0001104659-26-064495 | 10-Q | XBRL Viewer

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Stockholders' Equity and Warrants - Calculation of net carrying value of Notes (Details) - Convertible Notes $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Extinguishment of debt
Outstanding principal	$ 3,387
Unamortized premium	210
Accrued interest payable	81
Fair value of bifurcated derivative liability	9,431
Net carrying value of the Notes before the Repurchase	$ 13,109

Cash, Cash Equivalents, and Restricted Cash

3 Months Ended

Mar. 31, 2026

Cash, Cash Equivalents, and Restricted Cash

Cash, Cash Equivalents, and Restricted Cash

Note 3. 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, 2026, and December 31, 2025 is as follows:


		March 31, 2026			December 31, 2025
Cash denominated in United States dollars		$	15,402		$	1,100
Cash denominated in currency other than United States dollars			1,294			1,451
Restricted cash			252			251
Credit and debit card receivables			104			66
Total cash, cash equivalents and restricted cash		$	17,052		$	2,868

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.

Accounting and Reporting Policies	3 Months Ended
Mar. 31, 2026
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, 2025, as amended. The condensed consolidated balance sheet as of December 31, 2025 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, 2026, 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 unaudited condensed consolidated financial statements in conformity with 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 unaudited 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, the valuation of stock-based compensation, fair value of warrants, derivative liability, deferred tax assets and liabilities, income tax uncertainties, and other contingencies.

Accounting and Reporting Policies

3 Months Ended

Mar. 31, 2026

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, 2025, as amended. The condensed consolidated balance sheet as of December 31, 2025 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, 2026, 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 unaudited condensed consolidated financial statements in conformity with 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 unaudited 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, the valuation of stock-based compensation, fair value of warrants, derivative liability, deferred tax assets and liabilities, income tax uncertainties, and other contingencies.

Stockholders' Equity and Warrants - Accounting Treatment - Extinguishment of the Notes (Details)	3 Months Ended
	Mar. 31, 2026 USD ($)	Mar. 02, 2026 USD ($) $ / shares	Dec. 31, 2025 USD ($)
Stock-based Compensation
Interest expense	$ 53,000
Effective interest rate	8.80%
Interest expense excluding amortization	$ 46,000
Amortization of debt premium	7,000
Fair Value		$ 25,348,000
Derivative liability		9,431,000	$ 3,870,000
Allocated consideration based on relative fair value		$ 9,000,000
Share price
Stock-based Compensation
Embedded derivative measurement input \| $ / shares		1.7
Equity volatility
Stock-based Compensation
Embedded derivative measurement input		108
Time of maturity
Stock-based Compensation
Embedded derivative measurement input		3.03
Discounted market interest rate
Stock-based Compensation
Embedded derivative measurement input		6.5
Risk free rate
Stock-based Compensation
Embedded derivative measurement input		3.43
Probability of default
Stock-based Compensation
Embedded derivative measurement input		15.6
Convertible debt
Stock-based Compensation
Fair Value	13,109,000	$ 12,906,000
Loss on embedded derivative	5,624,000
Gain (Loss) on extinguishment of debt	8,527,000
Allocated consideration based on relative fair value	$ 4,583,000

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies

Commitments and Contingencies

Note 8. 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.

November 2025 Employment Litigation

In November 2025, a former employee initiated an employment-related legal proceeding against the Company, as previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. During the three months ended March 31, 2026, the Company entered into a confidential settlement agreement to resolve the matter. The matter was settled for a de minimis amount, and the case has been dismissed with prejudice.

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 relating to 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 alleged breaches of contract between the parties as well as other alleged improper conduct relating to the agreements. The arbitration hearing was completed in March 2026, and the parties are currently awaiting the arbitrator’s final decision.

Other Arrangements

On May 16, 2025, the Company entered into a sales and marketing agreement with a vendor that obligates the Company to make payments totaling $662 over the next three years. Payments are due quarterly, with the first installment beginning in July 2025.

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.

Other current assets (Tables)

3 Months Ended

Mar. 31, 2026

Other current assets

Schedule of other current assets


		March 31, 2026			December 31, 2025
Prepaid expenses		$	1,170		$	1,217
Total other current assets		$	1,170		$	1,217

Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Stock-based Compensation

Schedule of stock options and restricted stock units activity


		RSUs				Stock options
				Weighted				Weighted				Weighted
				average				average			average
		No. of		grant date		No. of		exercise			remaining
		RSUs		fair value		options		price			term
Outstanding as of December 31, 2025		55,000		$	1.30	921,267		$	4.24			8.63 years
Granted		500,000			1.49	—			—
Exercised/Vested		(517,500)			1.47	—			—
Forfeited		—			—	—			—
Expired		—			—	(16,253)			—
Outstanding as of March 31, 2026		37,500		$	1.43	905,014		$	4.24			8.49 years
Exercisable as of March 31, 2026		—				763,588		$	4.83			8.37 years

Stockholders' Equity and Warrants - Omnibus Agreement (Details) - USD ($) $ in Thousands	Feb. 24, 2026	Mar. 31, 2026	Mar. 04, 2026	Dec. 31, 2025
Stockholders' Equity and Warrants
Aggregate amount repurchased	$ 3,468
Temporary equity, stated value		$ 196
Series G Convertible Preferred Stock, outstanding (in shares)		0		196
Series Warrants And Series B Warrants
Stockholders' Equity and Warrants
Aggregate cash purchase price	$ 9,000
Series G Convertible Preferred Stock
Stockholders' Equity and Warrants
Share redemption	196
Temporary equity, stated value	$ 196
Accrued dividends payable	$ 27
Shares authorized eliminated			4,000
Series G Convertible Preferred Stock, outstanding (in shares)			0

Cash, Cash Equivalents, and Restricted Cash - Summary of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Cash, Cash Equivalents, and Restricted Cash
Cash denominated in United States dollars	$ 15,402	$ 1,100
Cash denominated in currency other than United States dollars	1,294	1,451
Restricted cash	252	251
Credit and debit card receivables	104	66
Total cash, cash equivalents and restricted cash	$ 17,052	2,875	$ 4,401	$ 5,301
Total cash, cash equivalents and restricted cash		$ 2,868

- 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

Accrued expenses and other current liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accrued expenses and other current liabilities
Accrued compensation	$ 1,144	$ 905
Tax-related liabilities	499	527
Common area maintenance accruals	8	41
AP Accruals	107	78
Gift certificates	333	331
Other miscellaneous accruals	184	1,058
Total accrued expenses and other current liabilities	$ 2,275	$ 2,940

Property and Equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Property and Equipment, net
Property and equipment, Gross	$ 5,378		$ 7,590
Accumulated depreciation	(3,605)		(5,925)
Total property and equipment, net	1,773		1,665
Depreciation expense	132	$ 90
Leasehold improvements
Property and Equipment, net
Property and equipment, Gross	$ 4,164		$ 6,094
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	$ 317		$ 468
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	$ 897		$ 1,028
Other operating equipment \| Maximum
Property and Equipment, net
Useful life	5 years		5 years

Other Current Assets - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Other current assets
Prepaid expenses	$ 1,170	$ 1,217
Total other current assets	$ 1,170	$ 1,217

Other current assets

3 Months Ended

Mar. 31, 2026

Other current assets

Other current assets

Note 4. Other current assets

As of March 31, 2026, and December 31, 2025, other current assets consisted of the following:


		March 31, 2026			December 31, 2025
Prepaid expenses		$	1,170		$	1,217
Total other current assets		$	1,170		$	1,217

Prepaid expenses are predominantly comprised of financed and prepaid insurance policies and IT hosting services, which have terms of one year or less.

Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Information

Schedule of segment reporting information, by segment


		Three months ended March 31, 2026
		XpresSpa			XpresTest			Naples Wax			Corporate and other			Total
Revenue		$	4,197		$	1,917		$	524		$	—		$	6,638
Operating (loss)/income		$	(592)		$	1,067		$	48		$	(5,937)		$	(5,414)


		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)

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


		Three months ended March 31, 2026
		XpresSpa			XpresTest			Naples Wax			Corporate and other			Total
Revenue from external customers		$	4,197		$	1,917		$	524		$	—		$	6,638
Less: Significant Expenses (1):
Cost of Goods Sold - Labor			2,022			628			324			—			2,974
Cost of Goods Sold - Products & Services			263			—			6			—			269
Occupancy Cost			678			14			69			—			761
Other Cost of Revenue			179			34			68			—			281
Depreciation and amortization			150			—			6			16			172
Less: Other Segment Expenses (2):
Other segment operating expenses			1,497			174			3			5,921			7,595
Segment operating (loss) income		$	(592)		$	1,067		$	48		$	(5,937)		$	(5,414)



		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)

(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, 2026
		XpresSpa			XpresTest			Naples Wax			Corporate and other			Total
Stock based compensation		$	—		$	—		$	—		$	886		$	886


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


		March 31, 2026
		XpresSpa			XpresTest			Naples Wax			Corporate and other			Total
Capital expenditures		$	228		$	3		$	4		$	4		$	239
Assets		$	20,508		$	1,458		$	1,028		$	1,998		$	24,992


		December 31, 2025
		XpresSpa			XpresTest			Naples Wax			Corporate and other			Total
Capital expenditures		$	1,780		$	—		$	932		$	147		$	2,859
Assets		$	6,884		$	1,291		$	1,013		$	2,029		$	11,217

Schedule of revenue from external customers and long-lived assets, by geographical areas


