XWELL (XWEL) AI Stock Analysis

• Market Cap: $7.90M
• Dividend Yield: N/A
• Average Volume (3M): 79.79K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.20
• Revenue Growth: -12.74%
• EPS Growth: 13.22%
• Country: US
• Employees: 246
• Sector: Healthcare
• Sector Strength: 45
• Industry: Personal Products & Services
• EPS (TTM): -0.26
• Shares Outstanding: 5,766,703
• 10 Day Avg. Volume: 196,854
• 30 Day Avg. Volume: 79,787
• PEG Ratio: <0.01
• Price to Book (P/B): -8.84
• Price to Sales (P/S): 0.21
• P/FCF Ratio: -0.54
• Enterprise Value/Market Cap: 1.81
• Enterprise Value/Revenue: 0.48
• Enterprise Value/Gross Profit: 2.60
• Enterprise Value/Ebitda: -1.52
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 40 Underperform
• Price Target: $0.30 ▼(-40.20% Downside)
• Action: Reiterated Date: 01/31/26
• Date: Action: Reiterated 01/31/26

The score is driven primarily by weak financial performance (losses, negative equity, and continued cash burn). Technicals add further pressure with a clear downtrend, while valuation is hard to support given negative earnings and no dividend. A Nasdaq delisting notice adds incremental downside risk.

Positive Factors

Diversified revenue streams

XWELL sells services across kiosks, screenings and telehealth and partners with airports and corporates. Multiple service lines and B2B contracts provide durable revenue diversification and recurring-fee opportunities that improve resilience versus a single-product model.

Capital structure flexibility from exchange

The exchange of Series G preferred for senior secured convertible notes and amended terms restructures obligations, may reduce near-term cash burdens and clarifies creditor claims. Structural debt/convertible adjustments can extend runway and support operational continuity.

Shareholder-approved governance and listing levers

Stockholder approval for a discretionary reverse split and authorized share issuance gives management durable tools to address Nasdaq compliance and raise capital. These governance approvals increase strategic flexibility to defend listing status and manage capital structure.

Negative Factors

Negative shareholders' equity

Cumulative losses driving negative equity materially weaken the balance sheet, reduce financial shock absorption, constrain borrowing capacity and limit strategic options. This structural impairment raises long-term refinancing and covenant risks for the business.

Persistent operating cash burn

Consistent negative operating and free cash flow means the core business consumes cash rather than funds itself, forcing reliance on outside financing or dilutive issuances. Until OCF turns sustainably positive, liquidity and solvency remain elevated long-term risks.

Nasdaq delisting compliance risk

A formal Nasdaq deficiency notice creates a structural listing risk that can force reverse splits or loss of exchange access. Delisting would impair capital raising, reduce institutional ownership and hamper long-term operational credibility and partner confidence.

XWELL Business Overview & Revenue Model

Company Description

XWELL Inc., a health and wellness services company, provides spa services at airports. It operates through XpresSpa, XpresTest, Treat, and HyperPointe brands. The company offers spa services, including massage, and nail and skin care, as well as spa and travel products; and retail products. It also operates wellness centers that provides COVID-19 screening and testing, and rapid testing services for other communicable diseases, such as influenza, COVID-19, RSV, Flu A&B, and seasonal flu vaccination services; and other medical diagnostic testing services. In addition, the company offers services through an integrated digital platform, and a relevant retail offering to the traveling public. As of December 31, 2021, it operated 52 spa and clinic locations in 24 airports in the United States, the Netherlands, and the United Arab Emirates. The company was formerly known as XpresSpa Group, Inc. and changed its name to XWELL Inc. in October 2022. XWELL Inc. is headquartered in New York, New York.

How the Company Makes Money

XWELL generates revenue through multiple streams, primarily by offering wellness services and health screenings at strategic locations such as airports and corporate offices. The company charges fees for its health services and product offerings, which include wellness kiosks and telehealth consultations. Additionally, XWELL may engage in partnerships with businesses and organizations to provide tailored wellness programs, creating additional revenue opportunities. These partnerships can include contracts with airports, corporate clients, and healthcare organizations, contributing significantly to the company's overall earnings.

