Company Announces Strong Start to 2026 with +8% System Revenue Growth, +5% Gross Profit, Gross Margin Expansion to 42%, and SG&A Discipline in Q1 2026
All reported figures in U.S. Dollars unless otherwise noted
Boston, MA, May 25, 2026 (GLOBE NEWSWIRE) — MiniLuxe Holding Corp. (TSXV: MNLX) today announced its financial results for the 13 weeks ended March 29, 2026 (Q1 2026). The comparative prior year period is the 13 weeks ended March 30, 2025.
MiniLuxe is a lifestyle brand and platform anchored in its purpose of empowering and enriching lives through joyful moments of self-care and self-expression. The Company offers trusted high-quality nail care and esthetic services through ultra hygienic practices, ethical work practices, better-for-you products, and a talent first model that has retained for the last three years with its hourly working team an average rate of 85 percent year-over-year. Long tenured team members also gain access to equity ownership and career advancement.
This marks the 13th consecutive quarters of improvement in its unit economic model across 25 studios (vast majority Company-owned), the Company is now focused on scaling through strategic acquisitions and most importantly an expanding network of operating and franchise partners.
MiniLuxe’s Focus and Key Strategic Pillars in Q1 2026
Continue to attract, develop and retain high quality nail designer talent;
Drive growth through operating partners and franchise partners;
Accelerate overall studio-level profitability and drive overall Company profitability;
Strengthen balance sheet with sufficient capital to execute against growth plans
The Company made meaningful progress across each of these core strategic pillars in the first quarter of fiscal 2026.
Highlights of Business Performance
Strong start to fiscal 2026: system wide revenue (inclusive of the gross revenue of the Company’s two franchise units) reached $6.8M, growing on a like-for-like basis 8% versus the prior year period (Q1 2025: $6.2M), driven by increased total staffed hours of +5% YoY. The Company net revenue grew 4% YoY to $6.4M (Q1 2025: $6.1M). The positive growth of same-store-sales was particularly notable given the unusually high number of inclement weather closures over a harsh winter season.
Gross profit grew +5% YoY to $2.7M (Q1 2025: $2.5M). Gross margin improved to 42% from 41% in the prior year period, driven by mix shift — revenue per nail appointment hour improved +6% from prior year, with premium services representing 23% of nail revenue compared to 18% in Q1 2025 (core Company-owned studios). Premium services are key drivers towards gross margin expansion.
Q1 2026 operating cash burn is consistent with prior-year trends. Q1 is typically the highest‑usage quarter due to lower seasonal revenue, elevated pre‑paid expense outflows, and gift card redemption following the record setting gift card sales in Q4 2025.
Q1 2026 company SG&A declined 3% YoY to $3.6M (Q1 2025: $3.7M), reflecting overall company indirect cost discipline including decreased HR related spend and IT costs and the early innings of the Company implementing AI initiatives for cost-efficiencies.
Gross margin expanded to 42% in Q1 2026 (Q1 2025: 41%), as premium service mix improved and revenue per nail appointment hour grew +6% YoY. The top 50 percentile of studios achieved ~$1.6M Average Unit Volume (AUV), and the top quartile studios attained AUV of $2M. On an average footprint of ~1,600 square feet, this translates to $1,000 and $1,250 revenue per square foot.
With increasing momentum on the quality of its studio-level revenue and 4-wall unit economics, MiniLuxe continues to advance on its footprint expansion and growth through operating partners. A studio location in the Lakewood, Dallas-Fort Worth area that was acquired in August 2025 is currently in its final stages of brand conversion and will re-open as a MiniLuxe Studio in Q2 2026. The Company also continues to progress new locations in Massachusetts and Connecticut through its joint venture partnerships signed in the second half of fiscal 2025.
In terms of its capital strategy, the Company shared in its FY25 results under subsequent events its success in closing on $1.35M of debt via Flow Capital with an option to draw an additional $400k as well as more than $3.5M in private placement funding that is being completed at pricing that is over 100 percent premium to market, reflecting a pricing that management sees as more reflective of MiniLuxe’s intrinsic value.
“In Q1 2026, the Company continued to advance its evergreen priority of growing and developing our nail designer talent base. Despite an unusually high number of inclement weather days and several fringe days surrounding studio closures, we delivered positive year‑over‑year comps and are seeing momentum build as we enter the spring. Our disciplined focus on unit economics remains central to attracting the operating and franchise partners who will help us scale. We were also pleased this quarter to establish the foundation and initial execution of strategic capital to support our next phase of growth,” said Tony Tjan, Chief Executive Officer and Co‑founder of MiniLuxe.
Subsequent Events and 2026 Outlook
On April 1st, 2026, MiniLuxe announced that Flow Capital Corporation (TSXV:FW) (“Flow Capital”) completed a follow-on investment of up to $1.75M pursuant to its existing term loan with the Company, bringing the total amount available to the Company under the facility to up to $7.9M. Under the new tranche of the loan, an initial advance of US$1.35M(1) was funded to the Company on closing, and the Company holds the option to draw an incremental $.4M, subject to the satisfaction of certain financing milestones, which are expected to be fully met.
Additionally, as of April 24, 2026 the Company received conditional approval from the TSXV to complete a $3.5M to $5M private placement, of which the Company has executed subscription agreements aggregating over $3.5M as of the date hereof. Further details and closing were announced in this press release of May 13.
