OSWMEDIUM SIGNALFINANCIAL10-K

OSW's cash position declined substantially from $57.4M to $16.3M while the company reduced debt and expanded operations to serve 28 million guests versus 26 million previously.

The sharp reduction in cash reserves to $16.3M raises questions about liquidity management, though this was partially offset by debt reduction of $14.6M. The company appears to be investing in growth, evidenced by higher inventory levels and expanded guest capacity, but the cash burn warrants monitoring.

Comparing 2026-02-23 vs 2025-02-21View on EDGAR →
FINANCIAL ANALYSIS

OSW's balance sheet shows a meaningful cash drawdown of over 70% to $16.3M, while inventory increased 26% to $58.8M, suggesting operational investment or working capital buildup. The company reduced total debt by $14.6M and overall liabilities declined 14%, but interest expense grew notably to $21.4M. The financial picture suggests active capital deployment with some deleveraging, though the substantial cash reduction creates a tighter liquidity profile.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
-71.6%
$57.4M$16.3M

Cash declined 71.6% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Interest Expense
P&L
+35.8%
$15.8M$21.4M

Interest expense surged 35.8% — significant debt increase or rising rates materially impacting earnings.

Inventory
Balance Sheet
+25.9%
$46.7M$58.8M

Inventory built 25.9% — monitor whether demand supports this build or if write-downs may follow.

Total Debt
Balance Sheet
-14.8%
$98.6M$84.0M

Debt reduced 14.8% — deleveraging strengthens balance sheet and reduces financial risk.

Current Assets
Balance Sheet
-14.8%
$161.5M$137.7M

Current assets declined 14.8% — monitor working capital adequacy and short-term liquidity.

Total Liabilities
Balance Sheet
-14.3%
$191.9M$164.5M

Liabilities reduced 14.3% — deleveraging improves balance sheet strength and financial flexibility.

LANGUAGE CHANGES
NEW — 2026-02-23
PRIOR — 2025-02-21
ADDED
As of February 20, 2026, the registrant had 101,451,278 voting shares of common stock issued and outstanding.
We have consistently expanded our onboard offerings with innovative, leading-edge service and product introductions, and developed powerful staff recruiting, training and logistics platforms, increasingly powered by emerging technologies, including generative and agentic artificial intelligence applications, and global operations infrastructure to manage our operational complexity, maintain our industry-leading quality standards and maximize revenue per health and wellness center.
These agreements range from three to 8.6 years in duration and average approximately five years in length, providing us with the exclusive right to offer health, wellness, aesthetics and fitness services and the ability to sell complementary products onboard the ships we serve.
Under these long-term agreements, cruise l ine partners retain a specified percentage of revenues from all our sales onboard.
Our health and wellness centers operate aboard cruise ships that served over 28 million guests in 2025, seeking to explore and experience our industry-leading health and wellness services and products to complement and enhance their vacation experience.
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REMOVED
As of February 20, 2025, the registrant had 104,667,247 voting shares of common stock issued and outstanding.
We have consistently expanded our onboard offerings with innovative, leading-edge service and product introductions, and developed a powerful staff recruiting, training and logistics platform and global operations infrastructure to manage our operational complexity, maintain our industry-leading quality standards and maximize revenue per health and wellness center.
These agreements range from three to 8.6 years in duration and average approximately five years in length, providing us with the exclusive right to offer health, fitness, beauty and wellness services and the ability to sell complementary products onboard the ships we serve.
Under these long-term agreements, cruise line partners retain a specified percentage of revenues from all our sales onboard.
Our health and wellness centers served over 26 million guests in 2024, seeking to explore our industry-leading health and wellness services and products to complement and enhance their vacation experience.
+7 more — sign up free →
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