XELB on Nasdaq

XCel Brands, Inc.

American patent owners and lessors company, incorporated in Delaware. Summary from the record

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Last updated Oct 19, 2026.

Overview

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TickerXELB on Nasdaq¹
IndustryPatent Owners & Lessors¹
HeadquartersNew York, New York¹
Incorporated inDE²
Business address1333 Broadway, 10Th Floor, New York, Ny 10018²
Filer categoryNon-accelerated filer, Smaller reporting company²

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The "Halston," "Halston Heritage," "H by Halston ® ," "H Halston ™ ," "Roy Frowick," "Judith Ripka LTD ™ ," "Judith Ripka Collection ™ ," "Judith Ripka Legacy ™ ," "Judith Ripka ® ,” "Judith Ripka Sterling ™ ," "C Wonder ™ ," "C Wonder Limited ™ ," and "TowerHill" brands and all related logos and other trademarks or service marks of the Company appearing in this Annual Report are the property of the Company. Brands and all related logos and other trademarks or service marks of other entities (for example, QVC, HSN, JTV, etc.) are the property of those respective entities.³ From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

100.0%Gross margin⁴

-267.9%Operating margin⁴

-353.5%Net margin⁴

-40.2%Revenue growth, 2025⁴

-97.2%Return on equity⁴

0.53×Debt to equity⁴

-$7.0MFree cash flow⁴

Where the money goes

Where each dollar of revenue went, fiscal 2025

Selling, general and admin

Selling, general and admin94¢$4.6M
Other costs4¢$217.0K
Income tax2¢$75.0K

Out of $4.9M in revenue.⁴ The company lost money this year.

Financial statements

Revenue⁵⁶⁷⁸⁹⁴$4.9M in 2025−88% since 2019

Gross profit⁵⁶⁷⁸⁹⁴$4.9M in 2025−84% since 2019

Operating income⁵⁶⁷⁸⁹⁴-$13.2M in 2025+406% since 2019

Net income⁵⁶⁷⁸⁹⁴-$17.5M in 2025+410% since 2019

Every line of the income statement as filed: the last 2 fiscal years, latest first.⁴

Period ending	2025-12-31	2024-12-31
Net revenue	$4.9M	$8.3M
Cost of goods sold		$445.0K
Gross profit	$4.9M	$7.8M
Salaries, benefits and employment taxes	$3.9M	$5.9M
Other selling, general and administrative expenses	$4.6M	$6.8M
Total direct operating costs and expenses	$8.6M	$12.8M
Operating loss before other operating costs and expenses (income)	-$3.6M	-$4.9M
Depreciation and amortization	$3.6M	$4.9M
Asset impairment charges		$3.5M
Loss from equity investments	$6.0M	$11.8M
Gain on divestiture of Lori Goldstein Brand		-$3.8M
Operating loss	-$13.2M	-$21.4M
Interest expense	$2.1M	$618.0K
Other interest and finance charges (income), net	$338.0K	$26.0K
Loss on early extinguishment of debt	$1.9M	$287.0K
Interest and finance expense (income), net	$4.3M	$931.0K
Loss before income taxes	-$17.5M	-$22.3M
Income tax provision	$75.0K	$220.0K
Net loss	-$17.6M	-$22.6M
Net loss attributable to noncontrolling interest	-$111.0K	-$165.0K
Net loss attributable to Xcel Brands, Inc. stockholders	-$17.5M	-$22.4M
Basic net loss per share	-$5.08	-$9.84
Diluted net loss per share	-$5.08	-$9.84
Basic weighted average common shares outstanding	3.4M shares	2.3M shares
Diluted weighted average common shares outstanding	3.4M shares	2.3M shares
Reverse stock split ratio	0 pure

