0001558370-25-008028 | 10-Q | XBRL Viewer

Three months ended March 31,

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flows from operating leases

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Other current assets - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Other current assets
Prepaid expenses	$ 1,784	$ 1,190
Other	59	56
Total other current assets	$ 1,843	$ 1,246

Revenue

3 Months Ended

Mar. 31, 2025

Revenue

Revenue

Note 13. Revenue

Disaggregation of Revenue

The following table provides information about disaggregated revenue from contracts with customers by the nature of products and services provided (in thousands):


	March 31, 2025		March 31, 2024
Revenue, point in time	$	4,846	$	5,083
Revenue, over time		2,177		3,643
Total Revenue	$	7,023	$	8,726

As of March 31, 2025, the unrecognized committed amount of the Ginkgo/BioWorks contract is $7,000.

Contract Costs

The Company has no contract costs related to the periods presented.

Contract Liabilities

Contract liabilities are classified as deferred revenue in the condensed consolidated balance sheets. The activity in deferred revenue for the three months ended March 31, 2025, and for the year ended December 31, 2024, was as follows:


	March 31, 2025		December 31, 2024
Beginning of the period contract liability	$	1,143	$	861
Revenue recognized from the contract liabilities included in the beginning balance		(216)		(461)
Increases due cash received net of amounts recognized revenue during the period		158		743
End of period contract liability	$	1,085	$	1,143

The Company has elected not to include in unfulfilled performance obligations for contracts in which the amount of revenue it recognizes is equal to the amount which the Company has a right to invoice. No revenue was recognized in the reporting period from performance obligations satisfied in previous periods. The Company applies the right-to-invoice practical expedient for its Priority Pass and HyperPointe revenue streams and recognizes revenue in the amount it is entitled to invoice when that amount corresponds directly with the value of the performance to date. For the Company’s XpresTest business unit, there are no portions of unfulfilled performance obligations, because the Company’s efforts towards satisfying each of the performance obligations are expended evenly throughout the period of performance. For the Company’s HyperPointe business unit, Advanced services are distinct performance obligations that are satisfied over time with revenue recognized as services are delivered. Revenues billed in advance are treated as deferred revenue, which was $159 and $181 as of March 31, 2025, and December 31, 2024, respectively. Naples Wax Center offers prepaid wax packages that are either unlimited for one year or a set number of services. When the packages are purchased, the sales are recorded as deferred revenue, which was $922 and $956 as of March 31, 2025 and December 31, 2024, respectively. As services related to prepaid packages are used, revenue is recognized as income.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Other Assets

3 Months Ended

Mar. 31, 2025

Other Assets

Other Assets

Note 9. Other Assets

As of March 31, 2025 and December 31, 2024, assets consisted of the following:


	March 31, 2025		December 31, 2024
Equity investments	$	56	$	85
Lease deposits		1,518		1,535
Other		14		14
Other assets	$	1,588	$	1,634

Property and Equipment, net

3 Months Ended

Mar. 31, 2025

Property and Equipment, net

Property and Equipment, net

Note 14. Property and Equipment, net

Property and equipment are comprised of the following (in thousands):


	March 31,		December 31,
	2025		2024		Useful Life
Leasehold improvements	$	4,935	$	4,566	Average 5-8 years
Furniture and fixtures		365		359	3-4 years
Other operating equipment		776		722	Maximum 5 years
		6,076		5,647
Accumulated depreciation		(3,928)		(3,838)
Total property and equipment, net	$	2,148	$	1,809

Depreciation and amortization expense was $90 and $141 for the three months ended March 31, 2025 and 2024, respectively.

Private Placement - Activity Related to Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Jan. 14, 2025
No. of Warrants
Granted	5,347,594
Balance at the end	5,347,594
Weighted average exercise price
Granted	$ 1.65
Balance at the end	$ 1.65
Remaining contractual term
Granted	4 years 9 months 14 days
Remaining contractual term	4 years 9 months 14 days
Warrants	$ 3,283	$ 5,900
Intrinsic value of warrants outstanding	$ 0
Warrants outstanding	5,347,594

Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Information

Schedule of segment reporting information, by segment


	Three months ended March 31, 2025
	XpresSpa		XpresTest		Naples Wax		Corporate and other		Total
Revenue	$	4,294	$	2,177	$	552	$	—	$	7,023
Operating (loss)/income	$	800	$	618	$	(422)	$	(4,154)	$	(3,158)


	Three months ended March 31, 2024
	XpresSpa		XpresTest		Naples Wax		Corporate and other		Total
Revenue	$	4,435	$	3,643	$	648	$	—	$	8,726
Operating (loss)/income	$	(2,780)	$	1,670	$	(78)	$	(1,191)	$	(2,379)

Schedule of reconciliation of revenue and operating income (loss) from segments to consolidated


	Three months ended March 31, 2025
	XpresSpa		XpresTest		Naples Wax		Corporate and other		Total
Revenue from external customers	$	4,294	$	2,177	$	552	$	—	$	7,023
Less: Significant Expenses (1):
Cost of Goods Sold - Labor		2,356		1,289		322		—		3,967
Cost of Goods Sold - Products & Services		248		—		9		—		257
Occupancy Cost		976		6		152		—		1,134
Other Cost of Revenue		216		63		67		—		346
Depreciation and amortization		95		2		55		14		166
Less: Other Segment Expenses (2):
Other segment operating expenses		(397)		199		369		4,140		4,311
Segment operating (loss) income	$	800	$	618	$	(422)	$	(4,154)	$	(3,158)



	Three months ended March 31, 2024
	XpresSpa		XpresTest		Naples Wax		Corporate and other		Total
Revenue from external customers	$	4,435	$	3,643	$	648	$	—	$	8,726
Less: Significant Expenses (1):
Cost of Goods Sold - Labor		2,282		1,467		400		—		4,149
Cost of Goods Sold - Products & Services		317		20		18		—		355
Occupancy Cost		885		10		47		—		942
Other Cost of Revenue		276		234		99		—		609
Depreciation and amortization		152		25		31		17		225
Less: Other Segment Expenses (2):
Other segment operating expenses		3,303		217		131		1,174		4,825
Segment operating (loss) income	$	(2,780)	$	1,670	$	(78)	$	(1,191)	$	(2,379)

(1)	The significant expense amounts align with the expenses that the CODM is regularly provided with to assess performance and allocate resources.

(2)	For all segments, SGA consists of the following:

Reconciliation of other significant items


	Three months ended March 31, 2025
	XpresSpa		XpresTest		Naples Wax		Corporate and other		Total
Stock based compensation	$	37	$	3	$	—	$	43	$	83


	Three months ended March 31, 2024
	XpresSpa		XpresTest		Naples Wax		Corporate and other		Total
Stock based compensation	$	259	$	23	$	—	$	—	$	282
Impairment	$	652	$	—	$	—	$	—	$	652


	March 31, 2025
	XpresSpa		XpresTest		Naples Wax		Corporate and other		Total
Capital expenditures	$	64	$	—	$	334	$	31	$	429
Assets	$	8,241	$	1,749	$	6,377	$	8,460	$	24,827


	December 31, 2024
	XpresSpa		XpresTest		Naples Wax		Corporate and other		Total
Capital expenditures	$	755	$	49	$	959	$	18	$	1,781
Assets	$	8,545	$	2,133	$	6,216	$	8,458	$	25,352

Schedule of information about geographical revenue and long-lived assets


	Three months ended
	March 31,
	2025		2024
Revenue
United States	$	5,705	$	7,348
All other countries		1,318		1,378
Total revenue	$	7,023	$	8,726


Long-lived assets	March 31, 2025		December 31, 2024
United States	$	4,876	$	3,289
All other countries		435		1,929
Total long-lived assets	$	5,311	$	5,218

Fair Value Measurements - Change in the Fair Value of the Warrant Liability (Details) - Warrant liabilities - Fair value, Recurring $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Issuance of warrants reported at fair value	$ 5,873
Change in fair value of warrant liability	$ (2,590)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Fair Value Adjustment of Warrants
Ending balance	$ 3,283

Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 3,795	$ 3,795
Accumulated Amortization	(2,848)	(2,772)
Net Carrying Amount	947	1,023
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	200	200
Accumulated Amortization	(34)	(29)
Net Carrying Amount	166	171
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,012	1,012
Accumulated Amortization	(466)	(441)
Net Carrying Amount	546	571
Software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,583	2,583
Accumulated Amortization	(2,348)	(2,302)
Net Carrying Amount	$ 235	$ 281

Cash, Cash Equivalents, and Restricted Cash (Tables)

3 Months Ended

Mar. 31, 2025

Cash, Cash Equivalents, and Restricted Cash

Schedule of cash, cash equivalents, and restricted cash


	March 31, 2025		December 31, 2024
Cash denominated in United States dollars	$	1,392	$	2,145
Cash denominated in currency other than United States dollars		1,954		2,160
Restricted cash		751		751
Credit and debit card receivables		304		245
Total cash, cash equivalents and restricted cash	$	4,401	$	5,301

Other current assets

3 Months Ended

Mar. 31, 2025

Other current assets

Other current assets

Note 5. Other current assets

As of March 31, 2025, and December 31, 2024, other current assets consisted of the following:


	March 31, 2025		December 31, 2024
Prepaid expenses	$	1,784	$	1,190
Other		59		56
Total other current assets	$	1,843	$	1,246

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Fair value, Recurring
Equity securities	$ 7,347	$ 7,332
Derivatives	4,740
Total fair value measurements	12,087	7,332
Fair value, Recurring \| Warrant liabilities
Derivatives	3,283
Fair value, Recurring \| Marketable securities
Equity securities	7,318	7,247
Fair value, Recurring \| Derivative liability
Derivatives	1,457
Fair value, Recurring \| Fair Value, Inputs, Level 1
Equity securities	7,318	7,247
Total fair value measurements	7,318	7,247
Fair value, Recurring \| Fair Value, Inputs, Level 1 \| Marketable securities
Equity securities	7,318	7,247
Fair value, Recurring \| Fair Value, Inputs, Level 2
Equity securities	29	85
Total fair value measurements	29	85
Fair value, Recurring \| Fair Value, Inputs, Level 3
Derivatives	4,740
Total fair value measurements	4,740
Fair value, Recurring \| Fair Value, Inputs, Level 3 \| Warrant liabilities
Derivatives	3,283
Fair value, Recurring \| Fair Value, Inputs, Level 3 \| Derivative liability
Derivatives	1,457
Fair value, Nonrecurring
Property, plant and equipment	2,148	1,809
Operating lease right-of-use asset	3,163	3,409
Total fair value measurements	5,311	5,218
Fair value, Nonrecurring \| Fair Value, Inputs, Level 3
Property, plant and equipment	2,148	1,809
Operating lease right-of-use asset	3,163	3,409
Total fair value measurements	5,311	5,218
Route1 Inc \| Fair value, Recurring
Equity securities	29	85
Route1 Inc \| Fair value, Recurring \| Fair Value, Inputs, Level 2
Equity securities	$ 29	$ 85

Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Intangible Assets
Amortization expense - intangibles	$ 76	$ 84

Revenue (Tables)

3 Months Ended

Mar. 31, 2025

Revenue

Schedule of disaggregated revenue from contracts with customers

The following table provides information about disaggregated revenue from contracts with customers by the nature of products and services provided (in thousands):


	March 31, 2025		March 31, 2024
Revenue, point in time	$	4,846	$	5,083
Revenue, over time		2,177		3,643
Total Revenue	$	7,023	$	8,726

Schedule of deferred revenue


	March 31, 2025		December 31, 2024
Beginning of the period contract liability	$	1,143	$	861
Revenue recognized from the contract liabilities included in the beginning balance		(216)		(461)
Increases due cash received net of amounts recognized revenue during the period		158		743
End of period contract liability	$	1,085	$	1,143

Property and Equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Property and Equipment, net
Property and equipment, Gross	$ 6,076		$ 5,647
Accumulated depreciation	(3,928)		(3,838)
Total property and equipment, net	2,148		1,809
Depreciation and amortization	166	$ 225
Depreciation and amortization expense	90	$ 141
Leasehold improvements
Property and Equipment, net
Property and equipment, Gross	$ 4,935		$ 4,566
Leasehold improvements \| Minimum
Property and Equipment, net
Useful life	5 years		5 years
Leasehold improvements \| Maximum
Property and Equipment, net
Useful life	8 years		8 years
Furniture and fixtures
Property and Equipment, net
Property and equipment, Gross	$ 365		$ 359
Furniture and fixtures \| Minimum
Property and Equipment, net
Useful life	3 years		3 years
Furniture and fixtures \| Maximum
Property and Equipment, net
Useful life	4 years		4 years
Other operating equipment
Property and Equipment, net
Property and equipment, Gross	$ 776		$ 722
Useful life	5 years

Other Assets (Tables)

3 Months Ended

Mar. 31, 2025

Other Assets

Schedule of other assets


	March 31, 2025		December 31, 2024
Equity investments	$	56	$	85
Lease deposits		1,518		1,535
Other		14		14
Other assets	$	1,588	$	1,634

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2025	May 15, 2025
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Entity File Number	001-34785
Entity Registrant Name	XWELL, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-4988129
Entity Address, Address Line One	254 West 31st Street
Entity Address, Address Line Two	11th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10001
City Area Code	212
Local Phone Number	750-9595
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	XWEL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		5,261,024
Entity Central Index Key	0001410428
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Measurements

Schedule of asset and liabilities measured at fair value on recurring and nonrecurring basis


			Fair value measurement at reporting date using
			Quoted prices in
			active markets		Significant other		Significant
			for identical		observable		unobservable
	Balance		assets (Level 1)		inputs (Level 2)		inputs (Level 3)
As of March 31, 2025:
Recurring fair value measurements
Equity and debt securities:
Route1, Inc.	$	29	$	—	$	29	$	—
Marketable securities		7,318		7,318		—		—
Total equity and debt securities		7,347		7,318		29		—
Derivatives:
Warrant liabilities		3,283		—		—		3,283
Derivative liability		1,457		—		—		1,457
Total derivatives		4,740		—		—		4,740
Total recurring fair value measurements	$	12,087	$	7,318	$	29	$	4,740
Nonrecurring fair value measurements
Property, plant and equipment	$	2,148	$	—	$	—	$	2,148
Operating lease right-of-use asset		3,163		—		—		3,163
Total nonrecurring fair value measurements	$	5,311	$	—	$	—	$	5,311

As of December 31, 2024
Recurring fair value measurements
Equity and debt securities:
Route1	$	85	$	—	$	85	$	—
Marketable securities		7,247		7,247		—		—
Total equity and debt securities		7,332		7,247		85		—
Derivatives:
Warrant liabilities	$	—	$	—	$	—	$	—
Derivative liability		—		—		—		—
Total derivatives		—		—		—		—
Total recurring fair value measurements	$	7,332	$	7,247	$	85	$	—
Nonrecurring fair value measurements
Property, plant and equipment	$	1,809	$	—	$	—	$	1,809
Operating lease right-of-use asset		3,409		—		—		3,409
Total nonrecurring fair value measurements	$	5,218	$	—	$	—	$	5,218

Schedule of change in the fair value of warrant liability and bifurcated embedded derivative liability

The following table sets forth a summary of the change in the fair value of the warrant liability that is measured at fair value on a recurring basis:


Balance on January 1, 2025	$	—
Issuance of warrants reported at fair value		5,873
Change in fair value of warrant liability		(2,590)
Balance on March 31, 2025	$	3,283

The following table sets forth a summary of the change in the fair value of the bifurcated embedded derivative liability that is measured at fair value on a recurring basis:


Balance on January 1, 2025	$	—
Issuance of convertible preferred stock with bifurcated embedded derivative		1,315
Change in fair value of bifurcated embedded derivative		142
Balance on March 31, 2025	$	1,457

Potentially Dilutive Securities

3 Months Ended

Mar. 31, 2025

Potentially Dilutive Securities

Potentially Dilutive Securities

Note 3. Potentially Dilutive Securities

The table below presents the computation of basic and diluted net loss per share of Common Stock:


	Three months ended
	March 31,
	2025		2024
Basic numerator:
Net loss attributable to XWELL, Inc.	$	(4,719)	$	(2,512)
Less: preferred stock dividends		(68)		—
Less: preferred stock accretion		(499)		—
Net loss attributable to common shareholders	$	(5,286)	$	(2,512)
Basic denominator:
Basic weighted average shares outstanding		5,261,024		4,182,617
Basic loss per share	$	(1.00)	$	(0.60)

Net loss per share data presented above excludes from the calculation of diluted net loss, the following potentially dilutive securities, having an anti-dilutive impact, in case of net loss
Both vested and unvested options to purchase an equal number of shares of Common Stock		516,096		452,474
Unvested RSUs to issue an equal number of shares of Common Stock		—		6,458
Series A and Series B warrants to purchase shares of Common Stock		5,347,594		—
Series G Convertible Preferred Stock on an as converted basis		2,933,452		—
Total number of potentially dilutive securities excluded from the calculation of loss per share attributable to common shareholders		8,797,142		458,932

Intangible Assets - Schedule of Finite-Lived Intangible Assets, Amortization Expense (Details) (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Remaining 2025	$ 226
2026	223
2027	122
2028	122
2029	122
Thereafter	132
Total	$ 947	$ 1,023

Segment Information - Information About Geographical Revenue and Long-Lived Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenue
Total revenue	$ 7,023	$ 8,726
Long-lived assets
Total long-lived assets	5,311	5,218
United States
Revenue
Total revenue	5,705	7,348
Long-lived assets
Total long-lived assets	4,876	3,289
All other countries
Revenue
Total revenue	1,318	1,378
Long-lived assets
Total long-lived assets	$ 435	$ 1,929

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

+ Details

Revenue - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Revenue
Contract cost	$ 0	$ 0
Revenue recognized	0
HyperPointe
Revenue
Deferred Revenue	159	181
Naples Wax LLC
Revenue
Deferred Revenue	$ 922	$ 956

Accrued expenses and other current liabilities (Tables)

3 Months Ended

Mar. 31, 2025

Accrued expenses and other current liabilities

Schedule of accrued expenses and other current liabilities



	March 31, 2025		December 31, 2024
Accrued compensation	$	1,514	$	2,384
Tax-related liabilities		545		571
Common area maintenance accruals		25		31
AP Accruals		407		340
Gift certificates		635		507
Credit card processing fees		18		18
Other miscellaneous accruals		198		237
Total accrued expenses and other current liabilities	$	3,342	$	4,088

Property and Equipment, net (Tables)

3 Months Ended

Mar. 31, 2025

Property and Equipment, net

Schedule of property and equipment

Property and equipment are comprised of the following (in thousands):


	March 31,		December 31,
	2025		2024		Useful Life
Leasehold improvements	$	4,935	$	4,566	Average 5-8 years
Furniture and fixtures		365		359	3-4 years
Other operating equipment		776		722	Maximum 5 years
		6,076		5,647
Accumulated depreciation		(3,928)		(3,838)
Total property and equipment, net	$	2,148	$	1,809

Accounting and Reporting Policies (Details)	Mar. 31, 2025 $ / shares
Accounting and Reporting Policies
Preferred stock, par value (in dollars per share)	$ 0.01

Leases (Tables)

3 Months Ended

Mar. 31, 2025

Leases

Schedule of supplemental cash flow information related to leases

Schedule of future minimum commitments


Calendar Years ending December 31,	Amount
Remaining 2025	$	2,170
2026		2,166
2027		2,041
2028		1,629
2029		1,346
Thereafter		2,701
Total future lease payments		12,053
Less: interest expense at incremental borrowing rate		(2,027)
Net present value of lease liabilities	$	10,026

Schedule of other assumptions and pertinent information


Weighted average remaining lease term:	5.58	years
Weighted average discount rate used to determine present value of operating lease liability:	6.85	%

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Mar. 31, 2025	Dec. 31, 2024
CONDENSED CONSOLIDATED BALANCE SHEETS
Series G Convertible Preferred Stock par value (in dollars per share)	$ 0.01	$ 0.01
Series G Convertible Preferred Stock stated value (in dollars per share)	$ 1,000	$ 1,000
Series G Convertible Preferred Stock authorized	4,000	4,000
Series G Convertible Preferred Stock issued	4,000	0
Series G Convertible Preferred Stock outstanding	4,000	0
Preferred stock, liquidation preference value	$ 4,388,444
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized	150,000,000	150,000,000
Common stock, issued	5,261,024	5,261,024
Common stock, outstanding	5,261,024	5,261,024

Segment Information - Additional Information (Details)	3 Months Ended
Segment Information - Additional Information (Details)	Mar. 31, 2025 segment location
Segment Information
Number of operating segments \| segment	3
Number of locations operated \| location	2

Intangible Assets

3 Months Ended

Mar. 31, 2025

Intangible Assets

Intangible Assets

Note 6. Intangible Assets

The following tables provides information regarding the Company’s intangible assets subject to amortization, which consist of the following:


	March 31, 2025						December 31, 2024
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Amount		Amortization		Amount		Amount		Amortization		Amount
Trade names	$	200	$	(34)	$	166	$	200	$	(29)	$	171
Customer relationships		1,012		(466)		546		1,012		(441)		571
Software		2,583		(2,348)		235		2,583		(2,302)		281
Total intangible assets	$	3,795	$	(2,848)	$	947	$	3,795	$	(2,772)	$	1,023

The Company’s intangible assets are amortized over their expected useful lives. The Company recorded amortization expense of $76 and $84 during the three months ended March 31, 2025 and 2024, respectively.

Based on the intangible assets balance as of March 31, 2025, the estimated amortization expense for the remainder of the calendar year and each of the succeeding calendar years is as follows:


Calendar Years ending December 31,	Amount
Remaining 2025	$	226
2026		223
2027		122
2028		122
2029		122
Thereafter		132
Total	$	947

Accrued expenses and other current liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Accrued expenses and other current liabilities
Accrued compensation	$ 1,514	$ 2,384
Tax-related liabilities	545	571
Common area maintenance accruals	25	31
AP Accruals	407	340
Gift certificates	635	507
Credit card processing fees	18	18
Other miscellaneous accruals	198	237
Total accrued expenses and other current liabilities	$ 3,342	$ 4,088

Private Placement - Private Placement of Preferred Shares and Warrants (Details)		3 Months Ended
	Jan. 14, 2025 USD ($) $ / shares Y item D shares	Mar. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 $ / shares shares
Stockholders Equity [Line Items]
Series G Convertible Preferred Stock authorized \| shares		4,000	4,000
Series G Convertible Preferred Stock par value (in dollars per share)		$ 0.01	$ 0.01
Series G Convertible Preferred Stock stated value (in dollars per share)		1,000	1,000
Preferred stock, par value (in dollars per share)		0.01
Common stock, par value		$ 0.01	$ 0.01
Conversion price	$ 1.496
Registrable Securities as a percentage of purchase price	2.00%
Registration rights agreement until the failure	30 days
Threshold period for filing registration	30 days
Registration delay payments	30 days
Interest rate	1.50%
Number of equal installments in which preferred stock \| item	6
Amortization payment	107.00%
Minimum percentage of common stock price to conversion price	80.00%
Number of lowest closing prices \| item	3
Number of consecutive trading days \| D	30
Preferred stock redemption, pricing adjustment, floor price	$ 0.167
Preferred stock redemption, pricing adjustment, percentage of minimum price	20.00%
Percentage of aggregate amount payables associated with outstanding preferred stock	200.00%
Dividend rate percentage	8.00%
Conversion price	$ 1.36
Fair value of the bifurcated embedded derivative \| $	$ 1,315,000	$ 1,457,000
Warrant liability allocated \| $		2,685,000
Loss on shares issuance \| $		3,188,000
Preferred Stock accretion \| $		499,000
Redemption discount \| $		4,000,000
Change in fair value of derivative liability \| $		(142,000)
Warrants \| $	$ 5,900,000	3,283,000
Change in fair value of warrant liability \| $		2,590,000
Concentric by Ginkgo Bioworks
Stockholders Equity [Line Items]
Expected revenue under contract \| $		$ 7,000,000
Measurement Input, Share Price
Stockholders Equity [Line Items]
Embedded derivative liability measurement input	1.37	1.02
Warrants and rights outstanding, measurement input	1.37	1.02
Measurement Input, Price Volatility
Stockholders Equity [Line Items]
Embedded derivative liability measurement input	86.0	89
Warrants and rights outstanding, measurement input	114.0	86
Measurement Input, Expected Term
Stockholders Equity [Line Items]
Embedded derivative liability measurement input \| $	2.0	1.79
Warrants and rights outstanding, measurement input	5	4.79
Measurement Input, Risk Free Interest Rate
Stockholders Equity [Line Items]
Embedded derivative liability measurement input	4.28	3.84
Warrants and rights outstanding, measurement input	4.49	3.88
Measurement Input, Expected Dividend Rate
Stockholders Equity [Line Items]
Embedded derivative liability measurement input	8.0	8.0
Measurement Input, Penalty Dividend Rate
Stockholders Equity [Line Items]
Embedded derivative liability measurement input	15.0	15.0
Measurement Input, Default Rate
Stockholders Equity [Line Items]
Embedded derivative liability measurement input	9.9	9.9
Discount rate
Stockholders Equity [Line Items]
Embedded derivative liability measurement input	6.4	6.3
Upon Occurrence and During Continuance of Triggering Event
Stockholders Equity [Line Items]
Dividend rate percentage	15.00%
Private Placement
Stockholders Equity [Line Items]
Series G Convertible Preferred Stock authorized \| shares	4,000
Series G Convertible Preferred Stock par value (in dollars per share)	$ 0.01
Series G Convertible Preferred Stock stated value (in dollars per share)	$ 1,000
Convertible shares issuable \| shares	2,673,797
Common stock, par value	$ 0.01
Conversion price	$ 1.496
Private Placement \| Series A warrant
Stockholders Equity [Line Items]
Aggregate shares \| shares	2,673,797
Warrants exercise price	$ 1.496
Private Placement \| Series B warrant
Stockholders Equity [Line Items]
Aggregate shares \| shares	2,673,797
Warrants exercise price	$ 1.7952
January 2025 Private Placement
Stockholders Equity [Line Items]
Shares Issued	$ 1,000
Net private placement \| $	$ 3,745,000
Gross proceeds \| $	$ 4,000,000
Gross proceeds from private placement	2.00%
Estimated fees and expenses \| $	$ 255,000
Transaction cost \| $	$ 255,000

Related Party

3 Months Ended

Mar. 31, 2025

Related Party

Related Party

Note 16. Related Party

On January 30, 2025, the Company entered into a consulting agreement (“Consulting Agreement”) with XWEL INV I, LLC (“XWEL INV I”) and Jason Aintabi (the “Consultant”) for the Consultant to provide advisory services to the Company. Mr. Aintabi serves as the Manager of XWEL INV I. The Consulting Agreement is deemed to be related party transaction as Mr. Aintabi is a greater than 5% beneficial owner of the Company’s securities. The Consulting Agreement was further extended on May 12, 2025 for a total period of twelve (12) months from the effective date of the agreement in exchange for a total amount for both the original and amended agreements of $530. For the three months ended March 31, 2025, $140 of this contract was recognized in general and administrative expenses on the unaudited condensed consolidated statement of operations and comprehensive loss and $140 was recognized as a prepaid expense in other current assets on the unaudited condensed consolidated balance sheets as of March 31, 2025.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Fair Value Measurements - Change in the Fair Value of the Bifurcated Embedded Derivative Liability (Details) - Embedded derivative - Fair value, Recurring $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Issuance of convertible preferred stock with bifurcated embedded derivative	$ 1,315
Change in fair value of bifurcated embedded derivative	$ 142
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Embedded Derivative, Gain (Loss) on Embedded Derivative, Net
Ending balance	$ 1,457

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)	Preferred stock Series G Convertible Preferred Stock	Common stock	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive loss	Total Company equity	Non-controlling interests	Total
Balance Beginning at Dec. 31, 2023		$ 42,000	$ 470,737	$ (455,853,000)	$ (1,924,000)	$ 13,002,000	$ 7,969,000	$ 20,971,000
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2023		4,179,631
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted stock units (in shares)		2,986
Stock-based compensation			259			259,000	23,000	282,000
Foreign currency translation					(175,000)	(175,000)	45,000	(130,000)
Net loss for the period				(2,512,000)		(2,512,000)	154,000	(2,358,000)
Balance Ending at Mar. 31, 2024		$ 42,000	470,996	(458,365,000)	(2,099,000)	10,574,000	8,191,000	18,765,000
Common Stock, Shares, Outstanding, Ending Balance at Mar. 31, 2024		4,182,617
Balance Beginning at Dec. 31, 2024		$ 53,000	473,824,000	(472,706,000)	(1,959,000)	(788,000)	8,530,000	$ 7,742,000
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2024		5,261,024						5,261,024
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation			80,000			80,000	3,000	$ 83,000
Series G Preferred Stock accretion			(499,000)			(499,000)		(499,000)
Series G Preferred Stock dividends			(68,000)			(68,000)		(68,000)
Foreign currency translation					199,000	199,000	(10,000)	189,000
Net loss for the period				(4,719,000)		(4,719,000)	131,000	(4,588,000)
Balance Ending at Mar. 31, 2025		$ 53,000	$ 473,337,000	$ (477,425,000)	$ (1,760,000)	$ (5,795,000)	$ 8,654,000	$ 2,859,000
Common Stock, Shares, Outstanding, Ending Balance at Mar. 31, 2025		5,261,024						5,261,024
Temporary equity beginning balance (in shares) at Dec. 31, 2024								0
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series G Preferred Stock in private placement, net of transaction costs (in shares)	4,000
Series G Preferred Stock accretion	$ 499,000							$ 499,000
Series G Preferred Stock dividends	68,000
Temporary equity ending balance at Mar. 31, 2025	$ 567,000
Temporary equity ending balance (in shares) at Mar. 31, 2025	4,000							4,000

Cash, Cash Equivalents, and Restricted Cash - Summary of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Cash, Cash Equivalents, and Restricted Cash
Cash denominated in United States dollars	$ 1,392	$ 2,145
Cash denominated in currency other than United States dollars	1,954	2,160
Restricted cash	751	751
Credit and debit card receivables	304	245
Total cash, cash equivalents and restricted cash	$ 4,401	$ 5,301	$ 5,068	$ 9,188