		Three months ended
		March 31,
		2026			2025
Revenue
United States		$	5,356		$	5,705
All other countries			1,282			1,318
Total revenue		$	6,638		$	7,023

Long-lived assets		March 31, 2026			December 31, 2025
United States		$	2,545		$	2,496
All other countries			182			208
Total long-lived assets		$	2,727		$	2,704

Commitments and Contingencies (Details) $ in Thousands	May 16, 2025 USD ($)
Commitments and Contingencies
Total payments	$ 662
Payment period	3 years

Stockholders' Equity and Warrants - Calculation of net carrying value of Temporary equity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Stockholders' Equity and Warrants
Stated value of outstanding Preferred Shares	$ 196
Premium	27
Fair value of bifurcated derivative liability	22
Accrued Series G Convertible Preferred payable	2
Net carrying value of Series G Preferred Shares before the Repurchase	$ 247

Stockholders' Equity and Warrants (Tables)

3 Months Ended

Mar. 31, 2026

Stockholders' Equity and Warrants

Schedule of allocated total cash purchase price


			Percentage of	Allocated consideration based
Instrument		Fair Value	total fair value	on relative fair value
Series G Preferred	$	398	1.57%	141
Notes		12,906	50.92%	4,582
Amended and Restated Warrants		12,044	47.51%	4,277
Total	$	25,348	100.00%	9,000

Schedule of calculation of the net carrying value


Stated value of outstanding Preferred Shares	$	196
Premium		27
Fair value of bifurcated derivative liability		22
Accrued Series G Convertible Preferred payable		2
	$	247

Schedule of extinguishment of the notes


Outstanding principal	$	3,387
Unamortized premium		210
Accrued interest payable		81
Fair value of bifurcated derivative liability		9,431
	$	13,109

Schedule of activity related to warrants


				Weighted average			Remaining
		No. of Warrants		exercise price			contractual term (years)
December 31, 2025		9,045,000		$	1.00			4.18
Granted		71,999,234		$	0.35			—
Repurchased		(9,045,000)		$	1.00			—
March 31, 2026		71,999,234		$	0.35			3.06

Related Party (Details) - XWEL INV I - USD ($) $ in Thousands		3 Months Ended
	Jan. 01, 2026	Mar. 31, 2025	Dec. 15, 2025	May 12, 2025
Related Party
Accrued professional fees			$ 780	$ 530
Increase in professional fees			$ 250
General and administrative expense		$ 562
Prepaid expense and other asset, current		$ 20
Term of extension	3 months
Additional contractual consideration	$ 500

Cash, Cash Equivalents, and Restricted Cash (Tables)

3 Months Ended

Mar. 31, 2026

Cash, Cash Equivalents, and Restricted Cash

Schedule of cash, cash equivalents, and restricted cash


		March 31, 2026			December 31, 2025
Cash denominated in United States dollars		$	15,402		$	1,100
Cash denominated in currency other than United States dollars			1,294			1,451
Restricted cash			252			251
Credit and debit card receivables			104			66
Total cash, cash equivalents and restricted cash		$	17,052		$	2,868

Fair Value Measurements - Change in the Fair Value of the Warrant Liability and Embedded Derivative Liability (Details) - Embedded derivative liability - Fair value, Recurring $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Change in the Fair Value of the Warrant Liability
Beginning balance	$ 3,870
Change in fair value of warrant liability and bifurcated embedded derivative	$ 5,584
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
Extinguishment of convertible preferred stock with bifurcated embedded derivative	$ (9,454)

Stockholders' Equity and Warrants - Activity Related to Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
No. of Warrants
Balance at the beginning	9,045,000
Granted	71,999,234
Expired	(9,045,000)
Balance at the end	71,999,234
Weighted average exercise price
Balance at the beginning	$ 1
Granted	0.35
Expired	1
Balance at the end	$ 0.35
Remaining contractual term (years)
Remaining contractual term	3 years 21 days	4 years 2 months 4 days
Intrinsic value of warrants outstanding	$ 57,959

Revenue

3 Months Ended

Mar. 31, 2026

Revenue

Revenue

Note 11. Revenue

Disaggregation of Revenue

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


		Three months ended
		March 31,
		2026			2025
Revenue, point in time		$	4,721		$	4,846
Revenue, over time			1,917			2,177
Total Revenue		$	6,638		$	7,023

As of March 31, 2026, the unrecognized committed amount of the Ginkgo/Bioworks contract is $362.

Contract Costs

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

Contract Liabilities

Contract liabilities are classified as deferred revenue in the unaudited condensed consolidated balance sheets. The activity in deferred revenue as of March 31, 2026 and December 31, 2025, was as follows:


		March 31, 2026			December 31, 2025
Beginning of the period contract liability		$	1,126		$	1,143
Revenue recognized from the contract liabilities included in the beginning balance			(431)			(709)
Increases due cash received net of amounts recognized revenue during the period			95			692
End of period contract liability		$	790		$	1,126

Of the $1,126 outstanding as of December 31, 2025, $431 has been recognized as revenue for the three months ended March 31, 2026.

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 revenue stream 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. 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 $790 and $837 as of March 31, 2026 and December 31, 2025, 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

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+ Details

Stockholders' Equity and Warrants - Allocated Total Cash Purchase Price (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 02, 2026
Stockholders' Equity and Warrants
Fair Value		$ 25,348
Percentage of total fair value		100.00%
Allocated consideration based on relative fair value		$ 9,000
Series G Convertible Preferred Stock [Member]
Stockholders' Equity and Warrants
Fair Value		$ 398
Percentage of total fair value		1.57%
Allocated consideration based on relative fair value		$ 141
Convertible Debt [Member]
Stockholders' Equity and Warrants
Fair Value		$ 12,906
Percentage of total fair value		50.92%
Allocated consideration based on relative fair value		$ 4,582
Amended and Restated Warrants [Member]
Stockholders' Equity and Warrants
Fair Value		$ 12,044
Percentage of total fair value		47.51%
Allocated consideration based on relative fair value	$ 4,277	$ 4,277

Segment Information - Information About Geographical Revenue and Long-Lived Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue
Total revenue	$ 6,638	$ 7,023
Total long-lived assets	2,727	2,704
United States
Revenue
Total revenue	5,356	5,705
Total long-lived assets	2,545	2,496
All other countries
Revenue
Total revenue	1,282	1,318
Total long-lived assets	$ 182	$ 208

- 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).

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+ Details

Revenue - Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Revenue contract liabilities
Beginning of the period contract liability	$ 1,126	$ 1,143
Revenue recognized from the contract liabilities included in the beginning balance	(431)	(709)
Increases due cash received net of amounts recognized revenue during the period	95	692
End of period contract liability	$ 790	$ 1,126

Segment Information - Other Significant Items (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Other Significant Items
Stock based compensation	$ 886	$ 83
Capital expenditures	239		$ 2,859
Assets	24,992		11,217
XpresSpa
Other Significant Items
Stock based compensation		37
Capital expenditures	228		1,780
Assets	20,508		6,884
XpresTest
Other Significant Items
Stock based compensation		3
Capital expenditures	3
Assets	1,458		1,291
Naples Wax
Other Significant Items
Capital expenditures	4		932
Assets	1,028		1,013
Corporate and other
Other Significant Items
Stock based compensation	886	$ 43
Capital expenditures	4		147
Assets	$ 1,998		$ 2,029

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

Stock-based Compensation - Stock Options and RSU Activity (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Stock-based Compensation
No. of options, Outstanding, Beginning balance	921,267
No. of options, Expired	(16,253)
No. of options, Outstanding, Ending balance	905,014	921,267
No. of options, Exercisable	763,588
Weighted average exercise price, Beginning balance	$ 4.24
Weighted average exercise price, Ending balance	4.24	$ 4.24
Weighted average exercise price, Exercisable	$ 4.83
Weighted average remaining term	8 years 5 months 26 days	8 years 7 months 17 days
Weighted average remaining term, Exercisable	8 years 4 months 13 days
RSUs
Stock-based Compensation
Outstanding, Beginning	55,000
Granted	500,000
Exercised/Vested	(517,500)
Outstanding, Ending	37,500	55,000
Weighted average grant date fair value, Beginning	$ 1.3
Weighted average grant date fair value, Granted	1.49
Weighted average grant date fair value, Exercised/Vested	1.47
Weighted average grant date fair value, Ending	$ 1.43	$ 1.3

Stock-based Compensation

3 Months Ended

Mar. 31, 2026

Stock-based Compensation

Stock-based Compensation

Note 10. Stock-based Compensation

Total stock-based compensation for the three months ended March 31, 2026 and 2025 was $886 and $83, respectively. All stock-based compensation for the three months ended March 31, 2026 and 2025 is presented on the unaudited condensed consolidated statements of operations and comprehensive loss within general and administrative expense.

The following tables summarize information about stock options and RSU activity for the three months ended March 31, 2026:


		RSUs				Stock options
				Weighted				Weighted				Weighted
				average				average			average
		No. of		grant date		No. of		exercise			remaining
		RSUs		fair value		options		price			term
Outstanding as of December 31, 2025		55,000		$	1.30	921,267		$	4.24			8.63 years
Granted		500,000			1.49	—			—
Exercised/Vested		(517,500)			1.47	—			—
Forfeited		—			—	—			—
Expired		—			—	(16,253)			—
Outstanding as of March 31, 2026		37,500		$	1.43	905,014		$	4.24			8.49 years
Exercisable as of March 31, 2026		—				763,588		$	4.83			8.37 years

Unrecognized stock-based payment cost related to non-vested stock options as of March 31, 2026 was $80, vesting over the next .17 years.

