Business
XWELL, Inc. Reports Second Quarter 2023 Results
NEW YORK, Aug. 14, 2023 (GLOBE NEWSWIRE) -- XWELL, Inc. (Nasdaq: XWEL) ("XWELL" or the "Company"), an authority in health and wellness solutions for people on
About this update from Xwell, Inc.
[{"type":"text","content":"NEW YORK, Aug. 14, 2023 (GLOBE NEWSWIRE) -- XWELL, Inc. (Nasdaq: XWEL) (\"XWELL\" or the \"Company\"), an authority in health and wellness solutions for people on the go, today reported results for the second quarter ended June 30, 2023. Financial and Business Highlights: Second quarter 2023 revenue at the Company’s XpresSpa business increased approximately 59% versus the same quarter in 2022.Second quarter 2023 Operating Expenses decreased approximately 13% sequentially and decreased approximately 52% from the same quarter in 2022. This progress demonstrates the positive effect of the Company’s cost-savings initiatives and focus on delivering a leaner, more profitable XpresSpa business.To further advance the Company’s efforts to drive profitability and growth, the Company appointed Suzanne A. Scrabis as Chief Financial Officer of the Company, effective July 10, 2023Focused on growth internationally, the Company plans to open a new XpresSpa location in Abu Dhabi during the second half of 2023.Continued to successfully integrate new products and technologies designed to meet customer preferences and leverage efficiencies to drive profit including expansion of autonomous services and equipment.XWELL continued to focus on growing its business through acquisitions outside of its airport spa business. “XWELL remains committed to improving our operating performance, investing for growth and returning the business to profitability,” commented Scott Milford, XWELL’s Chief Executive Officer. “We continue to benefit from our cost-savings initiatives as well as progress in advancing a leaner business. Looking ahead, we’re executing against our plans to transform XWELL into a leading provider of wellness services for people on the go. This includes smart expansion of our spa brand as well as the acquisition and development of businesses outside the airport. Further, we continue to build on our momentum internationally including opening our newest XpresSpa location in Abu Dhabi during the fourth quarter of 2023 and looking at other transit hubs throughout Europe to launch our labor-lite spa concept.” Mr. Milford added, “To help accelerate the implementation of XWELL’s strategy, we’re extremely pleased with our recent appointment of Suzanne Scrabis as CFO. She has an impressive track record of efficiently operating companies at scale, seamles...