XCel Brands, Inc.
Financial highlights
| Metric | FY December 31, 2025 | FY December 31, 2024 | FY December 31, 2023 | FY October 31, 2023 | FY December 31, 2022 |
|---|---|---|---|---|---|
| Revenue | $4.9M | $8.3M | $17.8M | — | $25.8M |
| Gross profit | $4.9M | $7.8M | $10.8M | — | $17.8M |
| Operating income | -$13.2M | -$21.4M | -$20.6M | — | -$2.3M |
| Operating expenses | — | — | — | — | $620,000 |
| Cost of revenue | — | $445,000 | $6.9M | — | $8.0M |
| Cash from operations | -$7.0M | -$4.7M | -$6.5M | — | -$14.2M |
| Capital expenditure | $10,000 | $112,000 | $100,000 | — | $265,000 |
| Free cash flow | -$7.0M | -$4.8M | -$6.6M | — | -$14.4M |
| Share repurchases | $204,000 | $107,000 | — | — | $442,000 |
| Impairments | $0 | $3.5M | $100,000 | — | $274,000 |
| Total assets | $38.9M | $53.8M | $71.7M | — | $88.9M |
| Total liabilities | $23.1M | $25.4M | $23.5M | — | $18.8M |
| Total debt | $13.6M | $8.0M | $5.0M | $5.0M | $0 |
Shares outstanding 6.0M · Free float 58.1%
Annual filing data through FY ended December 31, 2025; float as of July 12, 2026.