Total assets⁵⁶⁷⁸⁹⁴$38.9M in 2025−73% since 2019

Total liabilities⁵⁶⁷⁸⁹⁴$23.1M in 2025−48% since 2019

Shareholders’ equity⁵⁶⁷⁸⁹⁴$18.0M in 2025−82% since 2019

Cash⁵⁶⁷⁸⁹⁴$1.1M in 2025−75% since 2019

Long-term debt⁵⁶⁷⁹⁴$9.5M in 2025−43% since 2019

Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.⁴

Period ending	2025-12-31	2025-02-28	2024-12-31	2023-12-31
Cash and cash equivalents	$1.1M		$1.3M
Accounts receivable, net	$956.0K		$2.3M
Prepaid expenses and other current assets	$1.6M		$520.0K
Total current assets	$3.7M		$4.0M
Property and equipment, net	$130.0K		$182.0K
Operating lease right-of-use assets	$3.0M		$3.8M
Trademarks and other intangibles, net	$31.2M		$34.8M
Investments in unconsolidated affiliates	$0		$10.1M
Other assets	$912.0K		$911.0K
Total non-current assets	$35.3M		$49.7M
Total Assets	$38.9M		$53.8M
Accounts payable, accrued expenses and other current liabilities	$1.1M		$2.7M
Deferred revenue	$1.3M		$1.4M
Accrued income taxes payable	$85.0K		$554.0K
Current portion of operating lease obligations	$1.7M		$1.5M
Current portion of long-term debt	$3.2M
Contingent obligation			$4.2M
Total current liabilities	$7.5M		$10.4M
Deferred revenue	$1.8M		$2.7M
Long-term portion of operating lease obligations	$3.7M		$5.3M
Long-term debt, net, less current portion	$9.5M		$6.6M
Other long-term liabilities	$722.0K		$431.0K
Total long-term liabilities	$15.6M		$15.0M
Total Liabilities	$23.1M		$25.4M
Common stock, $.001 par value, 50,000,000 shares authorized, and 5,880,757 and 2,368,072 shares issued and outstanding at December 31, 2025 and 2024, respectively	$6.0K		$2.0K
Paid-in capital	$111.7M		$106.7M
Accumulated deficit	-$93.7M		-$76.2M
Total Xcel Brands, Inc. stockholders' equity	$18.0M		$30.4M
Noncontrolling interest	-$2.1M		-$2.0M
Total Stockholders' Equity	$15.8M		$28.4M	$48.2M
Total Liabilities and Stockholders' Equity	$38.9M		$53.8M
Preferred stock, par value (in dollars per share)	$0.00
Preferred stock, shares authorized (in shares)	1.0M shares
Preferred stock, shares issued (in shares)	0 shares
Preferred stock, shares outstanding (in shares)	0 shares
Common stock, par value (in dollars per share)	$0.00
Common stock, shares authorized (in shares)	50.0M shares
Common stock, shares issued (in shares)	5.9M shares		2.4M shares
Common stock, shares outstanding (in shares)	5.9M shares	23.8M shares	2.4M shares

Period ending	2025-12-31	2025-02-28	2024-12-31	2023-12-31
Cash and cash equivalents	$1.1M		$1.3M
Accounts receivable, net	$956.0K		$2.3M
Prepaid expenses and other current assets	$1.6M		$520.0K
Total current assets	$3.7M		$4.0M
Property and equipment, net	$130.0K		$182.0K
Operating lease right-of-use assets	$3.0M		$3.8M
Trademarks and other intangibles, net	$31.2M		$34.8M
Investments in unconsolidated affiliates	$0		$10.1M
Other assets	$912.0K		$911.0K
Total non-current assets	$35.3M		$49.7M
Total Assets	$38.9M		$53.8M
Accounts payable, accrued expenses and other current liabilities	$1.1M		$2.7M
Deferred revenue	$1.3M		$1.4M
Accrued income taxes payable	$85.0K		$554.0K
Current portion of operating lease obligations	$1.7M		$1.5M
Current portion of long-term debt	$3.2M
Contingent obligation			$4.2M
Total current liabilities	$7.5M		$10.4M
Deferred revenue	$1.8M		$2.7M
Long-term portion of operating lease obligations	$3.7M		$5.3M
Long-term debt, net, less current portion	$9.5M		$6.6M
Other long-term liabilities	$722.0K		$431.0K
Total long-term liabilities	$15.6M		$15.0M
Total Liabilities	$23.1M		$25.4M
Common stock, $.001 par value, 50,000,000 shares authorized, and 5,880,757 and 2,368,072 shares issued and outstanding at December 31, 2025 and 2024, respectively	$6.0K		$2.0K
Paid-in capital	$111.7M		$106.7M
Accumulated deficit	-$93.7M		-$76.2M
Total Xcel Brands, Inc. stockholders' equity	$18.0M		$30.4M
Noncontrolling interest	-$2.1M		-$2.0M
Total Stockholders' Equity	$15.8M		$28.4M	$48.2M
Total Liabilities and Stockholders' Equity	$38.9M		$53.8M
Preferred stock, par value (in dollars per share)	$0.00
Preferred stock, shares authorized (in shares)	1.0M shares
Preferred stock, shares issued (in shares)	0 shares
Preferred stock, shares outstanding (in shares)	0 shares
Common stock, par value (in dollars per share)	$0.00
Common stock, shares authorized (in shares)	50.0M shares
Common stock, shares issued (in shares)	5.9M shares		2.4M shares
Common stock, shares outstanding (in shares)	5.9M shares	23.8M shares	2.4M shares

