MiniLuxe Holding Corp. (TSXV: MNLX) has announced its financial results for the second quarter and first half of 2024. The company reported significant growth in revenue and gross profit, reflecting a strong performance in the core studio business.

For the 13 weeks ended July 2, 2024, MiniLuxe’s total company revenue increased by 16% over the same period in 2023, reaching $6.4 million. The gross profit for the same period rose by 9% to $2.7 million. The company’s same-studio revenue grew by 23% compared to pre-pandemic levels in 2019. This growth was driven by positive momentum on both the demand and supply sides, including new customer and loyal customer growth, as well as talent ecosystem growth to meet service demand.

MiniLuxe’s strategy has focused on leveraging its core studio business and identifying new growth channels. The company has made significant progress in its reorganization efforts, which are expected to lead to growing aggregate profitability in the near term. Additionally, MiniLuxe has completed multiple material fundraises, including a convertible note offering and a re-financing of its Senior Term Loan, to bolster its liquidity and support future growth initiatives.

Overall, the company’s financial results for the second quarter and first half of 2024 demonstrate continued double-digit growth and a positive trajectory towards long-term profitability. MiniLuxe remains committed to driving cashflow positive operations and expanding its revenue streams through strategic diversification and operational efficiencies.