XWELL, Inc. (NASDAQ:XWEL) Q2 2023 Results Conference Call August 14, 2023 5:00 PM ET
Company Participants
Suzanne Scrabis - CFO
Scott Milford - CEO
Operator
Greetings. Welcome to XWELL's Second Quarter 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded on August 14, 2023.
I would now like to turn the conference over to Suzanne Scrabis, Chief Financial Officer for XWELL. Please go ahead.
Suzanne Scrabis
Good day, everyone. Welcome to XWELL's conference call to review our second quarter 2023 operating results. Joining me on today's call is Scott Milford, XWELL's Chief Executive Officer. We have posted our fiscal year earnings release on the Investor Relations section of our website located at www.xwell.com. A link to the webcast of today's conference call can also be found on our site.
Before turning the call over to Scott for his prepared remarks, we need to advise you of the following. Comments made on today's call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current assumptions and opinions that involve a variety of known and unknown risks and uncertainties. Actual results may differ materially from those contained in or suggested by such forward-looking statements. Important factors that might cause such differences include those set forth from time to time in our SEC filings, including our report on Form 10-K for the year ended December 31, 2022, as well as other current and periodic reports that we file with the SEC.
With that said, I'd now like to turn the call over to Scott.
Scott Milford
Hello, everyone, and thank you for joining our second quarter 2023 earnings conference call. We had a productive second quarter and continue with our efforts towards profitability by improving revenue growth in our spa business, reducing expenses and honing in on EBITDA-accretive acquisitions that will help drive our future.
As I've said before, there is still much work to do, but I'm encouraged by the progress we're making. The business delivered sequential revenue growth of approximately 15.7% and a sequential reduction in operating expenses of approximately 13%. Our net loss for the second quarter of 2023 on a GAAP basis, was approximately $5.7 million, representing a reduction of approximately $2.2 million or 28% compared to the same period in 2022. The changes we're making are beginning to take hold, and I believe we're on the right path to improve performance and profitability.