XWELL (XWEL) Registration Filing summary

Company overview and business model

• Operates a global wellness platform with brands focused on restorative services for travelers, including XpresSpa, XpresTest, Naples Wax Center, and Treat.

• XpresSpa offers spa services in airports globally; as of December 31, 2024, there were 18 domestic and 10 international locations.

• XpresTest transitioned from COVID-19 testing to bio-surveillance in partnership with the CDC, securing a three-year contract valued up to $24.8 million.

• Naples Wax Center, acquired in September 2023, expands the company’s reach beyond airports into upscale hair removal and skincare services.

• Strategic focus includes expanding retail offerings, scaling outside airports, and international growth.

Financial performance and metrics

• XpresTest’s CDC contract extension in 2025 provides a base value of $22.2 million over three years, with a maximum of $24.8 million.

• Naples Wax Center was acquired for $1.624 million to diversify revenue streams.

Use of proceeds and capital allocation

• No proceeds from the resale of shares by selling stockholders; proceeds from warrant exercises, if any, will be used for general corporate purposes.