XWELL, Inc. Q4 FY2023 earnings call

• XpresSpa saw 39% revenue growth in 2023, international spas 40% growth, with new international location in Abu Dhabi Airport beating expectations by 25%. • Acquired Naples Wax for ~$1.5M, its 3 centers performing well, with plan to have ~10 locations by early 2025. • Plan to take XpresSpa out of airport with labor light model in NY Penn Station. • Deployed autonomous chairs in US spas, autonomous manicure stations in Vegas, and proprietary stretching service. • Biosurveillance program with CDC expanded to 7 airports, ~330,000 tests in 2023, collecting over 7,000 samples weekly. • Cost optimization: removed $11M in 2023, expect $5M savings in 2024, 'your business, your unit, your team' initiative led to labor savings 10%-50% and revenue increases up to 3%.

Total revenue for Fiscal Year 2023 was approximately $30.1 million. The segments included: XpresSpa locations and Treat locations contributed approximately $19.5 million, XpresTest (including biosurveillance partnership and HyperPointe) contributed approximately $9.9 million, and Naples Wax center contributed $650,000. XpresSpa delivered revenue growth of approximately 39% compared to 2022, international airport spas had ~40% revenue growth vs 2022, Naples Wax reported ~3% revenue growth in Q4 2023 year-over-year.

• Expect $5 million in additional savings in 2024 from cost structure initiatives. • Plan to open 3 more Naples Wax locations in FL, aiming for ~10 locations by early 2025. • Continue pilot of autonomous manicure stations in other US locations and possibly abroad. • Look to launch Treat Studios later in 2024.

• Forward-looking statements based on current assumptions with known and unknown risks and uncertainties. • Actual results may differ materially from forward-looking statements due to factors in SEC filings like annual report on Form 10-K and other periodic reports.