XWEL

• Ezra Ernst's background including his time with XWELL and prior senior management roles.
• Transition to sole CEO, consolidating dual CEO structure, realigning resources, leaner decision-making, and cost reduction strategy.
• Prioritizing out-of-airport brand strategy, planning to expand in Florida, open first Naples Wax location in November 2024, and operate up to 10 XWELL properties by mid-2025.
• In-airport growth: solid foot traffic at XpresSpa at Philadelphia International Airport, plan to open Penn Station XpresSpa next year, tech-forward concept.
• Partnership with Priority Pass enhancing brand awareness, expanding service menu, adding skilled retail and store management, simplifying spa appointment reservation via social media and mobile platforms.

• Plan to expand into several attractive markets in Florida and be in position to operate up to 10 XWELL properties by mid-2025.
• Expect to share more regarding growth initiatives in 2025.
• Focus on continued improvements in execution, prudent cost management, and enhanced operational processes.

For the third quarter, total revenue was approximately $8.4 million. Revenue primarily consisted of approximately $4.9 million from XpresSpa locations and Treat locations, which is about 58.3% of total revenue. Approximately $3.1 million came from XpresTest, including the biosurveillance partnership and HyperPointe business, making up around 36.9% of total revenue. Approximately $0.4 million was from Naples Wax Center, accounting for about 4.8% of total revenue. Salaries and benefits in the third quarter of 2024 were approximately $1.9 million, general and administrative expenses were approximately $4.5 million, total operating expenses were approximately $6.8 million. Operating loss was $4.8 million, net loss attributable to common shareholders was $4.8 million.

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