v3.26.1
Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Information  
Segment Information

Note 13. Segment Information

XWELL, Inc. transitioned to a pure-play wellness service company, which is organized primarily on the basis of products and services specific to individual entities within the group. The Company currently has three reportable operating segments: XpresSpa®, XpresTest® and Naples Wax Center. The Company analyzes the results of the Company’s business through the three reportable segments. The following is a brief description of our reportable segments:

The XpresSpa segment provides travelers premium spa services, including massage, nail and skin care, as well as spa and travel products.

The XpresTest segment provides aircraft wastewater and passenger nasal sampling through the CDC’s bio-surveillance program. XpresTest’s HyperPointe business provided a broad range of service and support options for its customers, including technical support services and advanced services and is no longer operating as of December 31, 2025.

The Naples Wax Center segment operates six locations with core products and service offerings from face and body waxing to a range of skincare and cosmetic products.

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 year ended December 31, 2025 and 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

  ​ ​ ​

XpresSpa

  ​ ​ ​

XpresTest

  ​ ​ ​

Naples Wax

  ​ ​ ​

Corporate and other

  ​ ​ ​

Total

Revenue

​

$

18,649

​

$

8,249

 

$

2,312

​

$

—

​

$

29,210

Operating (loss)/income

​

$

(40)

​

$

4,314

​

$

(5,845)

​

$

(14,099)

​

$

(15,670)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

  ​ ​ ​

XpresSpa

  ​ ​ ​

XpresTest

  ​ ​ ​

Naples Wax

  ​ ​ ​

Corporate and other

  ​ ​ ​

Total

Revenue

​

$

18,765

​

$

13,055

 

$

2,077

​

$

—

​

$

33,897

Operating (loss)/income

​

$

(12,301)

​

$

5,192

​

$

(496)

​

$

(9,102)

​

$

(16,707)

​

A reconciliation of total segment revenues to total consolidated revenue and of total segment operating (loss) income to total consolidated (loss) income, for the years ended December 31, 2025 and 2024, is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

  ​ ​ ​

XpresSpa

  ​ ​ ​

XpresTest

  ​ ​ ​

Naples Wax

  ​ ​ ​

Corporate and other

  ​ ​ ​

Total

Revenue from external customers

​

$

18,649

​

$

8,249

​

$

2,312

​

$

—

​

$

29,210

Less: Significant Expenses (1):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cost of Goods Sold - Labor

​

​

9,250

​

​

4,682

​

​

1,405

​

​

—

​

​

15,337

Cost of Goods Sold - Products & Services

​

​

1,318

​

​

—

​

​

32

​

​

—

​

​

1,350

Occupancy Cost

​

​

2,738

​

​

51

​

​

836

​

​

—

​

​

3,625

Other Cost of Revenue

​

​

850

​

​

197

​

​

345

​

​

—

​

​

1,392

Depreciation and amortization

​

​

481

​

​

8

​

​

308

​

​

65

​

​

862

Impairment of long-lived assets

​

​

959

​

​

—

​

​

2,190

​

​

—

​

​

3,149

Impairment of operating lease right-of-use assets

​

​

673

​

​

—

​

​

1,063

​

​

—

​

​

1,736

Impairment of goodwill

​

​

—

​

​

—

​

​

1,389

​

​

—

​

​

1,389

Loss on disposal of assets, net

​

​

21

​

​

19

​

​

—

​

​

—

​

​

40

Less: Other Segment Expenses (2):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other segment operating expenses

​

​

2,399

​

​

(1,022)

​

​

589

​

​

14,034

​

​

16,000

Segment operating (loss) income

​

$

(40)

​

$

4,314

​

$

(5,845)

​

$

(14,099)

​

$

(15,670)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

  ​ ​ ​

XpresSpa

  ​ ​ ​

XpresTest

  ​ ​ ​

Naples Wax

  ​ ​ ​

Corporate and other

  ​ ​ ​

Total

Revenue from external customers

​

$

18,765

​

$

13,055

​

$

2,077

​

$

—

​

$

33,897

Less: Significant Expenses (1):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cost of Goods Sold - Labor

