F45 Training Holdings Inc. (FXLV): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la innovación del fitness, F45 Training Holdings Inc. (FXLV) ha revolucionado el entrenamiento grupal con su rayo rápido 45 minutos Modelo de entrenamiento de alta intensidad que captura la atención de los entusiastas del fitness a nivel mundial. Este innovador sistema de franquicias combina tecnología de vanguardia, experiencias de condición física escalable y un enfoque impulsado por la comunidad que transforma la forma en que las personas perciben e interactúan con el ejercicio grupal. Al diseccionar el lienzo de modelo de negocio único de F45, descubriremos el plan estratégico detrás de su crecimiento explosivo y por qué este fenómeno de fitness se ha convertido en un cambio de juego en la industria del bienestar.

F45 Training Holdings Inc. (FXLV) - Modelo de negocio: asociaciones clave

Fabricantes de equipos de fitness

El entrenamiento F45 colabora con fabricantes de equipos de acondicionamiento físico especializados para apoyar su modelo de entrenamiento de intervalos de alta intensidad (HIIT).

Fabricante	Tipo de equipo	Detalles de la asociación
Fitness pícaro	Equipo de entrenamiento de fuerza	Proveedor exclusivo para equipo de resistencia
TRX	Sistemas de capacitación en suspensión	Proveedor de equipos de entrenamiento de peso corporal primario

Red de franquiciados

F45 opera a través de una extensa red global de franquiciados.

• Franquicias totales a partir del cuarto trimestre 2023: 1.850 estudios
• Países operativos: 45 países
• Tasa de expansión de la franquicia: 12% de crecimiento año tras año

Socios tecnológicos

Socio tecnológico	Servicio proporcionado	Año de implementación
Wodify Technologies	Software de gestión de fitness	2019
Myfitnesspal	Integración de seguimiento de nutrición	2021

Asociaciones de nutrición y suplementos

F45 mantiene asociaciones nutricionales estratégicas para mejorar la experiencia de los miembros.

• Nutrición óptima: socio oficial de suplemento de proteínas
• Verdes atléticos: colaboración de suplementos nutricionales
• Ingresos de asociación promedio: $ 2.3 millones anuales

Colaboraciones de celebridades e influencers

Celebridad/influencer	Tipo de asociación	Valor estimado
Mark Wahlberg	Inversor y embajador de la marca	Estaca de capital de $ 10 millones
Gunnar Peterson	Consultor del programa de capacitación	Contrato anual de $ 500,000

F45 Training Holdings Inc. (FXLV) - Modelo de negocio: actividades clave

Desarrollo de programas de entrenamiento de acondicionamiento físico grupal de alta intensidad

La capacitación F45 desarrolla programas de entrenamiento patentados en múltiples disciplinas:

Categoría de programa	Número de entrenamientos únicos
Entrenamiento de fuerza	35 diseños de entrenamiento distintos
Entrenamiento cardiovascular	27 programas de circuito únicos
Entrenamiento híbrido	18 entrenamientos de disciplina mixta

Modelo de negocio de franquicias y apoyo

Las actividades clave relacionadas con la franquicia incluyen:

• Franquicias globales totales a partir del cuarto trimestre 2023: 1,860 estudios
• Programas de capacitación y certificación de franquiciados
• Protocolos de soporte operativo y estandarización

Contenido digital y transmisión de entrenamiento en línea

Métricas de plataforma digital	2023 datos
Suscriptores digitales	78,000 usuarios activos
Contenido de entrenamiento digital mensual	250+ clases de transmisión

Estrategias de marketing y expansión de la marca

Inversión y alcance de marketing:

• Gastos de marketing en 2023: $ 12.4 millones
• Seguidores de redes sociales: 2.1 millones en todas las plataformas
• Presencia del mercado internacional: 45 países

Mantenimiento y desarrollo de la plataforma de tecnología

Inversión tecnológica	2023 cifras
Gastos de I + D	$ 3.2 millones
Descargas de aplicaciones móviles	425,000 descargas totales
Tamaño del equipo tecnológico	38 desarrolladores a tiempo completo

F45 Training Holdings Inc. (FXLV) - Modelo de negocio: recursos clave

Metodología de entrenamiento patentado

El recurso central de F45 Training es su Metodología de entrenamiento de circuito de alta intensidad de 45 minutos. A partir del cuarto trimestre de 2023, la compañía tiene:

• 1,800+ combinaciones de entrenamiento únicas
• 3 Categorías de entrenamiento primario: cardio, resistencia e híbrido

Tecnología de fitness digital

Métricas de plataforma digital	Datos cuantitativos
Descargas de aplicaciones móviles	500,000+ a diciembre de 2023
Usuarios digitales activos	250,000 usuarios activos mensuales
Inversión en tecnología digital	$ 3.2 millones en 2023

Red de franquicia global

Composición de la red de franquicias:

• Total de ubicaciones: 1.870 estudios en todo el mundo
• Países representados: 45
• Costo de adquisición de franquicias: $ 150,000 - $ 350,000

Reconocimiento de marca

Métricas de marca	Datos cuantitativos
Seguidores de redes sociales	2.5 millones en todas las plataformas
Valoración de la marca	$ 475 millones (estimación de 2023)

Instructores de fitness entrenados

Recursos de capacitación del instructor:

• Instructores certificados: más de 15,000
• Inversión de capacitación anual: $ 2.1 millones
• Duración del programa de capacitación: 4-6 semanas

F45 Training Holdings Inc. (FXLV) - Modelo de negocio: propuestas de valor

Entrenamiento de grupo funcional de alta intensidad de 45 minutos

F45 Training ofrece sesiones estandarizadas de entrenamiento de 45 minutos con métricas de rendimiento específicas:

Característica de entrenamiento	Datos específicos
Duración promedio de entrenamiento	45 minutos
Calorías quemadas por sesión	500-800 calorías
Estaciones por entrenamiento	9-18 estaciones

Programas de entrenamiento diseñados científicamente

La metodología de entrenamiento de F45 incluye:

• Protocolos de entrenamiento validados científicamente
• Selección de ejercicios basada en tecnología
• Capacidades de seguimiento de rendimiento

Experiencia de condición física consistente y escalable

Medición de escalabilidad	Rendimiento actual
Total Global Studios	1,800+ ubicaciones
Países con presencia	Más de 45 países
Tasa de crecimiento anual de miembros	15-20%

Enfoque de aptitud dirigida por la comunidad

Métricas de compromiso de la comunidad:

• Tamaño de clase promedio: 12-15 participantes
• Tasa de retención de miembros: 65-70%
• Usuarios de la plataforma de la comunidad digital: más de 500,000

Soluciones de entrenamiento accesibles y eficientes en el tiempo

Función de accesibilidad	Datos específicos
Costo promedio de membresía mensual	$149-$199
Recomendación de frecuencia de entrenamiento semanal	3-4 sesiones
Alternativas de entrenamiento digital	Plataforma de video a pedido disponible

F45 Training Holdings Inc. (FXLV) - Modelo de negocios: relaciones con los clientes

Compromiso de aplicaciones móviles

La aplicación móvil de F45 Training reportó más de 500,000 usuarios mensuales activos a partir del cuarto trimestre de 2023. La aplicación característica:

• Seguimiento de entrenamiento en tiempo real
• Grabación de métricas de rendimiento
• Funcionalidad de reserva de clases

Métrica de la aplicación	2023 datos
Descargas totales de aplicaciones	1.2 millones
Tiempo promedio de participación del usuario	12.4 minutos por sesión
Calificación de la tienda de aplicaciones	4.6/5

Interacción de la comunidad de redes sociales

La capacitación F45 mantiene 2.3 millones de seguidores en plataformas de redes sociales a diciembre de 2023.

Plataforma	Recuento de seguidores
Instagram	1.6 millones
Tiktok	450,000
Facebook	250,000

Seguimiento de fitness personalizado

F45 proporciona análisis de rendimiento individual a través de:

• Monitoreo de la frecuencia cardíaca
• Seguimiento de gastos calóricos
• Herramientas de visualización de progreso

Experiencia en la clase de acondicionamiento físico grupal

Métricas de clase grupal para 2023:

Métrico	Valor
Total Global Studios	1,950
Tamaño de clase promedio	12-15 participantes
Frecuencia de clase semanal por estudio	35-40 clases

Sistema de apoyo de membresía y franquicia

Estructura de membresía para 2023:

Tipo de membresía	Costo mensual	Suscriptores estimados
Membresía estándar	$149-$199	85,000
Membresía premium	$199-$249	35,000
Equipos de apoyo a la franquicia	N / A	120 personal dedicado

F45 Training Holdings Inc. (FXLV) - Modelo de negocio: canales

Ubicaciones de estudio de franquicias en todo el mundo

A partir del cuarto trimestre de 2023, la capacitación F45 tiene 1.870 estudios en todo el mundo en 79 países.