Unrecognized stock-based payment cost related to non-vested RSUs as of March 31, 2026 was $43.

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	May 14, 2026
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
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		8,444,266
Entity Central Index Key	0001410428
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

Stockholders' Equity and Warrants - Accounting Treatment - Repurchase of the Amended and Restated Warrants (Details)	Mar. 31, 2026 USD ($)	Mar. 02, 2026 USD ($) $ / shares
Stockholders' Equity and Warrants
Fair Value		$ 25,348,000
Allocated consideration based on relative fair value		$ 9,000,000
Share price
Stockholders' Equity and Warrants
Warrants and rights outstanding, measurement input \| $ / shares		1.7
Expected Term
Stockholders' Equity and Warrants
Warrants and rights outstanding, measurement input		3.87
Equity volatility
Stockholders' Equity and Warrants
Warrants and rights outstanding, measurement input		103
Risk free rate
Stockholders' Equity and Warrants
Warrants and rights outstanding, measurement input		3.49
Amended and restated warrants
Stockholders' Equity and Warrants
Fair Value		$ 12,044,000
Allocated consideration based on relative fair value	$ 4,277,000	$ 4,277,000

Net Loss per Share of Common Stock

3 Months Ended

Mar. 31, 2026

Net Loss per Share of Common Stock

Net Loss per Share of Common Stock

Note 13. Net Loss per Share of Common Stock

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


		Three months ended
		March 31,
		2026			2025
Basic numerator:
Net loss attributable to XWELL, Inc.		$	(11,202)		$	(4,719)
Less: preferred stock dividends			(82)			(68)
Less: preferred stock accretion			—			(499)
Plus: deemed contribution on Repurchase of Series G Preferred Stock			106			—
Net loss attributable to common shareholders		$	(11,178)		$	(5,286)
Basic denominator:
Basic weighted average shares outstanding			7,396,148			5,261,024
Basic loss per share		$	(1.51)		$	(1.00)

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			905,014			516,096
Unvested RSUs to issue an equal number of shares of Common Stock			37,500			—
Warrants to purchase shares of Common Stock			71,999,234			5,347,594
Series G Convertible Preferred Stock on an as converted basis			—			2,933,452
Series H Convertible Preferred Stock on an as converted basis			66,665,957			—
Total number of potentially dilutive securities excluded from the calculation of loss per share attributable to common shareholders			139,607,705			8,797,142

In accordance with ASC 260, 552,500 RSUs that were fully vested on March 31, 2026 were included in basic and dilutive earnings per share as there were no remaining contingencies for these shares to be issued as of March 31, 2026.

Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
Stock-based Compensation (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Stock-based Compensation
Number of options granted	905,014		921,267
Total stock-based compensation	$ 83	$ 886
Non-vested stock options
Stock-based Compensation
Unrecognized stock-based compensation	$ 80
Award vesting period (in years)	17 years
Non-vested RSUs
Stock-based Compensation
Unrecognized stock-based compensation	$ 43

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 35
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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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 5: 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 7: 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 9: 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
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Reference 14: 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 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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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Accounting and Reporting Policies (Policies)	3 Months Ended
Accounting and Reporting Policies (Policies)	Mar. 31, 2026
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, 2025, as amended. The condensed consolidated balance sheet as of December 31, 2025 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, 2026, 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 unaudited condensed consolidated financial statements in conformity with 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 unaudited 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, the valuation of stock-based compensation, fair value of warrants, derivative liability, deferred tax assets and liabilities, income tax uncertainties, and other contingencies.

Stockholders' Equity and Warrants - Private Placement of Preferred Shares and Warrants (Details)				1 Months Ended	3 Months Ended
	Mar. 03, 2026 shares	Feb. 24, 2026 USD ($) $ / shares Y shares	Jan. 27, 2026 tranche shares	Feb. 28, 2026 USD ($)	Mar. 31, 2026 USD ($) $ / shares shares	Mar. 31, 2025 USD ($)	Mar. 02, 2026 USD ($) $ / shares	Dec. 31, 2025 $ / shares shares
Stockholders' Equity and Warrants
Series H Convertible Preferred Stock, shares authorized \| shares					35,000			35,000
Series H Convertible Preferred Stock, par value per share \| $ / shares					$ 0.01			$ 0.01
Series H Convertible Preferred Stock, stated value per share \| $ / shares					$ 1,000			$ 1,000
Convertible shares issuable \| shares		66,665,957
Conversion price \| $ / shares		$ 0.47
Aggregate shares \| shares		66,665,957
Gross proceeds from private placement \| $					$ 28,269,000	$ 3,745,000
Remaining contractual term					3 years 21 days			4 years 2 months 4 days
Series H Convertible Preferred Stock, shares issued \| shares					31,333			0
Percentage Of Cash Placement Agent Fee Payable		8.00%
Threshold percentage of allowance for non-accountable expense reimbursable to placement agent		1.00%
Out of pocket expenses reimbursable to placement agent \| $		$ 250,000
Series H Convertible Preferred Stock
Stockholders' Equity and Warrants
Threshold beneficial ownership percentage		4.99%
Notice period to request for the increased beneficial ownership percentage		61 days
Increased beneficial ownership percentage cap		9.99%
Placement Agent Warrants
Stockholders' Equity and Warrants
Remaining contractual term		5 years
Percentage of securities called by warrants		8.00%
Share price
Stockholders' Equity and Warrants
Warrants and rights outstanding, measurement input \| $ / shares							1.7
Expected Term
Stockholders' Equity and Warrants
Warrants and rights outstanding, measurement input \| $							3.87
Equity volatility
Stockholders' Equity and Warrants
Warrants and rights outstanding, measurement input							103
Risk free rate
Stockholders' Equity and Warrants
Warrants and rights outstanding, measurement input							3.49
Series H Warrants
Stockholders' Equity and Warrants
Threshold beneficial ownership percentage		4.99%
Notice period to request for the increased beneficial ownership percentage		61 days
Increased beneficial ownership percentage cap		9.99%
Series H Placement Agent Warrants
Stockholders' Equity and Warrants
Aggregate shares \| shares		5,333,277
Remaining contractual term		5 years
February 2026 Private Placement
Stockholders' Equity and Warrants
Gross proceeds from private placement \| $		$ 28,269,000
Number of tranches \| tranche			2
Estimated fees and expenses \| $		$ 10,216,000
February 2026 Private Placement \| Series H Convertible Preferred Stock
Stockholders' Equity and Warrants
Series H Convertible Preferred Stock, shares authorized \| shares		31,333
Series H Convertible Preferred Stock, par value per share \| $ / shares		$ 0.01
Series H Convertible Preferred Stock, stated value per share \| $ / shares		1,000
Warrants exercise price \| $ / shares		$ 0.345
Gross proceeds from private placement \| $		$ 31,300,000		$ 28,269,000
February 2026 Private Placement \| Series H Warrants
Stockholders' Equity and Warrants
Remaining contractual term		3 years
February 2026 Private Placement \| Series H Placement Agent Warrants
Stockholders' Equity and Warrants
Estimated fees and expenses \| $		$ 7,152,000
Private Placement, Tranche One
Stockholders' Equity and Warrants
Estimated fees and expenses \| $		$ 7,048,000
Private Placement, Tranche One \| Series H Convertible Preferred Stock
Stockholders' Equity and Warrants
Series H Convertible Preferred Stock, shares issued \| shares			30,832
Private Placement, Tranche One \| Series H Warrants
Stockholders' Equity and Warrants
Number of warrants issued \| shares			65,600,000
Private Placement, Tranche One \| Series H Placement Agent Warrants \| Share price
Stockholders' Equity and Warrants
Warrants and rights outstanding, measurement input \| $ / shares		1.49
Private Placement, Tranche One \| Series H Placement Agent Warrants \| Expected Term
Stockholders' Equity and Warrants
Warrants and rights outstanding, measurement input \| Y		5
Private Placement, Tranche One \| Series H Placement Agent Warrants \| Equity volatility
Stockholders' Equity and Warrants
Warrants and rights outstanding, measurement input		101
Private Placement, Tranche One \| Series H Placement Agent Warrants \| Risk free rate
Stockholders' Equity and Warrants
Warrants and rights outstanding, measurement input		3.5
Private Placement, Tranche Two
Stockholders' Equity and Warrants
Estimated fees and expenses \| $		$ 104,000
Private Placement, Tranche Two \| Series H Convertible Preferred Stock
Stockholders' Equity and Warrants
Series H Convertible Preferred Stock, shares issued \| shares	501
Private Placement, Tranche Two \| Series H Warrants
Stockholders' Equity and Warrants
Number of warrants issued \| shares	1,065,957
Private Placement, Tranche Two \| Series H Placement Agent Warrants \| Share price
Stockholders' Equity and Warrants
Warrants and rights outstanding, measurement input \| $ / shares		1.37
Private Placement, Tranche Two \| Series H Placement Agent Warrants \| Expected Term
Stockholders' Equity and Warrants
Warrants and rights outstanding, measurement input \| Y		5
Private Placement, Tranche Two \| Series H Placement Agent Warrants \| Equity volatility
Stockholders' Equity and Warrants
Warrants and rights outstanding, measurement input		100
Private Placement, Tranche Two \| Series H Placement Agent Warrants \| Risk free rate
Stockholders' Equity and Warrants
Warrants and rights outstanding, measurement input		3.6
Private Placement \| Series H Convertible Preferred Stock
Stockholders' Equity and Warrants
Conversion price \| $ / shares		$ 0.47

