0001104659-26-061185 | 10-Q | XBRL Viewer

Debt (Tables)

3 Months Ended

Mar. 31, 2026

The Company’s net carrying amount of debt is comprised of the following:


	March 31,		December 31,
($ in thousands)	2026		2025
Term loan debt (including accumulated unpaid PIK interest)	$	13,334	$	13,581
Unamortized deferred finance costs and other reductions to carrying value		(744)		(875)
Total		12,590		12,706
Current portion of debt		2,750		3,250
Long-term debt	$	9,840	$	9,456

Schedule of maturities of long-term debt


	Amount of
($ in thousands)	Principal
Year	Payment
2026 (April 1 through December 31)	$	2,750
2027		500
2028		10,084
Total	$	13,334

Investments in Unconsolidated Affiliates and Variable Interest Entities	3 Months Ended
Mar. 31, 2026
Acquisitions, Divestitures and Variable Interest Entities[Abstract]
Investments in Unconsolidated Affiliates and Variable Interest Entities	2. Investments in Unconsolidated Affiliates and Variable Interest Entities Investment in IM Topco, LLC From May 31, 2022 through October 1, 2025, the Company held a noncontrolling equity ownership interest IM Topco, LLC (“IM Topco”), a former subsidiary which holds the trademarks and other intellectual property rights relating to the Isaac Mizrahi brand. From June 1, 2022 through April 15, 2025, the Company accounted for its noncontrolling interest in the ongoing operations of IM Topco as a component of other operating costs and expenses (income) under the equity method of accounting, using the distribution provisions set forth in the governing business venture agreement. On April 15, 2025, the Company discontinued the application of the equity method of accounting, and from April 15, 2025 through October 1, 2025, the Company measured its investment in IM Topco at adjusted cost, less impairment, plus or minus observable price changes of an identical or similar investment of the same issuer. On and effective September 26, 2025, the Company, IM Topco, and the other owners of IM Topco entered into a settlement agreement, pursuant to which the Company agreed to transfer all of its remaining equity interests in IM Topco to the other owners, in exchange for (i.) the release of the Company’s liability under certain agreements with IM Topco and (ii.) a capital appreciation right for the Company to receive 15% of the net consideration received by IM Topco and/or the other owners in excess of $46 million in connection with any potential future capital transaction involving IM Topco which occurs on or before September 1, 2032. All remaining IM Topco equity interests were transferred to WHP on October 1, 2025. For the three months ended March 31, 2025, the Company recognized a $0.34 million loss related to its investment in IM Topco, comprised of (i) a $0.18 million equity method loss, (ii) a $0.40 million charge to adjust the carrying value of the investment in IM Topco to its estimated fair value as of March 31, 2025, and (iii) a $(0.24) million adjustment to the carrying value of a contingent contractual obligation related to IM Topco. Longaberger Licensing, LLC Variable Interest Entity Since 2019, Xcel has been party to a limited liability company agreement with a subsidiary of Hilco Global related to Longaberger Licensing, LLC (“LL”). Hilco Global is the sole Class A Member of LL, and Xcel is the sole Class B Member of LL (each individually a “Member”). Each Member holds a 50% equity ownership interest in LL; however, based on an analysis of the contractual terms and rights contained in the LLC agreement and related agreements, the Company has previously determined that under the applicable accounting standards, LL is a variable interest entity and the Company has effective control over LL. Therefore, as the primary beneficiary, the Company has consolidated LL since 2019, and has recognized the assets, liabilities, revenues, and expenses of LL as part of its consolidated financial statements, along with a noncontrolling interest which represents Hilco Global’s 50% ownership share in LL. The amount of LL's losses attributed to Hilco Global's non-controlling interest for the three months ended March 31, 2026 and 2025 was $0 for each period.

Investments in Unconsolidated Affiliates and Variable Interest Entities

3 Months Ended

Mar. 31, 2026

Acquisitions, Divestitures and Variable Interest Entities[Abstract]

Investments in Unconsolidated Affiliates and Variable Interest Entities

2. Investments in Unconsolidated Affiliates and Variable Interest Entities

Investment in IM Topco, LLC

From May 31, 2022 through October 1, 2025, the Company held a noncontrolling equity ownership interest IM Topco, LLC (“IM Topco”), a former subsidiary which holds the trademarks and other intellectual property rights relating to the Isaac Mizrahi brand.

From June 1, 2022 through April 15, 2025, the Company accounted for its noncontrolling interest in the ongoing operations of IM Topco as a component of other operating costs and expenses (income) under the equity method of accounting, using the distribution provisions set forth in the governing business venture agreement. On April 15, 2025, the Company discontinued the application of the equity method of accounting, and from April 15, 2025 through October 1, 2025, the Company measured its investment in IM Topco at adjusted cost, less impairment, plus or minus observable price changes of an identical or similar investment of the same issuer.

On and effective September 26, 2025, the Company, IM Topco, and the other owners of IM Topco entered into a settlement agreement, pursuant to which the Company agreed to transfer all of its remaining equity interests in IM Topco to the other owners, in exchange for (i.) the release of the Company’s liability under certain agreements with IM Topco and (ii.) a capital appreciation right for the Company to receive 15% of the net consideration received by IM Topco and/or the other owners in excess of $46 million in connection with any potential future capital transaction involving IM Topco which occurs on or before September 1, 2032. All remaining IM Topco equity interests were transferred to WHP on October 1, 2025.

For the three months ended March 31, 2025, the Company recognized a $0.34 million loss related to its investment in IM Topco, comprised of (i) a $0.18 million equity method loss, (ii) a $0.40 million charge to adjust the carrying value of the investment in IM Topco to its estimated fair value as of March 31, 2025, and (iii) a $(0.24) million adjustment to the carrying value of a contingent contractual obligation related to IM Topco.

Longaberger Licensing, LLC Variable Interest Entity

Since 2019, Xcel has been party to a limited liability company agreement with a subsidiary of Hilco Global related to Longaberger Licensing, LLC (“LL”). Hilco Global is the sole Class A Member of LL, and Xcel is the sole Class B Member of LL (each individually a “Member”). Each Member holds a 50% equity ownership interest in LL; however, based on an analysis of the contractual terms and rights contained in the LLC agreement and related agreements, the Company has previously determined that under the applicable accounting standards, LL is a variable interest entity and the Company has effective control over LL. Therefore, as the primary beneficiary, the Company has consolidated LL since 2019, and has recognized the assets, liabilities, revenues, and expenses of LL as part of its consolidated financial statements, along with a noncontrolling interest which represents Hilco Global’s 50% ownership share in LL.

The amount of LL's losses attributed to Hilco Global's non-controlling interest for the three months ended March 31, 2026 and 2025 was $0 for each period.

Investments in Unconsolidated Affiliates and Variable Interest Entities - Investment in IM Topco, LLC (Details) - USD ($) $ in Thousands		3 Months Ended
	Sep. 26, 2025	Mar. 31, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss from equity investments		$ 336
IM Topco, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Capital appreciation right, percent	15.00%
Capital appreciation right, threshold	$ 46,000
Loss related to investments		340
Loss from equity investments		180
Increase (decrease) to the carrying value basis		400
Expense (income) to carrying value of contingent contractual obligations		$ (240)

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended
	Mar. 31, 2025	Apr. 12, 2024	Mar. 31, 2025	Dec. 31, 2024
IM Topco, LLC
Commitments and Contingencies
Contingent obligation	$ 3,970		$ 3,970
Expense (income) to carrying value of contingent contractual obligations			$ (240)
WHP \| IM Topco, LLC
Commitments and Contingencies
Ownership equity transferable	12.50%
Current portion of contingent obligation				$ 4,210
Amended Services Agreement \| Xcel Brands \| IM Topco, LLC
Commitments and Contingencies
Ownership interest		30.00%
Amended Services Agreement \| WHP \| IM Topco, LLC
Commitments and Contingencies
Ownership interest		70.00%
Amended Services Agreement \| Twelve-month period ending March 31, 2025
Commitments and Contingencies
Royalty guarantees		$ 13,500
Amended Services Agreement \| Year ending December 31, 2025
Commitments and Contingencies
Royalty guarantees		$ 18,000
Amended Services Agreement \| If Royalties Receivable Less Than Specified Amount
Commitments and Contingencies
Ownership equity transferable		12.50%
Amended Services Agreement \| If Royalties Receivable Less Than Specified Amount \| Xcel Brands \| IM Topco, LLC
Commitments and Contingencies
Ownership interest		17.50%
Amended Services Agreement \| If Royalties Receivable Less Than Specified Amount \| WHP \| IM Topco, LLC
Commitments and Contingencies
Ownership interest		82.50%

Nature of Operations, Background, and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2026
Nature of Operations, Background, and Basis of Presentation [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated balance sheet as of December 31, 2025 (which has been derived from audited financial statements) and the unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 8 of Regulation S-X promulgated by the United States Securities and Exchange Commission (“SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed consolidated financial statements were prepared following the same policies and procedures used in the preparation of the audited consolidated financial statements and reflect all adjustments (consisting of normal recurring adjustments) necessary to present fairly the results of operations, financial position, and cash flows of the Company. The results of operations for the interim periods presented herein are not necessarily indicative of the results for the entire fiscal year or for any future interim periods. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on April 15, 2026.
Going Concern	Going Concern The unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company has incurred recurring losses, a history of cash flows used in operating activities, and an accumulated deficit. Although the Company has undertaken significant restructuring and cost reduction efforts, obtained additional funding through a combination of equity and debt financing transactions, and continues to explore strategic financing alternatives and operational efficiencies to improve liquidity (see Note 12 for information regarding financing transactions entered into subsequent to quarter-end), management has determined that there is nonetheless substantial doubt about the Company’s ability to meet its financial obligations as they become due within twelve months from the date these financial statements are issued. The unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Restricted Cash	Restricted Cash Restricted cash at March 31, 2026 consisted of $1.08 million of cash deposited as collateral for a standby letter of credit associated with a real estate lease (reported in other non-current assets). Restricted cash at December 31, 2025 consisted of $0.74 million of cash deposited as collateral for a standby letter of credit associated with a real estate lease (reported in other non-current assets) and $1.00 million of cash deposited in a bank account to satisfy a liquidity covenant in the Company’s term loan debt agreement (reported in other current assets).
Segment Reporting Information	Segment Reporting Information The Company has a single reportable segment, which generates revenue from the design and licensing of branded apparel, jewelry, and similar consumer products. The Company derives revenue in North America and manages its business activities on a consolidated basis. The accounting policies of the Company’s single reportable segment are the same as those for the Company as a whole. The Company’s chief operating decision maker, as such term is defined under GAAP, is its Chief Executive Officer. The chief operating decision maker assesses performance for the single reportable segment and decides how to allocate resources based on net income that also is reported on the income statement as consolidated net income. The chief operating decision maker analyzes and reviews business performance based on available sales data from key licensees and quarterly sales and royalty reports provided by its licensees in addition to assessing the overall operating results on a monthly basis. The measure of segment assets is reported on the balance sheet as total consolidated assets, and, as the Company has a single reportable segment, the Company’s resources are applicable to the business as a whole. The Company does not have intra-entity sales or transfers.

