Xcel Brands Q3 2025 Earnings Report

Xcel Brands EPS Results

• Actual EPS: -$2.02
• Consensus EPS: -$0.93
• Beat/Miss: Missed by -$1.09
• One Year Ago EPS: N/A

Xcel Brands Revenue Results

• Actual Revenue: $1.12 million
• Expected Revenue: $1.24 million
• Beat/Miss: Missed by -$124.00 thousand
• YoY Revenue Growth: N/A

Xcel Brands Announcement Details

• Quarter: Q3 2025
• Date: 11/19/2025
• Time: After Market Closes
• Conference Call Date: Wednesday, November 19, 2025
• Conference Call Time: 5:00PM ET

Xcel Brands (NASDAQ:XELB). is a brand-management and media company that develops, acquires, markets and licenses consumer brands. The company focuses on lifestyle categories including fashion, accessories, jewelry, home goods and beauty products, using a combination of licensing, direct-to-consumer commerce, retail distribution and media-driven marketing.

Xcel’s portfolio has included brands associated with designers and personalities such as Isaac Mizrahi and Judith Ripka. The company works with retail and manufacturing partners to design, produce and distribute branded merchandise, while also supporting product launches through television, digital content, social media and livestream shopping. Its business model is intended to extend brands across multiple product categories and sales channels.

Founded in 2011, Xcel Brands serves consumers primarily through North American retail and e-commerce channels, with licensing arrangements that can provide international distribution. Robert W. D’Loren is the company’s chairman and chief executive officer. Brand ownership, licensing arrangements and product offerings may change as Xcel develops its portfolio and pursues new commercial opportunities.

Xcel Brands Q3 2025 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Adjusted EBITDA improved to approximately negative $653k in Q3, a ~38% year‑over‑year improvement, and non‑GAAP net loss narrowed to about $1.3M, reflecting the company's cost cuts and improved operating discipline.
• Positive Sentiment: Management is launching five influencer‑led brands including Cesar Millan, Gemma Stafford, Jenny Martinez, Coco Rocha and a Longaberger influencer, targeting social commerce growth (46M reach now, goal of 100M followers in 2026) and shifting more product to domestic sourcing to mitigate tariff risk.
• Negative Sentiment: Licensing revenue weakened to $1.1M (Q3) driven by Halston underperformance and suspended service revenue, and liquidity remains pressured with $1.5M cash, $12.5M long‑term debt and an amendment that requires repayment/refinancing of $2.2M by Feb 2026.
• Neutral Sentiment: The company raised approximately $2M in an equity offering (management and a director invested ~$935k), used $250k to pay down debt, and is pursuing UTG partnerships and potential acquisitions that management says could be transformative.

Presentation

[Operator]

Ladies and gentlemen, thank you for standing by. Today's conference call is scheduled to begin momentarily. You will be placed back on music hold until then. Thank you for your patience. Hello, and thank you for standing by. My name is John, and I will be your conference operator today. At this time, I would like to welcome everyone to the Xcel Brands Q3 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press * followed by the number 1 on your telephone keypad. To withdraw your question, simply press * again.

[Operator]

Please be advised that reproduction of this call in whole or in part is not permitted without prior written authorization of Xcel Brands, and as a reminder, this conference call is being recorded. I would now like to turn the call over to Seth Burroughs from the company. Seth, you may begin.

[Seth Burroughs, Executive Vice President of Business Development and Treasury and Director at Xcel Brands]

Good afternoon, everyone, and thank you for joining us. Welcome to the Xcel Brands Q3 2025 earnings call. We greatly appreciate your participation and interest. With us on the call today are Chairman and Chief Executive Officer Robert D'Loren and Chief Financial Officer Jim Haran. By now, everyone should have had access to the earnings release for the quarter ended September 30, 2025, which went out this afternoon. In addition, the company will file with the Securities and Exchange Commission with its quarterly report on Form 10-Q for the quarter ended September 30, 2025. The release and the quarterly report will be available on the company's website at www.xcelbrands.com. This call is being webcast, and a replay will be available on the company's investor relations website. Before we begin, please keep in mind that this call will contain forward-looking statements.

