ONESPAWORLD HOLDINGS Ltd
For the period ended Dec 31, 2025. Filed Feb 23, 2026.
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FY2025 · Filed Feb 23, 2026
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ITEM 6. SELECTED FINANCIAL DATA
The following tables contain selected historical financial data for the Company. The information below should be read in conjunction with the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the audited Consolidated Financial Statements of the Company, and the notes related thereto, included elsewhere in this report.
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (In thousands) | |||
| REVENUES | |||
| Service revenues | $777,262 | $723,273 | $648,091 |
| Product revenues | 183,739 | $171,746 | $145,954 |
| Total revenues | 961,001 | 895,019 | 794,045 |
| COST OF REVENUES AND OPERATING EXPENSES | |||
| Cost of services | 645,360 | 599,756 | 541,356 |
| Cost of products | 156,493 | 145,799 | 125,649 |
| Administrative | 18,063 | 18,827 | 17,111 |
| Salary, benefits and payroll taxes | 37,092 | 35,630 | 36,805 |
| Amortization of intangible assets | 16,508 | 16,571 | 16,823 |
| Restructuring expenses | 2,703 | — | — |
| Long-lived assets impairment | 3,145 | 376 | 2,129 |
| Total cost of revenues and operating expenses | 879,364 | 816,959 | 739,873 |
| Income from operations | 81,637 | 78,060 | 54,172 |
| OTHER (EXPENSE) INCOME, NET | |||
| Interest expense | (5,665) | (10,048) | (21,395) |
| Interest income | 488 | 1,167 | 280 |
| Change in fair value of warrant liabilities | — | 7,677 | (37,557) |
| Other expense | (348) | — | — |
| Total other expense, net | (5,525) | (1,204) | (58,672) |
| Income (loss) before income tax expense (benefit) | 76,112 | 76,856 | (4,500) |
| INCOME TAX EXPENSE (BENEFIT) | 4,494 | 3,992 | (1,526) |
| NET INCOME (LOSS) | $71,618 | $72,864 | $(2,974) |
| Adjusted EBITDA (1) | $123,251 | $112,076 | $89,192 |
| December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Balance Sheet Data (In thousands): | |||
| Working Capital (2) | $48,217 | $23,463 | $16,961 |
| Total Assets | 707,095 | 746,423 | 706,140 |
| Total Liabilities | 164,518 | 191,926 | 272,071 |
| Total Shareholders' Equity | 542,577 | 554,497 | 434,069 |
(1)
We define Adjusted EBITDA as Net Income (loss) plus income tax expense (benefit), interest income, interest expense, depreciation and amortization, long-lived assets impairment, stock-based compensation, restructuring expenses, inventory write-off, change in fair value of warrant liabilities, other expense and business combination costs.
(2)
Working capital calculated as current assets less current liabilities, less cash and cash equivalents and restricted cash.
The following table reconciles Net Income (Loss) to Adjusted EBITDA for the years ended December 31, 2025, 2024 and 2023:
| Year Ended December 31, | |||
|---|---|---|---|
| (In thousands) | 2025 | 2024 | 2023 |
| Net Income (loss) | $71,618 | $72,864 | $(2,974) |
| Income tax expense (benefit) | 4,494 | 3,992 | (1,526) |
| Interest income | (488) | (1,167) | (280) |
| Interest expense | 5,665 | 10,048 | 21,395 |
| Depreciation and amortization | 25,332 | 24,276 | 22,040 |
| Long-lived assets impairment | 3,145 | 376 | 2,129 |
| Stock-based compensation | 10,086 | 9,071 | 10,138 |
| Restructuring expenses (a) | 2,703 | — | — |
| Inventory write-off (b) | 348 | — | — |
| Change in fair value of warrant liabilities | — | (7,677) | 37,557 |
| Other expense | 348 | - | — |
| Business combination costs (c) | — | 293 | 713 |
| Adjusted EBITDA | $123,251 | $112,076 | $89,192 |
(a) See note 7- "Restructuring and asset impairment", to the consolidated financial statements.
(b) Inventory write-off represents addbacks related to the exit from certain of our land-based health and wellness center operations in Asia. These expenses were recorded in Cost of products.
(c) Business combination costs refers to legal and advisory fees incurred by OneSpaWorld in connection with the secondary offering and warrant conversion.
Note Regarding Non-GAAP Financial Information
We believe that Adjusted EBITDA, as a non-GAAP measure, when reviewed in conjunction with GAAP financial measures, and not in isolation or as a substitute for analysis of our results of operations under GAAP, is useful to investors as it is a widely used measure of performance and the adjustments we make provide investors further insight into our profitability and additional perspectives in comparing our performance to other companies and in comparing our performance over time on a consistent basis. Our presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies. Adjusted EBITDA has limitations as profitability measures in that it does not include total amounts for interest expense on our debt, change in fair value of warrant liabilities, restructuring expenses, provision for income taxes and the effect of our expenditures for capital assets and certain intangible assets. In addition, this non-GAAP measure has limitations as a profitability measure in that it does not include the impact of certain expenses related to items that are settled in cash. Because of these limitations, the Company relies primarily on its GAAP results.
In the future, we may incur expenses similar to those for which adjustments are made in calculating Adjusted EBITDA. Our presentation of Adjusted EBITDA should not be construed as a basis to infer that our future results will be unaffected by extraordinary, unusual or non-recurring items.
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