F45 Training Holdings Inc. (FXLV): Business Model Canvas [Jan-2025 Mis à jour]

Dans The Dynamic World of Fitness Innovation, F45 Training Holdings Inc. (FXLV) a révolutionné la formation de groupe avec son Lightning-Fast 45 minutes Modèle d'entraînement à haute intensité qui attire l'attention des amateurs de fitness à l'échelle mondiale. Ce système de franchise révolutionnaire mélange la technologie de pointe, les expériences de fitness évolutives et une approche axée sur la communauté qui transforme la façon dont les gens perçoivent et s'engagent dans l'exercice de groupe. En disséquant le modèle de modèle commercial unique de F45, nous découvrirons le plan stratégique derrière leur croissance explosive et pourquoi ce phénomène de fitness est devenu un changement de jeu dans l'industrie du bien-être.

F45 Training Holdings Inc. (FXLV) - Modèle commercial: partenariats clés

Fabricants d'équipements de fitness

La formation F45 collabore avec des fabricants d'équipements de fitness spécialisés pour soutenir son modèle de formation à intervalles à haute intensité (HIIT).

Fabricant	Type d'équipement	Détails du partenariat
Fitness voyou	Équipement d'entraînement en force	Fournisseur exclusif pour un équipement de résistance
Trx	Systèmes de formation en suspension	Fournisseur d'équipement de formation du poids corporel primaire

Réseau de franchisés

F45 opère dans un vaste réseau mondial de franchisés.

• Total franchises auprès du quatrième trimestre 2023: 1 850 studios
• Pays opérationnels: 45 pays
• Taux d'expansion de la franchise: croissance de 12% en glissement annuel

Partenaires technologiques

Partenaire technologique	Service fourni	Année de mise en œuvre
Wodify Technologies	Logiciel de gestion du fitness	2019
Myfitnesspal	Intégration du suivi de la nutrition	2021

Partenariats de nutrition et de compléments

F45 maintient des partenariats nutritionnels stratégiques pour améliorer l'expérience des membres.

• Nutrition optimale: partenaire officiel de supplément de protéines
• Greens athlétique: collaboration de supplément nutritionnel
• Revenus de partenariat moyen: 2,3 millions de dollars par an

Collaborations de célébrités et d'influenceurs

Célébrité / influenceur	Type de partenariat	Valeur estimée
Mark Wahlberg	Investisseur et ambassadeur de la marque	Papier en capitaux propres de 10 millions de dollars
Gunnar Peterson	Consultant du programme de formation	Contrat annuel de 500 000 $

F45 Training Holdings Inc. (FXLV) - Modèle d'entreprise: Activités clés

Développement de programmes de formation de fitness de groupes de haute intensité

La formation F45 élabore des programmes d'entraînement propriétaires dans plusieurs disciplines:

Catégorie de programme	Nombre d'entraîneurs uniques
Entraînement en force	35 conceptions d'entraînement distinctes
Formation cardio	27 programmes de circuits uniques
Formation hybride	18 entraînements à discipline mixte

Franchising Business Model and Support

Les activités clés liées à la franchise comprennent:

• Total des franchises mondiales au quatrième trimestre 2023: 1 860 studios
• Programmes de formation et de certification des franchisés
• Protocoles de support opérationnel et de normalisation

Contenu numérique et streaming d'entraînement en ligne

Métriques de plate-forme numérique	2023 données
Abonnés numériques	78 000 utilisateurs actifs
Contenu de l'entraînement numérique mensuel	250+ cours de streaming

Marketing et stratégies d'expansion de la marque

Investissement et portée marketing:

• Dépenses de marketing en 2023: 12,4 millions de dollars
• Abonnés des médias sociaux: 2,1 millions sur toutes les plateformes
• Présence du marché international: 45 pays

Maintenance et développement de la plate-forme technologique

Investissement technologique	2023 chiffres
Dépenses de R&D technologiques	3,2 millions de dollars
Téléchargements d'applications mobiles	425 000 téléchargements totaux
Taille de l'équipe technologique	38 développeurs à temps plein

F45 Training Holdings Inc. (FXLV) - Modèle commercial: Ressources clés

Méthodologie d'entraînement propriétaire

La ressource principale de la formation F45 est son Méthodologie de formation de circuit à haute intensité de 45 minutes. Au quatrième trimestre 2023, la société a:

• 1 800+ combinaisons d'entraînement uniques
• 3 catégories d'entraînement primaires: cardio, résistance et hybride

Technologie de fitness numérique

Métriques de plate-forme numérique	Données quantitatives
Téléchargements d'applications mobiles	500 000+ en décembre 2023
Utilisateurs numériques actifs	250 000 utilisateurs actifs mensuels
Investissement technologique numérique	3,2 millions de dollars en 2023