Stockholders' Equity and Warrants - Accounting Treatment - Redemption of Series G Preferred Stock (Details)	3 Months Ended
	Mar. 31, 2026 USD ($) shares	Mar. 31, 2025 USD ($)	Mar. 02, 2026 USD ($) $ / shares Y	Dec. 31, 2025 USD ($)
Stockholders' Equity and Warrants
Preferred dividends	$ 82,000	$ 68,000
Issuance of common stock for Series G preferred stock installment redemption (in shares) \| shares	1,855,442
Fair Value			$ 25,348,000
Derivatives			9,431,000	$ 3,870,000
Allocated consideration for repurchase of series G preferred shares			$ 9,000,000
Deemed contribution on repurchase of series G preferred shares	$ 247,000
Share price
Stockholders' Equity and Warrants
Embedded derivative measurement input \| $ / shares			1.7
Equity volatility
Stockholders' Equity and Warrants
Embedded derivative measurement input			108
Time of maturity
Stockholders' Equity and Warrants
Embedded derivative measurement input			3.03
Discounted market interest rate
Stockholders' Equity and Warrants
Embedded derivative measurement input			6.5
Risk free rate
Stockholders' Equity and Warrants
Embedded derivative measurement input			3.43
Probability of default
Stockholders' Equity and Warrants
Embedded derivative measurement input			15.6
Series G Convertible Preferred Stock
Stockholders' Equity and Warrants
Preferred dividends	82,000
Preferred dividends at the stated dividend rate	76,000
Total value of G preferred shares	543,000
Fair Value			$ 398,000
Derivatives			$ 22,000
Fair value gain on derivative	40,000
Carrying amount of series G preferred shares	106,000
Allocated consideration for repurchase of series G preferred shares	141,000
Deemed contribution on repurchase of series G preferred shares	$ 247,000
Series G Convertible Preferred Stock \| Share price
Stockholders' Equity and Warrants
Embedded derivative measurement input \| $ / shares			1.7
Series G Convertible Preferred Stock \| Equity volatility
Stockholders' Equity and Warrants
Embedded derivative measurement input			1.48
Series G Convertible Preferred Stock \| Time of maturity
Stockholders' Equity and Warrants
Embedded derivative measurement input \| Y			0.87
Series G Convertible Preferred Stock \| Discounted market interest rate
Stockholders' Equity and Warrants
Embedded derivative measurement input			0.063
Series G Convertible Preferred Stock \| Risk free rate
Stockholders' Equity and Warrants
Embedded derivative measurement input			0.0351
Series G Convertible Preferred Stock \| Expected dividend rate
Stockholders' Equity and Warrants
Embedded derivative measurement input			0.08
Series G Convertible Preferred Stock \| Penalty dividend rate
Stockholders' Equity and Warrants
Embedded derivative measurement input			0.15
Series G Convertible Preferred Stock \| Probability of default
Stockholders' Equity and Warrants
Embedded derivative measurement input			0.039

Related Party

3 Months Ended

Mar. 31, 2026

Related Party

Related Party

Note 14. 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. On December 15, 2025 the Consulting Agreement was further amended to increase the value of agreement by $250, increasing the total amount for original and amended agreements to $780. On January 1, 2026, the Consulting Agreement was further extended for a period of three months from the effective date of the extension in exchange for an additional amount of $500. For the three months ended March 31, 2026, $562, of this contract was recognized in general and administrative expenses on the unaudited condensed consolidated statement of operations and comprehensive loss and $20 was recognized as a prepaid expense in other current assets on the unaudited condensed consolidated balance sheets as of March 31, 2026.

- 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
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Reference 3: 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
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+ Details

Revenue (Tables)

3 Months Ended

Mar. 31, 2026

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:


		Three months ended
		March 31,
		2026			2025
Revenue, point in time		$	4,721		$	4,846
Revenue, over time			1,917			2,177
Total Revenue		$	6,638		$	7,023

Schedule of deferred revenue


		March 31, 2026			December 31, 2025
Beginning of the period contract liability		$	1,126		$	1,143
Revenue recognized from the contract liabilities included in the beginning balance			(431)			(709)
Increases due cash received net of amounts recognized revenue during the period			95			692
End of period contract liability		$	790		$	1,126

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Measurements

Fair Value Measurements

Note 6. 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, 2026 and December 31, 2025. 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, 2026. The carrying amounts of cash equivalents, accounts receivable, and accounts payable approximated their fair values as of March 31, 2026 due to their short-term nature. The fair value of the bifurcated embedded derivative related to the convertible preferred stock and Note 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.


				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, 2026:
Recurring fair value measurements
Equity and debt securities:
Route1, Inc.		$	90	$	—	$	90	$	—
Marketable securities			7		7		—		—
Total equity and debt securities			97		7		90		—
Total recurring fair value measurements		$	97	$	7	$	90	$	—

As of December 31, 2025
Recurring fair value measurements
Equity and debt securities:
Route1		$	112	$	—	$	112	$	—
Marketable securities			7		7		—		—
Total equity and debt securities			119		7		112		—
Derivatives:
Derivative liability			3,870		—		—		3,870
Total derivatives			3,870		—		—		3,870
Total recurring fair value measurements		$	3,989	$	7	$	112	$	3,870
Nonrecurring fair value measurements
Property, plant and equipment		$	1,665	$	—	$	—	$	1,665
Operating lease right-of-use asset			1,039		—		—		1,039
Convertible senior secured note			6,689		—		—		6,689
Total nonrecurring fair value measurements		$	9,393	$	—	$	—	$	9,393

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


Balance on January 1, 2026		3,870
Change in fair value of bifurcated embedded derivative		5,584
Extinguishment of convertible preferred stock with bifurcated embedded derivative		(9,454)
Balance on March 31, 2026	$	—

- 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

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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue
Total revenue	$ 6,638	$ 7,023
Concentric by Ginkgo Bioworks
Disaggregation of Revenue
Expected revenue under contract	362
Revenue, point in time
Disaggregation of Revenue
Total revenue	4,721	4,846
Revenue, over time
Disaggregation of Revenue
Total revenue	$ 1,917	$ 2,177

- 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 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Revenue - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Dec. 31, 2024
Revenue
Contract cost	$ 0	$ 0
Contract with customer, liability, current	790	1,126	$ 1,143
Revenue recognized	431	709
Revenue recognized	$ 0
Naples Wax LLC
Revenue
Deferred revenue, period earned	1 year
Deferred revenue	$ 790	$ 837

Segment Information - Information About Reported Segments (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Information
Revenue	$ 6,638,000	$ 7,023,000
Operating (loss)/income	(5,414,000)	(3,158,000)
XpresSpa
Segment Information
Revenue	4,197,000	4,294,000
Operating (loss)/income	(592,000)	800,000
XpresTest
Segment Information
Revenue	1,917,000	2,177,000
Operating (loss)/income	1,067,000	618,000
Naples Wax
Segment Information
Revenue	524,000	552,000
Operating (loss)/income	48,000	(422,000)
Corporate and other
Segment Information
Operating (loss)/income	$ (5,937,000)	$ (4,154,000)

- Definition

+ References

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 16,800	$ 2,617
Marketable Securities	7	7
Accounts receivable	1,317	1,560
Inventory	453	509
Other current assets	1,170	1,217
Total current assets	19,747	5,910
Restricted cash	252	251
Property and equipment, net	1,773	1,665
Intangible assets, net	61	101
Operating lease right of use assets, net	954	1,039
Security deposits	2,104	2,127
Other assets	101	124
Total assets	24,992	11,217
Current liabilities
Accounts payable	3,535	2,836
Accrued expenses and other current liabilities	2,275	2,940
Accrued Series G Convertible Preferred payable		538
Current portion of operating lease liabilities	1,789	1,862
Deferred revenue	790	1,126
Convertible senior secured note, net		3,590
Total current liabilities	8,389	12,892
Long-term liabilities
Derivative liability		3,870
Operating lease liabilities	6,525	7,035
Total liabilities	14,914	23,797
Commitments and contingencies (see Note 8)
Temporary equity
Series G Convertible Preferred Stock, $0.01 par value per share and $1,000 stated value per share, 4,000 shares authorized; 0 and 196 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively; Liquidation preference of $0 as of March 31, 2026		224
Equity (Deficit)
Common Stock, $0.01 par value per share, 150,000,000 shares authorized; 7,926,766 and 6,071,324 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	79	61
Additional paid-in capital	502,869	468,915
Accumulated deficit	(500,899)	(489,697)
Accumulated other comprehensive loss	(1,660)	(1,541)
Total equity (deficit) attributable to XWELL, Inc.	389	(22,262)
Noncontrolling interests	9,689	9,458
Total equity (deficit)	10,078	(12,804)
Total liabilities, temporary equity and equity	$ 24,992	$ 11,217

