January 2026 — Key Metrics
Revenue & Expense Breakdown
P&L Statement — January 2026
| Line Item | Amount | % of Rev |
|---|---|---|
| INCOME | ||
| Non-Taxable Mindbody Sales | $33,107 | 91.7% |
| From Stripe | $1,265 | 3.5% |
| Other Service Income | $0 | — |
| Taxable Sales (Mindbody) | $1,725 | 4.8% |
| TOTAL INCOME | $36,097 | 100% |
| COST OF GOODS SOLD | ||
| Bank Service Charges | ($1) | — |
| Equipment Rental | ($3,759) | 10.4% |
| Merchandise for Resale | ($901) | 2.5% |
| TOTAL COGS | ($5,661) | 15.7% |
| GROSS PROFIT | $30,436 | 84.3% |
| OPERATING EXPENSES | ||
| Advertising & Promotion | ($1,051) | 2.9% |
| Computer & Software | ($154) | 0.4% |
| Franchise Fees | ($2,181) | 6.0% |
| Insurance | ($2,358) | 6.5% |
| Janitorial | ($625) | 1.7% |
| Employment (Payroll) | ($15,260) | 42.3% |
| Pest Control | ($108) | 0.3% |
| Professional Fees | ($2,055) | 5.7% |
| Recruiting | ($479) | 1.3% |
| Repairs & Maintenance | ($187) | 0.5% |
| Supplies | ($440) | 1.2% |
| Utilities | ($338) | 0.9% |
| Other | ($215) | 0.6% |
| TOTAL EXPENSES | ($25,351) | 70.2% |
| NET ORDINARY INCOME | $5,085 | 14.1% |
| Other Income (Interest + Tax Disc.) | $8.31 | — |
| NET INCOME | $5,093 | 14.1% |
February 2026 — Investor Commentary
February marked the studio's second full month of operations, showing continued profitability at $4,353 net income on $32,792 in revenue. The slight revenue dip from January is typical of a new studio's early ramp — February has fewer calendar days and member acquisition continues to compound week over week.
A notable positive: Other Service Income grew to $2,115 (up from $0 in January), indicating the studio is generating ancillary revenue streams beyond core memberships. Insurance normalized sharply from $2,358 to $683, confirming January's figure was front-loaded. Advertising spend increased to $2,491 reflecting active paid marketing investment to drive member growth.
Expenses stabilized month-over-month, and with rent still not appearing in February, the studio continued operating with a lighter fixed cost base. This sets up March as the first true test of the full operating model.
February 2026 — Key Metrics
Revenue & Expense Breakdown
P&L Statement — February 2026
| Line Item | Amount | % of Rev | vs. January |
|---|---|---|---|
| INCOME | |||
| Non-Taxable Mindbody Sales | $28,759 | 87.7% | ▼ -$4,348 |
| From Stripe | $531 | 1.6% | ▼ -$734 |
| Other Service Income | $2,115 | 6.4% | ▲ +$2,115 |
| Taxable Sales (Mindbody) | $1,386 | 4.2% | ▼ -$339 |
| TOTAL INCOME | $32,792 | 100% | ▼ -$3,305 |
| COST OF GOODS SOLD | |||
| Equipment Rental | ($3,058) | 9.3% | ▲ -$701 |
| Merchandise for Resale | ($1,234) | 3.8% | ▼ +$333 |
| TOTAL COGS | ($4,292) | 13.1% | ▲ -$1,369 |
| GROSS PROFIT | $28,500 | 86.9% | ▼ -$1,936 |
| OPERATING EXPENSES | |||
| Advertising & Promotion | ($2,491) | 7.6% | ▼ +$1,440 |
| Computer & Software | ($32) | 0.1% | ▲ -$122 |
| Franchise Fees | ($2,321) | 7.1% | ▼ +$140 |
| Insurance | ($683) | 2.1% | ▲ -$1,675 |
| Interest Expense | ($329) | 1.0% | ▼ +$329 |
| Janitorial | ($625) | 1.9% | — $0 |
| Laundry & Uniforms | ($419) | 1.3% | ▼ +$419 |
| Employment (Payroll) | ($16,527) | 50.4% | ▼ +$1,267 |
| Pest Control | ($108) | 0.3% | — $0 |
| Professional Fees | ($399) | 1.2% | ▲ -$1,656 |
| Repairs & Maintenance | ($4) | 0.0% | ▲ -$183 |
| Supplies | ($676) | 2.1% | ▼ +$236 |
| Utilities | ($552) | 1.7% | ▼ +$214 |
| TOTAL EXPENSES | ($24,164) | 73.7% | ▲ -$1,187 |
| NET ORDINARY INCOME | $4,336 | 13.2% | ▼ -$749 |
| Other Income (Interest + Tax Disc.) | $17.45 | — | ▲ +$9.14 |
| NET INCOME | $4,353 | 13.3% | ▼ -$740 |
March 2026 — Investor Commentary
March was the studio's highest revenue month to date at $43,163 — a 31.6% jump over February — demonstrating strong membership momentum. Gross margin hit a YTD high of 90.5%, reflecting improving revenue mix and lower COGS.