Cash from operations⁵⁶⁷⁸⁹⁴-$7.0M in 2025

Capital spending⁵⁶⁷⁸⁹⁴$10.0K in 2025−99% since 2019

Free cash flow⁵⁶⁷⁸⁹⁴-$7.0M in 2025

Share buybacks⁵⁶⁷⁸⁴$204.0K in 2025+17% since 2019

Every line of the cash flow as filed: the last 2 fiscal years, latest first.⁴

Period ending	2025-12-31	2024-12-31
Net loss	-$17.6M	-$22.6M
Depreciation and amortization expense	$3.6M	$4.9M
Asset impairment charges		$3.5M
Paid in-kind interest expense	$710.0K
Amortization of deferred finance costs and other non-cash interest expense	$522.0K	$115.0K
Stock-based compensation and cost of licensee warrants	$570.0K	$403.0K
Provision for credit losses	$30.0K	$17.0K
Loss from equity investments	$6.0M	$11.8M
Loss on early extinguishment of debt	$1.9M	$287.0K
Gain on divestiture of Lori Goldstein Brand		-$3.8M
Accounts receivable	$1.3M	$1.2M
Inventory		$453.0K
Prepaid expenses and other current and non-current assets	-$44.0K	-$279.0K
Deferred revenue	-$939.0K	-$398.0K
Accounts payable, accrued expenses, accrued income taxes payable, and other current liabilities	-$2.3M	$16.0K
Lease-related assets and liabilities	-$699.0K	-$794.0K
Other long-term liabilities	$1.0K	$391.0K
Net cash used in operating activities	-$7.0M	-$4.7M
Purchase of property and equipment	-$10.0K	-$112.0K
Net cash used in investing activities	-$10.0K	-$112.0K
Proceeds from public offering and private placement transactions, net of transaction costs	$2.0M	$1.9M
Proceeds from private investment in public equity transaction, net of transaction costs	$1.8M
Proceeds from long-term debt	$5.7M	$8.0M
Payment of deferred finance costs	-$567.0K	-$922.0K
Shares repurchased including vested restricted stock in exchange for withholding taxes	-$204.0K	-$107.0K
Payment of long-term debt	-$750.0K	-$5.0M
Net cash provided by financing activities	$7.9M	$3.8M
Net increase (decrease) in cash, cash equivalents, and restricted cash	$896.0K	-$1.0M
Recognition of operating lease right-of-use asset		$2.6M
Recognition of operating lease obligation		$2.6M
Issuance of warrants in connection with debt refinancing	$648.0K	$481.0K
Cash paid during the year for interest	$814.0K	$505.0K
Cash paid during the year for income taxes	$515.0K

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Leadership

Who has led XCel Brands, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

Chair

Loren Robert W. D.2011–now

Chief financial officer

2010201520202025

Chief executive officerCristiano Davide Germinario Jan 5, 2011 to Jan 5, 2011¹²
Chief executive officerLoren Robert W. D. Oct 11, 2011 to now¹³
Chief executive officerFahad M. Syed Jan 25, 2006 to Apr 24, 2006¹⁴
Chief executive officerJeffrey Robinson Feb 28, 2006 to Feb 28, 2006¹⁵
ChairLoren Robert W. D. Oct 11, 2011 to now¹³
Chief financial officerJames D. Fielding Apr 3, 2020 to Apr 3, 2020¹⁶
Chief financial officerRichard Kirschenbaum Apr 4, 2017 to Apr 4, 2017¹⁷
Chief financial officerJames Haran Oct 11, 2011 to Apr 4, 2017¹⁸

Board members and other officers (20)