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References + Details

Accounting and Reporting Policies (Policies)	3 Months Ended
Accounting and Reporting Policies (Policies)	Mar. 31, 2025
Accounting and Reporting Policies
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Article 8-03 of Regulation S-X and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as amended. The consolidated balance sheet as of December 31, 2024 was derived from the audited annual financial statements but does not include all information required by GAAP for annual financial statements. The financial statements include the accounts of the Company, all entities that are wholly owned by the Company, and all entities in which the Company has a controlling financial interest. All adjustments that, in the opinion of management, are necessary for a fair presentation for the periods presented have been reflected by the Company. Such adjustments are of a normal, recurring nature. The results of operations for the three months ended March 31, 2025, are not necessarily indicative of the results that may be expected for the entire fiscal year or for any other interim period. All significant intercompany balances and transactions have been eliminated in consolidation.
Use of estimates	Use of estimates The preparation of the accompanying condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses for the periods presented. Actual results may differ from such estimates. Significant items subject to such estimates and assumptions include the Company’s long-lived assets, intangibles assets, the useful lives of the Company’s intangible assets, the valuation of stock-based compensation, warrant liabilities, derivative liability, deferred tax assets and liabilities, income tax uncertainties, and other contingencies.
Preferred Stock	Preferred Stock The Company records shares of convertible preferred stock at their respective fair values on the dates of issuance, net of issuance costs. The Company concluded that the Company’s Series G Convertible Preferred Stock, par value $0.01 per share (“Series G Preferred Stock”), is more akin to a debt-type instrument than an equity-type instrument, therefore certain embedded features were deemed to not be clearly and closely related to the debt host instrument and were bifurcated as a derivative under ASC 815. The Company has applied the guidance in ASC 480-10-S99-3A, SEC Staff Announcement: Classification and Measurement of Redeemable Securities and has therefore classified the Series G convertible preferred stock as mezzanine equity as it redeemable in quarterly installments. The Company adjusts the carrying values of the convertible preferred stock by accreting the discount and accruing dividends to the state the convertible preferred stock at redemption value each reporting period.
Derivative Financial Instruments	Derivative Financial Instruments The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC 815, Derivatives and Hedging (“ASC 815”). For derivative financial instruments that are accounted for as assets or liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the unaudited condensed consolidated statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as assets, liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the condensed consolidated balance sheets as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the unaudited condensed consolidated balance sheet date.
Warrants	Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815. The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own Common Stock and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be liability classified and recorded at their initial fair value on the date of issuance and remeasured at fair value and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the consolidated statements of operations and comprehensive loss. The warrants are classified as liabilities in accordance with ASC 815 as they do not meet the requirements to be considered indexed to the Company’s own stock. The fair value of the warrant liability was estimated using a Black-Scholes approach (see Note 10).
Basic and Diluted Net Loss per Common Share	Basic and Diluted Net Loss per Common Share The Company computes basic and diluted net loss per share under the two-class method required for participating securities. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Basic and diluted net loss for common stock equivalents is computed by dividing the dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net loss per share includes potentially dilutive securities outstanding for the period. Because the impact of these items is anti-dilutive during periods of net loss, there was no difference between the Company’s basic and diluted net loss per stock of Common Stock for the three months ended March 31, 2025 and 2024. See Note 3 Potentially Dilutive Securities.
Distinguishing Liabilities from Equity	Distinguishing Liabilities from Equity The Company relies on the guidance provided by FASB ASC Topic 480, Distinguishing Liabilities from Equity (“ASC 480”), to classify certain redeemable and/or convertible instruments. The Company first determines whether a financial instrument should be classified as a liability. The Company will determine the liability classification if the financial instrument is mandatorily redeemable, or if the financial instrument, other than outstanding shares, embodies a conditional obligation that the Company must or may settle by issuing a variable number of its equity shares. Once the Company determines that a financial instrument should not be classified as a liability, the Company determines whether the financial instrument should be presented between the liability section and the equity section of the consolidated balance sheet. The Company will determine temporary equity classification if the redemption of the financial instrument is outside the control of the Company (i.e. at the option of the holder). Otherwise, the Company accounts for the financial instrument as permanent equity.
Reclassification	Reclassification Certain balances in the unaudited condensed consolidated financial statements for the three months ended March 31, 2024 have been reclassified to conform to the presentation in the unaudited condensed consolidated financial statements for the three months ended March 31, 2025. In the prior year, the Company separately disclosed salaries and benefits and in the current year the Company has reclassified these costs on the unaudited condensed consolidated statement of operations within general and administrative expenses. These reclassifications had no effect on the Company’s previously reported results of operations, changes in temporary and stockholders’ equity, or cash flows.

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Disaggregation of Revenue
Total revenue	$ 7,023	$ 8,726
Concentric by Ginkgo Bioworks
Disaggregation of Revenue
Expected revenue under contract	7,000
Revenue, Point in time
Disaggregation of Revenue
Total revenue	4,846	5,083
Revenue, over time
Disaggregation of Revenue
Total revenue	$ 2,177	$ 3,643

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Segment Information - Information About Reported Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting Information [Line Items]
Revenue	$ 7,023	$ 8,726
Operating (loss)/income	(3,158)	(2,379)
XpresSpa
Segment Reporting Information [Line Items]
Revenue	4,294	4,435
Operating (loss)/income	800	(2,780)
XpresTest
Segment Reporting Information [Line Items]
Revenue	2,177	3,643
Operating (loss)/income	618	1,670
Naples Wax
Segment Reporting Information [Line Items]
Revenue	552	648
Operating (loss)/income	(422)	(78)
Corporate and Other
Segment Reporting Information [Line Items]
Operating (loss)/income	$ (4,154)	$ (1,191)

- Definition

+ References

+ Details

Cash, Cash Equivalents, and Restricted Cash

3 Months Ended

Mar. 31, 2025

Cash, Cash Equivalents, and Restricted Cash

Cash, Cash Equivalents, and Restricted Cash

Note 4. Cash, Cash Equivalents, and Restricted Cash

A reconciliation of the Company’s cash and cash equivalents in the Unaudited Condensed Consolidated Balance Sheets to cash, cash equivalents and restricted cash in the Unaudited Condensed Consolidated Statements of Cash Flows as of March 31, 2025, and December 31, 2024 is as follows:


	March 31, 2025		December 31, 2024
Cash denominated in United States dollars	$	1,392	$	2,145
Cash denominated in currency other than United States dollars		1,954		2,160
Restricted cash		751		751
Credit and debit card receivables		304		245
Total cash, cash equivalents and restricted cash	$	4,401	$	5,301

The Company places its cash and temporary cash investments with credit quality institutions. At times, such cash denominated in United States dollars may be in excess of the Federal Deposit Insurance Corporation (“FDIC”) insurance limit. If the Company were to distribute the amounts held overseas, the Company would need to follow an approval and distribution process as defined in its operating and partnership agreements, which may delay and/or reduce the availability of that cash to the Company.

Subsequent Events (Details)	May 16, 2025
Subsequent Event
Subsequent Event [Line Items]
Threshold percentage on outstanding voting shares	50.00%

Other current assets (Tables)

3 Months Ended

Mar. 31, 2025

Other current assets

Schedule of other current assets


	March 31, 2025		December 31, 2024
Prepaid expenses	$	1,784	$	1,190
Other		59		56
Total other current assets	$	1,843	$	1,246

Potentially Dilutive Securities (Tables)

3 Months Ended

Mar. 31, 2025

Potentially Dilutive Securities

Schedule of computation of basic and diluted (losses)/net earnings per common share


	Three months ended
	March 31,
	2025		2024
Basic numerator:
Net loss attributable to XWELL, Inc.	$	(4,719)	$	(2,512)
Less: preferred stock dividends		(68)		—
Less: preferred stock accretion		(499)		—
Net loss attributable to common shareholders	$	(5,286)	$	(2,512)
Basic denominator:
Basic weighted average shares outstanding		5,261,024		4,182,617
Basic loss per share	$	(1.00)	$	(0.60)

Net loss per share data presented above excludes from the calculation of diluted net loss, the following potentially dilutive securities, having an anti-dilutive impact, in case of net loss
Both vested and unvested options to purchase an equal number of shares of Common Stock		516,096		452,474
Unvested RSUs to issue an equal number of shares of Common Stock		—		6,458
Series A and Series B warrants to purchase shares of Common Stock		5,347,594		—
Series G Convertible Preferred Stock on an as converted basis		2,933,452		—
Total number of potentially dilutive securities excluded from the calculation of loss per share attributable to common shareholders		8,797,142		458,932

Accrued expenses and other current liabilities

3 Months Ended

Mar. 31, 2025

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities

Note 7. Accrued expenses and other current liabilities

As of March 31, 2025, and December 31, 2024, accrued expenses and other current liabilities consisted of the following:



	March 31, 2025		December 31, 2024
Accrued compensation	$	1,514	$	2,384
Tax-related liabilities		545		571
Common area maintenance accruals		25		31
AP Accruals		407		340
Gift certificates		635		507
Credit card processing fees		18		18
Other miscellaneous accruals		198		237
Total accrued expenses and other current liabilities	$	3,342	$	4,088

Potentially Dilutive Securities (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Earnings Per Share Disclosure.
Net loss attributable to XWELL, Inc.	$ (4,719)	$ (2,512)
Preferred stock dividends	(68)
Preferred stock accretion	(499)
Net loss attributable to common shareholders	$ (5,286)	$ (2,512)
Basic weighted average shares outstanding	5,261,024	4,182,617
Basic loss per share (in dollars per share)	$ (1.00)	$ (0.60)
Total number of potentially dilutive securities excluded from the calculation of loss per share attributable to common shareholders	8,797,142	458,932
Both vested and unvested options to purchase an equal number of shares of Common Stock
Earnings Per Share Disclosure.
Total number of potentially dilutive securities excluded from the calculation of loss per share attributable to common shareholders	516,096	452,474
Unvested RSUs to issue an equal number of shares of Common Stock
Earnings Per Share Disclosure.
Total number of potentially dilutive securities excluded from the calculation of loss per share attributable to common shareholders		6,458
Series A and Series B warrants to purchase shares of Common Stock
Earnings Per Share Disclosure.
Total number of potentially dilutive securities excluded from the calculation of loss per share attributable to common shareholders	5,347,594
Series G Convertible Preferred Stock on an as converted basis
Earnings Per Share Disclosure.
Total number of potentially dilutive securities excluded from the calculation of loss per share attributable to common shareholders	2,933,452

Other Assets - Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Other Assets
Equity investments	$ 56	$ 85
Lease deposits	1,518	1,535
Other	14	14
Other assets	$ 1,588	$ 1,634

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities
Net loss	$ (4,588)	$ (2,358)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	166	225
Impairment of long - lived assets		398
Impairment of operating lease right-of-use assets		254
Unrealized gain on marketable securities	(24)	(92)
Foreign currency remeasurement loss	455	166
Gain on lease termination	(401)
Amortization of operating lease right of use asset	246	286
Provision for credit losses	6
Stock-based compensation	83	282
Loss (gain) on equity investment	29	(43)
Change in fair value of derivative liability	142
Change in fair value of warrant liability	(2,590)
Loss on issuance of Series G Preferred Stock	3,443
Changes in assets and liabilities:
Decrease (increase) in inventory	(31)	66
(Increase) decrease in accounts receivable	269	(1,223)
Increase (decrease) in deferred revenue	(58)	29
(Increase) in other assets, current and non-current	(669)	(594)
(Decrease) in other liabilities, current and non-current	(1,255)	(1,987)
Increase in accounts payable	599	909
Net cash used in operating activities	(4,178)	(3,682)
Cash flows from investing activities
Acquisition of property and equipment	(424)	(291)
Investment in marketable securities	(46)	(80)
Net cash used in investing activities	(470)	(371)
Cash flows from financing activities
Proceeds from registered offering, net of fees	3,745
Net cash provided by financing activities	3,745
Effect of exchange rate changes on cash, cash equivalents and restricted cash	3	(67)
Decrease in cash, cash equivalents and restricted cash	(900)	(4,120)
Cash, cash equivalents, and restricted cash at beginning of the period	5,301	9,188
Cash, cash equivalents, and restricted cash at end of the period	4,401	5,068
Non-cash investing and financing transactions
Capital expenditures included in Accounts payable, accrued expenses and other current liabilities	4	$ 17
Accrual of Series convertible preferred stock dividends	68
Accretion of Series G convertible preferred stock to redemption value	499
Initial fair value of warrant liability	5,873
Initial fair value of derivative liability	$ 1,315

Segment Information

3 Months Ended

Mar. 31, 2025

Segment Information

Segment Information

Note 12. Segment Information

In the first quarter of 2025, the decision was made to convert the final remaining Treat location at JFK International Airport in New York City to an XWELL location. Treat has been aggregated with XpresSpa in the segment tables below and the presentation has been restated for 2024.

The CODM evaluates performance and allocates resources for all of its reportable segments based on segment revenues and operating income.