- Definition

Disclosure of accounting policy for segment reporting.

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+ Details

Significant Contracts and Concentrations - Halston Master License (Details) - USD ($) $ in Thousands		3 Months Ended
	May 15, 2023	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Concentration Risk [Line Items]
Deferred revenue, current		$ 1,319		$ 1,330
Deferred revenue, long-term liability		1,556		1,778
Licensing revenue		1,144	$ 1,332
Halston License
Concentration Risk [Line Items]
Additional royalty payable term	20 years
Total purchase price	$ 5,000
Deferred revenue		2,870		3,090
Deferred revenue, current		1,310		1,310
Deferred revenue, long-term liability		$ 1,560		$ 1,780
Recognition period of deferred revenue		2 years 9 months
Licensing revenue		$ 640	$ 640
Halston License \| Minimum
Concentration Risk [Line Items]
Royalty payable term	5 years
Halston License \| Maximum
Concentration Risk [Line Items]
Royalty payable term	25 years
Halston License \| Judith Ripka \| Sales \| Customer concentration risk
Concentration Risk [Line Items]
Concentration risk, percentage		56.00%	48.00%

Stockholders' Equity - Non-Vested Options (Details) - Employee Stock Option [Member]	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Number of Options
Beginning Balance (in shares)	780,201
Forfeited or Canceled (in shares)	(350,000)
Ending Balance (in shares)	430,201
Weighted Average Grant Date Fair Value
Beginning Balance (in dollars per share) \| $ / shares	$ 0.31
Ending Balance (in dollars per share) \| $ / shares	$ 0.56

Significant Contracts and Concentrations

3 Months Ended

Mar. 31, 2026

Significant Contracts and Concentrations [Abstract]

Significant Contracts and Concentrations

4. Significant Contracts and Concentrations

Halston Master License

On May 15, 2023, the Company, through its wholly owned subsidiaries, H Halston, LLC and H Heritage Licensing, LLC (collectively, the “Licensor”), entered into a master license agreement relating to the Halston brand (the “Halston Master License”) with G-III Apparel Group (“G-III”), an industry-leading wholesale apparel company, for men’s and women’s apparel, men’s and women’s fashion accessories, children’s apparel and accessories, home, airline amenity and amenity kits, and such other product categories as mutually agreed upon. The Halston Master License provided for an upfront cash payment and royalties payable to the Company, including certain guaranteed minimum royalties, includes annual minimum net sales requirements, and has a twenty-five-year term (consisting of an initial five-year period, followed by a twenty-year period), subject to G-III’s right to terminate with at least 120 days’ notice prior to the end of each five-year period during the term. G-III has an option to purchase the Halston brand for $5.0 million at the end of the twenty-five-year term, which right may be accelerated under certain conditions associated with an uncured material breach in accordance with the terms of the Halston Master License. The Licensor granted G-III a security interest in the Halston

trademarks to secure the Licensor’s obligations under the Halston Master License, including to honor the obligations under the purchase option.

As a result of the upfront cash payment and guaranteed minimum royalties under this agreement, the Company has recognized $2.87 million and $3.09 million of deferred revenue contract liabilities on its condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025, respectively. As of December 31, 2025, approximately $1.31 million of the contract liability balance was classified as a current liability and approximately $1.78 million was classified as a long-term liability. As of March 31, 2026, approximately $1.31 million of the contract liability balance was classified as a current liability and approximately $1.56 million was classified as a long-term liability; the balance of the deferred revenue contract liabilities will be recognized ratably as revenue over the next 2.75 years.

Net licensing revenue recognized from the Halston Master License was $0.64 million for both the current quarter and prior year quarter, representing approximately 56% and 48% of the Company’s total net revenue for the current quarter and prior year quarter, respectively.

Qurate Agreements

Under the Company’s agreements with Qurate Retail Group (“Qurate”), collectively referred to as the Qurate Agreements, Qurate is obligated to make payments to the Company on a quarterly basis, based primarily upon a percentage of net retail sales of certain specified branded merchandise. Net retail sales are defined as the aggregate amount of all revenue generated through the sale of the specified branded products by Qurate and its subsidiaries under the Qurate Agreements, net of customer returns, and excluding freight, shipping and handling charges, and sales, use, or other taxes. Net licensing revenue from the Qurate Agreements represents a significant portion of the Company’s total net revenue.

Net licensing revenue from the Qurate Agreements totaled $0.19 million and $0.33 million for the current quarter and prior year quarter, respectively, representing approximately 16% and 25% of the Company’s total net revenue for the current quarter and prior year quarter, respectively.

As of March 31, 2026 and December 31, 2025, the Company had receivables from Qurate of $0.20 million and $0.21 million, respectively, representing approximately 31% and 22% of the Company’s total net accounts receivable, respectively.

JTV / America’s Collectibles Network, Inc.

The Company has a license agreement with America’s Collectibles Network, Inc. (d/b/a JTV) (“JTV”) that obligates JTV to pay the Company royalties based on product sales of Judith Ripka brand merchandise. In addition, the Company has outstanding receivables from prior product sales of fine jewelry made to JTV. As of March 31, 2026 and December 31, 2025, the Company had receivables from JTV of $0.10 million and $0.41 million, respectively, representing approximately 16% and 42% of the Company’s total net accounts receivable, respectively.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (2,489)	$ (2,797)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Stockholders' Equity - Restricted Stock Units (Details) - shares	Mar. 31, 2026	Dec. 31, 2025
Stockholders' Equity
Common stock, shares outstanding (in shares)	5,913,492	5,880,757
Common stock, shares issued (in shares)	5,913,492	5,880,757
Restricted Stock Units
Stockholders' Equity
Common stock, shares outstanding (in shares)	0	0
Common stock, shares issued (in shares)	0	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenues
Net licensing revenue	$ 1,144	$ 1,332
Direct operating costs and expenses
Salaries, benefits and employment taxes	872	1,086
Other selling, general and administrative expenses	1,202	1,197
Total direct operating costs and expenses	2,074	2,283
Operating loss before other operating costs and expenses	(930)	(951)
Other operating costs and expenses
Depreciation and amortization	893	900
Asset impairment charge	61
Loss from equity investments		336
Operating loss	(1,884)	(2,187)
Interest and finance expense (income)
Interest expense	562	473
Other finance charges (income), net	31	87
Interest and finance expense (income), net	593	560
Loss before income taxes	(2,477)	(2,747)
Income tax provision (benefit)	12	50
Net loss	(2,489)	(2,797)
Net loss attributable to noncontrolling interest	0	0
Net loss attributable to Xcel Brands, Inc. stockholders	$ (2,489)	$ (2,797)
Loss per common share attributable to Xcel Brands, Inc. stockholders:
Basic net loss per share	$ (0.42)	$ (1.18)
Diluted net loss per share	$ (0.42)	$ (1.18)
Weighted average number of common shares outstanding:
Basic weighted average common shares outstanding	5,903,599	2,373,583
Diluted weighted average common shares outstanding	5,903,599	2,373,583

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term for operating leases	3 years 11 months 15 days
Weighted average discount rate	8.22%
Cash payments for operating lease expense	$ 0.5	$ 0.4
Selling, general and administrative expenses
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 0.2	$ 0.2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities
Net loss	$ (2,489)	$ (2,797)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	893	900
Asset impairment charge	61
Paid in-kind interest expense	253
Amortization of deferred finance costs and other non-cash interest expense	199	102
Stock-based compensation and cost of licensee warrants	104	109
Loss from equity investments		336
Changes in operating assets and liabilities:
Accounts receivable	300	164
Prepaid expenses and other current and non-current assets	(603)	12
Deferred revenue	(233)	(205)
Accounts payable, accrued expenses, accrued income taxes payable, and other current liabilities	852	27
Lease-related assets and liabilities	(214)	(82)
Net cash used in operating activities	(877)	(1,434)
Cash flows from investing activities
Purchase of property and equipment		(14)
Net cash used in investing activities		(14)
Cash flows from financing activities
Payment of costs associated with equity line facility	(208)
Proceeds from long-term debt		2,050
Shares repurchased including vested restricted stock in exchange for withholding taxes	(46)	(58)
Payment of long-term debt	(500)
Net cash (used in) provided by financing activities	(754)	1,992
Net (decrease) increase in cash, cash equivalents, and restricted cash	(1,631)	544
Cash, cash equivalents, and restricted cash at beginning of period	2,889	1,993
Cash, cash equivalents, and restricted cash at end of period	1,258	2,537
Reconciliation to amounts on condensed consolidated balance sheets:
Cash and cash equivalents	179	298
Restricted cash (reported in other non-current assets)	1,079	2,239
Total cash, cash equivalents, and restricted cash	1,258	2,537
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	109	$ 372
Cash paid during the period for income taxes	$ 50

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Effective income tax rate	(0.50%)	(1.80%)
Income tax provision (benefit)	$ 12	$ 50

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Paid-in Capital	Accumulated Deficit	Noncontrolling Interest	Total
Balances at Dec. 31, 2024	$ 2	$ 106,666	$ (76,244)	$ (2,026)	$ 28,398
Balances (in shares) at Dec. 31, 2024	2,368,072
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Additional impact related to fractional shares from reverse stock split	(57)
Compensation expense related to stock options and restricted stock		33			33
Contra-revenue related to warrants held by licensee		10			10
Share issued to executives for pro rata portion of base salaries, net of withholding taxes		66			66
Shares issued to executives for pro rata portion of base salaries, net of withholding taxes (in shares)	18,310
Net loss			(2,797)		(2,797)
Balances at Mar. 31, 2025	$ 2	106,775	(79,041)	(2,026)	25,710
Balances (in shares) at Mar. 31, 2025	2,386,325
Balances at Dec. 31, 2025	$ 6	111,660	(93,705)	(2,137)	15,824
Balances (in shares) at Dec. 31, 2025	5,880,757
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation expense related to stock options and restricted stock		51			51
Contra-revenue related to warrants held by licensee		10			10
Share issued to executives for pro rata portion of base salaries, net of withholding taxes		43			43
Shares issued to executives for pro rata portion of base salaries, net of withholding taxes (in shares)	32,735
Costs incurred related to equity line facility		(258)			(258)
Net loss			(2,489)		(2,489)
Balances at Mar. 31, 2026	$ 6	$ 111,506	$ (96,194)	$ (2,137)	$ 13,181
Balances (in shares) at Mar. 31, 2026	5,913,492