[Seth Burroughs, Executive Vice President of Business Development and Treasury and Director at Xcel Brands]

All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from certain expectations discussed here today. These risk factors are explained in detail in the company's most recent annual report filed with the SEC. Xcel does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. The dynamic nature of the current macroeconomic environment means that what is said on this call could change materially at any time. Finally, please note that on today's call, management will refer to certain non-GAAP financial measures, including non-GAAP net income, non-GAAP diluted EPS, and adjusted EBITDA. Our management uses these non-GAAP metrics as measures of operating performance to assist in comparing performance from period to period on a consistent basis and to identify business trends related to the company's results of operations.

[Seth Burroughs, Executive Vice President of Business Development and Treasury and Director at Xcel Brands]

Our management believes these financial performance measurements are also useful because these measures adjust for certain costs and other events that management believes are not representative of our core business operating results, and thus they provide supplemental information to assist investors in evaluating the company's financial results. These non-GAAP measures should not be considered in isolation or as alternatives to net income, earnings per share, or any other measure of financial performance calculated and presented in accordance with GAAP. You may refer to the attachment to the company's earnings release or to the 10-Q for a reconciliation of non-GAAP measures. Now, I'm pleased to introduce Robert D'Loren, Chairman and Chief Executive Officer. Bob, please go ahead.

[Robert D'Loren, Founder, Chairman, and CEO at Xcel Brands]

Thank you, Seth. Good afternoon, everyone, and thank you for joining us today. I would like to start today's call with a brief update on recent developments from the most recent quarter and our outlook moving forward. After that, our CFO, Jim Haran, will discuss our financial results in more detail. As you know, we closed a $2 million net equity offering in Q3, of which one of our directors, UTG, and I together invested $935,000. This brings the total investment in financing the past 18 months by management and other insiders to approximately $2 million. $250,000 of the cash proceeds of the aforementioned equity offering were used to pay down our loan with First Eagle, with the balance being used for general work and capital purposes.

[Robert D'Loren, Founder, Chairman, and CEO at Xcel Brands]

We have been working with UTG on new business opportunities, which include leveraging UTG's sourcing platform to supply products to our retail partners, leveraging their retail distribution in China, and conducting continued due diligence on potential acquisitions. We believe some of these transactions have the potential to be transformative for Xcel. Change is coming fast in our core business of video content distribution over linear TV as it moves to digital streaming and social commerce. In fact, just last week, TikTok Shops announced that their quarterly volume now exceeds that of eBay. We believe that we are positioned well to capitalize on this change, given our investments in social commerce technology and our portfolio of influencer-led brands. We continue to work hard with our production partners to drive our business.

[Robert D'Loren, Founder, Chairman, and CEO at Xcel Brands]

Earlier in the year, we announced our new influencer brands with Cesar Millan, Gemma Stafford, Jenny Martinez, Coco Rocha, and expect to announce a new influencer transaction for our Longaberger brand shortly. These new influencer-led brands have diversified our product categories into food, kitchen, home, and pet products, and transitioned our supply chains to be more reliant on domestic production, especially in the human food and pet food and supplements categories. Also, we have identified key category license opportunities for all of these new influencer brands. Our social media reach across our brand portfolio is now 46 million people, with a strong pipeline of new influencer-led brands. We are on track to reach 100 million followers across our brand portfolio in 2026. Sea Wonder and Christie Brinkley remain amongst the fastest-growing brands on HSN. We expect category and distribution expansion in both of these brands in 2026.

