$XWEL

Vringo Inc

CIK:0001410428|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue, net
Total revenue, net	$ 7,145,000	$ 7,689,000	$ 13,784,000	$ 14,712,000
Cost of sales
Labor	3,037,000	3,912,000	6,011,000	7,879,000
Occupancy	606,000	1,238,000	1,367,000	2,372,000
Products and other operating costs	554,000	764,000	1,104,000	1,367,000
Total cost of sales	4,197,000	5,914,000	8,482,000	11,618,000
Gross Profit	2,948,000	1,775,000	5,302,000	3,094,000
Depreciation and amortization	163,000	187,000	335,000	353,000
Loss on disposal of assets, net	239,000		239,000
General and administrative	4,650,000	4,280,000	12,246,000	8,591,000
Total operating expenses	5,052,000	4,467,000	12,820,000	8,944,000
Operating loss	(2,104,000)	(2,692,000)	(7,518,000)	(5,850,000)
Change in fair value of derivative liabilities		421,000	(5,584,000)	279,000
Change in fair value of warrant liability		625,000		3,215,000
Loss on issuance of Series G Preferred Stock				(3,443,000)
Interest income (expense), net	11,000	147,000	(32,000)	204,000
Foreign exchange gain (loss)	102,000	(543,000)	179,000	(998,000)
Gain on investments, realized and unrealized	188,000	58,000	166,000	54,000
Other non-operating expense, net	(29,000)	(34,000)	(55,000)	(67,000)
Loss before income taxes	(1,832,000)	(2,018,000)	(12,844,000)	(6,606,000)
Income tax expense	(51,000)	(34,000)	(51,000)	(34,000)
Net loss	(1,883,000)	(2,052,000)	(12,895,000)	(6,640,000)
Net income attributable to noncontrolling interests	(357,000)	(217,000)	(547,000)	(348,000)
Net loss attributable to XWELL, Inc.	(2,240,000)	(2,269,000)	(13,442,000)	(6,988,000)
Other comprehensive income (loss)	(41,000)	417,000	(119,000)	606,000
Comprehensive loss	(1,924,000)	(1,635,000)	(13,014,000)	(6,034,000)
Loss per share
Preferred stock dividends		(189,000)	(82,000)	(257,000)
Preferred stock accretion		(583,000)		(1,082,000)
Deemed contribution on Repurchase of Series G Preferred Stock			106,000
Net loss attributable to XWELL, Inc. common stockholders	$ (2,240,000)	$ (3,041,000)	$ (13,418,000)	$ (8,327,000)
Basic loss per share (in dollars per share)	$ (0.26)	$ (0.56)	$ (1.69)	$ (1.56)
Diluted loss per share (in dollars per share)	$ (0.26)	$ (0.56)	$ (1.69)	$ (1.56)
Weighted-average number of shares outstanding
Basic (in shares)	8,487,425	5,417,271	7,944,801	5,340,442
Diluted (in shares)	8,487,425	5,417,271	7,944,801	5,340,442
Services
Revenue, net
Total revenue, net	$ 6,531,000	$ 6,905,000	$ 12,596,000	$ 13,325,000
Products
Revenue, net
Total revenue, net	$ 614,000	$ 784,000	$ 1,188,000	$ 1,387,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (12,895)	$ (6,640)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	335	353
Unrealized gain on marketable securities		(33)
Foreign currency remeasurement (gain) loss	(179)	998
Gain on lease termination	(501)	(401)
Loss on disposal of assets, net	239
Amortization of operating lease right-of-use asset	158	490
Provision for credit losses	(4)	6
Stock-based compensation	984	682
Non-cash interest expense	53
Gain on equity investment	(166)	(20)
Change in fair value of derivative liability	5,584	(279)
Change in fair value of warrant liability		(3,215)
Loss on issuance of Series G Preferred Stock		3,443
Changes in assets and liabilities:
Decrease (increase) in inventory	117	(59)
(Increase) decrease in accounts receivable	(259)	278
(Decrease) in deferred revenue	(417)	(106)
Decrease (increase) in other assets, current and non-current	96	(1,013)
(Decrease) in other liabilities, current and non-current	(1,196)	(1,287)
(Decrease) increase in accounts payable	(1,066)	239
Net cash used in operating activities	(9,117)	(6,564)
Cash flows from investing activities
Acquisition of property and equipment	(559)	(1,313)
Investment in marketable securities		(84)
Sale of marketable securities	7	4,488
Net cash provided by (used in) investing activities	(552)	3,091
Cash flows from financing activities
Payment of Series G Preferred Stock dividends	(76)	(95)
Payment for Repurchase of preferred stock, convertible notes and warrants	(9,000)
Proceeds from Series H Preferred Stock in private placement, net of offering costs	28,269	3,745
Net cash provided by financing activities	19,193	3,650
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(46)	36
Increase in cash, cash equivalents and restricted cash	9,478	213
Cash, cash equivalents, and restricted cash at beginning of the year	2,868	5,301
Cash, cash equivalents, and restricted cash at end of the period	12,346	5,514
Cash paid for
Income taxes	51	34
Non-cash investing and financing transactions
Capital expenditures included in accounts payable, accrued expenses and other current liabilities	(125)	16
Accrual of Series G convertible preferred stock dividends	82	162
Accretion of Series G convertible preferred stock to redemption value		1,082
Initial fair value of warrant liability		5,873
Initial fair value of derivative liability		1,315
Accrued Series G convertible preferred stock redemption payable		829
Reclass of warrant liability upon warrant modification		2,658
Derecognition of right-of-use asset and operating lease liabilities upon termination of lease	47
Lease liability remeasurement due to modification		$ 79
Noncash conversion of Series G convertible preferred stock	543
Deemed dividend on Repurchase 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 - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 11,778	$ 2,617
Marketable securities		7
Accounts receivable, net	1,824	1,560
Inventory	391	509
Other current assets	1,146	1,217
Total current assets	15,139	5,910
Restricted cash	568	251
Property and equipment, net	1,606	1,665
Intangible assets, net	20	101
Operating lease right-of-use assets, net	836	1,039
Security deposits	2,067	2,127
Other assets	290	124
Total assets	20,526	11,217
Current liabilities
Accounts payable	1,618	2,836
Accrued expenses and other current liabilities	2,657	2,940
Accrued Series G convertible preferred stock redemption payable		538
Current portion of operating lease liabilities	1,685	1,862
Deferred revenue	708	1,126
Convertible senior secured note, net		3,590
Total current liabilities	6,668	12,892
Long-term liabilities
Derivative liability		3,870
Operating lease liabilities	5,606	7,035
Total liabilities	12,274	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 June 30, 2026 and December 31, 2025, respectively; Liquidation preference of $0 as of June 30, 2026		224
Equity (deficit)
Common stock, $0.01 par value per share, 150,000,000 shares authorized; 8,471,766 and 6,071,324 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	84	61
Additional paid-in capital	502,962	468,915
Accumulated deficit	(503,139)	(489,697)
Accumulated other comprehensive loss	(1,761)	(1,541)
Total equity (deficit) attributable to XWELL, Inc.	(1,854)	(22,262)
Noncontrolling interests	10,106	9,458
Total equity (deficit)	8,252	(12,804)
Total liabilities, temporary equity and equity	$ 20,526	$ 11,217