Subsequent Events (Details)	Oct. 13, 2026 USD ($)	May 17, 2026 $ / shares	Apr. 30, 2026 shares	Apr. 20, 2026 shares	Apr. 13, 2026 USD ($) $ / shares shares	Apr. 01, 2026 USD ($)	Dec. 31, 2026 USD ($)	Apr. 24, 2026 USD ($)	Mar. 31, 2026 USD ($) shares	Dec. 31, 2025 USD ($) shares	Nov. 18, 2025 USD ($)
Subsequent Event [Line Items]
Term loan debt									$ 13,334,000	$ 13,581,000
Common stock issued \| shares									5,913,492	5,880,757
Judith Ripka Brand \| Disposed of by Sale
Subsequent Event [Line Items]
Transaction fees								$ 400,000
Transaction fees, current								300,000
Transaction fees, noncurrent								100,000
Term Loan A
Subsequent Event [Line Items]
Term loan debt											$ 3,250,000
Exit fee											$ 450,000
Subsequent Events \| Judith Ripka Brand \| Disposed of by Sale
Subsequent Event [Line Items]
Cash payment								$ 2,300,000
Quarterly payments period								3 years
Performance obligation percent								50.00%
Minimum performance obligation payments								$ 250,000
Subsequent Events \| Term Loan A
Subsequent Event [Line Items]
Term loan debt					$ 500,000		$ 500,000
Exit fee					325,000
Repayment of term loan						$ 2,250,000
Repayments of term debt with restricted cash					$ 1,000,000
Remaining debt instrument balance						500,000
Common stock price \| $ / shares					$ 1.435
Subsequent Events \| Term Loan B
Subsequent Event [Line Items]
Remaining debt instrument balance						9,900,000
Subsequent Events \| Secured Notes
Subsequent Event [Line Items]
Remaining debt instrument balance						$ 2,600,000
Subsequent Events \| Chief Executive Officer \| Employee Stock Option
Subsequent Event [Line Items]
Aggregate shares of common stock options granted (in shares) \| shares			6,862	6,413
Subsequent Events \| Purchasers \| Secured Notes
Subsequent Event [Line Items]
Exit fee					$ 100,000
Stated interest rate (as percentage)					12.50%
Common stock issued \| shares					100,579
Fixed conversion price \| $ / shares		$ 1.165			$ 1.165
Price conversion ratio		85
Maximum holdable shares					19.9
Senior Secured Notes					$ 3,005,780
Proceeds from secured notes					$ 2,600,000
Debt instrument periodic payments	$ 100,000
Subsequent Events \| IPX \| Term Loan A
Subsequent Event [Line Items]
Stated interest rate (as percentage)			12.50%
Subsequent Events \| IPX \| Secured Notes
Subsequent Event [Line Items]
Common stock issued \| shares					1,742
Senior Secured Notes					$ 57,803
Subsequent Events \| Judith Ripka \| Judith Ripka Brand \| Disposed of by Sale
Subsequent Event [Line Items]
Finite useful life								5 years

Nature of Operations, Background, and Basis of Presentation (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) segment	Dec. 31, 2025 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of reportable segments \| segment	1
New term loan debt
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restricted Cash		$ 1,000
Letter of credit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restricted Cash	$ 1,080	$ 740
Longaberger Licensing, LLC \| Variable interest entity, primary beneficiary
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Variable interest entity, qualitative or quantitative information, ownership percentage	50.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Debt - Narrative (Details) - USD ($)					3 Months Ended
Debt - Narrative (Details) - USD ($)	Oct. 07, 2025	May 15, 2025	Apr. 21, 2025	Dec. 12, 2024	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2026	Apr. 13, 2026	Mar. 20, 2026	Feb. 20, 2026	Dec. 31, 2025	Nov. 18, 2025
Debt
Term loan debt					$ 13,334,000						$ 13,581,000
Unamortized deferred finance costs related to term loan debt					744,000						875,000
Paid in-kind interest expense					253,000
Accumulated paid in kind					960,000						710,000
Payment of long-term debt					500,000
Restricted cash reported in prepaid expenses and other current assets												$ 1,000,000
Interest Expense					562,000	$ 473,000
New loan agreement
Debt
Term loan debt			$ 13,620,000	$ 10,000,000
After first out obligations are fully paid
Debt
Repayment									$ 0	$ 0
New term loan debt
Debt
Reduction in liquid asset covenant requirement	$ 1,000,000
Unamortized deferred finance costs			$ 1,260,000
Interest Expense					$ 560,000	$ 470,000
Effective interest rate (as percentage)					13.10%	19.00%
Term Loan A
Debt
Term loan debt												3,250,000
Payment of long-term debt	250,000
Outstanding principal amount paid from the blocked account	$ 140,000
Prepayment obligation									500,000	500,000		3,250,000
Cash collateral					$ 500,000				500,000	500,000
Exit fee												450,000
Accrued exit fees					170,000
Term Loan A \| Subsequent Event
Debt
Term loan debt							$ 500,000	$ 500,000
Exit fee								$ 325,000
Term Loan A \| Balance due December 5th
Debt
Exit fee												125,000
Term Loan A \| Balance is not repaid
Debt
Exit fee												$ 325,000
Term Loan A \| Before repayment of first out obligations
Debt
Repayment									$ 500,000	$ 500,000
Term Loan B
Debt
Accrued exit fees noncurrent					300,000
FEAC
Debt
Stated interest rate (as percentage)			2.00%	2.00%
Warrants issued in connection with refinancing of term loan debt			$ 580,000	$ 480,000
Amortization of note discount			1,110,000		1,400,000
FEAC \| New term loan debt
Debt
Repayment of loan to be made			1,500,000
Deferred issuance cost			530,000	920,000
FEAC \| Term Loan A
Debt
Term loan debt			$ 4,500,000	$ 3,950,000
Derivative, basis spread on variable rate			8.50%	8.50%
Payment of long-term debt		$ 500,000
Exit fee					175,000
FEAC \| Term Loan B
Debt
Term loan debt			$ 9,120,000	$ 4,000,000
Derivative, basis spread on variable rate			6.50%	13.50%
Amount of additional borrowings			$ 5,120,000
FEAC \| Delayed Draw Term Loan
Debt
Term loan debt						$ 2,050,000.00
Derivative, basis spread on variable rate				8.50%
Restore \| Term Loan B
Debt
Exit fee					$ 400,000
UTG \| Term Loan B \| April 2025 Debt Refinancing
Debt
Term loan debt			$ 9,120,000
Participation interest			100.00%
Included Subsidiaries \| Term Loan A
Debt
Minimum revenue requirement											3,900,000
Halston License \| Term Loan A
Debt
Minimum revenue requirement											$ 1,700,000

Debt - Net Carrying Amount of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Disclosure [Abstract]
Term loan debt (including accumulated unpaid PIK interest)	$ 13,334	$ 13,581
Unamortized deferred finance costs and other reductions to carrying value	(744)	(875)
Total	12,590	12,706
Current portion of debt	2,750	3,250
Long-term debt	$ 9,840	$ 9,456

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4

+ Details

Earnings (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of the basic and diluted net loss per share

The following table is a reconciliation of the numerator and denominator of the basic and diluted earnings (loss) per share computations for the three months ended March 31, 2026 and 2025:


	Three Months Ended
	March 31,
	2026		2025
Numerator:
Net loss attributable to Xcel Brands, Inc. stockholders (in thousands)	$	(2,489)	$	(2,797)

Denominator:
Basic weighted average number of shares outstanding		5,903,599		2,373,583
Add: Effect of warrants		—		—
Add: Effect of stock options		—		—
Diluted weighted average number of shares outstanding		5,903,599		2,373,583

Basic earnings (loss) per share	$	(0.42)	$	(1.18)
Diluted earnings (loss) per share	$	(0.42)	$	(1.18)

Schedule of anti-dilutive Securities Excluded from Schedule of computation of Earnings (Loss) Per Share


	Three Months Ended
	March 31,
	2026	2025
Stock options	615,201	449,392
Warrants	3,152,209	263,957
Total	3,767,410	713,349

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2026

Stockholders' Equity [Abstract]

Summary of Stock Option Activity

A summary of the Company’s stock options activity for the current quarter is as follows:


				Weighted
				Average
		Weighted		Remaining
		Average		Contractual	Aggregate
	Number of	Exercise		Life	Intrinsic
	Options	Price		(in Years)	Value
Outstanding at December 31, 2025	977,695	$	8.69	3.98	$	—
Granted	—		—
Exercised	—		—
Expired/Forfeited	(362,494)		(18.11)
Outstanding at March 31, 2026, and expected to vest	615,201	$	3.14	4.27	$	—
Exercisable at March 31, 2026	185,000	$	6.92	4.16	$	—

Summary of Stock Option Activity for Non-Vested Options

A summary of the Company’s non-vested stock options activity for the current quarter is as follows:


				Weighted
				Average
		Number of		Grant Date
		Options		Fair Value
Balance at December 31, 2025		780,201		$	0.31
Granted		—			—
Vested		—			—
Forfeited or Canceled		(350,000)			—
Balance at March 31, 2026		430,201		$	0.56

Summary of Restricted Stock Activity

A summary of the Company’s restricted stock activity for the current quarter is as follows:


		Weighted
	Number of	Average
	Restricted	Grant Date
	Shares	Fair Value
Outstanding at December 31, 2025	96,417	$	13.73
Granted	32,735		1.32
Vested	(32,735)		1.32
Expired/Forfeited	—		—
Outstanding at March 31, 2026	96,417	$	13.73

Summary of Warrant Activity

A summary of the Company’s warrants activity for the current quarter is as follows:


				Weighted
				Average
		Weighted		Remaining
		Average		Contractual	Aggregate
	Number of	Exercise		Life	Intrinsic
	Warrants	Price		(in Years)	Value
Outstanding at December 31, 2025	3,152,209	$	5.70	4.47	$	—
Issued	—		—
Exercised	—		—
Expired/Forfeited	—		—
Outstanding at March 31, 2026	3,152,209	$	5.70	4.28	$	—
Exercisable at March 31, 2026	3,052,209	$	5.40	4.19	$	—

Trademarks and Other Intangibles (Tables)

3 Months Ended

Mar. 31, 2026

Trademarks and Other Intangibles [Abstract]

Schedule of trademarks and other intangibles


		Weighted
		Average		March 31, 2026
		Amortization		Gross Carrying			Accumulated			Net Carrying
($ in thousands)		Period		Amount			Amortization			Amount
Trademarks (finite-lived)		15 years			54,408			26,661			27,747
Copyrights and other intellectual property		8 years			239			239			—
Total				$	54,647		$	26,900		$	27,747


		Weighted
		Average		December 31, 2025
		Amortization		Gross Carrying			Accumulated			Net Carrying
($ in thousands)		Period		Amount			Amortization			Amount
Trademarks (finite-lived)		15 years			58,580			27,354			31,226
Copyrights and other intellectual property		8 years			429			426			3
Total				$	59,009		$	27,780		$	31,229

Subsequent Events

3 Months Ended

Mar. 31, 2026

Subsequent Event

Subsequent Events

12. Subsequent Events

Shares Issued to Chief Executive Officer

In accordance with the terms of the amended employment agreement with Mr. D’Loren (see Note 7 for details), the Company issued 6,413 and 6,862 shares of common stock to Mr. D’Loren on April 20, 2026 and April 30, 2026, respectively.

