XCel Brands, Inc.

For the period ended Sep 30, 2025. Filed Nov 19, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 19, 2025

XELB$0.43+6.7%Stored close · as of Nov 10, 2026

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Contents

Unaudited Condensed Consolidated Statements of Operations

(in thousands, except share and per share data)


· · For the Three Months Ended · · For the Nine Months Ended ·
· · September 30, · · September 30, ·
· 2025 · 2024 · 2025 · 2024 ·
Revenues · · · · · ·
Net licensing revenue	$1,118	$1,505	$3,771	$6,515
Net sales	—	407	—	535
Net revenue	1,118	1,912	3,771	7,050
Cost of goods sold	—	407	—	445
Gross profit	1,118	1,505	3,771	6,605

Direct operating costs and expenses
Salaries, benefits and employment taxes	956	1,208	3,026	4,771
Other selling, general and administrative expenses	1,214	1,618	3,323	5,137
Total direct operating costs and expenses	2,170	2,826	6,349	9,908

Operating loss before other operating costs and expenses (income)	(1,052)	(1,321)	(2,578)	(3,303)

Other operating costs and expenses (income)
Depreciation and amortization	896	910	2,695	4,044
Asset impairment charges	—	—	—	3,483
Loss from equity investments	5,494	6,847	6,010	7,937
Gain on divestiture of Lori Goldstein Brand	—	—	—	(3,801)

Operating loss	(7,442)	(9,078)	(11,283)	(14,966)

Interest and finance expense (income)
Interest expense	470	133	1,400	418
Other interest and finance charges (income), net	52	9	169	20
Loss on early extinguishment of debt	—	—	1,850	—
Interest and finance expense (income), net	522	142	3,419	438

Loss before income taxes	(7,964)	(9,220)	(14,702)	(15,404)

Income tax provision (benefit)	25	—	75	—

Net loss	(7,989)	(9,220)	(14,777)	(15,404)
Net loss attributable to noncontrolling interest	(90)	(7)	(93)	(92)
Net loss attributable to Xcel Brands, Inc. stockholders	$(7,899)	$(9,213)	$(14,684)	$(15,312)

Earnings (loss) per common share attributable to Xcel Brands, Inc. stockholders:
Basic earnings (loss) per share (1)	$(2.02)	$(3.92)	$(5.06)	$(6.82)
Diluted earnings (loss) per share (1)	$(2.02)	$(3.92)	$(5.06)	$(6.82)
Weighted average number of common shares outstanding:
Basic weighted average common shares outstanding (1)	3,918,993	2,352,135	2,904,399	2,246,569
Diluted weighted average common shares outstanding (1)	3,918,993	2,352,135	2,904,399	2,246,569

(1)	Amounts presented for 2024, including the weighted average number of shares outstanding and the resulting loss per share information have been retroactively adjusted in order to give effect to the Company’s March 24, 2025 1-for-10 reverse stock split. See Note 1 and Note 7.

ContentsView on SEC.gov

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