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Red Flags Detected

  • Material Weakness (worsened) — The same five material weaknesses in internal controls are disclosed, including a new one related to foreign subsidiaries.
  • Goodwill Impairment (new) — A full goodwill impairment of $1,389 was recorded for the Naples Wax business in 2025.
  • Auditor Change (unchanged) — The auditor changed from Marcum LLP to CBIZ CPAs P.C. due to CBIZ's acquisition of Marcum's attest business.
  • Going Concern (new) — Filing states that conditions raise substantial doubt about the company's ability to continue as a going concern. The same disclosure appeared in the baseline filing.
NASDAQ: XWEL XWELL, Inc. 10-K

XWELL resolves going-concern doubt via $31.3M raise, but revenue falls 13.8% and goodwill is fully impaired

Filed April 1, 2026 · Period ending December 31, 2025 · Compared to 10-K Apr 15, 2025 · ~2 min read

Key Changes

  • high

    Going-concern doubt is alleviated after a February 2026 private placement of Series H preferred stock and warrants raised $31.3 million, with $9.0 million used to repurchase notes, preferred stock, and warrants.

    MD&A: Going Concern verify on EDGAR →
  • high

    Total revenue declined 13.8% to $29.2 million, driven by reduced testing volumes in XpresTest, partially offset by new Naples Wax locations.

    MD&A: Revenue verify on EDGAR →
  • high

    A full goodwill impairment of $1,389 was recorded for the Naples Wax business, reflecting persistent losses and negative projected cash flows.

    MD&A: Goodwill Impairment verify on EDGAR →

2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.

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View original filing on SEC.gov View full financials on EDGAR ↗

Figures/quotes linked to EDGAR · Narrative written by AI · Oct 4, 2026 · How we verify