Debt Amendments and Refinancing

On April 13, 2026, the Company entered into the seventh amendment to the loan and security agreement with the term loan debt lenders and FEAC Agent, LLC, which provided for, among other things: the ability of the Company to consummate the issuance of certain senior secured notes (as described below); the ability for IPX to convert its $500,000 Term Loan A to common shares of the Company at the price per share equal to $1.435, subject to adjustment; modifications to certain payment terms; modifications to certain financial covenants; modifications to certain financial reporting requirements; and the amendment of the FEAC Agent, LLC’s role to include certain limitations. In connection with the seventh amendment, FEAC Agent LLC’s affiliated lenders entered into agreements whereby a $500,000 portion of Term Loan A was sold and assigned to IPX, and the entirety of Term Loan B was sold and assigned to UTG. Additionally, the Company was relieved of its obligation to pay the remaining $325,000 amendment fee as specified in the fourth amendment.

Also on April 13, 2026, the Company entered into certain agreements with Smithline Family Trust II (“SFT”), Quick Capital, LLC (“Quick”), and IPX (collectively, the “Purchasers”), pursuant to which the Company issued and sold to the Purchasers 12.5% Senior Secured Notes due April 13, 2027 in the original principal amount of $3,005,780 (the “Secured Notes”) and 100,579 shares of the Company’s common stock. The Secured Notes were issued with an original issue

discount, such that the cash proceeds received by the Company were $2,600,000. The Company is required to make $100,000 monthly payments on the Secured Notes commencing October 13, 2026, with the balance due at maturity. The Company’s obligations under the Secured Notes are guaranteed by certain direct and indirect subsidiaries of the Company pursuant to a subsidiary guarantee, and are secured by the assets of the Company and the subsidiary guarantors pursuant to a security agreement.

At any time after the occurrence of an event of default under the Secured Notes and for so long as such event of default is continuing, the Secured Notes are convertible into shares of common stock of the Company (i) initially at a fixed conversion price equal to $1.165 per share and (ii) after May 17, 2026, at a price equal to the lesser of (a) 85% multiplied by the lowest volume weighted average price of the common stock during the 10-trading day period prior to conversion and (b) $1.165. In addition, to the extent that Company is listed on the Nasdaq Capital Market, the aggregate number of shares of common stock issuable to the Purchasers and any subsequent holder of the Secured Note shall not exceed 19.9% of the total number of shares of common stock outstanding or of the voting power of the common stock as of April 13, 2026 less the shares issued pursuant to the securities purchase agreement unless the Company has obtained stockholder approval in compliance with Nasdaq Listing Rule 5635(d) to authorize the issuance of shares of common stock in connection with the conversion or exchange of all Secured Notes.

The Company granted the Purchasers certain piggyback registration rights with respect to the shares of common stock issuable upon conversion of the Secured Notes.

Fees incurred in connection with the transactions described above were approximately $0.1 million.

As part of the transactions described above, IPX purchased $57,803 original principal amount of the Secured Notes and purchased 1,742 shares of common stock, on the same terms as the other Purchasers, except that the shares of common stock purchased by IPX were priced at current market value.

The net proceeds received from the April 13, 2026 issuance of the Secured Notes and shares as described above were used to repay $2.25 million of the Term Loan A debt, and an additional $1 million of the Term Loan A debt was paid with the Company’s restricted cash. As such, following the funding and completion of the transactions described above, the Company’s debt obligations will be as follows: (1) Senior Secured Notes in the principal amount of $2.6 million, with payments commencing October 13, 2026 and a maturity date of April 13, 2027, (2) Term Loan A in the principal amount of $0.5 million, payable on the maturity date of September 20, 2027, and (3) Term Loan B in the amount of $9.9 million, payable on the maturity date of December 12, 2028.

Sale of Judith Ripka Brand

On April 24, 2026, the Company and certain of its wholly owned subsidiaries entered into an asset purchase agreement with a third-party buyer (“the Buyer”), pursuant to which the Company sold to the Buyer substantially all of the assets of the Judith Ripka brand, including the “Judith Ripka” brand name and trademarks, and assigned all licenses associated with the trademarks to the Buyer. As consideration for the sale, the asset purchase agreement provided for a $2.30 million cash payment to the Company at closing, plus additional earn-out contingent consideration. The earn-out contingent consideration is payable to the Company if certain specified license agreements related to the Judith Ripka brand are renewed following the expiration of their current term for a period of 5 years; in such event, the Buyer shall be obligated to make quarterly payments to the Company over a three-year period in the amount of 50% of the revenue earned by the Buyer from such licenses, subject to such payments not being less than $250,000 per year.

This transaction closed on April 27, 2026. Costs associated with the transaction were $0.40 million, of which $0.30 million was paid at closing and $0.10 million will be paid in future periods.

Debt - Aggregate future principal payments under the Term Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt
Accumulated paid in kind	$ 960	$ 710
Term Loan A
Debt
2026 (April 1 through December 31)	2,750
2027	500
2028	10,084
Total	13,334
Principal amount	3,250
Long term debt, later due	$ 500

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(f))
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1B
-Subparagraph (a)
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 12: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/exampleRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	5,913,492	5,880,757
Common stock, shares outstanding (in shares)	5,913,492	5,880,757

Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

6. Debt

The Company’s net carrying amount of debt is comprised of the following:


	March 31,		December 31,
($ in thousands)	2026		2025
Term loan debt (including accumulated unpaid PIK interest)	$	13,334	$	13,581
Unamortized deferred finance costs and other reductions to carrying value		(744)		(875)
Total		12,590		12,706
Current portion of debt		2,750		3,250
Long-term debt	$	9,840	$	9,456

Description of Term Loan Debt and Amendments

On December 12, 2024, the Company and certain of its subsidiaries entered into a loan and security agreement with FEAC Agent, LLC (“FEAC”), as administrative agent and collateral agent, FEF Distributors, LLC, as lead arranger, and Restore Capital, LLC (“Restore”), as agent for certain lenders, pursuant to which the lenders made term loans to the Company and agreed to make additional term loans to the Company upon the satisfaction of a condition precedent described in the loan agreement. The term loans under the loan agreement are as follows: (1) a term loan in the amount of $3.95 million (“Term Loan A”) was made on the closing date, (2) a term loan in the amount of $4.0 million (“Term Loan B”) was made on the closing date, and (3) a term loan in the amount of $2.05 million (“Delayed Draw Term Loan”; Term Loan A, Term Loan B and Delayed Draw Term Loan are referred to as “Term Loans”) was subsequently made in March 2025. A portion of the proceeds from the Delayed Draw Term Loan were deposited in a bank account to satisfy a liquidity covenant in the loan agreement.

On April 21, 2025, the Company and certain of its subsidiaries and its lenders and FEAC Agent, LLC entered into an amendment of the December 12, 2024 loan and security agreement, which provided for a $1.5 million repayment of the $3.95 million Term Loan A and an additional Term Loan B in the amount of $5.12 million. The term loans outstanding after giving effect to the April 21, 2025 amendment and the application of the proceeds of the additional Term Loan B were as follows: (1) Term Loan A in the amount of $4.50 million, and (2) Term Loan B in the amount of $9.12 million.

In connection with the April 21, 2025 amendment and refinancing transaction, UTG Capital, Inc., a Delaware corporation (UTG”), purchased a 100% undivided, participation interest in Term Loan B for a purchase price of $9.12 million. Also in connection with the refinancing, the Company issued certain warrants to UTG and Restore, and amended certain warrants that had been previously issued on December 12, 2024.

On May 15, 2025, the Company repaid $0.50 million of the outstanding principal amount of Term Loan A.

On October 7, 2025, the Company and certain of its subsidiaries and its lenders and FEAC Agent, LLC entered into a further amendment of the December 12, 2024 loan and security agreement, pursuant to which (i) the agents and lenders (as defined in the loan and security agreement) consented to the transfer and the release of the agents’ liens on the equity interests of IM Topco, LLC; (ii) the liquid asset covenant requirement was reduced to $1,000,000; and (iii) Xcel made a prepayment of $0.25 million against the outstanding principal amount of Term Loan A, of which $0.14 million was paid from the blocked account.

On November 18, 2025, the Company and certain of its subsidiaries and its lenders and FEAC Agent, LLC entered into the fourth amendment of the December 12, 2024 loan and security agreement, pursuant to which (i) the agents and lenders (as defined in the loan and security agreement) provided the Company with a limited waiver with respect to certain specified events of default, and also amended certain financial covenants related to the term loan agreement; (ii) the Company committed to make a prepayment of $3.25 million on Term Loan A by February 20, 2026, along with the payment of an amendment fee of $0.45 million (of which $0.125 million was payable on December 5, 2025 and the remaining $0.325 million would be due only if the $3.25 million principal amount of Term Loan A was not repaid on or prior to February 20, 2026); and (iii) the payment of the remaining principal balance on Term Loan A of $0.5 million was changed to be due on December 31, 2026 which shall be held by IPX Capital, LLC, a related party. In addition, upon the repayment of the $3.25 million of Term Loan A, the Company will have revised financial covenants. The minimum revenue requirement for the rolling 12 months ending December 31, 2025 will be $3.9 million and $1.7 million for the Included Subsidiaries and Halston, respectively, each as defined in the loan agreements. Further, after the Term Loan A payment is made, the minimum revenue requirement covenants shall remain at these levels for the duration of the loans and the minimum liquidity requirement shall be zero, which includes the lenders’ release of $1.0 million of restricted cash within the blocked account back to the Company.