March marks the first month rent hit the books — $11,532. January and February operated without rent, making those months structurally lighter on expenses. March is the first true look at the studio's full operating cost base. The $1,663 net income reflects that rent impact, but this is expected and one-time in nature — rent is now locked and normalized going forward.
Payroll grew modestly to $16,848 as the team scales with membership. Franchise fees of $3,011 reflect the growing revenue base. With expenses now stabilized and revenue trending toward $47k+ in April, the path to consistent profitability at full run-rate is clear.
March 2026 — Key Metrics
Revenue & Expense Breakdown
P&L Statement — March 2026
| Line Item | Amount | % of Rev | vs. February |
|---|---|---|---|
| INCOME | |||
| Non-Taxable Mindbody Sales | $37,037 | 85.8% | ▲ +$8,278 |
| From Stripe | $734 | 1.7% | ▲ +$203 |
| Other Service Income | $4,054 | 9.4% | ▲ +$1,939 |
| Taxable Sales (Mindbody) | $1,339 | 3.1% | ▼ -$47 |
| TOTAL INCOME | $43,163 | 100% | ▲ +$10,371 |
| COST OF GOODS SOLD | |||
| Merchant Fee | ($124) | 0.3% | ▼ +$124 |
| Equipment Rental | ($3,058) | 7.1% | — $0 |
| Merchandise for Resale | ($899) | 2.1% | ▲ -$335 |
| TOTAL COGS | ($4,081) | 9.5% | ▲ -$211 |
| GROSS PROFIT | $39,082 | 90.5% | ▲ +$10,582 |
| OPERATING EXPENSES | |||
| Advertising & Promotion | ($2,815) | 6.5% | ▼ +$324 |
| Computer & Software | ($234) | 0.5% | ▼ +$202 |
| Employee Welfare | ($250) | 0.6% | ▼ +$250 |
| Franchise Fees | ($3,011) | 7.0% | ▼ +$690 |
| Insurance | ($683) | 1.6% | — $0 |
| Janitorial | ($625) | 1.4% | — $0 |
| Licenses & Permits | ($122) | 0.3% | ▼ +$122 |
| Employment (Payroll) | ($16,848) | 39.0% | ▼ +$321 |
| Pest Control | ($108) | 0.3% | — $0 |
| Professional Fees | ($399) | 0.9% | — $0 |
| Rent Expense | ($11,532) | 26.7% | ▼ +$11,532 new |
| Storage | ($256) | 0.6% | ▼ +$256 |
| Supplies | ($76) | 0.2% | ▲ -$600 |
| Utilities | ($460) | 1.1% | ▲ -$92 |
| Postage & Other | ($16) | 0.0% | ▼ +$16 |
| TOTAL EXPENSES | ($37,436) | 86.7% | ▼ +$13,272 |
| NET ORDINARY INCOME | $1,646 | 3.8% | ▼ -$2,690 |
| Other Income (Interest + Tax Disc.) | $16.99 | — | ▼ -$0.46 |
| NET INCOME | $1,663 | 3.9% | ▼ -$2,690 |
YTD 2026 (Jan–May) — Investor Summary
FS8 Cedar Park has generated $221,893 in revenue and $23,963 in net income across its first five full months of operation — a 10.8% net margin for a studio still in its ramp phase. May's $63,610 revenue result is a significant milestone, confirming the studio is tracking well ahead of initial projections.
