Xcel revenue falls 40% as Isaac Mizrahi exits; Halston now 52% of sales, debt refinanced 7 times

Filed April 15, 2026 · Period ending December 31, 2025 · Compared to 10-K May 28, 2025 · ~2 min read

Key Changes

• high

  Revenue collapsed 40% to $4.9M as Isaac Mizrahi brand divested, LB70 discontinued within a year of launch, and Qurate sales halved. Halston license now generates 52% of total revenue vs 31% prior year, creating extreme single-customer concentration.

  MD&A: Revenue & Business verify on EDGAR →
• high

  Company executed 7 debt amendments in 18 months, issued $3M of 12.5% Senior Secured Notes at discount, and raised $3.8M equity. Going concern persists; auditor warns post-year-end financing 'may still be insufficient' to meet obligations.

  Notes: Debt & Going Concern verify on EDGAR →
• high

  Headcount cut 29% to 15 employees concurrent with announcing four new influencer brand collaborations (Cesar Millan, Gemma Stafford, Coco Rocha, Jenny Martinez) planned for 2026 launches. ORME investment and LB70 brand both removed from portfolio within a year.

  Business: Operations & Strategy verify on EDGAR →