The CODM uses segment revenues and segment operating income, to allocate resources (including employees, property, and financial or capital resources) for each segment predominantly in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a monthly basis using the segment revenues and segment operating income when making decisions about allocating capital and personnel to the segments. The CODM also uses the segment revenues and operating income to assess the performance for each segment by comparing the results and return on assets of each segment with one another and in the compensation of certain employees. Expenses that can be specifically identified with a segment have been included as deductions in determining operating income. The Company separately presents the costs associated with certain corporate functions as Corporate and Other, primarily consisting of unallocated operating expenses including costs that were not specific to a particular segment but are general to the group, expenses incurred for insurance, legal fees, public company administrative costs, and other similar corporate expenses.

The table below presents information about reported segments for the period ended March 31, 2025 and 2024:


	Three months ended March 31, 2025
	XpresSpa		XpresTest		Naples Wax		Corporate and other		Total
Revenue	$	4,294	$	2,177	$	552	$	—	$	7,023
Operating (loss)/income	$	800	$	618	$	(422)	$	(4,154)	$	(3,158)


	Three months ended March 31, 2024
	XpresSpa		XpresTest		Naples Wax		Corporate and other		Total
Revenue	$	4,435	$	3,643	$	648	$	—	$	8,726
Operating (loss)/income	$	(2,780)	$	1,670	$	(78)	$	(1,191)	$	(2,379)

A reconciliation of total segment revenues to total unaudited condensed consolidated revenue and of total segment operating (loss) income to total consolidated (loss) income, for the three months ended March 31, 2025 and 2024, is as follows:


	Three months ended March 31, 2025
	XpresSpa		XpresTest		Naples Wax		Corporate and other		Total
Revenue from external customers	$	4,294	$	2,177	$	552	$	—	$	7,023
Less: Significant Expenses (1):
Cost of Goods Sold - Labor		2,356		1,289		322		—		3,967
Cost of Goods Sold - Products & Services		248		—		9		—		257
Occupancy Cost		976		6		152		—		1,134
Other Cost of Revenue		216		63		67		—		346
Depreciation and amortization		95		2		55		14		166
Less: Other Segment Expenses (2):
Other segment operating expenses		(397)		199		369		4,140		4,311
Segment operating (loss) income	$	800	$	618	$	(422)	$	(4,154)	$	(3,158)



	Three months ended March 31, 2024
	XpresSpa		XpresTest		Naples Wax		Corporate and other		Total
Revenue from external customers	$	4,435	$	3,643	$	648	$	—	$	8,726
Less: Significant Expenses (1):
Cost of Goods Sold - Labor		2,282		1,467		400		—		4,149
Cost of Goods Sold - Products & Services		317		20		18		—		355
Occupancy Cost		885		10		47		—		942
Other Cost of Revenue		276		234		99		—		609
Depreciation and amortization		152		25		31		17		225
Less: Other Segment Expenses (2):
Other segment operating expenses		3,303		217		131		1,174		4,825
Segment operating (loss) income	$	(2,780)	$	1,670	$	(78)	$	(1,191)	$	(2,379)

(1)	The significant expense amounts align with the expenses that the CODM is regularly provided with to assess performance and allocate resources.

(2)	For all segments, SGA consists of the following:

Salaries & Benefits, Rent & Utilities, Office Supplies & Shipping, Travel & Entertainment, IT & Telecom, Repairs & Maintenance, Accounting, Legal, Franchise/Property Tax, Management/DBE Fees, Advertising & Marketing, Insurance

Other Significant Items


	Three months ended March 31, 2025
	XpresSpa		XpresTest		Naples Wax		Corporate and other		Total
Stock based compensation	$	37	$	3	$	—	$	43	$	83


	Three months ended March 31, 2024
	XpresSpa		XpresTest		Naples Wax		Corporate and other		Total
Stock based compensation	$	259	$	23	$	—	$	—	$	282
Impairment	$	652	$	—	$	—	$	—	$	652


	March 31, 2025
	XpresSpa		XpresTest		Naples Wax		Corporate and other		Total
Capital expenditures	$	64	$	—	$	334	$	31	$	429
Assets	$	8,241	$	1,749	$	6,377	$	8,460	$	24,827


	December 31, 2024
	XpresSpa		XpresTest		Naples Wax		Corporate and other		Total
Capital expenditures	$	755	$	49	$	959	$	18	$	1,781
Assets	$	8,545	$	2,133	$	6,216	$	8,458	$	25,352

The Company currently operates in two geographical regions: United States and all other countries, which include Netherlands, Turkey and United Arab Emirates. The following table represents the geographical revenue, and total long-lived asset information. There were no concentrations of geographical revenue and long-lived assets related to any single foreign country that were material to the Company’s unaudited condensed consolidated financial statements. Long-lived assets include property and equipment and right of use lease assets.


	Three months ended
	March 31,
	2025		2024
Revenue
United States	$	5,705	$	7,348
All other countries		1,318		1,378
Total revenue	$	7,023	$	8,726


Long-lived assets	March 31, 2025		December 31, 2024
United States	$	4,876	$	3,289
All other countries		435		1,929
Total long-lived assets	$	5,311	$	5,218

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 3,650	$ 4,550
Marketable Securities	7,318	7,247
Accounts receivable	1,498	1,793
Inventory	532	501
Other current assets	1,843	1,246
Total current assets	14,841	15,337
Restricted cash	751	751
Property and equipment, net	2,148	1,809
Intangible assets, net	947	1,023
Operating lease right of use assets, net	3,163	3,409
Goodwill	1,389	1,389
Other assets	1,588	1,634
Total assets	24,827	25,352
Current liabilities
Accounts payable	2,208	1,612
Accrued expenses and other current liabilities	3,342	4,088
Current portion of operating lease liabilities	2,225	2,381
Deferred revenue	1,085	1,143
Total current liabilities	8,860	9,224
Long-term liabilities
Derivative liability	1,457
Warrant liabilities	3,283
Operating lease liabilities	7,801	8,386
Total liabilities	21,401	17,610
Commitments and contingencies (see Note 11)
Temporary equity
Series G Convertible Preferred Stock, $0.01 par value per share and $1,000 stated value per share, 4,000 shares authorized; 4,000 and 0 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively; Liquidation preference of $4,388,444 as of March 31, 2025	567
Equity
Common Stock, $0.01 par value per share, 150,000,000 shares authorized; 5,261,024 shares issued and outstanding as of March 31, 2025 and December 31, 2024	53	53
Additional paid-in capital	473,337	473,824
Accumulated deficit	(477,425)	(472,706)
Accumulated other comprehensive loss	(1,760)	(1,959)
Total deficit attributable to XWELL, Inc.	(5,795)	(788)
Noncontrolling interests	8,654	8,530
Total equity	2,859	7,742
Total liabilities, temporary equity and equity	$ 24,827	$ 25,352

Private Placement (Tables)

3 Months Ended

Mar. 31, 2025

Private Placement

Schedule of activity related to warrants


		Weighted average		Remaining
	No. of Warrants	exercise price*		contractual term (years)
December 31, 2024	—	$	—	$	—
Granted	5,347,594	$	1.65	$	—
March 31, 2025	5,347,594	$	1.65	$	4.79

Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Leases
Operating cash flows from operating leases	$ (684)	$ (835)

Business Overview and Going Concern

3 Months Ended

Mar. 31, 2025

Business Overview and Going Concern

Business Overview and Going Concern

Note 1. Business Overview and Going Concern

Overview

XWELL (“XWELL” or the “Company”) 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®. XpresSpa operates spa service locations in major airports, offering massage, skincare, and travel products. XpresTest transitioned from providing COVID-19 testing to supporting public health efforts through bio-surveillance programs at international airports. XWELL’s subsidiary, gcg Connect, LLC, operating as HyperPointe, provides direct to business marketing support across a number of health and health-related channels. From the creation of marketing campaigns for the pharmaceutical industry, to learning management systems to website and health related content creation, HyperPointe is a complementary service provider to XWELL’s health-focused brands as well as providing the majority of services to the external community. Naples Wax Center provides upscale hair removal and skincare services through its branded locations.

Substantial Doubt about the Company’s Ability to Continue as a Going Concern

The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company has suffered recurring losses and negative cash flows from operations has insufficient liquidity to fund future operations.

As a result, management has concluded that substantial doubt exists about the Company’s ability to continue as a going concern for at least one year from the date of issuance of these unaudited condensed consolidated financial statements. The unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

The Company has significantly reduced operating and overhead expenses, while it continues to focus on returning to overall profitability. Management is implementing various strategic initiatives to reduce operating expenses, improve working capital and enhance cash flow. These include cost reduction efforts, capital spending controls, and exploration of additional financing options. The Company has concluded that they do not have sufficient available liquidity to fund its operations for at least one year for the issuance of these unaudited condensed consolidated financial statements.

Leases - Other Assumptions and Pertinent Information (Details)	Mar. 31, 2025
Leases
Weighted average remaining lease term:	5 years 6 months 29 days
Weighted average discount rate used to determine present value of operating lease liability:	6.85%

Business Overview and Going Concern (Details)	3 Months Ended
Business Overview and Going Concern (Details)	Mar. 31, 2025 segment
Business Overview and Going Concern
Number of operating segments	3

Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2025

Intangible Assets

Schedule of carrying amounts for intangible assets subject to amortization


	March 31, 2025						December 31, 2024
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Amount		Amortization		Amount		Amount		Amortization		Amount
Trade names	$	200	$	(34)	$	166	$	200	$	(29)	$	171
Customer relationships		1,012		(466)		546		1,012		(441)		571
Software		2,583		(2,348)		235		2,583		(2,302)		281
Total intangible assets	$	3,795	$	(2,848)	$	947	$	3,795	$	(2,772)	$	1,023

Schedule of future estimated amortization expense for intangible assets subject to amortization


Calendar Years ending December 31,	Amount
Remaining 2025	$	226
2026		223
2027		122
2028		122
2029		122
Thereafter		132
Total	$	947

Commitments and Contingencies

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies

Commitments and Contingencies

Note 11. Commitments and Contingencies

Certain of the Company’s outstanding legal matters include speculative claims for substantial or indeterminate amounts of damages. The Company regularly evaluates developments in its legal matters that could affect the amount of any potential liability and adjusts as appropriate. A significant judgment is required to determine both the likelihood of there being any potential liability and the estimated amount of a loss related to the Company’s legal matters.

With respect to the Company’s outstanding legal matters, based on its current knowledge, the Company’s management believes that the amount or range of a potential loss will not, either individually or in the aggregate, have a material adverse effect on its business, consolidated financial position, results of operations or cash flows. However, the outcome of such legal matters is inherently unpredictable and subject to significant uncertainties. The Company evaluated the outstanding legal matters and assessed the probability and likelihood of the occurrence of liability.

The Company expenses legal fees in the period in which they are incurred.

XpresSpa Holdings, LLC (“XpresSpa”) v. Cordial Endeavor Concessions of Atlanta, LLC (“Cordial”), et al., Arbitration Case No. 2126399.