The revenue trend tells the story: $36k → $33k → $43k → $46k → $64k. After absorbing the rent step-change in March, the studio has grown revenue every month since and is now operating at a run rate approaching $65k+. Gross margin has improved consistently: 84.3% → 86.9% → 90.5% → 90.2% → 91.9%.
The studio has reached clear operating leverage territory. With payroll as a percentage of revenue falling from 43% to under 30% in May, fixed costs are being absorbed by a growing membership base. Net income is accelerating as a result.
YTD 2026 (Jan–Mar) — Key Metrics
Month-over-Month Trends
YTD P&L Summary — Jan through May 2026
| Line Item | Jan | Feb | Mar | Apr | May | YTD | % Rev |
|---|---|---|---|---|---|---|---|
| INCOME | |||||||
| Mindbody Sales | $33,107 | $28,759 | $37,037 | $39,909 | $55,681 | $194,493 | 87.7% |
| Service Income | $1,265 | $2,647 | $4,787 | $4,807 | $6,638 | $20,144 | 9.1% |
| Taxable Sales | $1,725 | $1,386 | $1,339 | $1,515 | $1,291 | $7,256 | 3.3% |
| TOTAL REVENUE | $36,097 | $32,792 | $43,163 | $46,231 | $63,610 | $221,893 | 100% |
| TOTAL COGS | ($5,661) | ($4,292) | ($4,081) | ($4,521) | ($5,163) | ($23,718) | 10.7% |
| GROSS PROFIT | $30,436 | $28,500 | $39,082 | $41,710 | $58,447 | $198,175 | 89.3% |
| EXPENSES | |||||||
| Payroll | ($15,260) | ($16,527) | ($16,848) | ($18,224) | ($18,878) | ($85,737) | 38.6% |
| Rent | — | — | ($11,532) | ($7,706) | ($13,140) | ($32,378) | 14.6% |
| Advertising | ($1,051) | ($2,491) | ($2,815) | ($4,002) | ($4,292) | ($14,651) | 6.6% |
| Franchise Fees | ($2,181) | ($2,321) | ($3,011) | ($240) | ($4,043) | ($11,796) | 5.3% |
| Insurance | ($2,358) | ($683) | ($683) | ($1,241) | ($1,049) | ($6,014) | 2.7% |
| Supplies | ($440) | ($676) | ($76) | ($1,098) | ($2,959) | ($5,249) | 2.4% |
| Other Expenses | ($3,061) | ($1,466) | ($3,471) | ($3,689) | ($6,953) | ($18,640) | 8.4% |
| TOTAL EXPENSES | ($25,351) | ($24,164) | ($37,436) | ($36,200) | ($51,314) | ($174,465) | 78.6% |
| NET ORDINARY INCOME | $5,085 | $4,336 | $1,646 | $5,510 | $7,133 | $23,710 | 10.7% |
| Other Income | $8 | $17 | $17 | $196 | $15 | $253 | — |
| NET INCOME | $5,093 | $4,353 | $1,663 | $5,707 | $7,148 | $23,963 | 10.8% |
April 2026 — Investor Commentary
April delivered $46,231 in revenue and $5,707 in net income — the studio's highest net income since January and a clear sign that the expense base is working in our favor. Gross margin held strong at 90.2%.
A notable item this month: rent came in at $7,706 — lower than the $11,532 seen in March. This reflects a timing difference in how the lease payment landed in the books for April specifically and is not a permanent reduction. The full rent figure normalizes going forward. Even with this favorable timing, payroll grew modestly to $18,224 as the team continues to scale with membership demand.
Advertising spend rose to $4,002, reflecting an intentional push to accelerate member acquisition heading into Q2. With revenue on track and the expense structure locked in, April marks a return to healthy profitability.