[Robert D'Loren, Founder, Chairman, and CEO at Xcel Brands]

Our pipeline of licensing activities is strong for all of our brands, especially the influencer-led brands. All that said, we are approaching Q4 of this year with caution given the impacts of the tariffs on QVC, HSN, and our licensees, including G-III for our Halston brand. I should note that HSN's move to QVC's Pennsylvania studios did disrupt our sales in both Tower Hill by Christie Brinkley and Sea Wonder. Judith Ripka continues to operate on plan and is up 6% over last year in retail sales on JTV. Our Longaberger brand launches on QVC this fall and will be guested and promoted by a strong, very talented influencer in the home and crafting space with over 3 million highly engaged followers. We believe she's perfect for our Longaberger brand. We generated an adjusted EBITDA loss of $653,000 in Q3.

[Robert D'Loren, Founder, Chairman, and CEO at Xcel Brands]

That is $400,000, or approximately a 38% improvement over Q3 2024. While we forecasted a range of $1 million-$2.5 million of adjusted EBITDA for 2025, much of it was weighted in the second half results of this year, driven by the Halston business, which has not materialized as we had hoped. G-III remains committed to the Halston brand and is adjusting merchandising and design to get the brand back on plan. We believe that this is a timing issue and that we'll see further growth in 2026.

[Robert D'Loren, Founder, Chairman, and CEO at Xcel Brands]

Finally, given the softness in the Halston business, we have entered into an amendment to our credit facility with our lender that provides, amongst other things, certain modifications to our loan covenants, elimination of certain early payment fees, a release of a $1 million loan liquidity reserve as partial payment on the gross $3.2 million First Eagle Term A loan balance, and in exchange for repayment of the net First Eagle Term A balance of $2.2 million on or before February 2026. It is our intent to refinance this net First Eagle Term A $2.2 million portion of the loan as a standalone financing or in connection with another transaction we are considering. With that, I would like to turn the call over to our CFO, Jim Haran, to cover our financial results for the third quarter. Jim?

[Jim Haran, CFO at Xcel Brands]

Thanks, Bob. Good afternoon, everyone. I will now briefly discuss our financial results for the quarter and nine months ended September 30th, 2025. Net licensing revenues were $1.1 million for the current quarter, compared with $1.5 million in the third quarter of 2024. This decline was primarily attributable to the more cautious consumer spending in the current economic environment and the lower-than-expected performance in our Halston license, as well as lower revenue recognized from a service agreement with Ion Topco, which has suspended. On a year-to-date basis, net licensing revenues were $3.8 million for the current nine-month period, compared with $6.5 million for the comparable period in the prior year. The decrease in licensing revenue was primarily attributable to the 2024 divestiture of the Lori Goldstein brand. Direct operating cost expenses were $2.2 million for the current quarter, down 23% from the prior year quarter.

[Jim Haran, CFO at Xcel Brands]

For the current nine-month period, direct operating costs were $6.3 million, a decrease of 36% from the prior year comparable period. For both the quarter and year-to-date periods, the decrease in direct operating costs was primarily attributable to the business transformation and cost reduction actions taken by the company over the past two years, as well as expenses related to the Lori Goldstein brand in the first half of 2024. As a result of the restructuring of our business model, we have reduced our payroll operating and overhead costs to a run rate of under $8 million on a per annum basis. Looking at our other operating costs and expenses, which are predominantly non-cash in nature, our depreciation and amortization expense was relatively flat from the prior year quarter.

[Jim Haran, CFO at Xcel Brands]

On a year-to-date basis, depreciation and amortization expense declined from $4 million in the prior year to $2.7 million in the current nine-month period, a result of the sale of the Lori Goldstein brand. We recognized non-cash losses related to our equity method investment the past two years. These amounts were related to our non-controlling interest in the Isaac Mizrahi brand and were based upon a combination of our proportionate share of operating losses, recognized impairment charges to write down the value of our investment, and recorded similar non-cash charges as we reduced our interest in the brand over time. As a result, we have fully written down our investment in the Isaac Mizrahi brand, and going forward, we will not have to incur these charges and losses anymore.