Réseau de franchise mondiale

Composition du réseau de franchise:

• Total des emplacements: 1 870 studios dans le monde
• Pays représentés: 45
• Coût d'acquisition de franchise: 150 000 $ - 350 000 $

Reconnaissance de la marque

Métriques de marque	Données quantitatives
Abonnés des médias sociaux	2,5 millions sur toutes les plateformes
Évaluation de la marque	475 millions de dollars (estimation 2023)

Instructeurs de fitness formés

Ressources de formation des instructeurs:

• Instructeurs certifiés: 15 000+
• Investissement de formation annuelle: 2,1 millions de dollars
• Durée du programme de formation: 4-6 semaines

F45 Training Holdings Inc. (FXLV) - Modèle d'entreprise: propositions de valeur

Formation de groupe fonctionnel à haute intensité de 45 minutes

La formation F45 propose des séances d'entraînement standardisées de 45 minutes avec des mesures de performance spécifiques:

Caractéristique d'entraînement	Données spécifiques
Durée de l'entraînement moyenne	45 minutes
Calories brûlées par session	500-800 calories
Stations par entraînement	9-18 stations

Programmes d'entraînement conçus scientifiquement

La méthodologie d'entraînement de la F45 comprend:

• Protocoles de formation scientifiquement validés
• Sélection d'exercice axée sur la technologie
• Capacités de suivi des performances

Expérience de fitness cohérente et évolutive

Métrique d'évolutivité	Performance actuelle
Total des studios mondiaux	Plus de 800 emplacements
Pays en présence	Plus de 45 pays
Taux de croissance des membres annuels	15-20%

Approche de fitness axée sur la communauté

Métriques d'engagement communautaire:

• Taille moyenne des classes: 12-15 participants
• Taux de rétention des membres: 65 à 70%
• Utilisateurs de la plate-forme communautaire numérique: 500 000+

Solutions d'entraînement accessibles et éconergétiques

Fonctionnalité d'accessibilité	Données spécifiques
Coût mensuel moyen de l'adhésion	$149-$199
Recommandation de fréquence d'entraînement hebdomadaire	3-4 séances
Alternatives d'entraînement numérique	Plate-forme vidéo à la demande disponible

F45 Training Holdings Inc. (FXLV) - Modèle d'entreprise: relations clients

Engagement des applications mobiles

L'application mobile de F45 Training a rapporté plus de 500 000 utilisateurs mensuels actifs au T2 2023. L'application est:

• Suivi d'entraînement en temps réel
• Enregistrement de mesures de performance
• Fonctionnalité de réservation de classe

Métrique de l'application	2023 données
Total des téléchargements d'applications	1,2 million
Temps d'engagement moyen des utilisateurs	12,4 minutes par session
Note de l'App Store	4.6/5

Interaction de la communauté des médias sociaux

La formation F45 maintient 2,3 millions d'abonnés sur les plateformes de médias sociaux En décembre 2023.

Plate-forme	Nombre de suiveurs
Instagram	1,6 million
Tiktok	450,000
Facebook	250,000

Suivi de fitness personnalisé

F45 fournit une analyse des performances individuelles à travers:

• Surveillance de la fréquence cardiaque
• Suivi des dépenses caloriques
• Outils de visualisation de progression

Expérience de classe de fitness de groupe

Métriques de classe de groupe pour 2023:

Métrique	Valeur
Total des studios mondiaux	1,950
Taille moyenne des classes	12-15 participants
Fréquence de classe hebdomadaire par studio	35-40 classes

Système de soutien aux membres et à la franchise

Structure d'adhésion pour 2023:

Type d'adhésion	Coût mensuel	Abonnés estimés
Abonnement standard	$149-$199	85,000
Abonnement premium	$199-$249	35,000
Équipes de soutien à la franchise	N / A	120 Personnel dédié

F45 Training Holdings Inc. (FXLV) - Modèle d'entreprise: canaux

Emplacements de studio de franchise dans le monde entier

Au quatrième trimestre 2023, la formation F45 compte 1 870 studios dans le monde dans 79 pays.

Région	Nombre de studios	Pourcentage de réseau mondial
États-Unis	680	36.4%
Australie	240	12.8%
Canada	150	8.0%

Application mobile

Téléchargements de l'application F45 Challenge: 500 000+ en décembre 2023.