Segment Information - Additional Information (Details)	Mar. 31, 2026 location
Segment Information
Number of locations operated	2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue, net
Total revenue, net	$ 6,638,000	$ 7,023,000
Cost of sales
Labor	2,974,000	3,967,000
Occupancy	761,000	1,134,000
Products and other operating costs	550,000	603,000
Total cost of sales	4,285,000	5,704,000
Gross Profit	2,353,000	1,319,000
Depreciation and amortization	172,000	166,000
General and administrative	7,595,000	4,311,000
Total operating expenses	7,767,000	4,477,000
Operating loss	(5,414,000)	(3,158,000)
Change in fair value of derivative liabilities	(5,584,000)	(142,000)
Change in fair value of warrant liability		2,590,000
Loss on issuance of Series G Preferred Stock		(3,443,000)
Interest (expense) income, net	(43,000)	58,000
Foreign exchange gain (loss)	77,000	(455,000)
Loss on investments, realized and unrealized	(22,000)	(5,000)
Other non-operating expense, net	(26,000)	(33,000)
Loss before income taxes	(11,012,000)	(4,588,000)
Net loss	(11,012,000)	(4,588,000)
Net loss attributable to noncontrolling interests	(190,000)	(131,000)
Net loss attributable to XWELL, Inc.	(11,202,000)	(4,719,000)
Other comprehensive income from operations	(78,000)	189,000
Comprehensive loss	(11,090,000)	(4,399,000)
Loss per share
Preferred stock dividends	(82,000)	(68,000)
Preferred stock accretion		(499,000)
Deemed contribution on Repurchase of Series G Preferred Stock	106,000
Net loss attributable to XWELL, Inc. common stockholders	$ (11,178,000)	$ (5,286,000)
Basic loss per share (in dollars per share)	$ (1.51)	$ (1)
Diluted loss per share (in dollars per share)	$ (1.51)	$ (1)
Weighted-average number of shares outstanding
Basic (in shares)	7,396,148	5,261,024
Diluted (in shares)	7,396,148	5,261,024
Services
Revenue, net
Total revenue, net	$ 6,064,000	$ 6,420,000
Products
Revenue, net
Total revenue, net	$ 574,000	$ 603,000

Stockholders' Equity and Warrants

3 Months Ended

Mar. 31, 2026

Stockholders' Equity and Warrants

Stockholders' Equity and Warrants

Note 9. Stockholders’ Equity and Warrants

February 2026 Private Placement

On February 24, 2026, the Company entered into the February 2026 Purchase Agreement with the a certain accredited investor (the “February 2026 Purchaser”) for the issuance and sale in a private placement of an aggregate of (i) 31,333 shares of the Company’s newly-designated Series H Convertible Preferred Stock, par value of $0.01 per share and a stated value of $1,000 per share (the “Series H Preferred Stock”), initially convertible into up to 66,665,957 shares of common stock (the “Series H Conversion Shares”), at an initial conversion price of $0.47 per share, subject to adjustment for certain customary adjustments, and (ii) the warrants (the “Series H Warrants”) to purchase up to 66,665,957 shares of common stock, at an initial exercise price of $0.345 per share, subject to adjustment for certain customary adjustments, for aggregate gross proceeds of approximately $31,300. The Series H Warrants expire three years from the date of issuance. The February 2026 Private Placement closed in two tranches, with 30,832 shares of Series H Preferred Stock and 65,600,000 Series H Warrants issued on February 27, 2026 (the “First Closing”), and 501 shares of Series H Preferred Stock and 1,065,957 Series H Warrants issued on March 3, 2026 (the “Second Closing”, and collectively with the First Closing, the “Closing”).

In connection with the February 2026 Private Placement, pursuant to a placement agency agreement (the “Placement Agency Agreement”), dated as of February 24, 2026, by and between the Company and Dominari Securities LLC (the “Placement Agent”), the Company engaged the Placement Agent to act as an exclusive placement agent in connection with the February 2026 Private Placement and agreed to (i) pay to the Placement Agent (a) a cash fee equal to 8% of the gross proceeds of the February 2026 Private Placement and (b) reimbursements and payments of certain expenses, including non-accountable expense allowance equal to 1% of the gross proceeds raised in the February 2026 Private Placement and reasonable out-of-pocket expenses, not to exceed $250, and (ii) issue to the Placement Agent warrants (the “Placement Agent Warrants”) to purchase up to an aggregate number of shares of Common Stock equal to 8% of the

aggregate number of shares of common stock underlying the securities issued in the February 2026 Private Placement, with terms identical to the Series H Warrants, except that the Series H Placement Agent Warrants have a term of five (5) years from the date of issuance. The Placement Agency Agreement contains customary representations, warranties and agreements of the parties, and customary indemnification obligations of the Company.

Series H Preferred Stock

The terms of the Series H Preferred Stock are set forth in the Series H Certificate of Designations. The shares of Series H Preferred Stock are convertible into the Series H Conversion Shares at the election of the holders of the Series H Preferred Stock (the “Holders”) at any time at an initial conversion price of $0.47 per share (the “Series H Conversion Price”). The Series H Conversion Price is subject to customary adjustments for stock dividends, stock splits, reclassifications, stock combinations and the like.

A Holder of the Series H Preferred Stock may not convert any portion of the Series H Preferred Stock to the extent that the Holder, together with its affiliates, would beneficially own more than 4.99% of the Company’s outstanding shares of Common Stock immediately after conversion, except that upon at least 61 days’ prior notice from the Holder to the Company, the Holder may increase the beneficial ownership limitation to up to 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to the conversion.

Pursuant to the Series H Certificate of Designations, so long as any shares of the Series H Preferred Stock are outstanding, the Company may not, directly or indirectly, redeem, or declare or pay any cash dividend or distribution on, any securities of the Company without the prior express written consent of the Required Holders (as defined in the Series H Certificate of Designations). In the event that dividends are consented to by the Required Holders, the Holders of the Series H Preferred Stock shall be entitled to receive dividends on shares of the Series H Preferred Stock equal (on an as-if-converted-to-Common-Stock basis) to and in the same form as dividends actually paid on shares of the Common Stock when, as and if such dividends are paid on shares of the Common Stock. No other dividends may be paid on shares of the Series H Preferred Stock.

Except as otherwise provided in the Series H Certificate of Designations or as otherwise required by law, the Series H Preferred Stock will have no voting rights except as provided by law. However, as long as any shares of Series H Preferred Stock are outstanding, the Company may not, without the affirmative vote at a meeting duly called for such purpose, or the written consent without a meeting, of the Required Holders, voting together as a single class, (a) amend or repeal any provision of, or add any provision to, its charter documents, including, without limitation, its Certificate of Incorporation or bylaws, the Series H Certificate of Designation, or file any certificate of designations or articles of amendment of any series of shares of preferred stock, in each case, only if such action would adversely alter or change in any respect the preferences, rights, privileges or powers, or restrictions provided for the benefit, of the Series H Preferred Stock, regardless of whether any such action shall be by means of amendment to the Certificate of Incorporation or by merger, consolidation or otherwise; (b) increase or decrease (other than by conversion) the authorized number of shares of the Series H Preferred Stock; (c) create or authorize (by reclassification or otherwise) any new class or series of shares that has a preference over the Series H Preferred Stock with respect to dividends or the distribution of assets on the liquidation, dissolution or winding up of the Company; (d) pay dividends or make any other distribution on any shares of any capital stock of the Company junior in rank to the Series H Preferred Stock; or (e) whether or not prohibited by the terms of the Series H Preferred Stock, circumvent a right of the Series H Preferred Stock.

The Series H Preferred Shares are not mandatorily redeemable and do not embody an unconditional obligation to settle in a variable number of equity shares. As such, the Series H Preferred Stock are classified as permanent equity on the unaudited condensed consolidated balance sheets. The holder’s contingent redemption right in the event of certain deemed liquidation events does not preclude permanent equity classification. The Series H Preferred Shares were determined to be more akin to an equity-like host than a debt-like host for purposes of assessing embedded derivative features for potential bifurcation. The embedded conversion feature is considered to be clearly and closely related to the associated convertible preferred stock host instrument and therefore was not bifurcated from the equity host.

Series H Warrants

The exercise price of the Series H Warrants is subject to customary adjustments for stock dividends, stock splits, reclassifications and the like. A holder of the Series H Warrants may not exercise any portion of such holder’s Warrants to the extent that the holder, together with its affiliates, would beneficially own more than 4.99% of the Company’s outstanding shares of Common Stock immediately after exercise, except that upon at least 61 days’ prior notice from the holder to the Company, the holder may increase the beneficial ownership limitation to up to 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to the exercise.

The Company assessed the Series H Warrants under ASC 480 and ASC 815 and determined that they met the requirements to be classified in stockholders’ equity upon issuance.

Pursuant to the Placement Agency Agreement, the Company issued to the Placement Agent the Series H Placement Agent Warrants to purchase 5,333,277 shares of Common Stock with the same terms as the Series H Warrants except that the Series H Placement Agent Warrants have a term of five (5) years from the date of issuance. The Series H Placement Agent Warrants are within the scope of ASC 718 pursuant to ASC 718-10-20 and were determined to qualify for equity classification upon issuance. The total aggregate fair value of the Series H Placement Agent Warrants between the First Closing and the Second Closing of approximately $7,152 was included as a component of total transaction costs for the February 2026 Private Placement and was accordingly recorded in equity. The issuance date fair value of the Series H Placement Agent Warrants issued in the First Closing of $7,048 was determined using the Black Scholes Model using the following weighted average assumptions: the fair value of the Company’s common stock per share of $1.49; remaining term of 5 years; equity volatility of 101%; and a risk-free interest rate of 3.5%. The issuance date fair value of the Series H Placement Agent Warrants issued in the Second Closing of $104 was determined using 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 100%; and a risk-free interest rate of 3.6%.

