- XpresSpa Group Inc XSPA reported third-quarter FY21 revenue of $26.8 million, primarily due to the recognition of revenue from twelve XpresCheck locations totaling $25.4 million. It reported $0.2 million in revenue last year.
- The cost of sales increased to $13.7 million from $1.4 million in the prior year. General and administrative expenses rose 18.2% Y/Y to $5.2 million.
- The operating margin was 26.4%, and operating income for the quarter was $7.1 million versus a loss of $(9.2) million.
- Adjusted EBITDA for the quarter was $8.7 million versus $(5.1) million prior year.
- Net income for the quarter was $5.6 million versus a loss of $(6.1) million last year.
- "We firmly believe that COVID-19 testing at major U.S. airports will remain an important part of travel, especially international travel, for the foreseeable future," said CEO Doug Satzman.
- XpresSpa reiterated its long-term revenue target of $500 million by 2025.
- Price Action: XSPA shares closed higher by 11.68% at $1.53 on Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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