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–Mar) — Investor Summary
FS8 Cedar Park opened in December 2025 and has generated $112,052 in revenue and $11,110 in net income across its first three full months of operation (January–March 2026) — a 9.9% net margin for a studio still in its ramp phase. This is a strong result for a new franchise location.
The studio's first full month (January) carried no rent expense, allowing it to build cash while acquiring members. Rent entered the P&L in March at $11,532, representing the full operating cost structure now in place. Payroll has grown steadily from $15,260 → $16,527 → $16,848, reflecting responsible team scaling as membership grows. Gross margin has improved each month: 84.3% → 86.9% → 90.5%.
April is tracking toward approximately $47,000 in revenue. With the expense base now stabilized — rent locked, payroll leveling, insurance normalized — incremental revenue flows through to the bottom line at high conversion. The studio is approaching its inflection point where fixed cost leverage kicks in meaningfully.
The largest cost driver is payroll at 43.4% of YTD revenue, followed by rent at 10.3% (one month only YTD) and franchise fees at 6.7%. As revenue scales, these percentages will compress, driving margin expansion through Q2 and Q3.
YTD 2026 (Jan–Mar) — Key Metrics
Month-over-Month Trends
YTD P&L Summary — Jan through Mar 2026
| Line Item | January | February | March | YTD Total | % of Rev |
|---|---|---|---|---|---|
| INCOME | |||||
| Mindbody Sales (Non-Taxable) | $33,107 | $28,759 | $37,037 | $98,903 | 88.3% |
| Non-Taxable Service Income | $1,265 | $2,647 | $4,787 | $8,699 | 7.8% |
| Taxable Sales | $1,725 | $1,386 | $1,339 | $4,450 | 4.0% |
| TOTAL REVENUE | $36,097 | $32,792 | $43,163 | $112,052 | 100% |
| TOTAL COGS | ($5,661) | ($4,292) | ($4,081) | ($14,034) | 12.5% |
| GROSS PROFIT | $30,436 | $28,500 | $39,082 | $98,018 | 87.5% |
| EXPENSES | |||||
| Advertising & Promotion | ($1,051) | ($2,491) | ($2,815) | ($6,357) | 5.7% |
| Employment (Payroll) | ($15,260) | ($16,527) | ($16,848) | ($48,635) | 43.4% |
| Franchise Fees | ($2,181) | ($2,321) | ($3,011) | ($7,513) | 6.7% |
| Insurance | ($2,358) | ($683) | ($683) | ($3,724) | 3.3% |
| Rent Expense | — | — | ($11,532) | ($11,532) | 10.3% |
| Professional Fees | ($2,055) | ($399) | ($399) | ($2,853) | 2.5% |
| Janitorial | ($625) | ($625) | ($625) | ($1,875) | 1.7% |
| Supplies | ($440) | ($676) | ($76) | ($1,192) | 1.1% |
| Utilities | ($338) | ($552) | ($460) | ($1,350) | 1.2% |
| Other Expenses | ($1,043) | ($890) | ($987) | ($2,920) | 2.6% |
| TOTAL EXPENSES | ($25,351) | ($24,164) | ($37,436) | ($86,951) | 77.6% |
| NET ORDINARY INCOME | $5,085 | $4,336 | $1,646 | $11,067 | 9.9% |
| Other Income | $8 | $17 | $17 | $43 | — |
| NET INCOME | $5,093 | $4,353 | $1,663 | $11,110 | 9.9% |
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.