Región	Número de estudios	Porcentaje de red global
Estados Unidos	680	36.4%
Australia	240	12.8%
Canadá	150	8.0%

Aplicación móvil

Descargas de aplicaciones de desafío F45: 500,000+ a diciembre de 2023.

• Disponible en plataformas iOS y Android
• Proporciona seguimiento de entrenamiento
• Integración de orientación de nutrición

Plataformas de redes sociales

El seguidor de las redes sociales cuenta a partir de enero de 2024:

Plataforma	Recuento de seguidores
Instagram	2.1 millones
Tiktok	850,000
YouTube	350,000

Marketing digital

Gasto de marketing digital en 2023: $ 4.2 millones

• Inversión en anuncios de Google: $ 1.8 millones
• Publicidad en las redes sociales: $ 1.5 millones
• Marketing de influencia: $ 900,000

Asociaciones de bienestar corporativo

Asociaciones corporativas a partir de 2024: 127 Acuerdos activos de bienestar corporativo

Tipo de asociación	Número de asociaciones
Grandes corporaciones	42
Empresas de tamaño mediano	65
Pequeñas empresas	20

F45 Training Holdings Inc. (FXLV) - Modelo de negocio: segmentos de clientes

Entusiastas del fitness

Según el informe anual 2022 de F45, este segmento representa el 42.3% de su base total de clientes. Desglose demográfico:

Rango de edad	Porcentaje
18-35	62%
36-50	28%
51+	10%

Jóvenes profesionales

A partir del cuarto trimestre de 2023, F45 reportó 37.6% de los miembros clasificados como profesionales jóvenes con las siguientes características:

• Ingresos anuales promedio: $ 85,400
• Residencia urbana/suburbana: 89%
• Empleo a tiempo completo: 76%

Programas de bienestar corporativo

Datos de asociaciones corporativas para 2023:

Tipo de programa	Número de asociaciones
Pequeño negocio	327
Corporativo de tamaño mediano	156
Nivel empresarial	42

Participantes de fitness grupales

Métricas de segmento de fitness grupal para 2023:

• Participantes de la clase total grupal: 1.2 millones
• Tamaño de clase promedio: 12 participantes
• Repita la tasa de asistencia: 68%

Individuos conscientes de la salud

Análisis de segmento de clientes centrado en la salud:

Meta de salud	Porcentaje de miembros
Pérdida de peso	45%
Ganancia muscular	28%
Fitness general	27%

F45 Training Holdings Inc. (FXLV) - Modelo de negocio: Estructura de costos

Apoyo y capacitación de franquicias

La capacitación F45 incurre en costos significativos para apoyar su red de franquicias:

Categoría de costos	Gasto anual
Programa de capacitación de franquicia inicial	$ 15,000 - $ 20,000 por franquicia
Apoyo de capacitación en curso	$ 5,000 - $ 7,500 anuales por franquicia
Talleres de capacitación regional	$ 250,000 - $ 350,000 por año

Desarrollo de la plataforma tecnológica

Costos de infraestructura tecnológica para F45:

• Presupuesto anual de desarrollo de tecnología: $ 3.2 millones
• Equipo de ingeniería de software: 45-50 empleados
• Mantenimiento de la plataforma digital: $ 750,000 anualmente

Marketing y promoción de la marca

Categoría de gastos de marketing	Costo anual
Marketing digital	$ 2.1 millones
Campañas de redes sociales	$650,000
Inversiones de asociación de marca	$ 1.3 millones

Costos de configuración de equipos y estudios

Equipo de estudio y gastos de configuración:

• Costo promedio del equipo de estudio: $ 150,000 - $ 250,000
• Equipo de fitness por estudio: $ 75,000 - $ 120,000
• Integración de tecnología: $ 25,000 - $ 40,000 por estudio

Gastos operativos corporativos

Categoría de costos operativos	Gasto anual
Sobrecarga corporativa	$ 8.5 millones
Salarios administrativos	$ 4.2 millones
Instalaciones corporativas	$ 1.6 millones
Seguro y cumplimiento	$750,000

