets
Cash and cash equivalents	$	1,476,850			$	8,134,211
Accounts receivable, net		45,022				–
Inventories		11,181,806				9,607,766
Prepaid and other current assets		239,864				34,006
Total current assets		12,943,542				17,775,983
Goodwill		1,291,098				–
Property and equipment, net		483,878				913,097
Intangible asset, net		12,000				–
Right-to-use asset		3,404,983				3,763,295
Deferred tax asset		–				838,055
Deposit		60,200				77,686
TOTAL ASSETS	$	18,195,701			$	23,368,116
LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT
Current liabilities
Accounts payable	$	2,494,664			$	898,445
Accrued expenses		1,686,598				779,695
Deferred revenue		11,802,825				16,190,861
Floor plan payable		1,212,000				–
Lease liability, current		353,612				314,903
Other payable		1,364,222				1,549,863
Total current liabilities		18,913,921				19,733,767
Lease liability, non-current		3,373,571				3,727,183
Warrant liabilities, at fair value		486,559				26,283
Conversion option, at fair value		313,191				2,724
Convertible note, net of debt discount		14,085,932				10,654,444
Total Liabilities		37,173,174				34,144,401
COMMITMENTS AND CONTINGENCIES (NOTE 19)
Redeemable preferred stock, $0.0001 par value, 20,000,000 authorized shares; 25,000 shares issued and outstanding as of December 31, 2024 and no shares issued and outstanding as of December 31, 2023		1				3
Stockholders’ deficit
Common stock, $0.0001 par value, 1,000,000,000 authorized shares; 31,874,662 shares and 24,000,000 shares issued and outstanding as of December 31, 2024 and 2023, respectively		3,650				3,187
Additional paid-in capital		2,576,498				–
Other comprehensive income		(6,696	)
Accumulated deficit		(21,550,926	)			(10,779,475	)
Total Stockholders’ Deficit		(18,977,474	)			(10,776,288	)
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT	$	18,195,701			$	23,368,116

ECD AUTOMOTIVE DESIGN, INC. Non-GAAP Reconciliation – Reconciliation of Net Income (loss) to Adjusted EBITDA
	For the year ended December 31,
	2024				2023
					As Restated
Net loss	$	(10,771,451	)		$	(1,178,906	)
Excluding:
Interest expense		5,270,404				653,429
Income tax (benefit) expense		838,055				838,055
Equity compensation expense		331,959				–
Non-recurring professional fees (1)		709,763				–
Other (income) expense, net		(117,531	)			65,949
Change in FV of warrant liabilities		433,725				–
Change in FV of conversion option liabilities		204,487				–
Gain on forgiveness of payable		(319,900	)			–
Foreign exchange loss		48,071				–
Gain on sale of trade in vehicles		(59,265	)			–
Depreciation and amortization		(126,791	)			148,763
Transaction cost		–				1,285,000
Adjusted EBITDA		(3,558,474	)			1,812,290	)

GLENVIEW, Ill., April 15, 2025 (GLOBE NEWSWIRE) — Illinois Tool Works Inc. (NYSE: ITW) will issue its first quarter 2025 results on Wednesday, April 30, 2025, at 7:00 a.m. CDT. Following the release, ITW will hold its first quarter 2025 earnings webcast at 9:00 a.m. CDT.

To access the webcast for the event, please click on the following link:
ITW Q1 2025 Earnings Webcast

If you are a participant on the conference call, please dial 1-888-660-6652 (domestic) or 1-646-960-0554 (international) 10 minutes prior to the 9:00 a.m. CDT start time. The passcode is “ITW.”

Following the webcast, presentation materials and an audio webcast replay will be available at http://investor.itw.com. An audio-only replay will be available from April 30 through May 7 by dialing 1-800-770-2030 (domestic) or 1-609-800-9909 (international). The passcode is 2756156.