XWELL Financial Statement Overview

Summary

Financial health is highly stressed: persistent losses with deeply negative margins, negative shareholders’ equity, and ongoing negative operating/free cash flow. While losses have narrowed versus 2022–2023 and debt is moderate in absolute terms, declining revenue versus historical levels and continued cash burn keep risk elevated.

Income Statement

Profitability remains very weak, with losses in the latest TTM (Trailing-Twelve-Months) and across 2022–2024, and margins still deeply negative (TTM net margin about -52%). While losses have narrowed versus 2022–2023, revenue has trended down materially from 2021 levels and was slightly lower in TTM (Trailing-Twelve-Months) versus 2024, limiting the quality of the improvement. Overall, the income statement shows an ongoing turnaround effort, but not yet a sustainably profitable model.

Balance Sheet

The balance sheet is pressured by negative shareholders’ equity in 2024 and TTM (Trailing-Twelve-Months), which is a key risk signal and makes leverage metrics unfavorable. Total debt is moderate in absolute terms (~$9.9M TTM), but the capital structure deterioration from positive equity in 2022–2023 to negative equity more recently suggests cumulative losses have meaningfully weakened financial flexibility. Assets have also declined significantly from prior years, reinforcing the reduced cushion for creditors and shareholders.

Cash Flow

Cash generation is a major concern: operating cash flow and free cash flow are negative in TTM (Trailing-Twelve-Months) and each of the past three annual periods, implying the core business is consuming cash rather than funding itself. Although free cash flow burn improved versus 2022 and 2023, it worsened versus 2024, and the company is still relying on external financing or balance sheet resources to sustain operations. Until operating cash flow turns consistently positive, liquidity risk remains elevated.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Dec 2021	Mar 2021
Income Statement
Total Revenue	29.52M	33.90M	30.11M	55.94M	73.73M	8.38M
Gross Profit	5.49M	8.92M	3.68M	12.05M	32.34M	-3.60M
EBITDA	-9.38M	-11.16M	-15.75M	-19.12M	8.14M	-17.52M
Net Income	-15.31M	-16.85M	-27.74M	-32.84M	3.35M	-90.49M
Balance Sheet
Total Assets	21.74M	25.35M	38.99M	70.43M	127.27M	103.13M
Cash, Cash Equivalents and Short-Term Investments	4.22M	11.80M	23.05M	42.19M	105.51M	89.80M
Total Debt	9.89M	10.77M	11.09M	14.11M	13.82M	15.38M
Total Liabilities	18.68M	17.61M	18.02M	22.48M	27.33M	22.76M
Stockholders Equity	-6.33M	-788.00K	13.00M	39.93M	92.73M	77.81M
Cash Flow
Free Cash Flow	-15.12M	-12.80M	-18.45M	-31.02M	6.97M	-29.36M
Operating Cash Flow	-12.13M	-11.01M	-16.07M	-24.19M	14.56M	-25.01M
Investing Cash Flow	8.51M	5.89M	5.65M	-34.84M	-5.16M	-4.35M
Financing Cash Flow	2.78M	1.36M	8.00K	-27.38M	6.35M	117.22M

XWELL Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.50
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For XWEL, the sentiment is Positive. The current price of 0.5 is below the 20-day moving average (MA) of 0.70, below the 50-day MA of 0.55, and below the 200-day MA of 0.87, indicating a bullish trend. The MACD of 0.26 indicates Negative momentum. The RSI at 70.35 is Negative, neither overbought nor oversold. The STOCH value of 61.14 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for XWEL.

XWELL Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MRM	58 Neutral	$10.35M	-0.60	48.22%	―	13.71%	―
RGS	57 Neutral	$55.62M	37.76	98.54%	―	13.98%	34.14%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
MED	43 Neutral	$114.97M	-1.62	-9.13%	―	-36.29%	-96.65%
TRNR	41 Neutral	$2.63M	-0.27	-170.12%	―	207.23%	99.88%
EJH	40 Neutral	$55.21M	-0.82	-1.75%	―	-2.53%	99.45%
XWEL	40 Underperform	$7.90M	-1.97	―	―	-12.74%	13.22%