The Company’s subsidiary, XpressSpa Holdings, LLC, is party to an arbitration proceeding (the “Arbitration”) which was requested by the City of Atlanta, Georgia related agreements by and between Cordial and XpresSpa for the operation of the XpresSpa locations in Hartsfield - Jackson Atlanta International Airport (“ATL”) in ATL Terminal A and ATL Terminal C. The City of Atlanta filed an application to compel arbitration in the Superior Court of Fulton County, and on November 5, 2024, the court granted that application and ordered the parties to arbitrate their disagreements.

This dispute arises out of the alleged breaches of contract between the parties as well as other improper conduct relating to the agreements. The Arbitration has recently commenced, a scheduling order was issued by the Arbitrator on May 12, 2025. No substantive proceedings have taken place and there have been no substantive rulings.

In addition to those matters specifically set forth herein, the Company and its subsidiaries are involved in various other claims and legal actions that arise in the ordinary course of business. The Company does not believe that the ultimate resolution of these actions will have a material adverse effect on the Company’s financial position, results of operations, liquidity, or capital resources. However, a significant increase in the number of these claims, or one or more successful

claims under which the Company incurs greater liabilities than the Company currently anticipates, could materially adversely affect the Company’s business, financial condition, results of operations and cash flows.

In the event that an action is brought against the Company or one of its subsidiaries, the Company will investigate the allegation and vigorously defend itself.

Private Placement

3 Months Ended

Mar. 31, 2025

Private Placement

Private Placement

Note 10. Private Placement

Private Placement

On January 14, 2025, XWELL, Inc. (the “Company”) entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain accredited investors (the “Investors”), pursuant to which it agreed to sell to the Investors (i) an aggregate of 4,000 shares of the Company’s newly-designated Series G Convertible Preferred Stock, with a par value of $0.01 per share and a stated value of $1,000 per share, initially convertible into up to 2,673,797 shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”) at a conversion price of $1.496 per share (the “Preferred Stock”), (ii) Series A warrants to acquire up to an aggregate of 2,673,797 shares of Common Stock (the “Series A Warrants”) at an exercise price of $1.496 per share, and (iii) Series B warrants to acquire up to an aggregate of 2,673,797 shares of Common Stock (the “Series B Warrants,” and collectively with the Series A Warrants, the “Warrants”) at an exercise price of $1.7952 per share (collectively, the “Private Placement”).

The closing of the Private Placement occurred on January 14, 2025 (the “Closing Date”). The Private Placement unit described above had a purchase price of $1,000 per unit and aggregate gross proceeds from the Private Placement were $4 million. The Company expects to use the net proceeds from the Private Placement for general corporate purposes.

The Company engaged GP Nurmenkari Inc. (the “Placement Agent”) to act as the placement agent in connection with the Private Placement. Pursuant to an Engagement Letter with the Placement Agent, the Company paid to the Placement Agent a cash fee equal to 2% of gross proceeds of the Private Placement.

Transaction costs totaling approximately $255 were incurred related to the Private Placement consisting of cash expenses for placement agent fees, legal fees, and accounting costs related to the financing. These cost were proportionately allocated to the Series G Convertible Preferred Stock and the Warrants based on the allocated gross proceeds of the instruments. Accordingly, none of the transaction costs were allocated against the carrying value of the Preferred Stock and the total of approximately $255 of transaction costs were immediately expensed related to the Warrants which are accounted for as liabilities in accordance with ASC 815,which is included as a component of loss on issuance of Series G Preferred Stock on the condensed consolidated statement of operations. Net proceeds from the Private Placement totaled $3,745.

January 2025 Private Placement of Preferred Shares and Warrants

In connection with the private placement consummated on January 14, 2025, the Company and the investors entered into a Registration Rights Agreement (the “Registration Rights Agreement”), pursuant to which the Company is required to file a resale registration statement (the “Registration Statement”) with the SEC and to have such Registration Statement declared effective by the Effectiveness Deadline (as defined in the Registration Rights Agreement). The Company is obligated to pay certain liquidated damages to the investors if the Company fails to file the Registration Statement when required, fails to cause the Registration Statement to be declared effective by the SEC when required, or fails to maintain the effectiveness of the Registration Statement pursuant to the terms of the Registration Rights Agreement. The Registration Statement was filed on February 7, 2025, but as of the date of this Quarterly Report on Form 10-Q, has not been declared effective by the SEC. On April 14, 2025, the Effectiveness Deadline was extended to May 1, 2025.

Pursuant to the Registration Rights Agreement, the Company shall pay to each holder of Registrable Securities (as defined in the Registration Rights Agreement) relating to such Registration Statement an amount in cash equal to 2% of such investor’s respective purchase price (as defined in the Securities Purchase Agreement) on the closing date (1) on the date of such filing failure, effectiveness failure, maintenance failure, or current public information failure, as applicable, and (2) on every 30 day anniversary of (I) a filing failure until such filing failure is cured; (II) an effectiveness failure until such effectiveness failure is cured; (III) a maintenance failure until such maintenance failure is cured; and (IV) a current public information failure until the earlier of (i) the date such current public information failure is cured and (ii) such time that such public information is no longer required pursuant to Rule 144 (in each case, prorated for periods totaling less than 30 days) (such payments to which a holder of Registrable Securities shall be entitled pursuant to the Registration Rights Agreement, the “Registration Delay Payments”). Following the initial Registration Delay Payment for any particular event or failure (which shall be paid on the date of such event or failure, as set forth above), without limiting the foregoing, if an event or failure giving rise to the Registration Delay Payments is cured prior to any 30 day anniversary of such event or failure, then such Registration Delay Payment shall be made on the third business day after such cure. In the event the Company fails to make Registration Delay Payments in a timely manner in accordance with the foregoing, such Registration Delay Payments shall bear interest at the rate of one and 1.5% per month (prorated for partial months) until paid in full.

Series G Convertible Preferred Stock

The terms of the Preferred Stock are as set forth in the form of Certificate of Designations (the “Certificate of Designations”). The Preferred Stock are convertible into shares of Common Stock (the “Conversion Shares”) at the election of the holder at any time at an initial conversion price of $1.496 per share (the “Conversion Price”). The Conversion Price is subject to customary adjustments for stock dividends, stock splits, reclassifications, stock combinations and the like (subject to certain exceptions). The Company is required to redeem the Preferred Stock in six (6) equal quarterly installments, commencing on July 1, 2025. The amortization payments due upon such redemption are payable, at the Company’s election, in cash at 107% of the applicable Installment Redemption Amount (as defined in the Certificate of Designations), or subject to certain limitations, in shares of Common Stock valued at the lower of (i) the Conversion Price then in effect and (ii) the greater of (A) 80% of the average of the three lowest closing prices of the Company’s Common Stock during the thirty consecutive trading day period ending and including the trading day immediately prior to the date the amortization payment is due or (B) the lower of (i) $0.167 and (ii) 20% of the “Minimum Price” (as defined in Rule 5635 of the Rule of the Nasdaq Stock Market) (the “Floor Price”), and in each case subject to adjustment for stock splits, stock dividends, stock combinations, recapitalizations or other similar events.

The holders of the Preferred Stock are entitled to dividends of 8% per annum, compounded each calendar quarter, which are payable in arrears monthly in cash or shares of Common Stock at the Company’s option, in accordance with the terms of the Certificate of Designations. Upon the occurrence and during the continuance of a Triggering Event (as defined in the Certificate of Designations), the Preferred Stock accrue dividends at the rate of 15% per annum. Upon conversion or redemption, the holders of the Preferred Stock are also entitled to receive a dividend make-whole payment, assuming for calculation purposes that the stated value of such Preferred Stock remained outstanding through and including the one-year anniversary of the applicable date of conversion. The Company is required to maintain unrestricted cash and cash equivalents on hand in an amount equal to at least 200% of the sum of the stated value, accrued dividends, dividend make-whole payments payable, and any other required amounts payable pursuant to the Certificate of Designations for all outstanding shares of Preferred Stock. The holders of the Preferred Stock are entitled to vote with holders of the Common Stock on as as-converted basis, with the number of votes to which each holder of Preferred Stock is entitled to be calculated assuming a conversion price of $1.36 per share, which was the Minimum Price (as defined in Rule 5635 of the Rules of the Nasdaq Stock Market) applicable immediately before the execution and delivery of the Purchase Agreement, subject to certain beneficial ownership limitations as set forth in the Certificate of Designations.

Notwithstanding the foregoing, the Company’s ability to settle conversions and make amortization and dividend make-whole payments using shares of Common Stock is subject to certain limitations set forth in the Certificate of Designations, including a limit on the number of shares that may be issued until the time, if any, that the Company has obtained the Stockholder Approval. Further, the Certificate of Designations contains a certain beneficial ownership limitation after giving effect to the issuance of shares of Common Stock issuable upon conversion of the Preferred Stock or as part of any amortization payment or dividend make-whole payment under the Certificate of Designations.

The Certificate of Designations includes certain Triggering Events, including, among other things, the Company’s failure to pay any amounts due to the holders of the Preferred Stock when due. In connection with a Triggering Event, each holder of Preferred Stock will be able to require the Company to redeem in cash any or all of the holder’s Preferred Stock at a premium set forth in the Certificate of Designations.

The Preferred Shares were determined to be more akin to a debt-like host than an equity-like host. The Company identified the following embedded features that are not clearly and closely related to the debt host instrument: 1) certain contingent redemption options and 2) variable share-settled conversions, and 3) certain contingent penalty features. These features were bundled together, assigned probabilities of being affected and measured at fair value. Subsequent changes in fair value of these features are recognized in the Consolidated Statement of Operations. The Company estimated the $1,315 fair value of the bifurcated embedded derivative at issuance using a Monte Carlo simulation, with the following inputs: the fair value of the Company’s common stock of $1.37 on the issuance date, estimated equity volatility of 86.0%, the time to maturity of 2.0 years, a discounted market interest rate of 6.4%, a risk-free rate of 4.28%, dividend rate of 8.0%, a penalty dividend rate of 15.0%, and probability of default of 9.9%. The fair value of the bifurcated derivative liability was estimated utilizing the with and without method which uses the probability weighted difference between the scenarios with the derivative and the plain vanilla maturity scenario without a derivative.

The discount to the fair value is included as a reduction to the carrying value of the Series G Preferred Shares. During three months ended March 31, 2025, the Company recorded a total discount of $4,000 upon issuance of the Series G Preferred Shares, which was comprised of the issuance date fair value of the associated embedded derivative of $1,315 and the remaining $2,685 of gross proceeds after allocation to the derivative liability which represents the portion of the Warrant liability allocated to the discount. It was deemed probable that the Series G Preferred Shares will become redeemable, the Company recognized accretion of $499 related to the Series G Preferred Shares from inception to March 31, 2025, pursuant to ASC 480-10-S99-3A utilizing the effective interest method, which is included as a deduction from net loss attributable to common stockholders in the condensed consolidated statement of operations. As the fair value of the liabilities required to be subsequently measured at fair value exceeded the net proceeds received, the Company recognized the excess of the fair value over the net proceeds received as a component of the loss upon issuance of preferred stock of $3,188 which is included in other income (expense) in the condensed consolidated statement of operations.