April 2026 — Key Metrics
Revenue Mix & Expense Breakdown
April 2026 P&L
| Line Item | Amount | % of Revenue |
|---|---|---|
| INCOME | ||
| Mindbody Sales (Non-Taxable) | $39,909 | 86.3% |
| Non-Taxable Service Income | $4,807 | 10.4% |
| Taxable Sales | $1,515 | 3.3% |
| TOTAL REVENUE | $46,231 | 100% |
| TOTAL COGS | ($4,521) | 9.8% |
| GROSS PROFIT | $41,710 | 90.2% |
| EXPENSES | ||
| Employment (Payroll) | ($18,224) | 39.4% |
| Rent Expense | ($7,706) | 16.7% |
| Advertising & Promotion | ($4,002) | 8.7% |
| Insurance | ($1,241) | 2.7% |
| Franchise / Technology | ($240) | 0.5% |
| Professional Fees | ($576) | 1.2% |
| Supplies | ($1,098) | 2.4% |
| Utilities | ($514) | 1.1% |
| Other Expenses | ($2,599) | 5.6% |
| TOTAL EXPENSES | ($36,200) | 78.3% |
| NET ORDINARY INCOME | $5,510 | 11.9% |
| Other Income | $196 | — |
| NET INCOME | $5,707 | 12.3% |
May 2026 — Investor Commentary
May was a breakout month — $63,610 in revenue, the studio's best month since opening. Gross margin reached 91.9%, the highest to date, driven by strong Mindbody membership sales of $55,681. Net income came in at $7,148, the best net result since January despite now carrying full operating expenses.
Rent normalized back to $13,140 in May — reflecting the full lease rate. With payroll at $18,878 and franchise fees at $4,043 (reflecting the higher revenue base), total expenses of $51,314 represent a healthy ratio against $63k+ in revenue. The studio is demonstrating clear operating leverage: as revenue scales, the fixed cost base stays largely constant and incremental dollars flow through at high margin.
May confirms the studio is on a strong upward trajectory. At this revenue run rate, the investor pool generates meaningful monthly distributions and the payoff timeline accelerates significantly ahead of projections.
May 2026 — Key Metrics
Revenue Mix & Expense Breakdown
May 2026 P&L
| Line Item | Amount | % of Revenue |
|---|---|---|
| INCOME | ||
| Mindbody Sales (Non-Taxable) | $55,681 | 87.5% |
| Non-Taxable Service Income | $6,638 | 10.4% |
| Taxable Sales | $1,291 | 2.0% |
| TOTAL REVENUE | $63,610 | 100% |
| TOTAL COGS | ($5,163) | 8.1% |
| GROSS PROFIT | $58,447 | 91.9% |
| EXPENSES | ||
| Employment (Payroll) | ($18,878) | 29.7% |
| Rent Expense | ($13,140) | 20.7% |
| Franchise Fees | ($4,043) | 6.4% |
| Advertising & Promotion | ($4,292) | 6.7% |
| Insurance | ($1,049) | 1.6% |
| Supplies | ($2,959) | 4.7% |
| Repairs & Maintenance | ($1,406) | 2.2% |
| Professional Fees | ($345) | 0.5% |
| Utilities | ($581) | 0.9% |
| Other Expenses | ($3,619) | 5.7% |
| TOTAL EXPENSES | ($51,314) | 80.7% |
| NET ORDINARY INCOME | $7,133 | 11.2% |
| Other Income | $15 | — |
| NET INCOME | $7,148 | 11.2% |
January 2026 — Investor Commentary
FS8 Cedar Park opened in December 2025, with January 2026 representing its first full month of operations. The studio delivered a strong result with $36,097 in revenue and $5,093 net income — a 14.1% net margin in month one. For a brand-new studio still building its member base, this is an exceptional launch.
Revenue was anchored by $33,107 in Mindbody membership sales (91.7% of total), reflecting solid early member acquisition out of the December soft open. Payroll at $15,260 represents the primary cost center as expected for a new location. Insurance was front-loaded at $2,358 — a one-time figure that normalizes significantly in subsequent months.
With no rent expense hitting the books in January, the expense base was lean. Positive cash generation in the first full month of operations positions the studio well as it builds its member base toward target EFT.