About Illinois Tool Works

ITW (NYSE: ITW) is a Fortune 300 global multi-industrial manufacturing leader with revenue of $15.9 billion in 2024. The company’s seven industry-leading segments leverage the unique ITW Business Model to drive solid growth with best-in-class margins and returns in markets where highly innovative, customer-focused solutions are required. ITW’s approximately 44,000 dedicated colleagues around the world thrive in the company’s decentralized and entrepreneurial culture. www.itw.com

Investor Relations & Communications                                                              
Erin Linnihan                                                         
Tel: 224.661.7431
[email protected] | [email protected]

NEW YORK, April 15, 2025 (GLOBE NEWSWIRE) — XWELL, Inc. (Nasdaq: XWEL) (“XWELL” or the “Company”), a pioneer in democratizing wellness, today reported results for the year ended December 31, 2024.

Recent Highlights:

• XWELL delivered 2024 revenue growth of approximately 13% versus 2023.
• Gross margin more than doubled, increasing from 12.2% in 2023 to 26.3% in 2024.
• The Company reduced operating and overhead expenses in 2023 and 2024, while it continues to focus on returning to overall profitability. For the year ended December 31, 2024, the Company:
  • Reduced salaries and benefits by approximately 5% versus 2023.
  • Reduced general and administrative expenses by approximately 4% versus 2023.
  • Reduced total operating expenses by approximately 19% versus 2023, even with substantial non-recurring expenses incurred in 2024.
• XWELL announced a three-year extension of its Traveler-based Genomic Surveillance Program in partnership with the Centers for Disease Control and Prevention, reinforcing its critical role in national biosecurity.
• Accelerating its expansion outside of airport locations, XWELL launched a new Naples Wax Center in Estero, Florida in December 2024.
• Strengthening its capital structure, XWELL successfully closed a $4 million private placement in January 2025, comprising of convertible preferred stock and warrants.
• Leveraging its recent capital raise, XWELL announced plans to acquire select medical spas to expand into the high-growth wellness and beauty sector.
• As part of its brand evolution, XWELL announced that it plans to unite all of its wellness offerings under a single, cohesive XWELL brand identity.

“We believe that XWELL’s improved 2024 financial and operational performance reflects the successful execution of our growth and productivity initiatives,” said Ezra Ernst, CEO of XWELL. “We continue to capitalize on compelling growth opportunities across our brands and remain focused on achieving sustainable expansion alongside our relentless focus on wellness and our customers.”

“We’re also grateful and proud to continue the work we developed with our partners at the CDC and Ginkgo Bioworks for another three years. An early warning system for dangerous pathogens, the Traveler-based Genomic Surveillance Program plays a crucial role in protecting national security and public health.” Mr. Ernst added, “Looking ahead, I’m excited about the opportunities ahead for XWELL. By accelerating growth both in and out of the airport, unifying our offerings under the XWELL brand, and reinforcing our role in U.S. biosecurity and exploring biosecurity opportunities outside of the United States, I believe that we’re positioning XWELL for continued growth and long-term value creation.”

Bringing A Unified Wellness Brand to the Market
Committed to capitalizing on compelling growth opportunities in the wellness market, XWELL has developed and communicated a clear vision, mission, and purpose-driven forward-looking plan.

• Our vision is to liberate wellness, making it a mainstream category synonymous with health, balance, and self-care.
• Our mission is to create environments that inspire confidence, self-improvement, and wellness for everyone, everywhere.
• Our purpose is to reshape the way people think about wellness by showing how accessible and effortless it can be.

The Company’s forward-looking plan focuses on expanding and integrating offerings across its brands, with a key emphasis on unifying airport and off-airport locations under the XWELL brand. This strategic alignment will enable the development of membership and loyalty programs like Priority Pass that provide seamless access to XWELL locations, fostering deeper customer relationships and enhancing brand loyalty. Additionally, a strong customer community will support targeted marketing initiatives and cross-promotional opportunities, strengthened by advanced technology and customer relationship management capabilities from the HyperPointe unit.

