XCel Brands, Inc.

For the period ended Dec 31, 2025. Filed Apr 15, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Apr 15, 2026

XELB$0.40-6.9%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Balance Sheets

(in thousands, except share and per share data)


· · December 31, 2025 · · December 31, 2024
Assets · · · ·
Current Assets: · · · ·
Cash and cash equivalents	$1,150	$1,254
Accounts receivable, net	956	2,269
Prepaid expenses and other current assets	1,564	520
Total current assets	3,670	4,043
Non-current Assets:
Property and equipment, net	130	182
Operating lease right-of-use assets	3,005	3,751
Trademarks and other intangibles, net	31,229	34,759
Investments in unconsolidated affiliates	—	10,110
Other assets	912	911
Total non-current assets	35,276	49,713

Total Assets	$38,946	$53,756

Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities	$1,136	$2,734
Deferred revenue	1,330	1,380
Accrued income taxes payable	85	554
Current portion of operating lease obligations	1,687	1,513
Current portion of long-term debt	3,250	—
Contingent obligation	—	4,213
Total current liabilities	7,488	10,394
Long-Term Liabilities:
Deferred revenue	1,778	2,667
Long-term portion of operating lease obligations	3,678	5,297
Long-term debt, net, less current portion	9,456	6,569
Other long-term liabilities	722	431
Total long-term liabilities	15,634	14,964
Total Liabilities	23,122	25,358

Commitments and Contingencies

Stockholders' Equity:
Preferred stock, $.001 par value, 1,000,000 shares authorized, none issued and outstanding	—	—
Common stock, $.001 par value, 50,000,000 shares authorized, and 5,880,757 and 2,368,072 shares issued and outstanding at December 31, 2025 and 2024, respectively (1)	6	2
Paid-in capital (1)	111,660	106,666
Accumulated deficit	(93,705)	(76,244)
Total Xcel Brands, Inc. stockholders' equity	17,961	30,424
Noncontrolling interest	(2,137)	(2,026)
Total Stockholders' Equity	15,824	28,398

Total Liabilities and Stockholders' Equity	$38,946	$53,756

(1)	The values of Common stock and Paid-in capital, as well as the number of shares issued and outstanding, have been retroactively adjusted in order to give effect to the Company’s 1-for-10 reverse stock split. See Note 2 and Note 7.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.