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

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Contents

Item 8. Consolidated Statements of Cash Flows

(in thousands)


· · For the Year Ended December 31,
· · 2025 · · 2024
Cash flows from operating activities · · · ·
Net loss	$(17,572)	$(22,560)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	3,593	4,947
Asset impairment charges	—	3,483
Paid in-kind interest expense	710	—
Amortization of deferred finance costs and other non-cash interest expense	522	115
Stock-based compensation and cost of licensee warrants	570	403
Provision for credit losses	30	17
Loss from equity investments	6,010	11,836
Loss on early extinguishment of debt	1,850	287
Gain on divestiture of Lori Goldstein brand	—	(3,801)
Changes in operating assets and liabilities:
Accounts receivable	1,283	1,168
Inventory	—	453
Prepaid expenses and other current and non-current assets	(44)	(279)
Deferred revenue	(939)	(398)
Accounts payable, accrued expenses, accrued income taxes payable, and other current liabilities	(2,338)	16
Lease-related assets and liabilities	(699)	(794)
Other long-term liabilities	1	391
Net cash used in operating activities	(7,023)	(4,716)

Cash flows from investing activities
Purchase of property and equipment	(10)	(112)
Net cash used in investing activities	(10)	(112)

Cash flows from financing activities
Proceeds from public offering and private placement transactions, net of transaction costs	1,965	1,902
Proceeds from private investment in public equity transaction, net of transaction costs	1,815	—
Proceeds from long-term debt	5,670	7,950
Payment of deferred finance costs	(567)	(922)
Shares repurchased including vested restricted stock in exchange for withholding taxes	(204)	(107)
Payment of long-term debt	(750)	(5,000)
Net cash provided by financing activities	7,929	3,823

Net increase (decrease) in cash, cash equivalents, and restricted cash	896	(1,005)

Cash, cash equivalents, and restricted cash at beginning of year	1,993	2,998

Cash, cash equivalents, and restricted cash at end of year	$2,889	$1,993

Reconciliation to amounts on consolidated balance sheets:
Cash and cash equivalents	$1,150	$1,254
Restricted cash reported in prepaid expenses and other current assets	1,000	—
Restricted cash reported in other non-current assets	739	739
Total cash, cash equivalents, and restricted cash	$2,889	$1,993

Supplemental disclosure of non-cash activities:
Recognition of operating lease right-of-use asset	$—	$2,596
Recognition of operating lease obligation	$—	$2,596
Issuance of warrants in connection with debt refinancing	$648	$481

Supplemental disclosure of cash flow information:
Cash paid during the year for interest	$814	$505
Cash paid during the year for income taxes	$515	$—

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.