Financial Statements — XWEL
Balance Sheet
(in millions USD)| Metric | Q2 2026 | Q1 2026 | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 | Q3 2021 | Q2 2021 | Q1 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 11.78 | 16.80 | 3.99 | 5.26 | 3.65 | 4.37 | 5.42 | 4.32 | 4.83 | 6.38 | 9.87 | 49.43 | 71.11 | 82.99 | 109.16 | 102.50 | 102.65 |
| Short-term Investments | -- | 0.01 | 0.24 | 2.89 | 7.32 | 11.66 | 12.97 | 14.78 | 21.31 | 25.53 | 25.24 | -- | -- | -- | -- | -- | -- |
| Accounts Receivable | 1.82 | 1.32 | 1.48 | 1.47 | 1.50 | 0.91 | 2.38 | 2.90 | 1.19 | 1.93 | 2.02 | 1.31 | 0.83 | 1.92 | 0.06 | 0.55 | 3.02 |
| Inventory | 0.39 | 0.45 | 0.52 | 0.56 | 0.53 | 0.67 | 0.87 | 0.83 | 0.97 | 0.85 | 1.00 | 0.94 | 1.07 | 2.52 | 2.04 | 1.33 | 1.17 |
| Total Current Assets | 15.14 | 19.75 | 10.81 | 11.83 | 14.84 | 19.51 | 23.14 | 24.46 | 29.96 | 36.13 | 39.89 | 55.18 | 74.37 | 88.46 | 113.10 | 107.58 | 107.79 |
| Property, Plant & Equipment | 1.61 | 1.77 | 3.88 | 2.94 | 2.15 | 2.96 | 2.45 | 2.14 | 3.80 | 3.87 | 4.33 | 8.10 | 8.02 | 8.27 | 4.53 | 4.78 | 4.46 |
| Goodwill | -- | -- | 1.39 | 1.39 | 1.39 | 1.39 | 1.39 | 1.43 | -- | 4.02 | 4.02 | 4.02 | 4.02 | 4.26 | -- | -- | -- |
| Intangible Assets | 0.02 | 0.06 | 0.79 | 0.87 | 0.95 | 1.11 | 1.19 | 1.26 | 2.17 | 3.71 | 3.63 | 4.41 | 4.99 | 5.21 | 2.73 | 1.19 | 0.77 |
| Total Non-current Assets* | 2.44 | 2.73 | 6.50 | 5.93 | 5.31 | 14.27 | 13.16 | 13.02 | 14.59 | 20.46 | 22.70 | 29.80 | 27.00 | 25.28 | 16.18 | 12.54 | 12.03 |
| Total Assets | 20.53 | 24.99 | 21.74 | 22.45 | 24.83 | 33.78 | 36.29 | 37.48 | 44.55 | 56.59 | 62.60 | 84.98 | 101.37 | 113.74 | 129.28 | 120.12 | 119.82 |
| Accounts Payable | 0.13 | 0.11 | 0.18 | 0.46 | 0.41 | 0.11 | 0.08 | 0.24 | 1.51 | 0.78 | 0.66 | 3.64 | 4.67 | -- | 5.44 | 4.72 | -- |
| Total Current Liabilities | 6.67 | 8.39 | 10.06 | 9.48 | 8.86 | 9.85 | 10.44 | 9.19 | 8.16 | 9.27 | 9.05 | 10.98 | 12.54 | 18.65 | 17.20 | 20.34 | 13.84 |
| Long-term Debt | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 1.43 | 5.65 | 5.65 | 5.65 |
| Total Non-current Liabilities* | 5.61 | 6.53 | 8.29 | 8.85 | 12.54 | 9.11 | 8.62 | 9.53 | 9.12 | 10.32 | 10.95 | 12.47 | 8.89 | 7.30 | 8.16 | 6.10 | 8.09 |
| Total Liabilities | 12.27 | 14.91 | 18.35 | 18.32 | 21.40 | 18.96 | 19.06 | 18.71 | 17.28 | 19.59 | 20.00 | 23.45 | 21.43 | 25.95 | 25.35 | 26.44 | 21.93 |
| Retained Earnings | (503.14) | (500.90) | (480.42) | (479.69) | (477.42) | (465.11) | (460.36) | (458.36) | (449.27) | (439.35) | (433.62) | (414.65) | (407.48) | (399.56) | (398.55) | (404.15) | (399.68) |
| Total Stockholder Equity | (1.85) | 0.39 | (6.33) | (5.18) | (5.79) | 6.30 | 8.80 | 10.57 | 19.40 | 29.26 | 34.85 | 52.89 | 71.43 | 79.69 | 96.03 | 90.13 | 94.01 |
* Derived from reported values
Income Statement
(in millions USD) (except per-share rows)| Metric | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Revenue | 7.15 | 6.64 | 7.15 | 7.35 | 7.69 | 7.02 | 7.47 | 8.42 | 9.28 | 8.73 | 7.40 | 7.47 | 8.18 | 7.06 | 7.56 | 10.74 | 13.60 | 24.05 | 29.36 | 26.77 |