XWELL Corporate Events

XWELL Shareholders Approve Reverse Split, Capital Flexibility Moves

On December 18, 2025, XWELL, Inc. held its 2025 Annual Meeting of Stockholders, where holders of approximately 66.9% of outstanding common shares were represented in person or by proxy. Stockholders re-elected five directors to serve until the 2026 annual meeting, ratified CBIZ CPAs, P.C. as independent auditor for the fiscal year ending December 31, 2025, and approved on an advisory basis the compensation of named executive officers as well as a three-year frequency for future say-on-pay votes. Investors rejected a proposal to classify the board into two staggered classes, but approved a discretionary reverse stock split in a range of 1-for-2 to 1-for-20 and authorized the issuance of potentially more than 19.99% additional common shares tied to Series G preferred stock, amended warrants, and senior secured convertible notes under a prior exchange agreement, decisions that collectively preserve governance continuity while giving the company flexibility to manage its capital structure and maintain Nasdaq listing compliance. Stockholders also approved the ability to adjourn the meeting if needed, though no other matters were brought to a vote, and the reported results were deemed final.

The most recent analyst rating on (XWEL) stock is a Sell with a $0.75 price target. To see the full list of analyst forecasts on XWELL stock, see the XWEL Stock Forecast page.

XWELL Faces Nasdaq Delisting Notice Over Bid Price

On December 1, 2025, XWELL, Inc. received a notification from Nasdaq indicating that the company did not meet the minimum bid price requirement of $1.00 per share for its common stock over a 30-day period. XWELL has been given a compliance period until June 1, 2026, to meet this requirement by maintaining a minimum closing bid price of $1.00 for at least ten consecutive business days. If XWELL fails to comply within this period, it may qualify for an additional 180 days if it meets other listing standards, potentially requiring a reverse stock split. The letter does not immediately affect the company’s stock listing, but failure to comply could lead to delisting.

The most recent analyst rating on (XWEL) stock is a Hold with a $0.50 price target. To see the full list of analyst forecasts on XWELL stock, see the XWEL Stock Forecast page.

XWELL Finalizes Securities Exchange Agreement with Amendments

XWELL, Inc. entered into a Securities Exchange and Amendment Agreement with holders of its Series G Convertible Preferred Stock on November 3, 2025. The agreement involved exchanging a portion of the company’s outstanding Series G Preferred Stock for senior secured convertible notes, with the closing of the exchange occurring on November 10, 2025. The company filed a Certificate of Amendment on November 7, 2025, which amended the terms of the Series G Preferred Stock, including reducing the conversion price, removing certain cash maintenance covenants, and adding anti-dilution provisions. These changes are expected to impact the company’s financial operations and stakeholder interests.

The most recent analyst rating on (XWEL) stock is a Sell with a $1.00 price target. To see the full list of analyst forecasts on XWELL stock, see the XWEL Stock Forecast page.

XWELL Announces 2025 Annual Meeting Date Change

On November 6, 2025, XWELL, Inc. announced that its 2025 Annual Meeting of Stockholders will be held on December 18, 2025. The company has changed the meeting date by more than 30 days from the previous year, prompting a new deadline for stockholder proposals and nominations. Stockholders must submit proposals or nominations by November 17, 2025, to be considered for inclusion in the meeting’s proxy materials, in accordance with the company’s bylaws and SEC regulations.

The most recent analyst rating on (XWEL) stock is a Sell with a $1.00 price target. To see the full list of analyst forecasts on XWELL stock, see the XWEL Stock Forecast page.

XWELL Agrees to Exchange Series G Stock for Notes

XWELL, Inc. entered into a Securities Purchase Agreement on January 14, 2025, with accredited investors to sell Series G Convertible Preferred Stock and warrants. On November 3, 2025, the company agreed to exchange a portion of this stock for senior secured convertible notes, with the exchange expected to close on November 5, 2025. This move involves amendments to the terms of the Series G Preferred Stock and warrants, including price adjustments and anti-dilution provisions, potentially impacting the company’s financial structure and investor relations.

The most recent analyst rating on (XWEL) stock is a Sell with a $1.00 price target. To see the full list of analyst forecasts on XWELL stock, see the XWEL Stock Forecast page.