08:52 AM EDT, 05/21/2024 (MT Newswires) -- MiniLuxe Holding ( MNLXF ) , which lost 13% on Friday, over the holiday weekend reported a wider loss for the first quarter while revenue rose 8%.

The company reported a first-quarter net loss of US$2.1 million compared with a loss of US$191,000 a year earlier. The loss came in at US$0.01 per diluted subordinate vote share, as compared with a loss of US$0.00 per diluted subordinate vote share a year ago.

On a proportionate basis, the loss was US$14.59 per diluted voting share, wider than a year-ago loss of US$1.30 per diluted voting share.

Revenue for the quarter ended March 31 was US$5.6 million, up from US$5.2 million a year earlier.

The adjusted EBITDA loss for Q1 was US$1.5 million versus a loss of US$2.6 million a year earlier. The increase is mainly attributable to material reduction in general and administrative expenses, reflecting the impact of the initiatives taken since the second half of 2023.

Gross profit for the quarter was US$2.3 million versus US$2.2 million a year ago. The company noted that the majority of its growth came organically from the MiniLuxe Core Studios.