Q1 2026 Results
Selected Financial Measures
Results of Operations
The following table outlines the consolidated statements of loss and comprehensive loss for the thirteen weeks ended March 29, 2026 and March 30, 2025:
Cash Flows
The following table presents cash and cash equivalents as of March 29, 2026 and March 30, 2025:
Footnotes
(1)This latest tranche of the loan bears interest at a rate equal to the greater of 12.5% per annum and the Wall Street Journal Prime Rate plus 7.0% per annum, accruing monthly through maturity, subject to a maximum rate of 15.50% per annum. Please refer to the Company’s financial statements for additional details.
Non-IFRS Measures and Reconciliation of Non-IFRS Measures
This press release references certain non-IFRS measures used by management. These measures are not recognized under International Financial Reporting Standards (“IFRS”), do not have a standardized meaning prescribed by IFRS, and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company’s results of operations from management’s perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under IFRS. The non-IFRS measures referred to in this press release is “Adjusted EBITDA”.
Adjusted EBITDA
Management believes Adjusted EBITDA most accurately reflects the commercial reality of the Company’s operations on an ongoing basis by adding back non-cash expenses. Additionally, the rent-related adjustments ensure that studio-related expenses align with revenue generated over the corresponding time periods.
Adjusted EBITDA is calculated by adding back fixed asset depreciation, right-of-use asset amortization under IFRS 16, asset disposal, and share-based compensation expense to IFRS operating income, then deducting cash rent expenses net of lease abatements. When relevant, we will add back adjustments made to the P&L as a result of accounting policies that are non-cash or do not have operational impacts (for example, inventory adjustments or deferred revenue). IFRS operating income is revenue less cost of sales (gross profit), additionally adjusted for general and administrative expenses, and depreciation and amortization expenses.
A reconciliation of IFRS operating income to Adjusted EBITDA is included in Selected Consolidated Financial Information.
The following table reconciles Adjusted EBITDA to net loss for the periods indicated:
Equity Incentive Grants
MiniLuxe also announces that it has granted an aggregate of 310,000 DSUs (deferred share units) to certain directors and officers of the Company in accordance with the terms of its equity incentive plan.
About MiniLuxe
MiniLuxe, a Delaware corporation based in Boston, Massachusetts. MiniLuxe is a lifestyle brand and talent empowerment platform servicing the beauty and self-care industry. The Company focuses on delivering high-quality nail care and esthetic services and offers a suite of trusted proprietary products that are used in the Company’s owned-and-operated studio services. For over 15 years, MiniLuxe has been elevating industry standards through healthier, ultra-hygienic services, a modern design esthetic, socially responsible labor practices, and better-for-you, cleaner products. MiniLuxe’s aims to radically transform a highly fragmented and under-regulated self-care and nail care industry through its brand, standards, and technology platform that collectively enable better talent and client experiences. MiniLuxe seeks to become the employer of choice of nail care professionals. In addition to creating long-term durable economic returns for our stakeholders, the brand seeks to positively impact and empower one of the largest hourly worker segments through professional development and certification, economic mobility, and company ownership opportunities (e.g., equity participation and future franchise opportunities). Since its inception, MiniLuxe has performed over 5 million services.
For further information
Christine Mastrangelo
Investor Relations, MiniLuxe Holding Corp.
cmastrangelo@MiniLuxe.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking statements
This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) concerning the Company and its subsidiaries within the meaning of applicable securities laws. Forward-looking information may relate to the future financial outlook and anticipated events or results of the Company and may include information regarding the Company’s financial position, business strategy, growth strategies, acquisition prospects and plans, addressable markets, budgets, operations, financial results, taxes, dividend policy, plans and objectives. Particularly, information regarding the Company’s expectations of future results, performance, achievements, prospects or opportunities or the markets in which the Company operates is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects”, “budgets”, “scheduled”, “estimates”, “outlook”, “forecasts”, “projects”, “prospects”, “strategy”, “intends”, “anticipates”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, or “will” occur. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances.
Many factors could cause the Company’s actual results, performance, or achievements to be materially different from any future results, performance, or achievements that may be expressed or implied by such forward-looking information, including, without limitation, those listed in the “Risk Factors” section of the Company’s filing statement dated November 9, 2021. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance, or achievements could vary materially from those expressed or implied by the forward-looking statements contained in this press release.
Forward-looking information, by its nature, is based on the Company’s opinions, estimates and assumptions in light of management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the Company currently believes are appropriate and reasonable in the circumstances. Those factors should not be construed as exhaustive. Despite a careful process to prepare and review forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking information. Although the Company bases its forward-looking information on assumptions that it believes were reasonable when made, which include, but are not limited to, assumptions with respect to the Company’s future growth potential, results of operations, future prospects and opportunities, execution of the Company’s business strategy, there being no material variations in the current tax and regulatory environments, future levels of indebtedness and current economic conditions remaining unchanged, the Company cautions readers that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and the development of the industry in which the Company operates may differ materially from the forward-looking statements contained in this press release. In addition, even if the Company’s results of operations, financial condition and liquidity, and the development of the industry in which it operates are consistent with the forward-looking information contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.
Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information, which speaks only as of the date made (or as of the date they are otherwise stated to be made). Any forward-looking statement that is made in this press release speaks only as of the date of such statement.