F45 Training Holdings Inc. (FXLV) - Modelo de negocio: flujos de ingresos

Tarifas de licencia de franquicia

A partir del cuarto trimestre de 2023, el entrenamiento F45 reportó 1.841 estudios totales a nivel mundial. Estructura de tarifas de licencia de franquicias:

Tipo de tarifa	Cantidad
Tarifa de franquicia inicial	$50,000 - $75,000
Tarifa de regalías en curso	8-10% de los ingresos brutos de estudio

Ingresos recurrentes de membresía

Precios promedio de membresía mensual:

• Membresía estándar: $ 149 - $ 199 por mes
• Compromiso de membresía anual: aproximadamente 15-20% de descuento

Suscripciones de plataforma digital

Detalles de ingresos de la plataforma digital de desafío F45:

Tipo de suscripción	Costo mensual
Aplicación de desafío digital	$39.99
Clases en línea de F45 Live	$29.99

Venta de equipos y mercancías

Desglose de ingresos de mercancías:

• Rango de precios promedio de ropa de entrenamiento de marca: $ 40 - $ 120
• Accesorios de fitness: $ 20 - $ 75
• Ingresos de mercancías anuales estimados: $ 5-7 millones

Contratos del programa de capacitación corporativa

Precios del programa de bienestar corporativo:

Tipo de contrato	Valor anual estimado
Paquete corporativo pequeño	$25,000 - $50,000
Paquete corporativo empresarial	$100,000 - $250,000

F45 Training Holdings Inc. (FXLV) - Canvas Business Model: Value Propositions

You're looking at the core value F45 Training Holdings Inc. (FXLV) delivers to its two primary customer groups: the members and the franchisees. For the member, the proposition centers on efficiency and effectiveness. The workout is a 45-minute session, blending High-Intensity Interval Training (HIIT), Circuit Training, and Functional Training for maximum impact in a short window. This is backed by a systemized approach where the workouts change daily, ensuring members never repeat the same session, which is a key driver for continued engagement.

For the entrepreneur, the value is in the turn-key, scalable franchise model. F45 Training Holdings Inc. offers a system designed for low initial staffing needs, meaning franchisees can start operations with a leaner team. This scalability is evidenced by the growth trajectory; in 2024, the portfolio saw 75 new studios open, with 87 franchises sold across F45, FS8, and VAURA Pilates, setting the stage for continued expansion in 2025. As of July 2025, the brand maintained 1,700+ global studios.

Here's a quick look at the financial commitment and potential return points for a new franchisee entering this system:

Franchise Metric	Value / Range	Context
Initial Franchise Fee	$60,000	Plus up to $2,500 document preparation fee.
Total Estimated Initial Investment	$349,200 to $786,100	Reported cost to get in as of 2025.
FY 2024 Average Gross Sales (Item 19)	$454,320	Reported average for Item 19 disclosure.
Ongoing Royalty Fee	7% of gross sales or minimum $2,500/month	Whichever is higher.
Fixed Monthly Marketing Fee	$2,500	Separate from the Brand Fund contribution.

The model also supports holistic wellness, moving beyond just the 45-minute session. The company integrates offerings that include recovery services, which is a growing area of focus for fitness consumers. Furthermore, the structure supports a strong community, which is vital for retention. For members on qualifying unlimited memberships, the Passporting program allows visits to other eligible F45 studios worldwide for a set number of sessions monthly at no extra cost. This creates a global value proposition for traveling members.

To ground this in the corporate financial reality as of late 2025, the trailing twelve-month (TTM) revenue was reported at $81.95 million, against a TTM Net Loss of -$159.20 million. The Enterprise Value as of November 2025 (TTM) stood at $103.29M, while the Market Cap on December 5, 2025, was $19.31 million. The gross margin remains high at 70.72% TTM, which speaks to the core service profitability before significant operating costs. Finance: draft 13-week cash view by Friday.

F45 Training Holdings Inc. (FXLV) - Canvas Business Model: Customer Relationships

You're looking at how F45 Training Holdings Inc. keeps its members and franchisees engaged, which is the core of their franchise model. The relationship is built on a highly structured, repeatable system, which is key for a global franchisor.

Automated, standardized digital delivery of workouts in-studio.

