Consolidated Balance Sheets - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Current Assets:
Cash and cash equivalents	$ 1,150,000	$ 1,254,000
Accounts receivable, net	956,000	2,269,000
Prepaid expenses and other current assets	1,564,000	520,000
Total current assets	3,670,000	4,043,000
Non-current Assets:
Property and equipment, net	130,000	182,000
Operating lease right-of-use assets	3,005,000	3,751,000
Trademarks and other intangibles, net	31,229,000	34,759,000
Investments in unconsolidated affiliates	0	10,110,000
Other assets	912,000	911,000
Total non-current assets	35,276,000	49,713,000
Total Assets	38,946,000	53,756,000
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities	1,136,000	2,734,000
Deferred revenue	1,330,000	1,380,000
Accrued income taxes payable	85,000	554,000
Current portion of operating lease obligations	1,687,000	1,513,000
Current portion of long-term debt	3,250,000
Contingent obligation		4,213,000
Total current liabilities	7,488,000	10,394,000
Long-Term Liabilities:
Deferred revenue	1,778,000	2,667,000
Long-term portion of operating lease obligations	3,678,000	5,297,000
Long-term debt, net, less current portion	9,456,000	6,569,000
Other long-term liabilities	722,000	431,000
Total long-term liabilities	15,634,000	14,964,000
Total Liabilities	23,122,000	25,358,000
Stockholders' Equity:
Common stock, $.001 par value, 50,000,000 shares authorized, and 5,880,757 and 2,368,072 shares issued and outstanding at December 31, 2025 and 2024, respectively	6,000	2,000
Paid-in capital	111,660,000	106,666,000
Accumulated deficit	(93,705,000)	(76,244,000)
Total Xcel Brands, Inc. stockholders' equity	17,961,000	30,424,000
Noncontrolling interest	(2,137,000)	(2,026,000)
Total Stockholders' Equity	15,824,000	28,398,000
Total Liabilities and Stockholders' Equity	$ 38,946,000	$ 53,756,000