• Disponible sur les plateformes iOS et Android
• Fournit un suivi d'entraînement
• Intégration des orientations nutritionnelles

Plateformes de médias sociaux

Les suiveurs de médias sociaux comptent en janvier 2024:

Plate-forme	Nombre de suiveurs
Instagram	2,1 millions
Tiktok	850,000
Youtube	350,000

Marketing numérique

Dépenses en marketing numérique en 2023: 4,2 millions de dollars

• Investissement sur Google Ads: 1,8 million de dollars
• Publicité des médias sociaux: 1,5 million de dollars
• Marketing d'influence: 900 000 $

Partenariats de bien-être d'entreprise

Partenariats d'entreprise à partir de 2024: 127 Accords de bien-être des entreprises actives

Type de partenariat	Nombre de partenariats
Grandes entreprises	42
Entreprises de taille moyenne	65
Petites entreprises	20

F45 Training Holdings Inc. (FXLV) - Modèle d'entreprise: segments de clientèle

Passionnés de fitness

Selon le rapport annuel de la F45 en 2022, ce segment représente 42,3% de sa clientèle totale. Déchange démographique:

Tranche d'âge	Pourcentage
18-35	62%
36-50	28%
51+	10%

Jeunes professionnels

Au quatrième trimestre 2023, F45 a rapporté que 37,6% des membres ont classé comme jeunes professionnels avec les caractéristiques suivantes:

• Revenu annuel moyen: 85 400 $
• Résidence urbaine / suburbaine: 89%
• Emploi à temps plein: 76%

Programmes de bien-être d'entreprise

Données sur les partenariats d'entreprise pour 2023:

Type de programme	Nombre de partenariats
Petite entreprise	327
Entreprise de taille moyenne	156
Niveau d'entreprise	42

Participants de fitness en groupe

Métriques du segment du fitness de groupe pour 2023:

• Participants totaux en classe de groupe: 1,2 million
• Taille moyenne des classes: 12 participants
• Taux de présence répétée: 68%

Personnes soucieuses de la santé

Analyse du segment des clients axé sur la santé:

Objectif de santé	Pourcentage de membres
Perte de poids	45%
Gain musculaire	28%
Fitness général	27%

F45 Training Holdings Inc. (FXLV) - Modèle d'entreprise: Structure des coûts

Soutien et formation sur franchise

La formation F45 entraîne des coûts importants pour soutenir son réseau de franchise:

Catégorie de coûts	Dépenses annuelles
Programme initial de formation sur la franchise	15 000 $ - 20 000 $ par franchise
Soutien de la formation en cours	5 000 $ - 7 500 $ par an par franchise
Ateliers de formation régionale	250 000 $ - 350 000 $ par an

Développement de la plate-forme technologique

Coût des infrastructures technologiques pour F45:

• Budget annuel de développement technologique: 3,2 millions de dollars
• Équipe d'ingénierie logicielle: 45-50 employés
• Maintenance de la plate-forme numérique: 750 000 $ par an

Marketing et promotion de la marque

Catégorie de dépenses de marketing	Coût annuel
Marketing numérique	2,1 millions de dollars
Campagnes de médias sociaux	$650,000
Investissements de partenariat de marque	1,3 million de dollars

Coûts de configuration de l'équipement et du studio

Équipements en studio et dépenses de configuration:

• Coût moyen d'équipement de studio: 150 000 $ - 250 000 $
• Équipement de fitness par studio: 75 000 $ - 120 000 $
• Intégration technologique: 25 000 $ - 40 000 $ par studio

Frais opérationnels des entreprises

Catégorie de coûts opérationnels	Dépenses annuelles
Frais généraux	8,5 millions de dollars
Salaires administratifs	4,2 millions de dollars
Installations d'entreprise	1,6 million de dollars
Assurance et conformité	$750,000

F45 Training Holdings Inc. (FXLV) - Modèle d'entreprise: Strots de revenus

Frais de licence de franchise

Depuis le quatrième trimestre 2023, la formation F45 a signalé 1 841 studios au total dans le monde. Structure des frais de licence de franchise:

Type de frais	Montant
Frais de franchise initiaux	$50,000 - $75,000
Frais de redevance en cours	8 à 10% des revenus de studio brut

Revenus récurrents de l'adhésion

Prix ​​moyen de l'adhésion mensuelle:

• Adhésion standard: 149 $ - 199 $ par mois
• Engagement annuel de l'adhésion: réduction d'environ 15 à 20%

Abonnements à la plate-forme numérique

F45 Détails de revenus de la plate-forme numérique de défi F45:

Type d'abonnement	Coût mensuel
Application de défi numérique	$39.99
F45 Cours en ligne en direct	$29.99

Ventes d'équipement et de marchandises

Répartition des revenus des marchandises:

• Appareils d'entraînement de marque Gamme de prix moyenne: 40 $ - 120 $
• Accessoires de fitness: 20 $ - 75 $
• Revenus de marchandises annuelles estimées: 5-7 millions de dollars

Contrats du programme de formation d'entreprise

Prix ​​du programme de bien-être d'entreprise:

Type de contrat	Valeur annuelle estimée
Small Corporate Package	$25,000 - $50,000
Package d'entreprise d'entreprise	$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.