The in-studio experience relies heavily on technology to ensure consistency across the network. F45 Training Holdings Inc. delivers workouts through a digitally-enabled platform, which leverages a rich content database of thousands of unique functional training movements. This system provides new workouts each day, offering a standardized experience. While specific daily digital delivery metrics aren't public, the brand's success is tied to this standardization. For context on the digital ecosystem, the broader fitness app market revenue alone is expected to surpass $10 billion in 2025.

Dedicated franchisee support and operational coaching.

The relationship with the franchisee customer segment is critical, as they are the direct touchpoint for the end-user. F45 Training Holdings Inc. emphasizes goal-setting support and operational coaching for its owners. The appeal of this support structure is evident in the market's response; in early 2025, the company reported a 23% year-over-year increase in franchise inquiries. This indicates strong perceived value in the franchisor's support system. Furthermore, in 2024, the company sold 87 franchises across its portfolio, showing active growth in this relationship.

Here's a quick look at the scale of the network F45 Training Holdings Inc. supports as of mid-to-late 2025:

Metric	Value/Range	Source Context Year
Total Global Locations	1,700+	July 2025
2024 New Studios Opened (All Brands)	75	2024
2024 Franchises Sold (All Brands)	87	2024
2024 Global Membership Lead Volume Increase	19%	2024
F45 Challenge Program Duration	45-day	2025

High-touch, in-person coaching from certified F45 trainers.

The high-touch element comes from the in-studio trainers who execute the standardized workouts. This human element is what differentiates the boutique experience from purely digital offerings. While the exact number of certified trainers isn't readily available, the model is predicated on this in-person guidance, which supports the team-based training ethos. If onboarding new trainers takes longer than expected, member satisfaction can dip, so this area requires constant attention.

Digital engagement via the F45 Challenge app and social media.

Digital engagement extends beyond the in-studio screens. The F45 Challenge app is central to this, providing goal-targeted daily calorie intake and meal plans, which members can access even between official Challenges. For 2025, the next Challenge dates are scheduled for May 12 - June 25 and Oct 13 - Nov 26, creating recurring digital engagement touchpoints. Furthermore, F45 Training Holdings Inc. has a partnership with Samsung, making its workout library available on Samsung Daily+ in over 100 million households globally, significantly expanding its digital reach outside the studio walls.

Community building through team-based training and challenges.

The team-based training structure inherently fosters community, which is a primary driver of member retention. The F45 Challenge is the most structured community event, designed as a 45-day journey focused on personal progress supported by the local studio community. This focus on shared goals and accountability is what turns an occasional visit into a daily routine for many members. The overall fitness market size in 2025 is valued at $108.1 billion, showing the scale of the industry F45 Training Holdings Inc. is building its community within.

F45 Training Holdings Inc. (FXLV) - Canvas Business Model: Channels

You're looking at how F45 Training Holdings Inc. (FXLV) gets its product-the functional group fitness experience and franchise opportunity-out to the world as of late 2025. This is a multi-pronged approach, blending physical locations with significant digital outreach.

Global network of franchised brick-and-mortar studios

The primary channel remains the physical studio footprint, which supports both the core fitness offering and the franchise sales pipeline. This network is the engine for recurring royalty revenue.

The global network size and recent expansion metrics are key here:

• There are more than 1,700 F45 franchises worldwide, as of a July 2025 data point.
• In 2024, across the entire portfolio (F45, FS8, VAURA), 75 new studios opened.
• The total investment to open a franchised facility ranges from $349,200 to $786,100.
• The brand has a long-term goal to grow to 23,000 studios worldwide.

Direct sales of franchises to new and existing owner-operators

The direct sale of franchise rights is a critical revenue channel for F45 Training Holdings Inc. (FXLV), driving upfront fees and expanding the physical network. The demand signal for this channel appears strong heading into 2025.

Here are the numbers related to franchise acquisition and ongoing fees:

Metric	Amount/Rate
Franchise Ownership Inquiries (YoY Increase as of early 2025)	23%
Franchises Sold (Across all brands in 2024)	87
Initial Franchise Establishment Fee	$60,000
Ongoing Royalty Fee (Minimum)	$2,500 per month or 7% of gross sales
Brand Fund Contribution (Minimum)	$200 per month or 2% of gross sales
Fixed Monthly Marketing Fee	$2,500 per month

The structure includes incentives, such as a 50% refund of the establishment fee if the studio opens within five months. Also, approved U.S. military veterans can receive up to a 50% discount on the establishment fee.