| Cost of Revenue | 4.20 | 4.29 | 4.23 | 5.85 | 5.91 | 5.70 | 6.35 | 6.37 | 6.20 | 6.06 | 6.53 | 6.38 | 6.99 | 6.54 | 7.15 | 9.34 | 12.36 | 15.05 | 15.86 | 13.66 |
| Gross Profit* | 2.95 | 2.35 | 2.92 | 1.49 | 1.78 | 1.32 | 1.12 | 2.05 | 3.08 | 2.67 | 0.88 | 1.09 | 1.19 | 0.52 | 0.41 | 1.40 | 1.24 | 9.00 | 13.50 | 13.11 |
| Selling, General & Admin | 4.65 | 7.60 | 5.86 | 1.55 | 4.28 | 4.31 | 2.85 | 4.53 | 3.07 | 2.09 | 0.68 | -- | -- | 6.09 | 6.98 | 6.45 | 7.56 | 10.19 | 9.85 | 5.20 |
| Total Operating Expenses* | 5.05 | 7.77 | 11.97 | 2.26 | 4.97 | 4.48 | 8.79 | 6.82 | 10.02 | 5.05 | 7.60 | 11.57 | 5.91 | 6.81 | 13.70 | 18.64 | 9.01 | 11.45 | 11.32 | 6.05 |
| Operating Income | (2.10) | (5.41) | (9.05) | (0.77) | (2.69) | (3.16) | (7.67) | (4.77) | (1.89) | (2.38) | (6.72) | (10.48) | (4.72) | (6.29) | (13.29) | (7.65) | (7.77) | (2.45) | 2.17 | 7.06 |
| Pretax Income | (1.83) | (11.01) | (9.26) | (0.21) | (2.02) | (4.59) | (7.59) | (4.70) | (1.79) | (2.36) | (6.51) | (9.98) | (5.68) | (5.83) | (14.21) | (7.68) | (7.92) | (2.76) | 1.81 | 6.68 |
| Tax Provision | 0.05 | -- | (0.01) | 0.00 | 0.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | 0.05 | 0.00 | 0.00 | -- | (0.02) | 0.09 |
| Net Income | (2.24) | (11.20) | (9.28) | (0.72) | (2.27) | (4.72) | (7.59) | (4.75) | (2.00) | (2.51) | (6.58) | (9.92) | (5.73) | (5.51) | (13.46) | (7.18) | (7.92) | (4.28) | 3.28 | 5.60 |
| Basic EPS | (0.26) | (1.51) | (3.26) | (0.26) | (0.56) | (1.00) | (1.59) | (0.99) | (0.48) | (0.60) | (4.12) | (2.38) | (0.07) | (0.07) | (0.15) | (0.08) | (0.08) | (0.04) | 0.03 | 0.05 |
| Diluted EPS | (0.26) | (1.51) | (3.26) | (0.26) | (0.56) | (1.00) | (1.59) | (0.99) | (0.48) | (0.60) | (4.12) | (2.38) | (0.07) | (0.07) | (0.15) | (0.08) | (0.08) | (0.04) | 0.03 | 0.05 |
* Derived from reported values
Cash Flow Statement
(in millions USD)| Metric | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | (4.51) | (4.60) | (0.04) | (2.11) | (2.39) | (4.18) | (3.46) | (3.42) | (0.44) | (3.68) | (3.20) | (4.25) | (2.75) | (5.86) | (6.78) | (8.79) | (6.84) | (1.77) | 8.59 | 7.78 |
| Capital Expenditures | 0.17 | 0.39 | 0.71 | 0.95 | 0.89 | 0.42 | 0.73 | 0.41 | 0.35 | 0.29 | 0.27 | 0.40 | (0.17) | 1.40 | 0.67 | 1.74 | 2.40 | 1.66 | 1.63 | 0.52 |
| Free Cash Flow* | (4.68) | (4.99) | (0.75) | (3.05) | (3.27) | (4.60) | (4.19) | (3.83) | (0.80) | (3.97) | (3.47) | (4.66) | (2.58) | (7.27) | (7.45) | (10.53) | (9.24) | (3.43) | 6.96 | 7.26 |
| Investing Cash Flow | (0.16) | (0.39) | (0.47) | 1.72 | 3.56 | (0.47) | 3.70 | 1.01 | 1.55 | (0.37) | 6.82 | 2.60 | (0.48) | (3.29) | (23.91) | (1.73) | (2.42) | (6.78) | (2.78) | 0.28 |
| Financing Cash Flow | 0.00 | 19.19 | (0.84) | (0.87) | (0.09) | 3.75 | 0.00 | 1.36 | 0.00 | -- | 0.00 | 0.15 | (0.12) | (0.02) | 0.28 | (11.13) | (2.59) | (13.94) | (9.43) | (1.43) |
* Derived from reported values