XCel Brands Files 8-K on Financials
Ticker: XELB · Form: 8-K · Filed: Mar 7, 2024 · CIK: 1083220
| Field | Detail |
|---|---|
| Company | Xcel Brands, Inc. (XELB) |
| Form Type | 8-K |
| Filed Date | Mar 7, 2024 |
| Risk Level | low |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.001, $1.2 million, $3,000,000, $17.7 million, $5.1 m |
| Sentiment | neutral |
Sentiment: neutral
Topics: financial-reporting, 8-K
TL;DR
XCel Brands dropped an 8-K detailing financials. Check it out.
AI Summary
XCel Brands, Inc. filed an 8-K on March 7, 2024, reporting on its results of operations and financial condition. The filing also includes financial statements and exhibits. The company was formerly known as NETFABRIC HOLDINGS, INC. and HOUSTON OPERATING CO.
Why It Matters
This 8-K filing provides investors with crucial updates on XCel Brands' financial performance and condition, which can influence investment decisions.
Risk Assessment
Risk Level: low — This is a routine financial filing and does not indicate any immediate or significant risks.
Key Players & Entities
- XCel Brands, Inc. (company) — Registrant
- NETFABRIC HOLDINGS, INC. (company) — Former company name
- HOUSTON OPERATING CO. (company) — Former company name
- March 7, 2024 (date) — Date of earliest event reported
FAQ
What specific financial information is being reported in this 8-K filing?
The filing indicates it pertains to 'Results of Operations and Financial Condition' and includes 'Financial Statements and Exhibits'.
When was the earliest event reported in this filing?
The earliest event reported was on March 7, 2024.
What were XCel Brands, Inc.'s previous names?
XCel Brands, Inc. was formerly known as NETFABRIC HOLDINGS, INC. and HOUSTON OPERATING CO.
Where is XCel Brands, Inc. headquartered?
The company's principal executive offices are located at 1333 Broadway, New York, New York 10018.
What is the Commission File Number for XCel Brands, Inc.?
The Commission File Number for XCel Brands, Inc. is 001-37527.
Filing Stats: 819 words · 3 min read · ~3 pages · Grade level 11.1 · Accepted 2024-03-07 16:16:00
Key Financial Figures
- $0.001 — h registered Common Stock, par value $0.001 per share XELB Nasdaq Capital Market
- $1.2 million — ts to record an income tax provision of $1.2 million in the fourth quarter and for the year
- $3,000,000 — lso estimates that it had approximately $3,000,000 of cash and cash equivalents at Decembe
- $17.7 million — 2024 of top line revenue and EBITDA of $17.7 million and $5.1 million, respectively. The amo
- $5.1 m — revenue and EBITDA of $17.7 million and $5.1 million, respectively. The amounts presen
Filing Documents
- tm248242d1_8k.htm (8-K) — 33KB
- tm248242d1_ex99-1.htm (EX-99.1) — 16KB
- 0001104659-24-031906.txt ( ) — 221KB
- xelb-20240307.xsd (EX-101.SCH) — 3KB
- xelb-20240307_lab.xml (EX-101.LAB) — 33KB
- xelb-20240307_pre.xml (EX-101.PRE) — 22KB
- tm248242d1_8k_htm.xml (XML) — 3KB
02
Item 2.02 Results of Operations and Financial Conditions On March 7, 2024, Xcel Brands, Inc, (the "Registrant" or the "Company") is presenting at an investor conference and will be providing the following preliminary estimated financial information for the three months and year ended December 31, 2023: Three Months Ended December 31, 2023 Year Ended December 31, 2023 Revenue $ 2,130,000 $ 17,600,000 Pretax net loss (1) $ (5,454,000 ) $ (19,708,000 ) Net Loss $ (6,654,000 ) $ (20,908,000 ) Adjusted EBITDA $ (1,073,000 ) $ (5,645,000 ) (1) Pretax loss is lower than net loss because the Registrant expects to record an income tax provision of $1.2 million in the fourth quarter and for the year ended December 31, 2023. Although the Company is expected to present a net loss, the income tax provision relates to adjusting the reserve for an existing deferred tax asset, and would be a non-cash expense. The Registrant also estimates that it had approximately $3,000,000 of cash and cash equivalents at December 31, 2023. The estimated results for 2023 are preliminary and unaudited, represent management's estimate as of the date of the release and are subject to completion of its financial closing procedures. The Registrant's independent registered public accounting firm has not conducted an audit or review of and does not express an opinion or any other form of assurance with respect to the preliminary unaudited results. Accordingly, undue reliance should not be placed on the preliminary estimates. The preliminary estimates are not necessarily indicative of any future period results. In addition, the Registrant filed a Current Report on Form 8-K on December 4, 2023, that included a presentation which included a forecast for 2024 of top line revenue and EBITDA of $17.7 million and $5.1 million, respectively. The amounts presented were intended to be company goals, and not indicative of a forecast. As indicated in the presentation, the goals were pro
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits. 99.1 Reconciliation of Adjusted EBITDA to net loss 104 Cover Page Interactive Data File (embedded within the inline XBRL document).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: March 7, 2024 XCEL BRANDS, INC. By: /s/ James F. Haran Name: James F. Haran Title: Chief Financial Officer