Xcel Brands reported flat net licensing revenues, decreased expenses, and improved EBITDA in the first quarter.

From GlobeNewswire: 2024-05-20 17:33:00

Xcel Brands, Inc. reported flat net licensing revenues at $2.2 million for the quarter, with direct operating costs and expenses decreasing by 43% to $4.0 million. The GAAP net loss was $6.3 million, while Adjusted EBITDA improved to ($1.6) million. The company completed Project Fundamentals to reduce overhead and operating risks, positioning it for growth. Net revenue for the first quarter of 2024 decreased by approximately $3.9 million from the previous year, primarily due to the discontinuance of wholesale businesses. Licensing revenue remained flat at $2.2 million. Net loss attributable to Xcel Brands was $6.3 million for the quarter. The balance sheet as of December 31, 2023, showed stockholders’ equity of approximately $44 million, cash and cash equivalents of $1.6 million, and working capital of $2.1 million, excluding lease obligations and deferred revenue. Xcel Brands, Inc. (NASDAQ: XELB) is a media and consumer products company specializing in livestream shopping and social commerce. Led by Chairman and CEO Robert W. D’Loren, the company owns multiple lifestyle brands and is focused on modern consumer product sales strategies across various channels. Xcel generated over $5 billion in retail sales through livestreaming and digital channels. The company will host a conference call and webcast to discuss financial results on May 20, 2024, at 5:00 p.m. Eastern Time. Interested parties can access the webcast on Xcel’s Investor Relations website, while those unable to do so can join via phone. Xcel Brands is committed to driving growth through its core licensing business and investments in social commerce platforms like Orme, leveraging its expertise in interactive television and digital channels.



Read more at GlobeNewswire:: Xcel Brands, Inc. Announces First Quarter 2024 Results