Mag Mile Capital Reports $2.05 Million Revenue for Fiscal Year 2024, Sees 6.9% Growth

Mag Mile Capital, Inc. reported a revenue of $2.05 million for the fiscal year ending December 31, 2024, marking a 6.9% increase from $1.92 million in the previous year. The company's gross profit also saw a significant rise, reaching $658,260 compared to $438,029 in 2023. This improvement in financial performance is attributed to the origination of several large loans through the Commercial Mortgage Backed Securities (CMBS) market, which contributed to the revenue growth. However, the company still reported a net loss of $283,346, a notable reduction from a net loss of $3.12 million in the prior year, primarily due to the absence of significant non-cash expenses related to stock compensation that impacted the previous fiscal period.

Operationally, Mag Mile Capital has undergone significant changes following its reverse merger with Megamile Capital, Inc. on March 30, 2023. This merger has positioned the company as a full-service commercial real estate mortgage banking firm, expanding its operational footprint with offices across multiple states, including New York, Massachusetts, and Texas. The company has also developed a proprietary commercial real estate origination software platform named CapLogiq, which utilizes automation and artificial intelligence to enhance the efficiency of the loan closing process.

The company’s strategic focus includes increasing its sales and marketing efforts to attract new customers and exploring potential acquisition opportunities to leverage its public company status. As of December 31, 2024, Mag Mile Capital had a working capital deficit of approximately $60,000 and cash reserves of only $484, indicating a need for improved liquidity management. The company’s total liabilities increased to $879,796 from $666,883 in the previous year, largely due to an increase in related party loans.

In terms of employee metrics, the company has not disclosed specific headcount figures in the filing. However, it has indicated plans to expand its sales team to enhance its market presence. The company is classified as an emerging growth company, allowing it to take advantage of reduced disclosure requirements, which may impact its financial reporting and operational transparency in the near term. Looking ahead, Mag Mile Capital acknowledges the challenges it faces in achieving profitability and raising additional capital, which are critical for its continued operations and growth. The company’s ability to navigate these challenges will be essential for its future success in the competitive commercial real estate market.