XWELL, Inc. (NASDAQ: XWEL)

XWELL Inc is a global wellness organization dedicated to delivering restorative and health-focused services to travelers through its three reportable operating segments: XpresSpa®, XpresTest®, and Naples Wax Center®. The company provides spa services such as massage, nail and skin care, along with wellness products, primarily within airport environments. It also offers bio-surveillance testing services and operates upscale hair removal and skincare centers off-airport. XWELL Inc serves travelers seeking convenient health and wellness solutions during transit and in off-airport locations.

XWELL Inc generates revenue through the delivery of spa and wellness services at its XpresSpa® locations, including massage, nail treatments, skin care, and retail sales of spa and travel products. Revenue is also derived from XpresTest® through bio-surveillance monitoring programs conducted in partnership with government health agencies, involving pathogen sample collection and reporting. Additionally, Naples Wax Center® contributes revenue from facial and body waxing services, skincare applications, and retail sales of cosmetic products. The company serves a general customer base of travelers, airport personnel, government agency clients, and off-airport consumers seeking personal care services.

The company operates through the following segments: XpresSpa®, XpresTest®, and Naples Wax Center®.

• XpresSpa® operates as a global airport retailer of spa services, offering travelers premium treatments such as massage, nail care, and skin care, along with spa and travel products. As of December 31, 2025, it maintained 16 domestic locations and 9 international locations across airports in the United Arab Emirates, Netherlands, and Turkey.

• XpresTest® provides bio-surveillance monitoring services in collaboration with government health agencies, including pathogen sample collection and reporting at U. S. international airports. It previously offered COVID-19 and other medical testing to travelers and airport staff but discontinued diagnostic services after closing all locations by December 31, 2023. Revenue from its surveillance programs has been supported through multiple contract extensions and expansions with federal partners.

• Naples Wax Center® operates a group of upscale hair removal locations offering core services from facial and body waxing to a range of skincare and cosmetic products. Acquired on September 12, 2023, it aims to expand XWELL Inc’s presence beyond airports into off-airport markets, supporting diversification of the wellness platform and retail footprint.

XWELL Inc is strategically positioned to capitalize on growing consumer interest in travel, health, and wellness, leveraging its airport-based footprint to build brand recognition amid high foot traffic and dwell time. Its domestic units operate in many of the largest and most heavily trafficked U. S. airports, where the market is fragmented and dominated by small privately-owned entities, with the largest domestic competitor operating nine locations across seven airports. The company differentiates itself through flexible location adaptation, integrated wellness offerings, and a focus on expedient yet restorative experiences for time-constrained travelers.

The company serves travelers passing through airports, airline and airport employees, government personnel such as TSA and Customs and Border Protection agents, and off-airport consumers seeking personal wellness services. Specific customer names are not disclosed in the filing, but the base includes transient airport visitors, public health agencies engaged in surveillance programs, and retail clients of off-airport waxing and skincare centers.