At the same time, XWELL is actively broadening its retail product portfolio to feature a range of cutting-edge wellness offerings. These offerings include state-of-the-art wellness devices, nutritional supplements, and innovative wellness patches — each designed to support holistic health and cater to the evolving needs of today’s wellness-conscious consumers.

Planned Strategic Investment in Medical Spas
In March 2025, XWELL unveiled plans to acquire select medical spas during 2025, leveraging its recent $4 million private placement to expand into the high-growth wellness and beauty sector.

This strategy aligns with XWELL’s mission to liberate wellness by creating a seamless continuum of care, extending beyond airports and into metropolitan areas where demand for advanced beauty and wellness treatments is rising.

XWELL will initially focus on select metropolitan areas with strong demand for medspa services, including Orlando, Austin, Texas, and Salt Lake City.

Operating At the Intersection of Travel, Health and Wellness

Operating at the intersection of travel, health and wellness, the Company’s brands currently include XWELL™, XpresSpa®, Treat™, Naples Wax Center®, XpresCheck® and HyperPointe™. 

Travel Wellness Portfolio – XpresSpa®

XpresSpa is the leading airport retailer of wellness services and related retail offerings. As of December 31, 2024, there were 18 domestic XpresSpa locations in total, comprised of 17 Company-owned locations and one franchise. The Company also had 10 international locations operating as of December 31, 2024, including two XpresSpa locations in the Dubai International Airport in the United Arab Emirates, one XpresSpa location in the Zayad International Airport in Abu Dhabi, United Arab Emirates, three XpresSpa locations in the Schiphol Amsterdam Airport in the Netherlands and four XpresSpa locations in the Istanbul Airport in Turkey.

Out-of-Airport Wellness Portfolio – Naples Wax Center®

XWELL’s first off-airport brand, Naples Wax Center, is a group of upscale hair removal and aesthetic services boutiques. Acquired in mid-September 2023, Naples Wax Center provides core products and service including face and body waxing as well as a range of skincare and cosmetic products from its current three locations.

In December 2024, the Company announced the ongoing expansion of its out-of-airport spas with the opening of a new Naples Wax location in Estero, FL. This opening is the first in a series of strategic growth initiatives to expand the XWELL brand beyond airports. Looking ahead, in addition to its Estero location, XWELL has plans to open 6 additional locations across Florida during 2025.

New York City’s Penn Station XpresSpa


®


Consistent with XWELL’s strategy to extend its footprint into transportation hubs, the Company is executing plans to open an XpresSpa location in New York City’s Penn Station in 2025. The tech-forward spa will serve commuters, neighborhood locals, and tourists with wellness-focused retail, autonomous massage, and nail care services, enabling seamless and efficient experiences for time-crunched New York City travelers.

Life Sciences & Biosurveillance — XpresCheck® and HyperPointe™

XpresCheck in collaboration with the Centers for Disease Control and Prevention (“CDC”) and Ginkgo Bioworks, currently operates biosurveillance stations in 8 of the nation’s busiest airports.

In March of 2025, XWELL announced that the CDC extended its Traveler-based Genomic Surveillance Program for three years. The contract has a total base value of $53.7 million over three years, with a maximum ceiling value of $85.7 million within the same timeframe. This program has been supported in whole or in part by the Centers for Disease Control & Prevention under contract number 75D30125C20439.  

The TGS program functions as an early detection platform for emerging pathogens. By providing multimodal data, it enhances global biosecurity and illuminates migratory disease origin, to inform medical countermeasure research and development. The program utilizes wastewater samples from inbound international aircraft and airport triturators, along with nasal swab samples from volunteers arriving in the U.S. on select international flights.

