XpresSpa Group Inc. (XSPA) shares went up 1.31% in after-hours on Monday, November 15, 2021, and closed at $1.55. Even in the regular trading session of Monday, XSPA’s stock gained 11.68%. XSPA shares have fallen 18.18% over the last 12 months, and they have moved up 10.07% in the past week. Over the past three months, the stock has gained 4.08%, while over the past six months, it has soared 15.91%.
Let’s have a brief discussion about its recent developments.
XSPA latest news
On November 15, 2021, XpresSpa Group, Inc. (XSPA), announced financial results for the third quarter ending September 30, 2021.
Q3 2021 financial highlights
- XSPA revenue was $26.8 million in Q3 2021 compared to $0.2 million in the corresponding period in 2020.
- The cost of sales was $13.7 million in Q3 2021 compared to $1.4 million in Q3 2020.
- General and administrative expenses were $5.2 million in Q3 2021, compared to $4.4 million for Q3 2020.
- Total operating expenses were $19.7 million compared to $9.4 million in Q3 2020.
- It earned a net income of $5.6 million in Q3 2021 compared to a net loss of $6.1 million in the prior-year third quarter.
- Non-GAAP Adjusted EBITDA was $8.7 million in Q3 2021 compared to an Adjusted EBITDA loss of $5.1 million in Q3 2020.
- The company ended the quarter with cash and cash equivalents, excluding restricted cash, of $109.2 million.
XSPA new Covid-19 Testing Facility
On September 30, 2021, XpresSpa Group, Inc. (XSPA) announced to open a new XpresCheck COVID-19 testing facility in Hartsfield-Jackson Atlanta International Airport (ATL) by mid of October.
The new testing facility will be located at Concourse E to XpresCheck and will include 6 separate testing rooms with the capacity to administer over 400 tests per day. COVID-19 testing options will include a Rapid Molecular COVID-19 Test and a Rapid Polymerase Chain Reaction (PCR)Test.
XSPA participation in the recent conferences
XpresSpa Group, Inc. recently participated and had meetings with institutional investors at the Jefferies Virtual Fitness & Wellness Summit, which was held on September 15, 2021.
XSPA also participated at the H.C. Wainwright 23rd Annual Global Investment Virtual Conference, which was held on September 13-15, 2021.
XSPA stock repurchase program
On August 31, 2021, the board of Directors of XpresSpa Group, Inc. (XSPA), authorized a stock repurchase program for up to 15,000,000 shares of its outstanding common stock.
The shares may be repurchased on the open market, in privately negotiated transactions, or otherwise following applicable federal securities laws.
Conclusion
The recent Q3 financial results were the reason behind its gains on Monday and it can continue to climb up in the coming trading session on Tuesday.