On February 20, 2026 and March 20, 2026, the Company entered into the fifth and sixth amendments to the loan and security agreement with the term loan debt lenders and FEAC Agent, LLC. Pursuant to such amendments, (i) the Company prepaid $0.50 million on Term Loan A (paid from the blocked account, as defined in the loan and security agreement) in connection with the fifth amendment and irrevocably authorized FAEC Agent, LLC, as the administrative agent to transfer up to $0.50 million (the “Sixth Amendment Cash Collateral”) from the blocked account to an account maintained by the Administrative Agent to be held as cash collateral securing the Obligations (as defined in the loan and security agreement); (ii) the Company irrevocably authorized the administrative agent to: (a) apply all or any portion of the Sixth Amendment Cash Collateral to repay the Term Loan A, or (b) return all or any portion of the Sixth Amendment Cash Collateral to the Company, in each case at the lenders’ sole discretion; (iii) the liquid asset covenant requirement was reduced to: (a) at all times prior to the repayment in full of the First Out Obligations (as defined in the loan and security agreement), $0.50 million minus that amount of Sixth Amendment Cash Collateral used to repay Term Loan A, and (b) at all times after the repayment in full of the First Out Obligations, $0; and (iv) the transaction closing date was extended to March 24, 2026. The $0.50 million of Sixth Amendment Cash Collateral was reported in other current assets on the condensed consolidated balance sheet as of March 31, 2026.

The loan and security agreement with the term loan debt lenders and FEAC Agent, LLC was subsequently further amended in April 2026; see Note 12 for additional details.

The Term Loans are guaranteed by certain direct and indirect subsidiaries of the Company, and are secured by all of the assets of the Company and such subsidiaries. The loan agreement contains various customary financial covenants and reporting requirements, as specified and defined therein. The Company was in compliance with all applicable covenants under the loan agreement, or if not in compliance with certain covenants had obtained a waiver from the lenders with respect to such covenants, as of and for all periods presented in the condensed consolidated financial statements.

Principal

As of March 31, 2026, $3.25 million of the principal amount on Term Loan A was due and payable (and was repaid as part of the April 2026 debt refinancing transaction described in Note 12), with the remaining $0.50 million of the principal amount on Term Loan A due on September 20, 2027. The principal amount on Term Loan B is due at the maturity date of December 12, 2028 along with all accumulated paid in-kind (“PIK”) interest (as discussed below).

Thus, the aggregate future principal payments under the Term Loans (inclusive of accumulated unpaid PIK interest of $0.96 million as of March 31, 2026) at March 31, 2026 were as follows:


	Amount of
($ in thousands)	Principal
Year	Payment
2026 (April 1 through December 31)	$	2,750
2027		500
2028		10,084
Total	$	13,334

Interest

From December 12, 2024 through April 20, 2025, interest on Term Loans accrued at an annual rate equal to the secured overnight financing rate as administered by the Federal Reserve Bank of New York for an interest period equal to three months (the “3-month SOFR rate”), subject to a 2.0% floor, plus (i) 8.5% for Term Loan A and Delayed Draw Term Loan and (ii) 13.5% for Term Loan B. From and after April 21, 2025, interest on the Term Loans accrues at an annual rate equal to the 3-month SOFR rate, subject to a 2.0% floor, plus (i) 8.5% for Term Loan A and (ii) 6.5% for Term Loan B.

Interest on amounts outstanding under the Term Loans accrues daily and is payable at the end of each calendar month, except that from April 21, 2025 through March 31, 2027, interest on the Term Loan B will be paid in-kind (“PIK”) by being capitalized and added to the principal amount of the Term Loan B at the end of each calendar month. For the current quarter, the Company recognized approximately $0.25 million of PIK interest. The accumulated PIK interest at March 31, 2026 and December 31, 2025 was $0.96 million and $0.71 million, respectively, and is reported within the carrying value of long-term debt on the condensed consolidated balance sheets.

For the current quarter, the Company incurred interest expense related to term loan debt (including interest paid in cash, PIK, and the amortization of deferred finance costs) related to term loan debt of approximately $0.56 million, respectively, reflecting an effective interest rate of approximately 13.1%.

For the prior year quarter and prior year nine months, the Company incurred interest expense (including both interest paid in cash and the amortization of deferred finance costs) related to term loan debt of approximately $0.47 million, reflecting an effective interest rate of approximately 19.0%.

Exit Fees

The amended loan agreement also requires that the Company pay an exit fee of $0.175 million to FEAC related to Term Loan A and an exit fee of $0.40 million to Restore related to Term Loan B upon the maturity or full payment of the Term Loans. The Company recognized the cost of the Term Loan A exit fee over the remaining term of the related debt, while the net present value of the Term Loan B exit fee on April 21, 2025 was recognized as part of the loss on early extinguishment of debt recorded in the second quarter of 2025. As of March 31, 2026, the amount of accrued exit fees with respect to Term Loan A was $0.17 million, while the amount of accrued exit fees with respect to Term Loan B was $0.30 million; both amounts are presented within Other long-term liabilities on the condensed consolidated balance sheet as of March 31, 2026.

Deferred Finance Costs and Other Reductions to Carrying Value of Debt

In connection with entering into the Term Loans in December 2024, the Company incurred loan origination fees, plus various legal and other fees; these fees and costs totaling $0.92 million were deferred on the Company’s balance sheet as a reduction of the carrying value of the term loan debt. Also in connection with entering into the Term Loans in December 2024, the Company issued certain warrants to the lenders to purchase shares of the Company’s common stock. In accordance with applicable GAAP, the Company allocated the value of the total proceeds of $10.0 million between the term loan debt and the warrants, based on the relative fair values of each; as a result, the Company recognized a $0.48 million increase to stockholders’ equity as additional paid-in capital for the allocated fair value of the warrants, and an offsetting decrease to the net carrying value of the term loan debt. From December 12, 2024, and through April 20, 2025, these reductions to the carrying value of the term loan debt totaling $1.40 million were being amortized to interest expense over the term of the debt using the effective interest method. The $1.26 million remaining unamortized balance of such amounts was written-off as part of the loss on early extinguishment of debt upon the closing of the April 21, 2025 debt refinancing.

In connection with the debt refinancing transaction on April 21, 2025, the Company incurred certain legal costs and other fees; these fees and costs totaling $0.53 million were deferred on the Company’s balance sheet as a reduction of the carrying value of the term loan debt. Also in connection with the April 21, 2025 debt refinancing transaction, the Company issued certain warrants to UTG to purchase shares of the Company’s common stock. In accordance with GAAP, the Company allocated the value of the total proceeds of $13.62 million between the term loan debt and the warrants, based on the relative fair values of each; as a result, the Company recognized a $0.58 million increase to stockholders’ equity as additional paid-in capital for the allocated fair value of the warrants, and an offsetting decrease to the net carrying value of the term loan debt. These reductions to the carrying value of the term loan debt totaling $1.11 million are being amortized to interest expense over the term of the debt using the effective interest method.

Stockholders' Equity

3 Months Ended

Mar. 31, 2026

Stockholders' Equity [Abstract]

Stockholders' Equity

7. Stockholders’ Equity

Equity Line Facility

On January 21, 2026, the Company entered into a common stock purchase agreement with White Lion Capital, LLC (“White Lion”), pursuant to which White Lion has committed to purchase up to $15.0 million of the Company’s common stock. Under the terms and conditions of this agreement, the Company has the right, but not the obligation, to sell to White Lion, and White Lion is obligated to purchase, up to $15.0 million of the Company’s common stock. The actual amount and timing of any sales of Common Stock will be determined by the Company at its discretion.

The aggregate number of shares that the Company can sell White Lion under this agreement is limited to and may not exceed 1,178,173 shares (subject to adjustment for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split, or other similar transaction), which is equal to 19.99% of the total shares of the Company’s common

stock outstanding immediately prior to the execution of the agreement, unless (i.) the Company obtains stockholder approval to issue additional shares in excess of this amount, or (ii.) the average price paid for all shares of Common Stock issued under the agreement equals or exceeds certain levels as specified in the agreement.

In consideration for White Lion’s execution and entry into such arrangement, the Company agreed to issue White Lion $37,500 worth of common stock, with the number of shares issued determined based on the closing price of the Company’s stock on the business day immediately preceding the day on which the related registration statement is declared effective by the SEC; these shares have not yet been issued as of March 31, 2026. Additionally, pursuant to the terms of an advisory agreement between the Company and Maxim Group LLC, the Company agreed to pay Maxim Group LLC a cash fee equal to 4.0% of the gross proceeds received from any sales of securities to White Lion under this arrangement.

As of March 31, 2026, no shares have been issued under the equity line facility arrangement. The Company incurred approximately $0.26 million of fees and expenses (consisting of legal and accounting fees) associated with the equity line arrangement and related registration statement, which were recorded as a reduction to additional paid-in capital during the current quarter.

Equity Incentive Plans

A total of 1,150,000 shares of common stock are eligible for issuance under the Company’s 2021 Equity Incentive Plan (the “2021 Plan”). The 2021 Plan provides for the grant of any or all of the following types of awards: stock options (incentive or non-qualified), restricted stock, restricted stock units, performance awards, or cash awards. The 2021 Plan is administered by the Company’s Board of Directors, or, at the Board’s discretion, a committee of the Board. In addition, 20,000 stock options previously granted under the Company’s 2011 Equity Incentive Plan (the “2011 Plan”) remain outstanding and shares of common stock may be issued to satisfy options or warrants previously granted under the 2011 Plan, although no new awards may be granted under the 2011 Plan.

Stock-based Compensation

Stock-based compensation expense is recorded as a component of Other selling, general and administrative expenses in the condensed consolidated statements of operations. Total expense recognized for all forms of stock-based compensation was approximately $0.14 million and $0.16 million for the current quarter and prior year quarter, respectively. Of the current quarter expense amount, approximately $0.10 million related to employees and approximately $0.04 million related to directors. Of the prior year quarter expense amount, approximately $0.13 million related to employees and approximately $0.03 million related to directors and consultants.