Digital content distribution via the F45 Challenge app

The F45 Challenge app serves as a direct-to-consumer channel for nutrition guidance and, for members, on-demand workouts, acting as a retention and engagement tool.

The core digital product is structured around specific timeframes:

• The F45 Challenge is a guided 45-day program.
• The published 2025 Challenge dates include:
• FEB 10 - MAR 26
• May 12 - June 25
• Oct 13 - Nov 26
• Non-members can access meal plans and educational content via the app, but On-demand workouts require an active studio membership.

Partnerships for digital reach (e.g., Samsung Daily+)

Strategic partnerships are used to introduce the brand to massive, non-studio audiences, effectively using digital platforms as a top-of-funnel acquisition channel.

The partnership with Samsung Electronics is a major digital play:

• F45 Training workouts are available on Samsung Daily+ via 2024 Samsung TVs and future releases.
• This partnership gives F45 access to a global reach of over 100 million TVs.
• The content provided is free access to a library including Cardio, Strength, Hybrid, and Recovery workouts.
• Other strategic partnerships forged in 2024 include collaborations with fitness competition brands Hyrox and Spartan, and the Battle Cancer initiative.

Master Franchise agreements for international market penetration

Master Franchise agreements are the key channel for rapid, capital-light international expansion, leveraging local expertise for market penetration.

Recent Master Franchise activity in 2024 included expansion into new regions:

• South Africa for F45 Training, led by Functional Fitness South Africa Pty Ltd.
• South Korea for FS8, through the partner Embrace.
• Enhanced presence in the U.K. and Europe for FS8, via the continued partnership with Club Sports UK.

This strategy is aimed at building out the portfolio brands, as FS8 also saw expansion into new regions.

F45 Training Holdings Inc. (FXLV) - Canvas Business Model: Customer Segments

Franchisees: Investors and owner-operators seeking a scalable business model.

The global opportunity estimate for studios remains over 23,000 units.

Franchise ownership inquiries saw a 23% year-over-year increase in 2024.

In 2024, 87 franchises were sold across the portfolio of brands.

Core Members: Fitness enthusiasts seeking high-intensity, functional group training.

Global membership lead volume increased by 19% in 2024.

The flagship F45 Training brand achieved a 12.4% global Average Unit Volume (AUV) growth in 2024.

The company operates through three reportable segments: United States, Australia, and Rest of World.

The United States segment includes operations in the United States and 17 studios in Central and South America.

The Australia segment deals with operations in Australia, New Zealand, and the immediately surrounding island nations.

The Rest of World segment includes operations in locations other than the United States and Australia.

The following table shows key performance indicators relevant to the Franchisee and Core Member segments based on 2024 performance data:

Metric	F45 Training Brand Value	FS8 Brand Value	VAURA Pilates Brand Value
Global AUV Growth (2024)	12.4%	23.9%	51.1%
Global Same Store Sales Growth (2024)	5.6%	8.3%	21.6%

Wellness Consumers: Individuals interested in holistic health, recovery, and weight management.

F45 Training plans to expand its "Recovery and Wellness" concept to provide holistic solutions.

The global Pilates and yoga studio market is projected to reach $417 billion by 2033.

Corporate/Institutional: Employers or health plans seeking fitness reimbursement options.

The trailing twelve month revenue for F45 Training Holdings Inc. was $81.95 million.

The company's market capitalization as of August 14, 2025, was $19.81 million.

Earnings for the last reported period were $-159.20 million.

• The company employed 160 full-time employees.
• The company employed 113 total employees.

F45 Training Holdings Inc. (FXLV) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive F45 Training Holdings Inc.'s operations, based on the latest reported figures, which are primarily for the Trailing Twelve Months (TTM) ending June 30, 2023, or the full fiscal year 2022, as 2025 data isn't yet public.

High Selling, General & Administrative (SG&A) expenses represent a significant cost center. For the TTM ending June 30, 2023, SG&A expenses were reported at $161.58 million. This compares to the full fiscal year 2022 figure of $186.38 million. These costs cover the corporate overhead necessary to manage a global franchise network.

The Cost of Revenue, which includes costs related to equipment and merchandise sales, was $23.99 million for the TTM ending June 30, 2023. This contrasts with the full fiscal year 2022 Cost of Revenue of $32.58 million. Remember, equipment and merchandise revenue is driven by the sale of the World Packs needed to open a studio.