OfficerLoren Robert W. D. Apr 4, 2017 to Apr 4, 2017¹⁹
Resigned as CEOas of 12/30/10Fahad M. Syed Jan 5, 2011 to Jan 5, 2011²⁰
OfficerGiuseppe Falco Oct 11, 2011 to Jan 26, 2017²¹
OfficerMarisa Gardini Oct 11, 2011 to Jan 7, 2014²²
Exec VP & TreasSeth Burroughs Oct 11, 2011 to now²³
Board memberDeborah Weinswig Apr 4, 2018 to now²⁴
Board memberJames D. Fielding Jul 20, 2018 to now²⁵
Board memberLoren Robert W. D. Apr 4, 2017 to Apr 4, 2017¹⁹
Board memberRichard Kirschenbaum Aug 12, 2016 to Apr 4, 2018²⁶
Board memberMichael Francis Jun 4, 2015 to Apr 3, 2020²⁷
Board memberBen Malka Dec 24, 2014 to Apr 12, 2019²⁸
Board memberMarisa Gardini Apr 18, 2012 to Apr 10, 2015²⁹
Board memberJack Dweck Dec 5, 2012 to May 19, 2014³⁰
Board memberCristiano Davide Germinario Jan 5, 2011 to Jan 5, 2011¹²
Board memberHatchard Stephen J. Cole Jan 12, 2011 to Jan 12, 2011³¹
Board memberHoward M. Liebman Oct 20, 2011 to now³²
Board memberMark Disanto Oct 20, 2011 to now³³
Board memberFahad M. Syed Jan 25, 2006 to Jan 5, 2011¹⁴
Board memberJeffrey Robinson Feb 28, 2006 to Feb 28, 2006¹⁵
Board memberJoseph Perno Apr 24, 2006 to Apr 24, 2006³⁴

Former names

NETFABRIC HOLDINGS, INCMay 16, 2005 to Aug 11, 2011²
HOUSTON OPERATING COApr 6, 1999 to Apr 14, 2005²

Timeline

Oct 11, 2011New chief executive Loren Robert W. D. becomes CEO¹³
Jan 5, 2011New chief executive Cristiano Davide Germinario becomes CEO¹²
Feb 28, 2006New chief executive Jeffrey Robinson becomes CEO¹⁵
Jan 25, 2006New chief executive Fahad M. Syed becomes CEO¹⁴

Filings

202 filings to the SEC since October 2021: 7 annual reports, 15 quarterly reports, 51 major events, 73 insider forms, 6 large holders, 50 other. The latest 20:

The 202 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

13 open-market trades by officers, directors and large owners since October 2021: 13 buys and 0 sales. Grants, option exercises and gifts are left out.

Date	Who	Trade	Shares	Price	Value	Filing
Aug 28, 2026	D LOREN ROBERT WCEO and Chairman	Buy	3,500	$0.96	$3.4K	Form 4
Aug 27, 2026	D LOREN ROBERT WCEO and Chairman	Buy	2,000	$0.96	$1.9K	Form 4
Aug 26, 2026	D LOREN ROBERT WCEO and Chairman	Buy	10,000	$0.96	$9.6K	Form 4
Aug 24, 2026	D LOREN ROBERT WCEO and Chairman	Buy	10,000	$0.88	$8.8K	Form 4
Aug 21, 2026	D LOREN ROBERT WCEO and Chairman	Buy	12,000	$0.87	$10.4K	Form 4
Dec 17, 2025	D LOREN ROBERT WCEO and Chairman	Buy	81,466	$1.17	$95.3K	Form 4
Dec 5, 2025	D LOREN ROBERT WCEO and Chairman	Buy	50,000	$0.35	$17.5K	Form 4
Dec 5, 2025	DiSanto MarkDirector	Buy	50,000	$0.35	$17.5K	Form 4
Aug 4, 2025	D LOREN ROBERT WCEO and Chairman	Buy	124,200	$1.10	$136.6K	Form 4
Aug 4, 2025	DiSanto MarkDirector	Buy	91,800	$1.10	$101.0K	Form 4
Mar 15, 2024	DiSanto MarkDirector	Buy	146,250	$0.65	$95.1K	Form 4
Mar 15, 2024	D LOREN ROBERT WCEO and Chairman	Buy	146,250	$0.65	$95.1K	Form 4
Mar 15, 2024	Burroughs SethEVP of BD Treasurer Secretary	Buy	32,500	$0.65	$21.1K	Form 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Potomac Capital Management, Inc.SCHEDULE 13G/A, 3 filings Sep 2, 2025 to Feb 17, 2026³⁵
Mark DisantoSCHEDULE 13D/A, 1 filing Aug 27, 2025³⁶
Loren Robert W. D.SCHEDULE 13D/A, 1 filing Aug 14, 2025³⁷
Summit Trail Advisors, LLCSC 13G, 1 filing Jan 30, 2024³⁸

