XWELL, Inc. (NASDAQ:XWEL) Q4 2023 Earnings Call Transcript

Turning to expenses. Our total cost of sales decreased to $26.4 million from $43.9 million in the prior year. Switching to salary, general and administrative expenses, demonstrating our cost-cutting efforts and initiatives, these expenses totaled $20.9 million compared to $31.2 million for the prior year. We reported an operating loss for the year of approximately $28.2 million compared to an operating loss of approximately $31.2 million in the prior year. As Scott has discussed in the past, and it is important to reiterate here that we continue to strategically invest in our long-term growth initiatives. Our net loss attributable to XWELL was approximately $28 million compared to a net loss of approximately $32.7 million in the prior year.

Turning to our balance sheet at year-end, we had approximately $8.4 million of cash and cash equivalents, $14.6 million in marketable securities, total assets of approximately $26.6 million and no long-term debt. Looking ahead, we remain focused on continued improvements in execution, including prudent cost management and enhanced operational processes. I look forward to speaking with you all again in the months ahead. I’ll now turn the call back to the operator.

Operator: