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 Statements of Operations

(in thousands, except share and per share data)


· · For the Year Ended ·
· · December 31, ·
· · 2025 · · 2024 ·
Revenues · · · · · ·
Net licensing revenue	$4,939	$7,912
Net sales	—	347
Net revenue	4,939	8,259
Cost of goods sold	—	445
Gross profit	4,939	7,814

Direct operating costs and expenses
Salaries, benefits and employment taxes	3,920	5,916
Other selling, general and administrative expenses	4,647	6,842
Total direct operating costs and expenses	8,567	12,758

Operating loss before other operating costs and expenses (income)	(3,628)	(4,944)

Other operating costs and expenses (income)
Depreciation and amortization	3,593	4,947
Asset impairment charges	—	3,483
Loss from equity investments	6,010	11,836
Gain on divestiture of Lori Goldstein Brand	—	(3,801)

Operating loss	(13,231)	(21,409)

Interest and finance expense (income)
Interest expense	2,078	618
Other finance charges (income), net	338	26
Loss on early extinguishment of debt	1,850	287
Interest and finance expense (income), net	4,266	931

Loss before income taxes	(17,497)	(22,340)

Income tax provision	75	220

Net loss	(17,572)	(22,560)
Net loss attributable to noncontrolling interest	(111)	(165)
Net loss attributable to Xcel Brands, Inc. stockholders	$(17,461)	$(22,395)

Loss per common share attributable to Xcel Brands, Inc. stockholders:
Basic and diluted net loss per share (1)	$(5.08)	$(9.84)
Weighted average number of common shares outstanding:
Basic and diluted weighted average common shares outstanding (1)	3,435,816	2,275,332

(1)	Weighted average shares outstanding and per share information 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.