Stock Options

A summary of the Company’s stock options activity for the current quarter is as follows:


				Weighted
				Average
		Weighted		Remaining
		Average		Contractual	Aggregate
	Number of	Exercise		Life	Intrinsic
	Options	Price		(in Years)	Value
Outstanding at December 31, 2025	977,695	$	8.69	3.98	$	—
Granted	—		—
Exercised	—		—
Expired/Forfeited	(362,494)		(18.11)
Outstanding at March 31, 2026, and expected to vest	615,201	$	3.14	4.27	$	—
Exercisable at March 31, 2026	185,000	$	6.92	4.16	$	—

Effective January 21, 2026, certain stock options originally issued in 2019 to executive management (including the Company’s Chief Executive Officer, Chief Financial Officer, and Executive Vice President of Business Development and Treasury) to purchase an aggregate of 350,000 shares of common stock, were cancelled through mutual agreement between the Company and the respective executives. None of these options had vested, and no compensation was paid to the executives in exchange for such cancellation.

Compensation expense related to stock options for both the current quarter and the prior year quarter was approximately $0.02 million for each respective period. Total unrecognized compensation expense related to unvested stock options at March 31, 2026 was approximately $0.16 million and is expected to be recognized over a weighted average period of approximately 4.27 years.

A summary of the Company’s non-vested stock options activity for the current quarter is as follows:


				Weighted
				Average
		Number of		Grant Date
		Options		Fair Value
Balance at December 31, 2025		780,201		$	0.31
Granted		—			—
Vested		—			—
Forfeited or Canceled		(350,000)			—
Balance at March 31, 2026		430,201		$	0.56

Of the non-vested stock options outstanding at March 31, 2026, the vesting of 340,201 options is contingent upon the Company’s common stock achieving certain target prices, the vesting of 20,000 options is contingent upon the achievement of certain revenue targets, the vesting of 60,000 options is contingent upon the Company’s common stock achieving certain target prices or the Company achieving certain financial performance targets, and the vesting of 10,000 options is subject to service-based criteria.

Stock Awards

A summary of the Company’s restricted stock activity for the current quarter is as follows:


		Weighted
	Number of	Average
	Restricted	Grant Date
	Shares	Fair Value
Outstanding at December 31, 2025	96,417	$	13.73
Granted	32,735		1.32
Vested	(32,735)		1.32
Expired/Forfeited	—		—
Outstanding at March 31, 2026	96,417	$	13.73

In accordance with the amended employment agreement with Mr. D’Loren, the Company is paying 40% of each such executive officer’s base salary via the issuance of shares of the Company’s common stock. Mr. D’Loren is permitted to pay the withholding tax through the exchange of a portion of the shares. Under the terms of this amended agreement, the Company issued an aggregate of 32,735 shares of common stock (net of shares exchanged for withholding taxes) to Mr. D’Loren for the current quarter, which vested immediately.

Compensation expense related to stock awards was approximately $0.12 million for the current quarter and approximately $0.14 million for the prior year quarter. Total unrecognized compensation expense related to unvested restricted stock grants at March 31, 2026 was approximately $0.01 million and is expected to be recognized over a weighted average period of approximately 1.00 year.

Restricted Stock Units

There were no restricted stock units outstanding as of March 31, 2026 and December 31, 2025, and no restricted stock units have been issued since the inception of the 2021 Plan.

Shares Available Under the Company’s Equity Incentive Plans

At March 31, 2026, there were 159,268 shares of common stock available for future award grants under the 2021 Plan.

Shares Reserved for Issuance

As of March 31, 2026, there were 774,469 shares of common stock reserved for issuance under the Company’s Equity Incentive Plans, including 20,000 shares reserved pursuant to unexercised stock options previously granted under the 2011 Plan, 595,201 shares reserved pursuant to unexercised stock options granted under the 2021 Plan, and 159,268 shares available for issuance under the 2021 Plan.

As of March 31, 2026, there were also 3,152,209 shares of common stock reserved for issuance that were unrelated to the Company’s Equity Incentive Plans, including 100,000 shares reserved pursuant to unexercised warrants related to the Halston Master License (as described below), and 3,052,209 shares reserved pursuant to unexercised warrants issued through various corporate transactions in 2024 and 2025, including equity offerings and debt financing transactions.

Subsequent to March 31, 2026, due to the conversion feature contained within the terms of the new Senior Secured Notes issued on April 13, 2026 (see Note 12 for additional details), the number of shares of common stock reserved for issuance increased by 7,712,199.

Warrants

A summary of the Company’s warrants activity for the current quarter is as follows:


				Weighted
				Average
		Weighted		Remaining
		Average		Contractual	Aggregate
	Number of	Exercise		Life	Intrinsic
	Warrants	Price		(in Years)	Value
Outstanding at December 31, 2025	3,152,209	$	5.70	4.47	$	—
Issued	—		—
Exercised	—		—
Expired/Forfeited	—		—
Outstanding at March 31, 2026	3,152,209	$	5.70	4.28	$	—
Exercisable at March 31, 2026	3,052,209	$	5.40	4.19	$	—

In connection with the entrance into the Halston Master License in 2023 (see Note 4), the Company issued to G-III a ten-year warrant to purchase up to 100,000 shares of the Company’s common stock at an exercise price of $15.00 per share, which vests based upon certain annual royalty targets being satisfied under the license agreement. The fair value of this warrant is being recognized as a reduction of revenue over the term of the related license agreement, with an offsetting increase to stockholders’ equity as additional paid-in capital. The amount of contra-revenue recognized related to this warrant during the current quarter and prior year quarter was approximately $0.01 million in each period. As of March 31, 2026, no portion of this warrant had vested.

- Definition

The entire disclosure for equity.

+ References

+ Details

Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

8. Earnings (Loss) Per Share

Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS reflects, in periods in which they have a dilutive effect, the effect of common shares issuable upon the exercise of stock options and warrants, using the treasury stock method. Diluted EPS excludes all potentially dilutive shares of common stock if their effect is anti-dilutive.

The following table is a reconciliation of the numerator and denominator of the basic and diluted earnings (loss) per share computations for the three months ended March 31, 2026 and 2025:


	Three Months Ended
	March 31,
	2026		2025
Numerator:
Net loss attributable to Xcel Brands, Inc. stockholders (in thousands)	$	(2,489)	$	(2,797)

Denominator:
Basic weighted average number of shares outstanding		5,903,599		2,373,583
Add: Effect of warrants		—		—
Add: Effect of stock options		—		—
Diluted weighted average number of shares outstanding		5,903,599		2,373,583

Basic earnings (loss) per share	$	(0.42)	$	(1.18)
Diluted earnings (loss) per share	$	(0.42)	$	(1.18)

As a result of the net loss for all periods presented, the Company calculated diluted EPS using basic weighted average shares outstanding for all such periods, as utilizing diluted shares would be anti-dilutive to loss per share. The computation of diluted EPS excludes the following potentially dilutive securities because their inclusion would be anti-dilutive:


	Three Months Ended
	March 31,
	2026	2025
Stock options	615,201	449,392
Warrants	3,152,209	263,957
Total	3,767,410	713,349

Stockholders' Equity - Equity Incentive Plans (Details) - shares	Apr. 13, 2026	Mar. 31, 2026	Dec. 31, 2025
Stockholders' Equity
Shares of common stock reserved for issuance (in shares)		774,469
Subsequent Events
Stockholders' Equity
Shares of common stock reserved for issuance (in shares)	7,712,199
Unexercised warrants issued through various corporate transactions
Stockholders' Equity
Shares of common stock reserved for issuance (in shares)		3,052,209
Employee Stock Option [Member]
Stockholders' Equity
Outstanding shares		615,201	977,695
2011 Equity Incentive Plan
Stockholders' Equity
Outstanding shares		20,000
Shares are granted available for issuance (in shares)		0
2011 Equity Incentive Plan \| Unexercised Stock Options
Stockholders' Equity
Shares of common stock reserved for issuance (in shares)		20,000
2021 Equity Incentive Plan
Stockholders' Equity
Number of common stock eligible for issuance		1,150,000
Shares are granted available for issuance (in shares)		159,268
Shares of common stock reserved for issuance (in shares)		159,268
2021 Equity Incentive Plan \| Unexercised Stock Options
Stockholders' Equity
Shares of common stock reserved for issuance (in shares)		595,201
Not related to plan
Stockholders' Equity
Shares of common stock reserved for issuance (in shares)		3,152,209
Not related to plan \| Unexercised Stock Options \| Halston License \| Unexercised warrants related to Halston Master License
Stockholders' Equity
Shares of common stock reserved for issuance (in shares)		100,000

Stockholders' Equity - Stock Options (Details) - USD ($)		3 Months Ended		12 Months Ended
	Jan. 21, 2026	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Other disclosures
Compensation expense		$ 140,000	$ 160,000
Chief Executive Officer and Executive Vice President
Number of Options
Exercised (in shares)	0
Other disclosures
Shares forfeiture in period	350,000
Exercised (in shares)	0
Compensation expense	$ 0
Employee stock option
Other disclosures
Vesting of options		430,201		780,201
Employee stock option \| Vesting upon achievement of certain target prices
Other disclosures
Vesting of options		340,201
Employee stock option \| Vesting upon achievement of certain revenue target
Other disclosures
Vesting of options		20,000
Employee stock option \| Vesting upon achievement of certain target prices or financial performance targets
Other disclosures
Vesting of options		60,000
Employee stock option \| Vesting subject to service-based criteria
Other disclosures
Vesting of options		10,000
Employee stock option
Number of Options
Outstanding, beginning balance (in shares)		977,695
Expired/Forfeited (in shares)		(362,494)
Outstanding, ending balance (in shares)		615,201		977,695
Exercisable (in shares)		185,000
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)		$ 8.69
Expired/Forfeited (in dollars per share)		(18.11)
Outstanding, ending balance (in dollars per share)		3.14		$ 8.69
Exercisable (in dollars per share)		$ 6.92
Other disclosures
Outstanding Weighted Average Remaining Contractual Life (in Years)		4 years 3 months 7 days		3 years 11 months 23 days
Exercisable Weighted Average Remaining Contractual Life (in Years)		4 years 1 month 28 days
Compensation expense		$ 20,000.00	$ 20,000.00
Unrecognized compensation expense		$ 160,000
Weighted average period of recognition		4 years 3 months 7 days