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

Fund	Shares	Value	Share of the fund	Change
Summit Trail Advisors, LLC	331,436	$596.6K	0.0%	No change
Potomac Capital Management, Inc.	250,058	$450.1K	0.3%	−158,342
Citadel Advisors LLC	48,293	$86.9K	0.0%	+4,780
Geode Capital Management, LLC	27,817	$50.1K	0.0%	−30,052
Vanguard Capital Management LLC	27,759	$50.0K	0.0%	+19,983
Vanguard Fiduciary Trust Co	27,400	$49.3K	0.0%	New
Two Sigma Investments, LP	16,518	$29.7K	0.0%	−587
Susquehanna International Group, Llp	11,985	$21.6K	0.0%	New
Morgan Stanley	10,000	$18.0K	0.0%	No change
UBS Group AG	1,675	$3.0K	0.0%	+1,197
Caitong International Asset Management Co., Ltd	2	$4	0.0%	New

13F reports cover disclosed long positions in U.S. stocks only.

Sources

The numbers on this page point here. Each one links to the record it came from.

1
SEC EDGARXCel Brands, Inc. filings on SEC EDGAR
2
SEC EDGARXCel Brands, Inc. filings on SEC EDGAR
3
SEC EDGARXCel Brands, Inc. annual report, Item 1 (Business)
4
SEC EDGARXCel Brands, Inc. 10-K for fiscal 2025
5
SEC EDGARXCel Brands, Inc. 10-K for fiscal 2019
6
SEC EDGARXCel Brands, Inc. 10-K for fiscal 2020
7
SEC EDGARXCel Brands, Inc. 10-K for fiscal 2021
8
SEC EDGARXCel Brands, Inc. 10-K for fiscal 2022
9
SEC EDGARXCel Brands, Inc. 10-K for fiscal 2023
10
SEC EDGARXCel Brands, Inc. 10-Q for fiscal 2026
11
SEC EDGARXCel Brands, Inc. 10-Q for fiscal 2026
12
SEC EDGARCristiano Davide Germinario, Chief executive officer
13
SEC EDGARLoren Robert W. D., Chief executive officer
14
SEC EDGARFahad M. Syed, Chief executive officer
15
SEC EDGARJeffrey Robinson, Chief executive officer
16
SEC EDGARJames D. Fielding, Chief financial officer
17
SEC EDGARRichard Kirschenbaum, Chief financial officer
18
SEC EDGARJames Haran, Chief financial officer
19
SEC EDGARLoren Robert W. D., Officer
20
SEC EDGARFahad M. Syed, Resigned as CEOas of 12/30/10
21
SEC EDGARGiuseppe Falco, Officer
22
SEC EDGARMarisa Gardini, Officer
23
SEC EDGARSeth Burroughs, Exec VP & Treas
24
SEC EDGARDeborah Weinswig, Board member
25
SEC EDGARJames D. Fielding, Board member
26
SEC EDGARRichard Kirschenbaum, Board member
27
SEC EDGARMichael Francis, Board member
28
SEC EDGARBen Malka, Board member
29
SEC EDGARMarisa Gardini, Board member
30
SEC EDGARJack Dweck, Board member
31
SEC EDGARHatchard Stephen J. Cole, Board member
32
SEC EDGARHoward M. Liebman, Board member
33
SEC EDGARMark Disanto, Board member
34
SEC EDGARJoseph Perno, Board member
35
SEC EDGARPotomac Capital Management, Inc. SCHEDULE 13G/A on XCel Brands, Inc.
36
SEC EDGARMark Disanto SCHEDULE 13D/A on XCel Brands, Inc.
37
SEC EDGARLoren Robert W. D. SCHEDULE 13D/A on XCel Brands, Inc.
38
SEC EDGARSummit Trail Advisors, LLC SC 13G on XCel Brands, Inc.