[Jim Haran, CFO at Xcel Brands]

During the prior year nine-month period, we also recognized a $3.8 million gain on the divestiture of the Lori Goldstein brand, and slightly offsetting that were impairment charges of $3.5 million related to the exit and the sublease from our prior office location. I'd like to reiterate, however, that all these charges I've described within the other operating costs and expenses are predominantly non-cash in nature and are not recurring and are excluded from our non-GAAP measures of performance. Turning to our interest and finance expense, our interest and finance expense was $0.5 million for the current quarter, compared with $0.1 million for the third quarter of last year. On a year-to-date basis, interest and finance expense was $3.4 million for the current nine months versus $0.4 million in the prior year comparable period.

[Jim Haran, CFO at Xcel Brands]

These year-over-year increases primarily reflect higher interest expense as a result of higher interest rates and higher average debt balance. In addition, during the current nine-month period, we recognize a $1.9 million loss on the early extinguishment of debt from the April 2025 refinancing of our term loan. Keep in mind, under our term loan agreement, a majority of the interest due under our current debt will be paid in kind, meaning that it will accrue and not require cash payments until starting in 2027. Overall, we had a net loss for the current quarter of approximately $7.9 million, or minus $2.02 per share, compared with a net loss of $9.2 million, or minus $3.92 per share in the prior year quarter.

[Jim Haran, CFO at Xcel Brands]

After adjusting for certain cash and non-cash items, results on a non-GAAP basis were a net loss of approximately $1.3 million, or minus $0.34 per share for the current quarter, and a net loss of approximately $1.3 million, or minus $0.57 per share for the prior year quarter. Adjusted EBITDA for the current quarter was approximately negative $650,000, compared to - $1 million in the third quarter of 2024. This represents a 38% year-over-year improvement in EBITDA, which is roughly comparable to the year-over-year EBITDA improvements we have been showing over the past few quarters. For the current nine months, we had a net loss of approximately $14.7 million, or minus $5.06 per share on a GAAP basis, compared with a net loss of $15.3 million, or minus $6.82 per share in the prior year nine months.

[Jim Haran, CFO at Xcel Brands]

On a non-GAAP basis, we had a net loss of $3.6 million, or minus $1.24 per share, roughly comparable to a non-GAAP net loss in the prior year period of $3.4 million, or minus $1.53 per share. Our year-to-date EBITDA for the current quarter was negative $1.65 million, a 38% improvement from EBITDA of negative $2.7 million for the prior year comparable period. Once again, as a reminder, our earnings press release and Form 10-Q present a full reconciliation of our non-GAAP measures with the most directly comparable GAAP measures. Now, turning to our balance sheet and our liquidity. During the current quarter, in August 2025, the company closed on a public equity offering and concurrent management-led private placement equity transaction for a combined net proceeds of approximately $2 million.

[Jim Haran, CFO at Xcel Brands]

As of September 30, 2025, the company's balance sheet reflected stockholders' equity of approximately $17 million and unrestricted cash of approximately $1.5 million, and also reflected $12.5 million of long-term debt. With that, I would like to turn the call back over to Bob. Bob?

[Robert D'Loren, Founder, Chairman, and CEO at Xcel Brands]

Thank you, Jim. This concludes our prepared remarks. Operator?

[Operator]

Thank you. Ladies and gentlemen, we will now begin the question and answer session. At this time, I would like to remind everyone, in order to ask a question, please press star followed by the number one on your telephone keypad. If you would like to withdraw your question, simply press star one again. We will pause for a moment to compile the Q&A roster. You will be on music hold until then. Please stay on the line. Thank you. Thank you for patiently waiting. We will now begin the question and answer session. Our first question comes from the line of Thomas Forte with the Maxim Group. Please go ahead.

[Thomas Forte, Managing Director and Senior Consumer Internet Analyst at Maxim Group]

Great. Bob and Jim, congrats on the quarter. I have one question and one follow-up. I'll go one at a time. Bob, in September, you announced what we thought was a pretty significant hire and addition to the company with the addition of Olin Lancaster as Chief Revenue Officer. Can you talk about the importance of that move and how you're able to attract him to Xcel Brands?