Transaction costs totaling $10,216 were incurred related to the February 2026 Private Placement consisting of cash expenses for placement agent fees, legal fees, and accounting costs related to the financing, as well as the fair value of Series H Placement Agent Warrants. Net proceeds from the February 2026 Private Placement totaled $28,269. As the Series H Preferred Stock and Series H Warrants were classified in permanent equity, all transaction costs were recorded as an offset to additional paid-in capital.

February 2026 Omnibus Agreement

On February 24, 2026, the Company entered into the Omnibus Agreement, by and between the Company and January 2025 Investors, pursuant to which, the Company agreed to (i) repurchase from the January 2025 Investors $3,468 of aggregate principal amount of the Notes, representing the entire outstanding principal amounts of the Notes and any accrued and unpaid interest thereon, (ii) redeem 196 shares of Series G Preferred Stock held by the January 2025 Investors with an aggregate Stated Value of $196 and $27 of accrued and unpaid dividends thereon, representing all outstanding shares of Series G Preferred Stock, and (iii) redeem all Amended and Restated Warrants held by the January 2025 Investors, representing all outstanding Series A Warrants and Series B Warrants, for an aggregate cash purchase price of $9,000 (collectively, the “Repurchase”). The Repurchase closed on March 2, 2026.

On March 4, 2026, the Company filed a Certificate of Elimination (the “Certificate of Elimination”) with respect to its Series G Preferred Stock, with the Delaware Secretary of State. The Certificate of Elimination (i) eliminates the previous designation of 4,000 shares of Series G Preferred Stock, none of which were outstanding at the time of filing, (ii) causes such shares of Series G Preferred Stock to resume the status of authorized but unissued shares of preferred stock of the Company and (iii) eliminates all reference to the Series G Preferred Stock from the Company’s Amended and Restated Certificate of Incorporation, as amended.

The Company allocated the total cash purchase price related to the Repurchase among the Series G Preferred Stock, the Notes, and the Amended and Restated Warrants using the relative fair value method on March 2, 2026 as summarized in the table below and accounted for each instrument in accordance with the relevant accounting guidance:


			Percentage of	Allocated consideration based
Instrument		Fair Value	total fair value	on relative fair value
Series G Preferred	$	398	1.57%	141
Notes		12,906	50.92%	4,582
Amended and Restated Warrants		12,044	47.51%	4,277
Total	$	25,348	100.00%	9,000

Accounting Treatment – Redemption of Series G Preferred Stock

The following table summarizes the calculation of the net carrying value of the Series G Preferred Shares before the Repurchase:


Stated value of outstanding Preferred Shares	$	196
Premium		27
Fair value of bifurcated derivative liability		22
Accrued Series G Convertible Preferred payable		2
	$	247

During the three months ended March 31, 2026 prior to the Repurchase the Company incurred $82 in dividends, and paid $76 of dividends in cash related to the Series G Preferred Stock. Additionally, the Company issued 1,855,442 shares of its common stock in conversion of Series G Preferred Shares for a total value of $543.

The Company estimated the $398 fair value of the remaining Series G Preferred Stock and the $22 fair value of the bifurcated embedded derivative related to the Series G Preferred Stock prior to the Repurchase on March 2, 2026 using a Monte Carlo simulation model, with the following inputs: the fair value of the Company’s common stock of $1.70 on the valuation date, estimated equity volatility of 148%, the time to maturity of 0.87 years, a discounted market interest rate 6.3%, a risk-free rate of 3.51%, dividend rate of 8.0%, a penalty dividend rate of 15.0%, and probability of default of 3.9%. Prior to the Repurchase, the Company recognized a gain of $40 related to the change in the fair value of the derivative during the three months ended March 31, 2026, which is recorded in other income (expense) on the unaudited condensed consolidated statement of operations.

The Company treated the extinguishment of the Series G Convertible Preferred Stock as a redemption in accordance with ASC Topic 260, Earnings Per Share. Accordingly, the Company thus recognized a total of $106 representing the difference between the allocated consideration of $141 and the carrying amount of the Series G Preferred Shares of $247 as a deemed contribution, which is added to net loss attributable to common stockholders in the unaudited consolidated statement of operations and comprehensive loss for the three months ended March 31, 2026 and recognized as additional paid-in capital.

Accounting Treatment – Extinguishment of the Notes

The following table summarizes the calculation of the net carrying value of the Notes before the Repurchase:


Outstanding principal	$	3,387
Unamortized premium		210
Accrued interest payable		81
Fair value of bifurcated derivative liability		9,431
	$	13,109

The Company recognized interest expense totaling approximately $53 during the three months ended March 31, 2026 prior to the Repurchase, reflecting an effective interest rate of 8.80% and which was comprised of approximately $46 interest at the stated rate, and approximately $7 representing the amortization of the premium recognized at issuance.

The Company estimated the $12,906 fair value of the Notes and the $9,431 fair value of the bifurcated embedded derivative related to the Notes prior to the Repurchase on March 2, 2026 using a Monte Carlo simulation model, with the following inputs: the fair value of the Company’s common stock of $1.70 on the valuation date, estimated equity volatility of 108%, the time to maturity of 3.03 years, a discounted market interest rate of 6.5%, a risk-free rate of 3.43%, and probability of default of 15.6%. Prior to the Repurchase, the Company recognized a loss of $5,624 related to the change in the fair value of the derivative during the three months ended March 31, 2026, which is recorded in other income (expense) on the unaudited condensed consolidated statement of operations.

The Company accounted for the repurchase of the Notes as a debt extinguishment in accordance with ASC Topic 470, Debt. Accordingly, the $8,527 difference between the allocated consideration of $4,583 and the carrying amount of the Notes of $13,109 was recognized as a capital contribution recognized in additional paid-in capital as the Notes were held by certain of the Company’s investors.

Accounting Treatment – Repurchase of the Amended and Restated Warrants

The Company estimated the $12,044 fair value of the Amended and Restated Warrants prior to the Repurchase on March 2, 2026 using the Black Scholes Model using the following weighted average assumptions: the fair value of the Company’s common stock per share of $1.70; remaining term of 3.87 years; equity volatility of 103%; and a risk-free interest rate of 3.49%.

The Company accounted for the repurchase of the Amended and Restated Warrants in accordance with the guidance in ASC Topic 815, Derivatives and Hedging, related to the repurchase of freestanding equity-classified instruments. Accordingly, the allocated consideration of $4,277 was recorded as reduction of additional paid-in capital.

The following table represents the activity related to the Company’s warrants during the three months ended March 31, 2026:


				Weighted average			Remaining
		No. of Warrants		exercise price			contractual term (years)
December 31, 2025		9,045,000		$	1.00			4.18
Granted		71,999,234		$	0.35			—
Repurchased		(9,045,000)		$	1.00			—
March 31, 2026		71,999,234		$	0.35			3.06

All outstanding warrants were exercisable as of March 31, 2026 with an intrinsic value of $57,959.

- 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
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

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

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

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-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

Accrued expenses and other current liabilities

3 Months Ended

Mar. 31, 2026

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities

Note 7. Accrued expenses and other current liabilities

As of March 31, 2026, and December 31, 2025, accrued expenses and other current liabilities consisted of the following:



		March 31, 2026			December 31, 2025
Accrued compensation		$	1,144		$	905
Tax-related liabilities			499			527
Common area maintenance accruals			8			41
AP Accruals			107			78
Gift certificates			333			331
Other miscellaneous accruals			184			1,058
Total accrued expenses and other current liabilities		$	2,275		$	2,940

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Net Loss per Share of Common Stock - Additional Information (Details)	3 Months Ended
	Mar. 31, 2026 shares
Restricted Stock Units (RSUs) [Member]
Potentially Dilutive Securities
Number of RSUs, Vested	552,500

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 02, 2026	Dec. 31, 2025
Fair Value Measurements
Derivatives		$ 9,431	$ 3,870
Fair value, Recurring
Fair Value Measurements
Equity and debt securities	$ 97		119
Derivatives			3,870
Total fair value measurements	97		3,989
Fair value, Recurring \| Marketable securities
Fair Value Measurements
Equity and debt securities	7		7
Fair value, Recurring \| Derivative liability
Fair Value Measurements
Derivatives			3,870
Fair value, Recurring \| Fair Value, Inputs, Level 1
Fair Value Measurements
Equity and debt securities	7		7
Total fair value measurements	7		7
Fair value, Recurring \| Fair Value, Inputs, Level 1 \| Marketable securities
Fair Value Measurements
Equity and debt securities	7		7
Fair value, Recurring \| Fair Value, Inputs, Level 2
Fair Value Measurements
Equity and debt securities	90		112
Total fair value measurements	90		112
Fair value, Recurring \| Fair Value, Inputs, Level 3
Fair Value Measurements
Derivatives			3,870
Total fair value measurements			3,870
Fair value, Recurring \| Fair Value, Inputs, Level 3 \| Derivative liability
Fair Value Measurements
Derivatives			3,870
Fair value, Nonrecurring
Fair Value Measurements
Property, plant and equipment			1,665
Operating lease right-of-use asset			1,039
Convertible senior secured note			6,689
Total fair value measurements			9,393
Fair value, Nonrecurring \| Fair Value, Inputs, Level 3
Fair Value Measurements
Property, plant and equipment			1,665
Operating lease right-of-use asset			1,039
Convertible senior secured note			6,689
Total fair value measurements			9,393
Route1 Inc \| Fair value, Recurring
Fair Value Measurements
Equity and debt securities	90		112
Route1 Inc \| Fair value, Recurring \| Fair Value, Inputs, Level 2
Fair Value Measurements
Equity and debt securities	$ 90		$ 112