Stockholders' Equity - Warrants (Details) - USD ($)	3 Months Ended		12 Months Ended
Stockholders' Equity - Warrants (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	May 15, 2023
Other disclosures
Purchasable stock	5,913,492		5,880,757
Warrants
Number of Other than Options
Outstanding, beginning balance (in shares)	3,152,209
Outstanding, ending balance (in shares)	3,152,209		3,152,209
Exercisable (in shares)	3,052,209
Weighted Average Exercise Price
Outstanding and exercisable, beginning balance (in dollars per share)	$ 5.7
Outstanding, ending balance (in dollars per share)	5.7		$ 5.7
Exercisable (in dollars per share)	$ 5.4
Weighted Average Remaining Contractual Life (in Years), Outstanding	4 years 3 months 10 days		4 years 5 months 19 days
Weighted Average Contractual Life (in Years), Exercisable	4 years 2 months 8 days
Aggregate Intrinsic Value, Outstanding	$ 0		$ 0
Aggregate Intrinsic Value, Exercisable	0
Warrants \| Halston License
Other disclosures
Warrant term				10 years
Purchasable stock				100,000
Warrants outstanding, exercise price (in dollars per share)				$ 15
Contra-revenue related to warrants held by licensee	$ 10,000.00	$ 10,000.00
Number of shares vested	0

Trademarks and Other Intangibles - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Goodwill and Intangible Assets [Line Items]
Amortization expense for intangible assets	$ 880	$ 880
Assets held for sale	2,542
Judith Ripka Brand \| Held for sale Not Discontinued Operations
Goodwill and Intangible Assets [Line Items]
Impairment charges on finite-lived intangible assets	60
Assets held for sale	2,540
Trademarks (finite-lived) \| Judith Ripka Brand \| Held for sale Not Discontinued Operations
Goodwill and Intangible Assets [Line Items]
Gross carrying value	4,170
Accumulated amortization	1,570
Copyrights \| Judith Ripka Brand \| Held for sale Not Discontinued Operations
Goodwill and Intangible Assets [Line Items]
Gross carrying value	190
Accumulated amortization	$ 190

Stockholders' Equity - Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Stockholders' Equity
Compensation expense	$ 140	$ 160
Employee
Stockholders' Equity
Compensation expense	100	130
Director
Stockholders' Equity
Compensation expense	$ 40	$ 30

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 179	$ 1,150
Accounts receivable, net	656	956
Assets held for sale	2,542
Prepaid expenses and other current assets	1,117	1,564
Total current assets	4,494	3,670
Non-current Assets:
Property and equipment, net	115	130
Operating lease right-of-use assets	2,810	3,005
Trademarks and other intangibles, net	27,747	31,229
Other assets	1,252	912
Total non-current assets	31,924	35,276
Total Assets	36,418	38,946
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities	1,915	1,221
Deferred revenue	1,319	1,330
Current portion of operating lease obligations	1,718	1,687
Current portion of long-term debt	2,750	3,250
Total current liabilities	7,702	7,488
Long-Term Liabilities:
Deferred revenue	1,556	1,778
Long-term portion of operating lease obligations	3,238	3,678
Long-term debt, net, less current portion	9,840	9,456
Other long-term liabilities	901	722
Total long-term liabilities	15,535	15,634
Total Liabilities	23,237	23,122
Commitments and Contingencies
Stockholders' Equity:
Preferred stock, $.001 par value, 1,000,000 shares authorized, none issued and outstanding
Common stock, $.001 par value, 50,000,000 shares authorized, and 5,913,492 and 5,880,757 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	6	6
Paid-in capital	111,506	111,660
Accumulated deficit	(96,194)	(93,705)
Total Xcel Brands, Inc. stockholders' equity	15,318	17,961
Noncontrolling interest	(2,137)	(2,137)
Total Stockholders' Equity	13,181	15,824
Total Liabilities and Stockholders' Equity	$ 36,418	$ 38,946

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stockholders' Equity - Stock Awards (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Other disclosures
Compensation expense	$ 140	$ 160
Employee
Other disclosures
Compensation expense	100	130
Director
Other disclosures
Compensation expense	$ 40	30
Restricted Stock
Number of Other than Options
Outstanding, beginning balance (in shares)	96,417
Granted (in shares)	32,735
Vested (in shares)	(32,735)
Outstanding, ending balance (in shares)	96,417
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 13.73
Granted (in dollars per share)	1.32
Vested (in dollars per share)	1.32
Outstanding, ending balance (in dollars per share)	$ 13.73
Other disclosures
Compensation expense	$ 120	$ 140
Unrecognized compensation expense	$ 10
Weighted average period of recognition	1 year
Restricted Stock \| Executive Officer
Number of Other than Options
Granted (in shares)	32,735
Other disclosures
Percentage of salary paid in stock	40.00%

Related Party Transactions

3 Months Ended

Mar. 31, 2026

Related Party Transactions

10. Related Party Transactions

Guarantee

Since October 2024, in connection with a required standby letter of credit associated with the Company’s real estate lease for offices located at 1333 Broadway (see Note 5), Mr. D’Loren has provided and continues to provide a personal guarantee to the financial institution providing such letter of credit, in order to satisfy a portion of the associated collateral requirements for the letter of credit.

Debt

As of both March 31, 2026 and December 31, 2025, IPX Capital, LLC (“IPX”), a company controlled by Robert W. D’Loren, Chairman and Chief Executive Officer of the Company, held a $0.50 million undivided, last-out, subordinated participation interest in Term Loan A (see Note 6).

In April 2026, a $0.50 million portion of Term Loan A was sold and assigned to IPX in connection with the refinancing of the Company’s term loan debt. In addition, IPX purchased a portion of the new 12.5% Senior Secured Notes due April 13, 2027 that were issued in April 2026. See Note 12 for additional details related to these subsequent events.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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+ Details

Significant Contracts and Concentrations - JTV / America's Collectibles Network, Inc. (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Product Information [Line Items]
Accounts receivable	$ 656	$ 956
Accounts receivable \| Customer concentration risk \| JTV
Product Information [Line Items]
Accounts receivable	$ 100	$ 410
Concentration risk, percentage	16.00%	42.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

9. Income Taxes

The estimated annual effective income tax rate was for the current quarter and the prior year quarter was approximately

-0.5% and -1.8%, resulting in an income tax provision (benefit) of $0.01 million and $0.05 million, respectively. For both periods, the federal statutory rate differed from the effective tax rate due to the recording of a valuation allowance against the benefit that would have otherwise been recognized, as it was considered not more likely than not that the net operating losses generated during each period will be utilized in future periods.

- Definition

The entire disclosure for income tax.

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+ Details

Earnings (Loss) Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Net loss attributable to Xcel Brands, Inc. stockholders	$ (2,489)	$ (2,797)
Basic weighted average number of shares outstanding	5,903,599	2,373,583
Diluted weighted average number of shares outstanding	5,903,599	2,373,583
Basic earnings (loss) per share	$ (0.42)	$ (1.18)
Diluted earnings (loss) per share	$ (0.42)	$ (1.18)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-7

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-Topic 470
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-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Leases

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

5. Leases

The Company is party to operating leases for real estate, and for certain equipment and storage space with a term of 12 months or less. The Company is currently not a party to any finance leases. As of March 31, 2026, the Company’s real estate leases have a weighted-average remaining lease term of approximately 3.96 years, and the lease liabilities are measured using a weighted-average discount rate of 8.22%.

Total lease expense (net of sublease income) included in selling, general and administrative expenses on the Company’s unaudited condensed consolidated statements of operations was approximately $0.2 million for the current quarter and

$0.2 million for the prior year quarter. Cash paid for amounts included in the measurement of operating lease liabilities was approximately $0.5 million for the current quarter and $0.4 million for the prior year quarter.

As of March 31, 2026, the maturities of future lease obligations were as follows:


	Amount
Year	(in thousands)
2026 (April 1 through December 31)	$	1,547
2027		1,841
2028		570
2029		585
2030		599
Thereafter (through 2032)		821
Total lease payments		5,963
Less: Discount to present value		1,007
Present value of lease liabilities		4,956
Current portion of lease liabilities (April 1, 2026 through March 31, 2027)		1,718
Non-current portion of lease liabilities	$	3,238

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of maturities of future lease obligations

As of March 31, 2026, the maturities of future lease obligations were as follows:


	Amount
Year	(in thousands)
2026 (April 1 through December 31)	$	1,547
2027		1,841
2028		570
2029		585
2030		599
Thereafter (through 2032)		821
Total lease payments		5,963
Less: Discount to present value		1,007
Present value of lease liabilities		4,956
Current portion of lease liabilities (April 1, 2026 through March 31, 2027)		1,718
Non-current portion of lease liabilities	$	3,238

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	May 07, 2026
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-37527
Entity Registrant Name	XCEL BRANDS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	76-0307819
Entity Address, Address Line One	550 Seventh Avenue, 11th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10018
City Area Code	347
Local Phone Number	727-2474
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	XELB
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		6,048,621
Entity Central Index Key	0001083220
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

Related Party Transactions - Narrative (Details) - IPX - Term Loan A - USD ($) $ in Thousands	Apr. 30, 2026	Mar. 31, 2026
Asset Purchase Agreement
Face amount of term loan		$ 500
Subsequent Event
Asset Purchase Agreement
Stated interest rate (as percentage)	12.50%
Face amount of term loan	$ 500

Trademarks and Other Intangibles - Schedule of Trademarks and Other Intangibles (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Trademarks and Other Intangibles
Gross Carrying Amount	$ 54,647	$ 59,009
Accumulated Amortization	26,900	27,780
Total	$ 27,747	$ 31,229
Trademarks (finite-lived)
Trademarks and Other Intangibles
Weighted Average Amortization Period	15 years	15 years
Gross Carrying Amount	$ 54,408	$ 58,580
Accumulated Amortization	26,661	27,354
Total	$ 27,747	$ 31,226
Copyrights and other intellectual property
Trademarks and Other Intangibles
Weighted Average Amortization Period	8 years	8 years
Gross Carrying Amount	$ 239	$ 429
Accumulated Amortization	$ 239	426
Total		$ 3

Investments in Unconsolidated Affiliates and Variable Interest Entities - Longaberger Licensing, LLC VIE (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Schedule Of Asset Acquisition [Line Items]
Net loss attributable to noncontrolling interest	$ 0	$ 0
Longaberger Licensing, LLC \| Variable interest entity, primary beneficiary
Schedule Of Asset Acquisition [Line Items]
Variable interest entity, qualitative or quantitative information, ownership percentage	50.00%
Longaberger Licensing, LLC \| Variable interest entity, primary beneficiary \| Hilco Global
Schedule Of Asset Acquisition [Line Items]
Variable interest entity, qualitative or quantitative information, ownership percentage	50.00%

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References

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+ Details

Earnings (Loss) Per Share - Anti-dilutive Securities Excluded (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive securities	3,767,410	713,349
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive securities	615,201	449,392
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive securities	3,152,209	263,957