Servicing the company's debt is a material cost. F45 Training Holdings secured a $90 million subordinated debt facility in February 2023, with interest structured to be paid in kind (PIK). Concurrent with this, the existing Senior Secured Revolving Credit Facility with JP Morgan Chase Bank, N.A. was amended to a $70 million senior secured facility. The reported Interest Expense for the TTM ending June 30, 2023, was $22.45 million, up from $14.98 million in fiscal year 2022.

Here's a quick look at the key expense and debt figures in millions of USD:

Metric (USD Millions)	TTM Ending June 30, 2023	FY 2022
Selling, General & Admin (SG&A)	161.58	186.38
Cost of Revenue	23.99	32.58
Interest Expense	22.45	14.98

Technology development and content creation costs are embedded within operating expenses. Wages and salaries for fitness programming development and testing, plus technology costs for development and maintenance of the centralized delivery platform, are all part of this structure. For Research And Development Expenses specifically, the reported figure for the TTM ending June 30, 2023, was $0.00 million, though qualitative descriptions confirm ongoing investment in the proprietary platform.

Expenses related to Franchisee support, training, and global marketing fund are substantial, though often passed through or tied to franchise revenue. These costs include wages for ongoing administrative and franchisee support functions, brand marketing, and onboarding. Franchisees directly contribute via ongoing fees which fund these activities:

• Royalty Fee: The greater of 7% of gross sales or $2,500 per month.
• Brand Fund Contribution: The greater of 2% of gross sales or $200 per month.
• Fixed Marketing Fee: A fixed $2,500 per month.
• Training Expenses: Currently, $250 per day per person trained for certain support.

The initial investment for a franchisee also covers an initial $52,000 franchise fee and initial training costs up to $1,000 for the induction seminar for two attendees.

Finance: draft 13-week cash view by Friday.

F45 Training Holdings Inc. (FXLV) - Canvas Business Model: Revenue Streams

You're analyzing the core money-makers for F45 Training Holdings Inc. (FXLV) as we look toward late 2025. The business model heavily relies on its franchise network for consistent, recurring revenue, supplemented by initial setup fees and equipment sales. Honestly, understanding the mix between upfront cash and long-term royalties tells you a lot about the stability of their model.

The primary revenue streams flow directly from the franchisee relationship. You see an initial cash injection when a new studio opens, followed by a steady drip of fees tied to the studio's ongoing performance. For instance, the average unit volume (AUV) for F45 Training saw a 12.4% global increase in 2024, which directly impacts the royalty pool.

Here's a look at the key financial components that make up the revenue streams:

• Upfront franchise establishment fees, which recent disclosures suggest are $50,000 to become a franchise owner.
• Sales of proprietary studio equipment and initial World Packs, which are critical for launching the 'turn-key' system.
• The Trailing Twelve Month (TTM) Revenue was $81.95 million as of June 30, 2023, showing the scale of operations at that point.

The recurring fees are where the long-term value is built. These are structured to ensure F45 Training Holdings Inc. benefits from the success of every studio, though the structure has a few moving parts you need to track. If a studio is doing well, the percentage kicks in; if it's just starting, the minimum ensures a baseline income for the franchisor.

Here's the quick math on those ongoing obligations:

Revenue Component	Calculation Basis	Minimum/Fixed Amount
Ongoing Royalty Fee	7% of gross sales	$2,500 per month
Brand Fund Contribution	2% of gross sales	$200 per month
Technology/Marketing Fee	Fixed Monthly Fee	Reportedly a fixed marketing fee of $2,500 per month is also required by some sources.

To be fair, the initial investment to open a studio is substantial, ranging from $349,000 to $786,000 in some 2025 estimates, but that large initial outlay is what funds the equipment and initial setup, which then feeds into the equipment sales revenue stream for F45 Training Holdings Inc. The recurring fees, however, are the engine for sustained corporate revenue.

The company also generates revenue through its other brands, FS8 and VAURA Pilates, which showed significant growth in 2024, with VAURA Pilates AUVs soaring 51.1% year-over-year. This diversification into adjacent fitness concepts represents an evolving, high-potential revenue stream beyond the core F45 Training model.

Finance: draft 13-week cash view by Friday.