Additionally, the Company began reporting operating results for HyperPointe within its XpresCheck business. Beginning in June 2020, and following its acquisition by XWELL in January 2022, HyperPointe’s management team and suite of services and technology have been utilized to develop and deploy the technological infrastructure necessary to scale the growth of the XpresCheck business. HyperPointe’s experience in this space continues to play a critical role in the expansion of ongoing biosurveillance efforts created in partnership with Ginkgo Bioworks and the CDC.

Liquidity and Financial Condition
As of December 31, 2024, the Company had approximately $4.6 million of cash and cash equivalents (excluding restricted cash), approximately $7.3 million in marketable securities, total current assets of approximately $15.3 million, and no long-term debt.

The Company significantly reduced operating and overhead expenses in the 2023 and 2024, while it continues to focus on returning to overall profitability.

In January 2025, the Company announced the closing of its private placement offering of $4.0 million of the Company’s newly designated Series G Convertible Preferred Stock. The Company also issued to the investors in the private placement Series A warrants and Series B warrants exercisable for the Company’s common stock. The gross proceeds of the private placement were approximately $4.0 million, before deducting other offering expenses payable by the Company.

Summary 2024 Financial Results

Total Revenue
Total revenue for the fiscal year ended December 31, 2024 was $33.9 million compared to $30.1 million in the prior year.

Revenue for 2024 primarily consisted of approximately $18.3 million from XpresSpa locations, $430,000 from Treat locations and approximately $13.1 million from XpresTest, which includes XWELL’s bio-surveillance partnership and its HyperPointe business. Naples Wax Center accounted for approximately $2.1 million.

Total Cost of Sales
Total cost of sales for the fiscal year ended December 31, 2024 were approximately $25.0 million compared to approximately $26.4 million in the prior year.

General and Administrative Expenses; Salaries and Benefits
General and administrative expenses for the fiscal year ended December 31, 2024 were approximately $12.5 million compared to approximately $13.0 million in the prior year.

Salaries and benefits for the fiscal year ended December 31, 2024 were approximately $7.5 million compared to approximately $8.0 million in the prior year.

Total Operating Expenses
Total operating expenses for the fiscal year ended December 31, 2024 were approximately $25.6 million compared to approximately $31.9 million in the prior year.

Operating Loss
The operating loss for the fiscal year ended December 31, 2024 totaled approximately ($16.7) million compared to approximately ($28.2) million in the prior year.

Net Loss Attributable to XWELL
Net loss attributable to XWELL for the fiscal year ended December 31, 2024 totaled approximately ($16.9) million compared to approximately ($27.7) million in the prior year.

About XWELL, Inc.  
XWELL, Inc. (Nasdaq: XWEL) is a leading global wellness holding company operating multiple brands: XWELL™, XpresSpa®, Treat™, Naples Wax Center®, XpresCheck® and HyperPointe™.  

• XpresSpa is a leading retailer of wellness services and related products.  
• Naples Wax Center is a group of upscale skin care boutiques.  
• XpresCheck, in partnership with the CDC and Ginkgo Biosecurity, conducts biosurveillance monitoring in its airport locations.
• HyperPointe is a leading digital healthcare and data analytics relationship company serving the global healthcare industry.  

For more information on XWELL’s offerings, visit www.XWELL.com. 

Forward-Looking Statements  
This press release may contain “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These include statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “should,” “seeks,” “future,” “continue,” or the negative of such terms, or other comparable terminology. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements. Forward-looking statements relating to expectations about future results or events are based upon information available to XWELL as of the date of this press release, and are not guarantees of the future performance of the Company, and actual results may vary materially from the results and expectations discussed. Additional information concerning these and other risks is contained in the Company’s Annual Report on Form 10-K, as amended, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and other Securities and Exchange Commission filings. All subsequent written and oral forward-looking statements concerning XWELL, or other matters and attributable to XWELL or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. XWELL does not undertake any obligation to publicly update any of these forward-looking statements to reflect events or circumstances that may arise after the date hereof.

Media
Heather Tidwell
MWW
[email protected]