[Robert D'Loren, Founder, Chairman, and CEO at Xcel Brands]

Sure. Olin and I have a long-standing relationship that took over two years for the stars to line up for him to come to Xcel. I'm very happy that he has joined us. He brings over 25 years of experience to Xcel, having run very big divisions within Ralph Lauren and other companies. We have been working closely together, traveling a great deal the last couple of months to various different trade shows to get all of these new influencer brands launched with good licensing partners. I look forward to working hard in 2026 with Olin.

[Thomas Forte, Managing Director and Senior Consumer Internet Analyst at Maxim Group]

Great. For my follow-up, Bob, last quarter, you talked about having influencer brand products focused on domestic items such as food. Can you talk about things you've done in that area as a way to mitigate some of the tariff impact?

[Robert D'Loren, Founder, Chairman, and CEO at Xcel Brands]

Yes. It's interesting that our timing was perfect in signing Cesar, Gemma, and Jenny, particularly Gemma and Jenny, because QVC and other retailers are eager to make room for products that are sourced domestically, which the majority of food is. We are very excited about the prospects with Jenny and Gemma. We have begun signing licenses with various different licensees. The same is true with Cesar for dog food. A majority of pet supplements are made here domestically. Timing was good with those. To some extent, it mitigates tariff risk with a lot of the concentrations that we have in apparel and goods that are made in other countries. That said, most of our licensees have been shifting out of China to other places that are a little more tariff-friendly.

[Robert D'Loren, Founder, Chairman, and CEO at Xcel Brands]

QVC is still working on that transition in some of their categories, but we're excited for Gemma and for Jenny and Cesar. They're all launching on QVC, coming up in Q1. Timing was good for us.

[Thomas Forte, Managing Director and Senior Consumer Internet Analyst at Maxim Group]

Great. Thanks for taking my questions, Bob. Best of luck in the fourth quarter.

[Robert D'Loren, Founder, Chairman, and CEO at Xcel Brands]

Thank you.

[Operator]

Your next question comes from the line of Michael Kupinski with Noble Capital Markets. Please go ahead.

[Michael Kupinski, Director of Research and Managing Director for Media and Entertainment at Noble Capital Markets]

Thank you for taking the questions. Sorry for the background noise. Just a couple of quick questions. In terms of the disruption with Sea Wonder and Christie in the fourth quarter, I was just wondering, have those issues been resolved? Are they still lingering? I was just wondering if it's a temporary situation or is it something that still needs to be resolved?

[Robert D'Loren, Founder, Chairman, and CEO at Xcel Brands]

No, it has been resolved, Mike. It was really related to the vendor that was supplying QVC. They just could not get the costing to work with the tariffs. We since then replaced that vendor, and they are sourcing from different countries where the economics work for QVC. That was part of it. The other part of it was there was disruption when HSN, which Christie and Sea Wonder are HSN brands, moved from Tampa to West Chester, PA. It just caused delays in shows. All of that has been resolved. It was actually remarkably good in terms of how QVC did the transition, but there were some programming challenges.

[Michael Kupinski, Director of Research and Managing Director for Media and Entertainment at Noble Capital Markets]

Great. In terms of G-III, I think you mentioned that they're tweaking some merchandising. Is that tweak going to be able to be done for the spring line, or is that going to be more of a fall line?

[Robert D'Loren, Founder, Chairman, and CEO at Xcel Brands]

I think it will be some adjustments for spring because they've been making them all along. I think it's really more a fall adjustment for them. Olin and Joe Falco have been working very closely with the G-III team.

[Michael Kupinski, Director of Research and Managing Director for Media and Entertainment at Noble Capital Markets]

Gotcha. Obviously, you have a lot of new brands that are coming out. I was just wondering if you have any updates on the product roadmap, like maybe when the rollouts for these brands, any updates on when they are going to start hitting the market?