​

​

10,039

​

​

6,148

​

​

1,258

​

​

32

​

​

17,477

Cost of Goods Sold - Products & Services

​

​

1,640

​

​

46

​

​

38

​

​

—

​

​

1,724

Occupancy Cost

​

​

3,417

​

​

35

​

​

260

​

​

—

​

​

3,712

Other Cost of Revenue

​

​

1,192

​

​

509

​

​

346

​

​

18

​

​

2,065

Depreciation and amortization

​

​

672

​

​

74

​

​

136

​

​

56

​

​

938

Impairment of long-lived assets

​

​

1,711

​

​

—

​

​

—

​

​

—

​

​

1,711

Impairment of operating lease right-of-use assets

​

​

2,805

​

​

—

​

​

—

​

​

—

​

​

2,805

Loss on disposal of assets, net

​

​

90

​

​

—

​

​

—

​

​

—

​

​

90

Less: Other Segment Expenses (2):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other segment operating expenses

​

​

9,500

​

​

1,051

​

​

535

​

​

8,996

​

​

20,082

Segment operating (loss) income

​

$

(12,301)

​

$

5,192

​

$

(496)

​

$

(9,102)

​

$

(16,707)

(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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

Stock based compensation

​

$

176

​

$

3

​

$

—

​

$

903

​

$

1,082

Goodwill

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

Impairment

​

$

1,632

​

$

—

​

$

4,642

​

$

—

​

$

6,274

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

  ​ ​ ​

XpresSpa

  ​ ​ ​

XpresTest

  ​ ​ ​

Naples Wax

  ​ ​ ​

Corporate and other

  ​ ​ ​

Total

​

​

​

​

​

​

​

  ​ ​ ​

​

​

​

​

​

​

​

​

Capital expenditures

​

$

755

​

$

49

 

$

959

​

$

18

​

$

1,781

Assets

​

$

8,545

​

$

2,133

​

$

6,216

​

$

8,458

​

$

25,352

Stock based compensation

​

$

799

​

$

94

​

$

—

​

$

—

​

$

893

Goodwill

​

$

—

​

$

—

​

$

1,389

​

$

—

​

$

1,389

Impairment

​

$

4,516

​

$

—

​

$

—

​

$

—

​

$

4,516

​

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 as of and for the years ended December 31, 2025 and 2024. There were no concentrations of geographical revenue and long-lived assets related to any single foreign country that were material to the Company’s consolidated financial statements. Long-lived assets include property and equipment and right of use lease assets.

​

​

​

​

​

​

​

​

​

​

For the years ended

​

​

December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Revenue

 

​

  ​

 

​

  ​

United States

​

$

23,420

​

$

27,813

All other countries

​

 

5,790

​

 

6,084

Total revenue

​

$

29,210

​

$

33,897

​

​

​

​

​

​

​

Long-lived assets

​

​

​

​

​

​

United States

​

$

2,496

​

$

3,289

All other countries

​

​

208

​

​

1,929

Total long-lived assets

​

$

2,704

​

$

5,218

​

The Company performed impairment assessments of long-lived assets and operating lease right-of-use asset for the years ended December 31, 2025 and 2024. Based upon the results of the impairment tests, the Company recorded impairment expenses of long-lived assets for approximately $959 and $2,190 for its XpresSpa and Naples Wax segments for the year ended December 31, 2025. Additionally, the Company recorded impairment expenses of operating lease right-of-use assets for approximately $673 and $1,063 for its XpresSpa and Naples Wax segments for the year ended December 31, 2025. For the year ended December 31, 2024, the company recorded impairment expenses of long-lived assets for approximately $1,308 and $403 for its XpresSpa and Treat segments, respectively, and impairment expenses of operating lease right-of-use assets for approximately $2,551 and $254 for its XpresSpa and Treat segments, respectively.