Business Overview and Going Concern (Details) $ in Thousands		1 Months Ended	3 Months Ended
	Feb. 24, 2026 USD ($)	Feb. 28, 2026 USD ($)	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($)
General and Liquidity
Number of reportable segments \| segment			3
Gross proceeds from private placement			$ 28,269	$ 3,745
Payment for repurchase			9,000
February 2026 Private Placement
General and Liquidity
Gross proceeds from private placement	$ 28,269
February 2026 Private Placement \| Series H Convertible Preferred Stock
General and Liquidity
Gross proceeds from private placement	$ 31,300	$ 28,269
Payment for repurchase			$ 9,000

Net Loss per Share of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Potentially Dilutive Securities
Net loss attributable to XWELL, Inc.	$ (11,202)	$ (4,719)
Less: preferred stock dividends	(82)	(68)
Less: preferred stock accretion		(499)
Plus: deemed contribution on Exchange of Series G Preferred Stock	106
Net loss attributable to common shareholders	$ (11,178)	$ (5,286)
Basic weighted average shares outstanding (in shares)	7,396,148	5,261,024
Basic loss per share (in dollars per share)	$ (1.51)	$ (1)
Total number of potentially dilutive securities excluded from the calculation of loss per share attributable to common shareholders	139,607,705	8,797,142
Both vested and unvested options to purchase an equal number of shares of Common Stock
Potentially Dilutive Securities
Total number of potentially dilutive securities excluded from the calculation of loss per share attributable to common shareholders	905,014	516,096
Unvested RSUs to issue an equal number of shares of Common Stock
Potentially Dilutive Securities
Total number of potentially dilutive securities excluded from the calculation of loss per share attributable to common shareholders	37,500
Warrants to purchase shares of Common Stock
Potentially Dilutive Securities
Total number of potentially dilutive securities excluded from the calculation of loss per share attributable to common shareholders	71,999,234	5,347,594
Series G Convertible Preferred Stock on an as converted basis
Potentially Dilutive Securities
Total number of potentially dilutive securities excluded from the calculation of loss per share attributable to common shareholders		2,933,452
Series H Convertible Preferred Stock on an as converted basis
Potentially Dilutive Securities
Total number of potentially dilutive securities excluded from the calculation of loss per share attributable to common shareholders	66,665,957

Property and Equipment, net

3 Months Ended

Mar. 31, 2026

Property and Equipment, net

Property and Equipment, net

Note 5. Property and Equipment, net

Property and equipment are comprised of the following:


		March 31,			December 31,
		2026			2025		Useful Life
Leasehold improvements		$	4,164		$	6,094	Average 5-8 years
Furniture and fixtures			317			468	3-4 years
Other operating equipment			897			1,028	Maximum 5 years
			5,378			7,590
Accumulated depreciation			(3,605)			(5,925)
Total property and equipment, net		$	1,773		$	1,665

Depreciation expense was $132 and $90 for the three months ended March 31, 2026 and 2025, respectively.

Business Overview and Going Concern

3 Months Ended

Mar. 31, 2026

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. Naples Wax Center provides upscale hair removal and skincare services through its branded locations.

Liquidity Analysis

The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. While the Company has suffered recurring losses and negative cash flows from operations, management evaluated whether substantial doubt existed about the Company’s ability to continue as a going concern within one year after the date these unaudited condensed consolidated financial statements are issued.

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 financing options such as the February 2026 Private placement (referenced below).

The Company’s increase in liquidity during the period was primarily attributable to proceeds from a private placement of Series H Convertible Preferred Stock with accompanying warrants completed in February 2026 (the “February 2026 Private Placement”), which generated net proceeds of $28,269. During the three months ended March 31, 2026, the Company used approximately $9,000 of these proceeds to repurchase outstanding Series G Preferred Stock, certain convertible notes, and related warrants as part of a strategic effort to simplify its capital structure and reduce future financing obligations. The remaining proceeds were used to support general corporate purposes and working capital needs.

The Company continues to focus on managing operating expenses, optimizing working capital, and improving cash flows from operations. Based on its current cash position and expected operating cash flows, the Company believes it has sufficient liquidity to fund its operations and meet its obligations for at least the next twelve months.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities
Net loss	$ (11,012)	$ (4,588)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	172	166
Unrealized gain on marketable securities		(24)
Foreign currency remeasurement loss	(77)	455
Gain on lease termination		(401)
Amortization of operating lease right of use asset	85	246
Provision for credit losses	(6)	6
Stock-based compensation	886	83
Non-cash interest expense	53
Gain on equity investment	23	29
Change in fair value of derivative liability	5,584	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:
(Increase) decrease in inventory	55	(31)
Decrease in accounts receivable	251	269
(Decrease) in deferred revenue	(336)	(58)
(Increase) decrease in other assets, current and non-current	14	(669)
(Decrease) in other liabilities, current and non-current	(1,166)	(1,255)
Increase in accounts payable	872	599
Net cash used in operating activities	(4,602)	(4,178)
Cash flows from investing activities
Acquisition of property and equipment	(390)	(424)
Investment in marketable securities		(46)
Net cash provided by (used in) investing activities	(390)	(470)
Cash flows from financing activities
Payment for Repurchase of preferred stock, convertible notes and warrants	(9,000)
Aggregate gross proceeds from the private placement	28,269	3,745
Redemption of preferred stock	(76)
Net cash provided by financing activities	19,193	3,745
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(24)	3
Increase (decrease) in cash, cash equivalents and restricted cash	14,177	(900)
Cash, cash equivalents, and restricted cash at beginning of the year	2,875	5,301
Cash, cash equivalents, and restricted cash at end of the period	17,052	4,401
Non-cash investing and financing transactions
Capital expenditures included in Accounts payable, accrued expenses and other current liabilities	151	(4)
Accrual of Series G convertible preferred stock dividends	82	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
Noncash conversion of Series G convertible preferred stock	543
Deemed dividend on Exchange of Series G Preferred Stock	106
Fair value of Placement Agent warrants	7,152
Contribution on Repurchase of related party debt, net of warrant repurchase cost	$ 4,250

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
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 (in shares)	4,000	4,000
Series G Convertible Preferred Stock, issued (in shares)	0	196
Series G Convertible Preferred Stock, outstanding (in shares)	0	196
Series G Convertible Preferred Stock, liquidation preference	$ 0
Series H Convertible Preferred Stock, par value per share	$ 0.01	$ 0.01
Series H Convertible Preferred Stock, stated value per share	$ 1,000	$ 1,000
Series H Convertible Preferred Stock, shares authorized	35,000	35,000
Series H Convertible Preferred Stock, shares issued	31,333	0
Series H Convertible Preferred Stock, shares outstanding	31,333	0
Series H Convertible Preferred Stock, liquidation preference value	$ 31,333
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	150,000,000	150,000,000
Common stock, issued (in shares)	7,926,766	6,071,324
Common stock, outstanding (in shares)	7,926,766	6,071,324

Accrued expenses and other current liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Accrued expenses and other current liabilities

Schedule of accrued expenses and other current liabilities



		March 31, 2026			December 31, 2025
Accrued compensation		$	1,144		$	905
Tax-related liabilities			499			527
Common area maintenance accruals			8			41
AP Accruals			107			78
Gift certificates			333			331
Other miscellaneous accruals			184			1,058
Total accrued expenses and other current liabilities		$	2,275		$	2,940

Property and Equipment, net (Tables)

3 Months Ended

Mar. 31, 2026

Property and Equipment, net

Schedule of property and equipment

Property and equipment are comprised of the following:


		March 31,			December 31,
		2026			2025		Useful Life
Leasehold improvements		$	4,164		$	6,094	Average 5-8 years
Furniture and fixtures			317			468	3-4 years
Other operating equipment			897			1,028	Maximum 5 years
			5,378			7,590
Accumulated depreciation			(3,605)			(5,925)
Total property and equipment, net		$	1,773		$	1,665

Segment Information

3 Months Ended

Mar. 31, 2026

Segment Information

Segment Information

Note 12. Segment Information

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 three and three months ended March 31, 2026 and 2025:


		Three months ended March 31, 2026
		XpresSpa			XpresTest			Naples Wax			Corporate and other			Total
Revenue		$	4,197		$	1,917		$	524		$	—		$	6,638
Operating (loss)/income		$	(592)		$	1,067		$	48		$	(5,937)		$	(5,414)


		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)

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 and three months ended March 31, 2026 and 2025, is as follows:


		Three months ended March 31, 2026
		XpresSpa			XpresTest			Naples Wax			Corporate and other			Total
Revenue from external customers		$	4,197		$	1,917		$	524		$	—		$	6,638
Less: Significant Expenses (1):
Cost of Goods Sold - Labor			2,022			628			324			—			2,974
Cost of Goods Sold - Products & Services			263			—			6			—			269
Occupancy Cost			678			14			69			—			761
Other Cost of Revenue			179			34			68			—			281
Depreciation and amortization			150			—			6			16			172
Less: Other Segment Expenses (2):
Other segment operating expenses			1,497			174			3			5,921			7,595
Segment operating (loss) income		$	(592)		$	1,067		$	48		$	(5,937)		$	(5,414)



		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)

