Xcel Brands Reports Q3 2025 Earnings: Net Licensing Revenues Down, Direct Operating Costs Decline

Xcel Brands reported Q3 2025 earnings with net licensing revenue declining to $1.1 million, compared to $1.5 million in the same period last year, due to cautious consumer spending and underperformance from the Halston license. Direct operating costs fell 23% to $2.2 million, and net loss improved to $7.9 million, or $2.02 per share, from a loss of $9.2 million, or $3.92 per share, in 2024. The company raised $2 million in equity and reduced its long-term debt to $12.5 million.