During the three months ended March 31, 2025, the Company recorded a loss of $142 related to the change in fair value of the derivative liability which is recorded in other income (expense) on the condensed consolidated statements of operations. The Company estimated the $1,457 fair value of the bifurcated embedded derivative at March 31, 2025 using a Monte Carlo simulation model, with the following inputs: the fair value of the Company’s common stock of $1.02 on the valuation date, estimated equity volatility of 89%, the time to maturity of 1.79 years, a discounted market interest rate of 6.3%, a risk-free rate of 3.84%, dividend rate of 8.0%, a penalty dividend rate of 15.0%, and probability of default of 9.9%.

Warrants

Pursuant to the Private Placement, the Company issued (i) Series A warrants to acquire up to an aggregate of 2,673,797 shares of Common Stock (the “Series A Warrants”) at an exercise price of $1.496 per share, and (ii) Series B warrants to acquire up to an aggregate of 2,673,797 shares of Common Stock (the “Series B Warrants,” and collectively with the Series A Warrants, the “Warrants”) at an exercise price of $1.7952 per share.

The Company assessed the Warrants under ASC 815 and determined that the Warrants will be classified as liabilities as they do not meet the requirements to be considered indexed to the Company’s own stock, due to the presence of certain Stockholder Approval-related provisions in the Warrants which potentially adjust the settlement value in conjunction with the Stockholder Approval event. Additionally, the Warrants include a provision related to certain tender or exchange offers which further preclude the Warrants from being accounted for as equity. As such, the Company recorded the Warrants as a liability at fair value with subsequent changes in fair value recognized in earnings. The Company utilized the Black Scholes Model to calculate the value of the Warrants issued on issuance. The fair value of the Warrants of approximately $5.9 million was estimated at January 14, 2025 utilizing the Black Scholes Model using the following weighted average

assumptions: the fair value of the Company’s common stock per share of $1.37; remaining term of 5 years; equity volatility of 114.0%; and a risk-free interest rate of 4.49%.

During the three months ended March 31, 2025, the Company recorded a gain of approximately $2.6 million related to the change in fair value of the warrant liability which is recorded in other income (expense) on the condensed consolidated statements of operations. The fair value of the Warrants of approximately $3.3 million was estimated at March 31, 2025 utilizing the Black Scholes Model using the following weighted average assumptions: the fair value of the Company’s common stock per share of $1.02; remaining term of 4.79 years; equity volatility of 86%; and a risk-free interest rate of 3.88%.

The following table represents the activity related to the Company’s warrants during the three months ended March 31, 2025:


		Weighted average		Remaining
	No. of Warrants	exercise price*		contractual term (years)
December 31, 2024	—	$	—	$	—
Granted	5,347,594	$	1.65	$	—
March 31, 2025	5,347,594	$	1.65	$	4.79

All outstanding warrants were exercisable as of March 31, 2025 with an intrinsic value of $0.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 1
-Subparagraph (SX 210.3-04)
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-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 13
-Subparagraph (i)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenue, net
Total revenue, net	$ 7,023	$ 8,726
Cost of sales
Labor	3,967	4,149
Occupancy	1,134	942
Products and other operating costs	603	964
Total cost of sales	5,704	6,055
Gross Profit	1,319	2,671
Depreciation and amortization	166	225
Impairment of long-lived assets		652
General and administrative	4,311	4,173
Total operating expenses	4,477	5,050
Operating loss	(3,158)	(2,379)
Change in fair value of derivative liability	(142)
Change in fair value of warrant liability	2,590
Loss on issuance of Series G Preferred Stock	(3,443)
Interest income, net	58	110
Foreign exchange loss	(455)	(166)
Gain on investments, realized and unrealized	(5)	135
Other non-operating expense, net	(33)	(58)
Loss before income taxes	(4,588)	(2,358)
Net loss	(4,588)	(2,358)
Net loss attributable to noncontrolling interests	(131)	(154)
Net loss attributable to XWELL, Inc.	(4,719)	(2,512)
Net loss	(4,588)	(2,358)
Other comprehensive income (loss) from operations	189	(130)
Comprehensive loss	(4,399)	(2,488)
Loss per share
Preferred stock dividends	(68)
Preferred stock accretion	(499)
Net loss attributable to XWELL, Inc.common stockholders	$ (5,286)	$ (2,512)
Basic loss per share (in dollars per share)	$ (1.00)	$ (0.60)
Diluted loss per share (in dollars per share)	$ (1.00)	$ (0.60)
Weighted-average number of shares outstanding
Basic (in shares)	5,261,024	4,182,617
Diluted (in shares)	5,261,024	4,182,617
Services
Revenue, net
Total revenue, net	$ 6,420	$ 8,035
Products
Revenue, net
Total revenue, net	$ 603	$ 691

Leases (Details) - USD ($) $ in Thousands	3 Months Ended
Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Leases
Lease termination expense	$ 401
Cash paid for minimum annual rental	498	$ 450
Variable lease payments	$ 320	$ 360

Segment Information - Reconciliation of Revenue and Operating Income (Loss) from Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting Information [Line Items]
Revenue	$ 7,023	$ 8,726
Less: Significant Expenses (1):
Cost of Goods Sold	5,704	6,055
Occupancy Cost	1,134	942
Other Cost of Revenue	346	609
Depreciation and amortization	166	225
Less: Other Segment Expenses (2):
Other segment operating expenses	4,311	4,825
Segment operating (loss) income	(3,158)	(2,379)
XpresSpa
Segment Reporting Information [Line Items]
Revenue	4,294	4,435
Less: Significant Expenses (1):
Occupancy Cost	976	885
Other Cost of Revenue	216	276
Depreciation and amortization	95	152
Less: Other Segment Expenses (2):
Other segment operating expenses	(397)	3,303
Segment operating (loss) income	800	(2,780)
XpresTest
Segment Reporting Information [Line Items]
Revenue	2,177	3,643
Less: Significant Expenses (1):
Occupancy Cost	6	10
Other Cost of Revenue	63	234
Depreciation and amortization	2	25
Less: Other Segment Expenses (2):
Other segment operating expenses	199	217
Segment operating (loss) income	618	1,670
Naples Wax
Segment Reporting Information [Line Items]
Revenue	552	648
Less: Significant Expenses (1):
Occupancy Cost	152	47
Other Cost of Revenue	67	99
Depreciation and amortization	55	31
Less: Other Segment Expenses (2):
Other segment operating expenses	369	131
Segment operating (loss) income	(422)	(78)
Corporate and Other
Less: Significant Expenses (1):
Depreciation and amortization	14	17
Less: Other Segment Expenses (2):
Other segment operating expenses	4,140	1,174
Segment operating (loss) income	(4,154)	(1,191)
Labor
Less: Significant Expenses (1):
Cost of Goods Sold	3,967	4,149
Labor \| XpresSpa
Less: Significant Expenses (1):
Cost of Goods Sold	2,356	2,282
Labor \| XpresTest
Less: Significant Expenses (1):
Cost of Goods Sold	1,289	1,467
Labor \| Naples Wax
Less: Significant Expenses (1):
Cost of Goods Sold	322	400
Products & Services
Less: Significant Expenses (1):
Cost of Goods Sold	257	355
Products & Services \| XpresSpa
Less: Significant Expenses (1):
Cost of Goods Sold	248	317
Products & Services \| XpresTest
Less: Significant Expenses (1):
Cost of Goods Sold		20
Products & Services \| Naples Wax
Less: Significant Expenses (1):
Cost of Goods Sold	$ 9	$ 18

Revenue - Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Revenue contract liabilities
Beginning of the period contract liability	$ 1,143	$ 861
Revenue recognized from the contract liabilities included in the beginning balance	(216)	(461)
Increases due cash received net of amounts recognized revenue during the period	158	743
End of period contract liability	$ 1,085	$ 1,143

Segment Information - Other Significant Items (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Other Significant Items
Stock based compensation	$ 83	$ 282
Impairment		652
Capital expenditures	429		$ 1,781
Assets	24,827		25,352
XpresSpa
Other Significant Items
Stock based compensation	37	259
Impairment		652
Capital expenditures	64		755
Assets	8,241		8,545
XpresTest
Other Significant Items
Stock based compensation	3	$ 23
Capital expenditures			49
Assets	1,749		2,133
Naples Wax
Other Significant Items
Capital expenditures	334		959
Assets	6,377		6,216
Corporate and Other
Other Significant Items
Stock based compensation	43
Capital expenditures	31		18
Assets	$ 8,460		$ 8,458

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-25

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
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-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
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-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.6-04(8))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(18))
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-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 7
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-URI https://asc.fasb.org//1943274/2147481404/852-10-50-7

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 26: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1

+ Details

Related Party (Details) - S Related Party - XWEL INV I - USD ($) $ in Thousands		3 Months Ended
	Jan. 30, 2025	Mar. 31, 2025
Related Party
Period of advisory services	12 months
Professional fees		$ 140
One-time fee of advisory services	$ 530
Accrued professional fees		$ 140

Accounting and Reporting Policies

3 Months Ended

Mar. 31, 2025

Accounting and Reporting Policies

Accounting and Reporting Policies

Note 2. Accounting and Reporting Policies

Basis of Presentation and Principles of Consolidation

The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Article 8-03 of Regulation S-X and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as amended. The consolidated balance sheet as of December 31, 2024 was derived from the audited annual financial statements but does not include all information required by GAAP for annual financial statements. The financial statements include the accounts of the Company, all entities that are wholly owned by the Company, and all entities in which the Company has a controlling financial interest. All adjustments that, in the opinion of management, are necessary for a fair presentation for the periods presented have been reflected by the Company. Such adjustments are of a normal, recurring nature. The results of operations for the three months ended March 31, 2025, are not necessarily indicative of the results that may be expected for the entire fiscal year or for any other interim period. All significant intercompany balances and transactions have been eliminated in consolidation.

Use of estimates

The preparation of the accompanying condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses for the periods presented. Actual results may differ from such estimates. Significant items subject to such estimates and assumptions include the Company’s long-lived assets, intangibles assets, the useful lives of the Company’s intangible assets, the valuation of stock-based compensation, warrant liabilities, derivative liability, deferred tax assets and liabilities, income tax uncertainties, and other contingencies.

Preferred Stock

The Company records shares of convertible preferred stock at their respective fair values on the dates of issuance, net of issuance costs. The Company concluded that the Company’s Series G Convertible Preferred Stock, par value $0.01 per share (“Series G Preferred Stock”), is more akin to a debt-type instrument than an equity-type instrument, therefore certain embedded features were deemed to not be clearly and closely related to the debt host instrument and were bifurcated as a derivative under ASC 815. The Company has applied the guidance in ASC 480-10-S99-3A, SEC Staff Announcement: Classification and Measurement of Redeemable Securities and has therefore classified the Series G convertible preferred stock as mezzanine equity as it redeemable in quarterly installments. The Company adjusts the carrying values of the convertible preferred stock by accreting the discount and accruing dividends to the state the convertible preferred stock at redemption value each reporting period.