Significant Contracts and Concentrations - Qurate Agreements (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Product Information [Line Items]
Net licensing revenue	$ 1,144	$ 1,332
Accounts receivable	$ 656		$ 956
Sales \| Customer concentration risk \| Qurate
Product Information [Line Items]
Concentration risk, percentage	16.00%	25.00%
Sales \| Customer concentration risk \| Qurate \| Judith Ripka
Product Information [Line Items]
Net licensing revenue	$ 190	$ 330
Accounts receivable \| Customer concentration risk \| Qurate
Product Information [Line Items]
Accounts receivable	$ 200		$ 210
Concentration risk, percentage	31.00%		22.00%

- Definition

+ References + Details

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Trademarks and Other Intangibles

3 Months Ended

Mar. 31, 2026

Trademarks and Other Intangibles [Abstract]

Trademarks and Other Intangibles

3. Trademarks and Other Intangibles

Trademarks and other intangibles, net consist of the following:


		Weighted
		Average		March 31, 2026
		Amortization		Gross Carrying			Accumulated			Net Carrying
($ in thousands)		Period		Amount			Amortization			Amount
Trademarks (finite-lived)		15 years			54,408			26,661			27,747
Copyrights and other intellectual property		8 years			239			239			—
Total				$	54,647		$	26,900		$	27,747


		Weighted
		Average		December 31, 2025
		Amortization		Gross Carrying			Accumulated			Net Carrying
($ in thousands)		Period		Amount			Amortization			Amount
Trademarks (finite-lived)		15 years			58,580			27,354			31,226
Copyrights and other intellectual property		8 years			429			426			3
Total				$	59,009		$	27,780		$	31,229

Amortization expense for intangible assets was approximately $0.88 million for the three-month period ended March 31, 2026 (the "current quarter") and approximately $0.88 million for the three-month period ended March 31, 2025 (the "prior year quarter").

As of March 31, 2026, the intangible assets related to the Judith Ripka brand were reclassified to “assets held for sale” in the condensed consolidated balance sheet. This included trademarks with a gross carrying value of approximately $4.17 million and accumulated amortization of $1.57 million, and copyrights with a gross carrying value of $0.19 million and accumulated amortization of $0.19 million. Additionally, upon reclassification to “assets held for sale,” the assets were remeasured at the lower of (i) their carrying amount or (ii) estimated fair value less cost to sell; accordingly, the Company recognized an impairment charge during the current quarter of approximately $0.06 million, such that the net carrying value of these assets classified as “assets held for sale” at March 31, 2026 was approximately $2.54 million. These assets were subsequently sold to a third party in April 2026 (see Note 12 for additional details).

Nature of Operations, Background, and Basis of Presentation

3 Months Ended

Mar. 31, 2026

Nature of Operations, Background, and Basis of Presentation [Abstract]

Nature of Operations, Background, and Basis of Presentation

1. Nature of Operations, Background, and Basis of Presentation

Xcel Brands, Inc. (“Xcel” and, together with its subsidiaries, the “Company”) is a media and consumer products company engaged in the design, licensing, marketing, live streaming, and social commerce sales of branded apparel, footwear, accessories, fine jewelry, home goods and other consumer products, and the development of influencer led brands and the acquisition of dynamic consumer lifestyle brands. The Company primarily generates revenue through the licensing of its brands through contractual arrangements with manufacturers and retailers. The Company, through its licensees, distributes through an omni-channel and social commerce sales strategy which includes the promotion and sale of products under its brands through interactive television, digital live-stream shopping, social commerce, brick-and-mortar retailers, and e-commerce channels.

Brand Portfolio

Currently, the Company’s brand portfolio consists of the following:

●

the Halston and C Wonder brands, which are wholly owned by Xcel;

●

the Longaberger by Shannon Doherty brand, which Xcel manages through its 50% ownership interest in Longaberger Licensing, LLC; the Company consolidates Longaberger Licensing, LLC and recognizes noncontrolling interest for the remaining ownership interest held by a third party (see Note 2 for additional details)

●

the TowerHill by Christie Brinkley brand, which is a co-branded collaboration between Xcel and Christie Brinkley that launched in 2024;

●

the Trust.Respect.Love by Cesar Millan brand, which is a new co-branded collaboration between Xcel and Cesar Millan that is planned to launch in Fall 2026;

●

the GemmaMade by Gemma Stafford brand, which is a new co-branded collaboration between Xcel and Gemma Stafford that launched in April 2026;

●

the Off/Duty by Coco Rocha brand, which is a new co-branded collaboration between Xcel and Coco Rocha, which is planned to launch in Fall 2026; and

●

Mesa Mia by Jenny Martinez, which is a brand owned by Mexican home influencer Jenny Martinez, and for which Xcel holds the television rights through a long-term license agreement, that launched in April 2026.

Also, as of March 31, 2026, and through April 27, 2026, the Company’s brand portfolio also included the Judith Ripka brand, which was wholly owned by Xcel; this brand was sold to a third party in April 2026 (see Note 12 for additional details).

Additionally, through October 1, 2025, the Company held a noncontrolling ownership interest in the Isaac Mizrahi brand.

Basis of Presentation

The accompanying condensed consolidated balance sheet as of December 31, 2025 (which has been derived from audited financial statements) and the unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 8 of Regulation S-X promulgated by the United States Securities

and Exchange Commission (“SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements were prepared following the same policies and procedures used in the preparation of the audited consolidated financial statements and reflect all adjustments (consisting of normal recurring adjustments) necessary to present fairly the results of operations, financial position, and cash flows of the Company. The results of operations for the interim periods presented herein are not necessarily indicative of the results for the entire fiscal year or for any future interim periods. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on April 15, 2026.

Going Concern

The unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company has incurred recurring losses, a history of cash flows used in operating activities, and an accumulated deficit. Although the Company has undertaken significant restructuring and cost reduction efforts, obtained additional funding through a combination of equity and debt financing transactions, and continues to explore strategic financing alternatives and operational efficiencies to improve liquidity (see Note 12 for information regarding financing transactions entered into subsequent to quarter-end), management has determined that there is nonetheless substantial doubt about the Company’s ability to meet its financial obligations as they become due within twelve months from the date these financial statements are issued. The unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Restricted Cash

Restricted cash at March 31, 2026 consisted of $1.08 million of cash deposited as collateral for a standby letter of credit associated with a real estate lease (reported in other non-current assets).

Restricted cash at December 31, 2025 consisted of $0.74 million of cash deposited as collateral for a standby letter of credit associated with a real estate lease (reported in other non-current assets) and $1.00 million of cash deposited in a bank account to satisfy a liquidity covenant in the Company’s term loan debt agreement (reported in other current assets).

Segment Reporting Information

The Company has a single reportable segment, which generates revenue from the design and licensing of branded apparel, jewelry, and similar consumer products. The Company derives revenue in North America and manages its business activities on a consolidated basis. The accounting policies of the Company’s single reportable segment are the same as those for the Company as a whole.

The Company’s chief operating decision maker, as such term is defined under GAAP, is its Chief Executive Officer. The chief operating decision maker assesses performance for the single reportable segment and decides how to allocate resources based on net income that also is reported on the income statement as consolidated net income. The chief operating decision maker analyzes and reviews business performance based on available sales data from key licensees and quarterly sales and royalty reports provided by its licensees in addition to assessing the overall operating results on a monthly basis. The measure of segment assets is reported on the balance sheet as total consolidated assets, and, as the Company has a single reportable segment, the Company’s resources are applicable to the business as a whole. The Company does not have intra-entity sales or transfers.

Leases - Maturities of Future Lease Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Leases [Abstract]
2026 (April 1 through December 31)	$ 1,547
2027	1,841
2028	570
2029	585
2030	599
Thereafter (through 2032)	821
Total lease payments	5,963
Less: Discount to Present Value	1,007
Present value of lease liabilities	4,956
Current portion of lease liabilities (April 1, 2026 through March 31, 2027)	1,718	$ 1,687
Non-current portion of lease liabilities	$ 3,238	$ 3,678

Stockholders' Equity - Equity Line Facility (Details) - USD ($)		3 Months Ended
	Jan. 21, 2026	Mar. 31, 2026
Stockholders' Equity
Costs incurred related to equity line facility		$ 258,000
White Lion Capital LLC
Stockholders' Equity
Common stock purchase commitment amount	$ 15,000,000
Maximum shares issuable under equity line	1,178,173
Percentage of equity securities issued or issuable	19.99%
Common stock issued as commitment fee	$ 37,500
Equity issuance fee percentage	4.00%
Shares issued		0
Costs incurred related to equity line facility		$ 260,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

11. Commitments and Contingencies

Contingent Obligation – Isaac Mizrahi Transaction

Under the terms of the May 31, 2022 transaction related to the sale of a majority interest in the Isaac Mizrahi brand (as subsequently amended in 2023 and 2024), the Company had agreed with WHP (the buyer) that, in the event that the aggregate royalties received by IM Topco were less than $13.5 million for the twelve-month period ending March 31, 2025 or less than $18.0 million for the year ending December 31, 2025, Xcel was obligated to transfer equity interests in IM Topco to WHP equal to 12.5% of the total outstanding equity interests of IM Topco, such that Xcel’s ownership interest in IM Topco would decrease from 30% to 17.5%, and WHP’s ownership interest in IM Topco would increase from 70%

to 82.5%. During 2024, management concluded that it was virtually certain that the Company would be required to make such transfer of equity interests to WHP in 2025. As such, the Company recognized a contingent obligation of approximately $4.21 million as of December 31, 2024.

As of March 31, 2025, in accordance with the terms of the amended membership purchase agreement between Xcel and WHP, WHP became contractually entitled to receive from Xcel equity interests in IM Topco equal to 12.5% of the total outstanding equity interests of IM Topco. Also during the three months ended March 31, 2025, the Company adjusted the carrying value of the contingent obligation to its estimated fair value of $3.97 million as of March 31, 2025 in the condensed consolidated balance sheets, and recognized a $(0.24) million credit in the condensed consolidated statement of operations.

On and effective April 15, 2025, such equity interests were transferred to WHP in full satisfaction and settlement of this contractual obligation, and the previously recorded liability was de-recognized by reducing the value of the asset for the investment in IM Topco.

Legal Matters

From time to time, the Company becomes involved in legal claims and litigation in the ordinary course of business. The Company routinely assesses all its litigation and threatened litigation as to the probability of ultimately incurring a liability, and records its best estimate of the ultimate loss in situations where it assesses the likelihood of loss as probable. In the opinion of management, based on consultations with legal counsel, the disposition of litigation currently pending against the Company is unlikely to have, individually or in the aggregate, a materially adverse effect on the Company’s business, financial position, results of operations, or cash flows.