[Robert D'Loren, Founder, Chairman, and CEO at Xcel Brands]

All of them will start hitting the market at the beginning of Q1 of 2026. It will start with all the food products, some small electronics devices that our vendor was able to source competitively despite the tariff situation. They will continue to roll out into different categories. Cesar, we had a big pet accessories program that we signed last year, and there were delays. We thought that could get out for this holiday season, but because of tariffs, they had to move to different factories, and we shifted. That all should really be in the market by fall next year.

[Michael Kupinski, Director of Research and Managing Director for Media and Entertainment at Noble Capital Markets]

Gotcha. Bob, I do not want you to say anything you obviously cannot say, but you did allude to an acquisition that you are contemplating. It might be kind of good to remind investors what types of acquisitions you have been kind of contemplating in the past and what those acquisitions might bring to the table that you might be most excited about.

[Robert D'Loren, Founder, Chairman, and CEO at Xcel Brands]

Over the last three years or so, we've been looking for brand acquisitions and transformative transactions. We continue to look at opportunities. I would say in the general course of our business, we're looking at opportunities. There are a few that we are very interested in, and we're working very hard to try to make them happen.

[Michael Kupinski, Director of Research and Managing Director for Media and Entertainment at Noble Capital Markets]

Thank you very much. Good luck to you guys.

[Robert D'Loren, Founder, Chairman, and CEO at Xcel Brands]

Thank you.

[Operator]

Your next question comes from the line of Walter Schenker with MAZ Partners. Please go ahead.

[Walter Schenker, Principal and Founder at MAZ Partners]

Hi, Bob. It is admirable to cut costs however you can cut costs to profitability if you do not have revenues. The questions that were asked sort of address some of the issue, which is you need to get your revenues meaningfully higher than they are now to break even, even on a cash flow basis. Can you sort of lay out how you look at the next 12 months and the revenue ramp without specific—and be as specific as you feel comfortable—but without to sort of give us some sense of what we should be looking to as a roadmap to get the revenues to a few million dollars a quarter?

[Robert D'Loren, Founder, Chairman, and CEO at Xcel Brands]

Yes. The roadmap is we're launching five new influencer-led brands that we think will drive the revenue going into 2026. We now believe that some of the difficulties we experienced with both Christie Brinkley and our Sea Wonder brand because of tariffs and the move are behind us. We think we have great upside. We also plan going into 2026 to expand new categories, particularly with the Christie brand into home and garden and beverage. With Sea Wonder, we believe that 2026 will be the year that we can also diversify into new sales channels. That is the roadmap. That is what Olin and I are working on on a day-to-day basis to maximize the opportunity with all of the brands in the portfolio.

[Robert D'Loren, Founder, Chairman, and CEO at Xcel Brands]

Of course, we do have a pipeline of additional brands that we are working on with influencers to bring to the market, hopefully, as soon as fall next year. That is the roadmap.

[Walter Schenker, Principal and Founder at MAZ Partners]

Therefore, and again, you addressed some of this already, as we get into next year, each quarter should sequentially show higher revenues. I realize there's some seasonality, but each quarter should, given the ramp in the five new influencers, additional people, and straightening out some of the issues you've had with your existing lines, would pretty much sequentially show growth?

[Robert D'Loren, Founder, Chairman, and CEO at Xcel Brands]

Correct. Correct. Because they're all coming online. Hopefully, we can work with the team that is running the Halston brand, and we can help them to really accelerate growth in that brand as well.

[Walter Schenker, Principal and Founder at MAZ Partners]

Okay. Thanks a lot, Bob.

[Robert D'Loren, Founder, Chairman, and CEO at Xcel Brands]

Thank you.

[Operator]

Once again, if you would like to ask a question, that is to press star one on your telephone keypad. Thank you. Your next question comes from the line of Howard Brous with Wellington Shields. Please go ahead.

[Howard Brous, Vice President & Wealth Advisor at Wellington Shields]

Just to follow up Walter's question, can you give us a sense of how we can look at 2026 in terms of potential revenue?