Derivative Financial Instruments

The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC 815, Derivatives and Hedging (“ASC 815”). For derivative financial instruments that are accounted for as assets or liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the unaudited condensed consolidated statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as assets, liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the condensed consolidated balance sheets as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the unaudited condensed consolidated balance sheet date.

Warrants

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480, Distinguishing Liabilities from Equity

(“ASC 480”) and ASC 815. The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own Common Stock and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be liability classified and recorded at their initial fair value on the date of issuance and remeasured at fair value and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the consolidated statements of operations and comprehensive loss. The warrants are classified as liabilities in accordance with ASC 815 as they do not meet the requirements to be considered indexed to the Company’s own stock. The fair value of the warrant liability was estimated using a Black-Scholes approach (see Note 10).

Basic and Diluted Net Loss per Common Share

The Company computes basic and diluted net loss per share under the two-class method required for participating securities. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Basic and diluted net loss for common stock equivalents is computed by dividing the dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net loss per share includes potentially dilutive securities outstanding for the period. Because the impact of these items is anti-dilutive during periods of net loss, there was no difference between the Company’s basic and diluted net loss per stock of Common Stock for the three months ended March 31, 2025 and 2024. See Note 3 Potentially Dilutive Securities.

Distinguishing Liabilities from Equity

The Company relies on the guidance provided by FASB ASC Topic 480, Distinguishing Liabilities from Equity (“ASC 480”), to classify certain redeemable and/or convertible instruments. The Company first determines whether a financial instrument should be classified as a liability. The Company will determine the liability classification if the financial instrument is mandatorily redeemable, or if the financial instrument, other than outstanding shares, embodies a conditional obligation that the Company must or may settle by issuing a variable number of its equity shares.

Once the Company determines that a financial instrument should not be classified as a liability, the Company determines whether the financial instrument should be presented between the liability section and the equity section of the consolidated balance sheet. The Company will determine temporary equity classification if the redemption of the financial instrument is outside the control of the Company (i.e. at the option of the holder). Otherwise, the Company accounts for the financial instrument as permanent equity.

Reclassification

Certain balances in the unaudited condensed consolidated financial statements for the three months ended March 31, 2024 have been reclassified to conform to the presentation in the unaudited condensed consolidated financial statements for the three months ended March 31, 2025. In the prior year, the Company separately disclosed salaries and benefits and in the current year the Company has reclassified these costs on the unaudited condensed consolidated statement of operations within general and administrative expenses. These reclassifications had no effect on the Company’s previously reported results of operations, changes in temporary and stockholders’ equity, or cash flows.

Subsequent Events

3 Months Ended

Mar. 31, 2025

Subsequent Events

Subsequent Events

Note 17. Subsequent Events

On May 16, 2025, the Company entered into an omnibus amendment (the “Warrant Amendment”) with each of the holders of the Series A Warrants and Series B Warrants. The Warrant Amendment makes certain adjustments to the definition of a “Fundamental Transaction” in each of the Warrants, as described in the Warrant Amendment, including changing the scope of the definition applicable to tender or exchange offers that the Company makes, allows one or more Subject Entities (as defined in the Warrant Agreement) to make, or allows the Company to be subject to, to require such a tender or exchange offer to represent more than 50% of the outstanding voting power of the Company. Further, the Warrant Amendment modifies certain terms of the Warrants relating to the rights of the holders in the event of a Fundamental Transaction (as defined in each of the Series A Warrants and Series B Warrants, and as each amended by the Warrant Amendment) that is not within the Company’s control, including that upon a Fundamental Transaction not being approved by the Company’s Board of Directors, the holders of the Warrants shall only be entitled to receive from the Company or any successor entity the same type or form of consideration (and in the same proportion), at the Black Scholes Value (as defined in each of the Series A Warrants and Series B Warrants and as each amended by the Warrant Amendment, as described below) of the unexercised portion of such Warrants, that is being offered and paid to the holders of the Company’s Common Stock. In addition, the Amendment revises the definition of Black Scholes Value related to the volatility input which is now an expected volatility equal to the 30 day volatility obtained from the “HVT” function on Bloomberg (determined utilizing a 365 day annualization factor) as of the trading day immediately following the earliest to occur of (1) the public disclosure of the applicable Fundamental Transaction and (2) the date of a holder’s request.

The Warrant Amendment resulted in the reclassification of the Warrants as equity, rather than liability, as upon reassessment, the Company concluded that the Warrants now met the requirements to be considered indexed to the Company’s own stock and eligible for equity classification under ASC 815-40.

Leases

3 Months Ended

Mar. 31, 2025

Leases

Leases

Note 8. Leases

XWELL is contingently liable to a surety company under certain general indemnity agreements required by various airports relating to its lease agreements. XWELL agrees to indemnify the surety for any payments made on contracts of suretyship, guaranty, or indemnity. The Company believes that all contingent liabilities will be satisfied by its performance under the specified lease agreements.

During the three months ended March 31, 2025, the Company’s XpresSpa Austin - Bergstrom International Airport (“AUS”) lease was terminated. When a termination occurs, the Company remeasures the related operating lease right of use asset and lease liability and recognizes those adjustments in the condensed consolidated statements of operations and comprehensive loss. Since the related operating right of use asset was fully impaired for the XpresSpa AUS location at the time of the termination, the Company recognized a gain from lease termination of approximately $401 as a result of this termination.

The following is a summary of the activity in the Company’s current and long-term operating lease liabilities for the three months ended March 31, 2025 and 2024:

As of March 31, 2025, operating leases contain the following future minimum commitments:


Calendar Years ending December 31,	Amount
Remaining 2025	$	2,170
2026		2,166
2027		2,041
2028		1,629
2029		1,346
Thereafter		2,701
Total future lease payments		12,053
Less: interest expense at incremental borrowing rate		(2,027)
Net present value of lease liabilities	$	10,026

Other assumptions and pertinent information related to the Company’s accounting for operating leases are:


Weighted average remaining lease term:	5.58	years
Weighted average discount rate used to determine present value of operating lease liability:	6.85	%

Cash paid for minimum annual rental obligations for the three months ended March 31, 2025 and 2024, was $498 and $450 respectively.

Variable lease payments calculated monthly as a percentage of product and services revenue were $320 and $360 for the three months ended March 31, 2025 and 2024, respectively.

Fair Value Measurements

3 Months Ended

Mar. 31, 2025

Fair Value Measurements

Fair Value Measurements

Note 15. Fair Value Measurements

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value hierarchy exists, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value are:

Level 1: Inputs are quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2: Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reported date.

Level 3: Unobservable inputs, that are supported by little or no market activity and are developed based on the best information available in the circumstances. For example, inputs derived through extrapolation or interpolation that cannot be corroborated by observable market data.

The following table presents the placement in the fair value hierarchy of the Company’s assets and liabilities measured at fair value on a recurring and nonrecurring basis as of March 31, 2025 and December 31, 2024. Assets and liabilities that are measured at fair value on a nonrecurring basis relate primarily to tangible property and equipment, right-of-use assets, and other intangible assets, which are remeasured when the derived fair value is below carrying value in the consolidated balance sheets. Recoverability is based on estimated undiscounted cash flows or other relevant observable/unobservable measures. For these assets, the Company does not periodically adjust carrying value to fair value except in the event of impairment. If it is determined that impairment has occurred, the carrying value of the asset is reduced to fair value and the difference is included in Impairment of long-lived assets and Impairment of operating lease right-of-use assets on the condensed consolidated statements of operations and comprehensive loss.

Fair value measurements discussed herein are based upon certain market assumptions and pertinent information available to management as of and during the three months ended March 31, 2025. The carrying amounts of cash equivalents, accounts receivable, and accounts payable approximated their fair values as of March 31, 2025 due to their short-term nature. The fair value of the bifurcated embedded derivative related to the convertible preferred stock was estimated using a Monte Carlo simulation model, which uses as inputs the fair value of our common stock and estimates for the equity volatility of our common stock, the time to maturity of the convertible preferred stock, the risk-free interest rate for a period that approximates the time to maturity, dividend rate, a penalty dividend rate, and our probability of default. The fair value of the warrant liability was estimated using the Black Scholes Model which uses as inputs the following weighted average assumptions: dividend yield, expected term in years; equity volatility; and risk-free interest rate.


			Fair value measurement at reporting date using
			Quoted prices in
			active markets		Significant other		Significant
			for identical		observable		unobservable
	Balance		assets (Level 1)		inputs (Level 2)		inputs (Level 3)
As of March 31, 2025:
Recurring fair value measurements
Equity and debt securities:
Route1, Inc.	$	29	$	—	$	29	$	—
Marketable securities		7,318		7,318		—		—
Total equity and debt securities		7,347		7,318		29		—
Derivatives:
Warrant liabilities		3,283		—		—		3,283
Derivative liability		1,457		—		—		1,457
Total derivatives		4,740		—		—		4,740
Total recurring fair value measurements	$	12,087	$	7,318	$	29	$	4,740
Nonrecurring fair value measurements
Property, plant and equipment	$	2,148	$	—	$	—	$	2,148
Operating lease right-of-use asset		3,163		—		—		3,163
Total nonrecurring fair value measurements	$	5,311	$	—	$	—	$	5,311

As of December 31, 2024
Recurring fair value measurements
Equity and debt securities:
Route1	$	85	$	—	$	85	$	—
Marketable securities		7,247		7,247		—		—
Total equity and debt securities		7,332		7,247		85		—
Derivatives:
Warrant liabilities	$	—	$	—	$	—	$	—
Derivative liability		—		—		—		—
Total derivatives		—		—		—		—
Total recurring fair value measurements	$	7,332	$	7,247	$	85	$	—
Nonrecurring fair value measurements
Property, plant and equipment	$	1,809	$	—	$	—	$	1,809
Operating lease right-of-use asset		3,409		—		—		3,409
Total nonrecurring fair value measurements	$	5,218	$	—	$	—	$	5,218

The following table sets forth a summary of the change in the fair value of the warrant liability that is measured at fair value on a recurring basis:


Balance on January 1, 2025	$	—
Issuance of warrants reported at fair value		5,873
Change in fair value of warrant liability		(2,590)
Balance on March 31, 2025	$	3,283

The following table sets forth a summary of the change in the fair value of the bifurcated embedded derivative liability that is measured at fair value on a recurring basis:


Balance on January 1, 2025	$	—
Issuance of convertible preferred stock with bifurcated embedded derivative		1,315
Change in fair value of bifurcated embedded derivative		142
Balance on March 31, 2025	$	1,457

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Leases - Future Minimum Commitments (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Leases
Remaining 2025	$ 2,170
2026	2,166
2027	2,041
2028	1,629
2029	1,346
Thereafter	2,701
Total future lease payments	12,053
Less: interest expense at incremental borrowing rate	(2,027)
Net present value of lease liabilities	$ 10,026