XpresSpa Group (NASDAQ:XSPA) earnings for the health and wellness company’s second quarter of 2020 have XSPA stock soaring higher after-hours Wednesday. That comes after reporting revenue of $143,000. In a separate filing with the U.S. Securities and Exchange Commission, XpresSpa reported adjusted per-share losses of $1.51.
Here’s what is worth mentioning from the most recent XpresSpa Group earnings report.
- Revenue for the quarter is down 98.9% from $12.9 million in the same period of the year prior.
- Operating loss of $9.7 million is 410.5% wider year-over-year from $1.9 million.
- The XpresSpa Group earnings report also has net loss coming in at $58.5 million.
- That’s an 859% worse result than the company’s net loss of $6.1 million reported in the second quarter of 2019.
Doug Satzman, CEO of XpresSpa Group, said the following during the current earnings report.
“Our vision for XpresCheck is taking shape and we see a significant opportunity to expand the concept across the country as we capitalize on the societal changes coming to U.S. airports as a result of COVID-19. We are now operating XpresCheck in both JFK and Newark and are in active discussions with other airports for further development.”
XpresSpa Group doesn’t go over guidance in its earnings report. However, it does note that it didn’t reopen any domestic spa locations in the second quarter. It also has no plans to reopen any of these locations in the third quarter of the year. What the company is doing is expanding testing locations for the novel coronavirus and plans to be part of vaccine distribution.
XSPA stock was up 6.3% after markets closed on Wednesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.