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XWEL • CIK 0001410428
| (in thousands, except per share data) | FY 2023 | FY 2024 | FY 2025 | TTM |
|---|---|---|---|---|
| Gross Profit | $3,681 | $8,919 | $7,506 | $9,714 |
| Depreciation, Depletion and Amortization | $2,065 | $938 | $862 | $844 |
| Impairment of Long-Lived Assets Held-for-use | $3,927 | $1,711 | $3,149 | $3,149 |
| Goodwill, Impairment Loss | $4,024 | $0 | $1,389 | $1,389 |
| Gain (Loss) on Disposition of Other Assets | $-34 | $-90 | $-40 | $-40 |
| Operating Lease, Impairment Loss | $926 | $2,805 | $1,736 | $1,736 |
| Selling, General and Administrative Expense | $12,957 | $12,542 | $16,000 | $19,655 |
| Costs and Expenses | $31,887 | $25,626 | $23,176 | $27,052 |
| Operating Income (Loss) | $-28,206 | $-16,707 | $-15,670 | $-17,338 |
| Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | — | — | $-80 | $-5,943 |
| Fair Value Adjustment of Warrants | — | — | $-3,215 | $-3,215 |
| Interest Income (Expense), Net | $448 | $380 | $661 | $425 |
| Foreign Currency Transaction Gain (Loss), before Tax | $-738 | $-259 | $-654 | $523 |
| Gain (Loss) on Investments | — | $356 | $61 | $173 |
| Other Nonoperating Income (Expense) | $-410 | $-211 | $-167 | $-155 |
| Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $-27,994 | $-16,441 | $-16,077 | $-22,315 |
| Income Tax Expense (Benefit) | $35 | $49 | $29 | $46 |
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $-28,029 | $-16,490 | $-16,106 | $-22,361 |
| Net Income (Loss) Attributable to Noncontrolling Interest | $-288 | $363 | $885 | $1,084 |
| Net Income (Loss) Attributable to Parent | $-27,741 | $-16,853 | $-16,991 | $-23,445 |
| Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $-1,108 | $69 | $467 | $-258 |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $-29,419 | $-16,421 | $-15,639 | $-22,619 |
| Revenue from Contract with Customer, Excluding Assessed Tax | $30,109 | $33,897 | $29,210 | $28,282 |
| Cost, Direct Labor | $17,932 | $17,477 | $15,337 | $13,469 |
| Cost of Revenue | $26,428 | $24,978 | $21,704 | $18,568 |
| Temporary Equity, Accretion to Redemption Value, Adjustment | — | — | $4,000 | $4,000 |
| WarrantDownRoundFeatureDecreaseInNetIncomeLossToCommonShareholderAmount | — | — | $2,334 | $2,334 |
| PreferredStockConvertibleDownRoundFeatureDecreaseInNetIncomeLossToCommonShareholderAmount | — | — | $4,399 | $4,399 |
| Net Income (Loss) Available to Common Stockholders, Basic | — | — | $-28,233 | $-33,324 |
| Weighted Average Number of Shares Outstanding, Basic | 4,175,220 | 4,610,940 | 5,560,015 | 8,164,374 |
| (in thousands, except per share data) | FY 2023 | FY 2024 | FY 2025 | TTM |
|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | $8,437 | $4,550 | $2,617 | $11,778 |
| Marketable Securities, Current | $14,613 | $7,247 | $7 | $7 |
| Restricted Cash and Cash Equivalents, Noncurrent | $751 | $751 | $251 | $568 |
| Accounts Receivable, after Allowance for Credit Loss, Current | $1,667 | $1,793 | $1,560 | $1,824 |
| Property, Plant and Equipment, Net | $2,454 | $1,809 | $1,665 | $1,606 |
| Inventory, Net | $900 | $501 | $509 | $391 |
| Intangible Assets, Net (Excluding Goodwill) | $1,353 | $1,023 | $101 | $20 |
| Other Assets, Current | $949 | $1,246 | $1,217 | $1,146 |
| Operating Lease, Right-of-Use Asset | $4,656 | $3,409 | $1,039 | $836 |
| Assets, Current | $26,566 | $15,337 | $5,910 | $15,139 |
| Goodwill | $1,371 | $1,389 | $1,389 | $1,389 |
| Leveraged Lease Investment | $1,556 | $1,535 | $2,127 | $2,067 |
| Other Assets, Noncurrent | $1,842 | $1,634 | $124 | $290 |
| Assets | $38,993 | $25,352 | $11,217 | $20,526 |
| Liabilities | $18,022 | $17,610 | $23,797 | $12,274 |
| Stockholders' Equity Attributable to Noncontrolling Interest | $7,969 | $8,530 | $9,458 | $10,106 |
| Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $20,971 | $7,742 | $-12,804 | $8,252 |
| Accounts Payable, Current | $1,099 | $1,612 | $2,836 | $1,618 |
| Accrued Liabilities and Other Liabilities | $4,968 | $4,088 | $2,940 | $2,657 |
| Operating Lease, Liability, Current | $2,402 | $2,381 | $1,862 | $1,685 |