(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, 2026
		XpresSpa			XpresTest			Naples Wax			Corporate and other			Total
Stock based compensation		$	—		$	—		$	—		$	886		$	886


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


		March 31, 2026
		XpresSpa			XpresTest			Naples Wax			Corporate and other			Total
Capital expenditures		$	228		$	3		$	4		$	4		$	239
Assets		$	20,508		$	1,458		$	1,028		$	1,998		$	24,992


		December 31, 2025
		XpresSpa			XpresTest			Naples Wax			Corporate and other			Total
Capital expenditures		$	1,780		$	—		$	932		$	147		$	2,859
Assets		$	6,884		$	1,291		$	1,013		$	2,029		$	11,217

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,
		2026			2025
Revenue
United States		$	5,356		$	5,705
All other countries			1,282			1,318
Total revenue		$	6,638		$	7,023

Long-lived assets		March 31, 2026			December 31, 2025
United States		$	2,545		$	2,496
All other countries			182			208
Total long-lived assets		$	2,727		$	2,704

- 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

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+ Details

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

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, 2026:
Recurring fair value measurements
Equity and debt securities:
Route1, Inc.		$	90	$	—	$	90	$	—
Marketable securities			7		7		—		—
Total equity and debt securities			97		7		90		—
Total recurring fair value measurements		$	97	$	7	$	90	$	—

As of December 31, 2025
Recurring fair value measurements
Equity and debt securities:
Route1		$	112	$	—	$	112	$	—
Marketable securities			7		7		—		—
Total equity and debt securities			119		7		112		—
Derivatives:
Derivative liability			3,870		—		—		3,870
Total derivatives			3,870		—		—		3,870
Total recurring fair value measurements		$	3,989	$	7	$	112	$	3,870
Nonrecurring fair value measurements
Property, plant and equipment		$	1,665	$	—	$	—	$	1,665
Operating lease right-of-use asset			1,039		—		—		1,039
Convertible senior secured note			6,689		—		—		6,689
Total nonrecurring fair value measurements		$	9,393	$	—	$	—	$	9,393

Embedded derivative liability

Fair Value Measurements

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


Balance on January 1, 2026		3,870
Change in fair value of bifurcated embedded derivative		5,584
Extinguishment of convertible preferred stock with bifurcated embedded derivative		(9,454)
Balance on March 31, 2026	$	—

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total Company equity	Preferred Stock Series G Convertible Preferred Stock	Preferred Stock Series H Convertible Preferred Stock	Common stock	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive loss	Non-controlling interest	Total
Beginning Balance at Dec. 31, 2024	$ (788)			$ 53	$ 473,824	$ (472,706)	$ (1,959)	$ 8,530	$ 7,742
Balance Beginning (in shares) at Dec. 31, 2024				5,261,024
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	80				80			3	83
Series G Preferred Stock accretion	(499)				(499)				(499)
Series G Preferred Stock dividends	(68)				(68)				(68)
Foreign currency translation	199						199	(10)	189
Net loss for the period	(4,719)					(4,719)		131	(4,588)
Ending Balance at Mar. 31, 2025	(5,795)			$ 53	473,337	(477,425)	(1,760)	8,654	2,859
Balance Ending (in shares) at Mar. 31, 2025				5,261,024
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Preferred Stock in private placement, net of transaction costs (in shares)		4,000
Series G Preferred Stock accretion		$ 499
Series G Preferred Stock dividends		68
Temporary equity ending balance at Mar. 31, 2025		$ 567
Temporary equity ending balance (in shares) at Mar. 31, 2025		4,000
Beginning Balance at Dec. 31, 2025	(22,262)			$ 61	468,915	(489,697)	(1,541)	9,458	(12,804)
Balance Beginning (in shares) at Dec. 31, 2025				6,071,324
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for Series G preferred stock installment redemption	543			$ 18	525				$ 543
Issuance of common stock for Series G preferred stock installment redemption (in shares)				1,855,442					1,855,442
Stock-based compensation	886				886				$ 886
Issuance of Series H Preferred Stock in private placement, net of transaction costs	28,269				28,269				28,269
Issuance of Series H Preferred Stock in private placement, net of transaction costs (in shares)			31,333
Series G Preferred Stock dividends	(82)				(82)				(82)
Extinguishment of Preferred Stock and convertible notes	4,356				4,356				4,356
Foreign currency translation	(141)						(141)	41	(100)
Other comprehensive income, net	22						22		22
Net loss for the period	(11,202)					(11,202)		190	(11,012)
Ending Balance at Mar. 31, 2026	$ 389			$ 79	$ 502,869	$ (500,899)	$ (1,660)	$ 9,689	$ 10,078
Balance Ending (in shares) at Mar. 31, 2026				7,926,766
Temporary equity beginning balance at Dec. 31, 2025		$ 224
Temporary equity beginning balance (in shares) at Dec. 31, 2025		196							196
Increase (Decrease) in Temporary Equity [Roll Forward]
Series G Preferred Stock dividends									$ 2
Extinguishment of Series G Preferred Stock and convertible notes		$ (224)
Extinguishment of Series G Preferred Stock and convertible notes (in shares)		(196)
Temporary equity ending balance (in shares) at Mar. 31, 2026			31,333						0

Net Loss per Share of Common Stock (Tables)

3 Months Ended

Mar. 31, 2026

Net Loss per Share of Common Stock

Schedule of computation of basic and diluted net loss per share of Common Stock


		Three months ended
		March 31,
		2026			2025
Basic numerator:
Net loss attributable to XWELL, Inc.		$	(11,202)		$	(4,719)
Less: preferred stock dividends			(82)			(68)
Less: preferred stock accretion			—			(499)
Plus: deemed contribution on Repurchase of Series G Preferred Stock			106			—
Net loss attributable to common shareholders		$	(11,178)		$	(5,286)
Basic denominator:
Basic weighted average shares outstanding			7,396,148			5,261,024
Basic loss per share		$	(1.51)		$	(1.00)

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			905,014			516,096
Unvested RSUs to issue an equal number of shares of Common Stock			37,500			—
Warrants to purchase shares of Common Stock			71,999,234			5,347,594
Series G Convertible Preferred Stock on an as converted basis			—			2,933,452
Series H Convertible Preferred Stock on an as converted basis			66,665,957			—
Total number of potentially dilutive securities excluded from the calculation of loss per share attributable to common shareholders			139,607,705			8,797,142

Segment Information - Reconciliation of Revenue and Operating Income (Loss) from Segments to Consolidated (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Information
Revenue from external customers	$ 6,638,000	$ 7,023,000
Less: Significant Expenses (1):
Cost of Goods Sold	4,285,000	5,704,000
Occupancy Cost	761,000	1,134,000
Other Cost of Revenue	281,000	346,000
Depreciation and amortization	172,000	166,000
Less: Other Segment Expenses (2):
Other segment operating expenses	7,595,000	4,311,000
Segment operating (loss) income	$ (5,414,000)	(3,158,000)
Other segment item composition description	Salaries & Benefits, Rent & Utilities, Office Supplies & Shipping, Travel & Entertainment, IT & Telecom, Repairs & Maintenance, Accounting, Legal, Franchise/Property Tax, Management/DBE Fees, Advertising & Marketing, Insurance
XpresSpa
Segment Information
Revenue from external customers	$ 4,197,000	4,294,000
Less: Significant Expenses (1):
Occupancy Cost	678,000	976,000
Other Cost of Revenue	179,000	216,000
Depreciation and amortization	150,000	95,000
Less: Other Segment Expenses (2):
Other segment operating expenses	1,497,000	(397,000)
Segment operating (loss) income	(592,000)	800,000
XpresTest
Segment Information
Revenue from external customers	1,917,000	2,177,000
Less: Significant Expenses (1):
Occupancy Cost	14,000	6,000
Other Cost of Revenue	34,000	63,000
Depreciation and amortization		2,000
Less: Other Segment Expenses (2):
Other segment operating expenses	174,000	199,000
Segment operating (loss) income	1,067,000	618,000
Naples Wax
Segment Information
Revenue from external customers	524,000	552,000
Less: Significant Expenses (1):
Occupancy Cost	69,000	152,000
Other Cost of Revenue	68,000	67,000
Depreciation and amortization	6,000	55,000
Less: Other Segment Expenses (2):
Other segment operating expenses	3,000	369,000
Segment operating (loss) income	48,000	(422,000)
Corporate and other
Less: Significant Expenses (1):
Depreciation and amortization	16,000	14,000
Less: Other Segment Expenses (2):
Other segment operating expenses	5,921,000	4,140,000
Segment operating (loss) income	(5,937,000)	(4,154,000)
Labor
Less: Significant Expenses (1):
Cost of Goods Sold	2,974,000	3,967,000
Labor \| XpresSpa
Less: Significant Expenses (1):
Cost of Goods Sold	2,022,000	2,356,000
Labor \| XpresTest
Less: Significant Expenses (1):
Cost of Goods Sold	628,000	1,289,000
Labor \| Naples Wax
Less: Significant Expenses (1):
Cost of Goods Sold	324,000	322,000
Products & Services
Less: Significant Expenses (1):
Cost of Goods Sold	269,000	257,000
Products & Services \| XpresSpa
Less: Significant Expenses (1):
Cost of Goods Sold	263,000	248,000
Products & Services \| Naples Wax
Less: Significant Expenses (1):
Cost of Goods Sold	$ 6,000	$ 9,000

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (11,202)	$ (4,719)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details