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Xcel Brands reported Q3 2025 net licensing revenues of $1.1 million, down from $1.5 million, due to cautious consumer spending and underperformance from the Halston license. Direct operating costs declined 23% to $2.2 million, and net loss improved to $7.9 million, or $2.02 per share. The company also reported $12.5 million in long-term debt and $1.5 million in unrestricted cash. Xcel plans to launch five influencer-led brands and expand into new product categories to mitigate tariff exposure.

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