| Contract with Customer, Liability, Current | — | $1,143 | $1,126 | $708 |
| Convertible Notes Payable, Current | — | — | $3,590 | $3,590 |
| Liabilities, Current | $9,330 | $9,224 | $12,892 | $6,668 |
| Embedded Derivative, Fair Value of Embedded Derivative Liability | — | — | $3,870 | $9,431 |
| Operating Lease, Liability, Noncurrent | $8,692 | $8,386 | $7,035 | $5,606 |
| Temporary Equity, Carrying Amount, Attributable to Parent | — | — | $224 | $224 |
| Common Stock, Value, Issued | $42 | $53 | $61 | $84 |
| Additional Paid in Capital | $470,737 | $473,824 | $468,915 | $502,962 |
| Retained Earnings (Accumulated Deficit) | $-455,853 | $-472,706 | $-489,697 | $-503,139 |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $-1,924 | $-1,959 | $-1,541 | $-1,761 |
| Stockholders' Equity Attributable to Parent | $13,002 | $-788 | $-22,262 | $-1,854 |
| Temporary Equity, Shares Authorized | — | — | 4,000 | 4,000 |
| Temporary Equity, Shares Issued | — | — | 196 | 0 |
| Preferred Stock, Liquidation Preference, Value | — | — | $380 | $31,333 |
| Common Stock, Shares Authorized | 150,000,000 | 150,000,000 | 150,000,000 | 150,000,000 |
| Common Stock, Shares, Issued | 4,179,631 | 5,261,024 | 6,071,324 | 8,471,766 |
| (in thousands, except per share data) | FY 2023 | FY 2024 | FY 2025 | TTM |
|---|---|---|---|---|
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $-28,029 | $-16,490 | $-16,106 | $-22,361 |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | $-185 | $-136 | $6 | $-76 |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $-10,601 | $-3,887 | $-2,433 | $6,832 |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $9,188 | $5,301 | $2,868 | $15,519 |
| Depreciation, Depletion and Amortization | $2,065 | $938 | $862 | $844 |
| Payments to Acquire Property, Plant, and Equipment | $1,905 | $1,783 | $2,964 | $2,210 |
| Payments to Acquire Marketable Securities | — | — | $95 | $95 |
| Goodwill, Impairment Loss | $4,024 | $0 | $1,389 | $1,389 |
| Proceeds from Sale and Maturity of Marketable Securities | $9,417 | $7,986 | $7,391 | $2,910 |
| Impairment of Intangible Assets, Finite-lived | $2,768 | $5 | $620 | $620 |
| Payments to Acquire Intangible Assets | $468 | $9 | $9 | $9 |
| Net Cash Provided by (Used in) Investing Activities | $5,650 | $5,895 | $4,332 | $689 |
| Marketable Securities, Unrealized Gain (Loss) | $877 | $321 | $33 | $33 |
| Foreign Currency Transaction Gain (Loss), before Tax | $-738 | $-259 | $-654 | $523 |
| Gain (Loss) on Termination of Lease | $821 | $655 | $410 | $510 |
| Operating Lease, Right-of-Use Asset, Amortization Expense | — | — | $916 | $584 |
| Accounts Receivable, Credit Loss Expense (Reversal) | $0 | $50 | $50 | — |
| Share-based Payment Arrangement, Noncash Expense | $2,319 | $893 | $1,082 | $1,384 |
| Income (Loss) from Equity Method Investments | $-54 | $35 | $27 | $173 |
| Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | — | — | $-80 | $-5,943 |
| Fair Value Adjustment of Warrants | — | — | $-3,215 | $-3,215 |
| Proceeds from Stock Options Exercised | — | $4 | $4 | $4 |
| Proceeds from Issuance of Common Stock | — | $1,355 | $3,745 | $3,745 |
| Payments for Repurchase of Redeemable Convertible Preferred Stock | — | — | $1,794 | $1,794 |
| Payments to Noncontrolling Interests | $120 | $120 | $9 | $9 |
| Net Cash Provided by (Used in) Financing Activities | $8 | $1,359 | $1,942 | $17,485 |
| Income Taxes Paid | $35 | $59 | $58 | $75 |
| Capital Expenditures Incurred but Not yet Paid | $17 | $152 | $14 | $14 |
| Conversion of Stock, Amount Issued | — | — | $177 | $177 |
| Increase (Decrease) in Inventories | $-261 | $-399 | $8 | $-168 |
| Increase (Decrease) in Accounts Receivable | $-1,191 | $193 | $-247 | $290 |
| Increase (Decrease) in Contract with Customer, Liability | — | $281 | $-17 | $-328 |
| Increase (Decrease) in Other Operating Assets | $-512 | $103 | $596 | $-513 |
| Increase (Decrease) in Other Operating Liabilities | — | — | $-3,094 | $-3,003 |
| Increase (Decrease) in Accounts Payable and Accrued Liabilities | $-488 | $387 | $1,206 | $-99 |
| Net Cash Provided by (Used in) Operating Activities | $-16,074 | $-11,005 | $-8,713 | $-11,266 |