[Robert D'Loren, Founder, Chairman, and CEO at Xcel Brands]

Howard, we have not given guidance, but there are two analyst reports out there. One that I think is a conservative view and the other that is consistent, I believe, with our internal goals for what we think we can do with the brands. I would look to those two reports to get a sense of where we think that can be for us. The important metric for us is top-line royalty revenue. Royalties in the marketplace, Howard, they have been trading at higher values recently, particularly in the PE world. They are trading today for between seven and eight times royalty, top-line royalty, 15 times EBITDA. With royalties trading at that level, there is a massive disconnect even with where we are today with the market cap of the company.

[Robert D'Loren, Founder, Chairman, and CEO at Xcel Brands]

Because if you take the worst-case base of $6 million times seven or eight times, that would imply we have $45-$50 million of asset value in the IP. I have been saying this for years. There is always this disconnect. Certainly, we proved that with the sale of our Isaac Mizrahi brand in 2022. If you look at where the analysts have us, if we are successful in achieving our goal and getting all these categories for the new brands launched, it would imply $100 million of value on the royalty flows. That is an important metric for us to look at.

[Howard Brous, Vice President & Wealth Advisor at Wellington Shields]

That's all I have. Thank you.

[Operator]

Another question from Walter Schenker with MAZ Partners. Please go ahead.

[Walter Schenker, Principal and Founder at MAZ Partners]

Probably to end on a high note. Bob, you have previously, in talking to investors, indicated over a multi-year timeframe that the opportunities that you have lined up now could potentially get $50 million of royalty income, half of—again, my numbers—half of that to you so that you could have $25 million. We look at your share count and earn a lot of money. That is still a potential target out a few years?

[Robert D'Loren, Founder, Chairman, and CEO at Xcel Brands]

Yes. Yes. These brands are very powerful, particularly Cesar Millan. Cesar is the biggest voice in the pet world. There is a lot of interest in him with 20 million followers and syndicated TV shows in 80 countries. There is a global opportunity with him. We are very excited about that. Jenny Martinez, she could be the Latin Martha Stewart. Gemma, when you think about the magnitude of 500 million people having downloaded her recipes, the potential with them is enormous.

[Walter Schenker, Principal and Founder at MAZ Partners]

Okay. Just again, want to reaffirm that a few years out, you're still looking for, especially relative to where we're now, very big numbers, at least on a per-share basis.

[Robert D'Loren, Founder, Chairman, and CEO at Xcel Brands]

That's the goal.

[Walter Schenker, Principal and Founder at MAZ Partners]

Good. Hopefully, we'll all at least achieve it. Thank you, Bob.

[Robert D'Loren, Founder, Chairman, and CEO at Xcel Brands]

Thank you.

[Operator]

At this time, there are no further questions. I would now like to turn the call back over to Mr. D'Loren for closing remarks.

[Robert D'Loren, Founder, Chairman, and CEO at Xcel Brands]

Okay. Guys, before I give you my closing remarks, I do want to extend a special thanks to Seth Burroughs for joining us on this call at midnight his time. With that, ladies and gentlemen, thank you all for your time this evening. We greatly appreciate your continued interest and support in Xcel Brands. As always, please stay fit, eat well, and be healthy.

[Operator]

Ladies and gentlemen, that does conclude our conference call for today. You may all disconnect your lines, and we would like to thank you for participating.

Participants

Executives

• Jim Haran, CFO
• Seth Burroughs, Executive Vice President of Business Development and Treasury and Director
• Robert D'Loren, Founder, Chairman, and CEO

Analysts

• Michael Kupinski, Director of Research and Managing Director for Media and Entertainment at Noble Capital Markets
• Thomas Forte, Managing Director and Senior Consumer Internet Analyst at Maxim Group
• Howard Brous, Vice President & Wealth Advisor at Wellington Shields
• Walter Schenker, Principal and Founder at MAZ Partners