XCel Brands Inc

For the period ended Dec 31, 2024. Filed May 28, 2025.

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.

FY2024 · Filed May 28, 2025

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,
· 2024 · 2023
Cash flows from operating activities · ·
Net loss	$(22,560)	$(22,237)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	4,947	6,954
Asset impairment charges	3,483	100
Amortization of deferred finance costs included in interest expense	115	22
Stock-based compensation and cost of licensee warrants	403	242
Provision for credit losses	17	75
Loss from equity method investments	7,623	2,060
Contingent reduction in equity ownership of IM Topco, LLC	4,213	—
Loss on early extinguishment of debt	287	—
Deferred income tax provision	—	1,107
Gain on divestiture of Lori Goldstein brand	(3,801)	—
Gain on sale of limited partner ownership interest	—	(359)
Gain on settlement of lease liability	—	(445)
Changes in operating assets and liabilities:
Accounts receivable	1,168	1,581
Inventory	453	2,391
Prepaid expenses and other current and non-current assets	(279)	1,034
Deferred revenue	(398)	4,356
Accounts payable, accrued expenses, accrued income taxes payable, and other current liabilities	16	(2,936)
Lease-related assets and liabilities	(794)	(525)
Other long-term liabilities	391	35
Net cash used in operating activities	(4,716)	(6,545)

Cash flows from investing activities
Capital contribution to equity method investee	—	(150)
Net proceeds from sale of assets	—	459
Purchase of property and equipment	(112)	(100)
Net cash (used in) provided by investing activities	(112)	209

Cash flows from financing activities
Proceeds from public offering and private placement transactions, net of transaction costs	1,902	—
Proceeds from long-term debt	7,950	5,000
Payment of deferred finance costs	(922)	(301)
Proceeds from exercise of stock options	—	27
Shares repurchased including vested restricted stock in exchange for withholding taxes	(107)	—
Payment of long-term debt	(5,000)	—
Net cash provided by financing activities	3,823	4,726

Net decrease in cash, cash equivalents, and restricted cash	(1,005)	(1,610)

Cash, cash equivalents, and restricted cash at beginning of year	2,998	4,608

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

Reconciliation to amounts on consolidated balance sheets:
Cash and cash equivalents	$1,254	$2,998
Restricted cash (reported in other non-current assets)	739	—
Total cash, cash equivalents, and restricted cash	$1,993	$2,998

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	$481	$—

Supplemental disclosure of cash flow information:
Cash paid during the year for interest	$505	$56
Cash paid during the year for income taxes	$—	$99

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.