F45 Training Holdings Inc. (FXLV): Business Model Canvas [Dec-2025 Updated]

You're digging into F45 Training Holdings Inc. now, trying to make sense of how a business built on selling franchises and delivering daily, high-intensity workouts across 1,700+ studios is adapting after recent financial stress. As an analyst, I see a model trying to balance its core 7% royalty stream with new, holistic plays like GLP-1 integration, all while managing significant SG&A and debt servicing costs. To truly value this company heading into late 2025, you need to see the nine building blocks laid bare-from the $\text{60,000}$ upfront fee to the proprietary content engine-so let's break down the engine room below.

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

You're looking at the core relationships F45 Training Holdings Inc. uses to scale and diversify its value proposition, especially as it pushes into broader wellness offerings in late 2025. These aren't just marketing tie-ins; they represent real channels for growth and new revenue streams.

Master Franchisees for global expansion into new markets

Global expansion relies heavily on these regional operators. In 2024, F45 Training Holdings Inc. saw significant movement, opening 75 new studios across its portfolio and selling 87 franchises. This growth included expanding the F45 Training footprint into South Africa, South Korea, and Europe, all managed through Master Franchisee agreements. As of the latest data in late 2025, F45 Training has grown to 751 franchised units globally, plus 2 company-owned locations.

Here's a snapshot of some operational scale metrics:

Metric	Value (Late 2025 Estimate)	Context
Total Franchised Units (F45 Training)	751	Reflects global network size.
Company-Owned Locations	2	Minimal corporate ownership footprint.
Franchises Sold (2024)	87	Indicates pipeline momentum from the prior year.
Global Average Unit Volume (AUV) Growth (2024)	12.4%	Performance indicator for existing studios.

Samsung for digital distribution on Samsung Daily+ platform

The deal with Samsung Electronics positions F45 Training Holdings Inc. workouts directly into over 100 million households globally via the Samsung Daily+ app on all 2024 Samsung TV models and future releases. This partnership grants users free access to a library that includes Cardio, Strength, Hybrid, and Recovery workouts. This digital reach is a key component for member acquisition and retention, bridging the gap between in-studio and at-home fitness.

Telehealth provider Dr. B for GLP-1 weight loss program integration

This partnership is a direct pivot toward holistic wellness, integrating medical weight management with fitness. The new, holistic GLP-1 program, called Shed It, has a starting price point of $249 per month for members, which includes consultations and compounded GLP-1 medications delivered to the door. An earlier iteration of the partnership allowed existing members to access the platform starting at $145 per month plus medication for HSA/FSA reimbursement eligibility. The goal is to mitigate muscle loss during weight reduction, as F45 CEO Tom Dowd noted that up to 50 percent of weight loss on GLP-1 treatments can be muscle mass without proper resistance training.

The program components include:

• Unlimited check-ins with licensed medical providers.
• Access to F45 Training's app for virtual workouts.
• Discounts for upgrading to an in-studio F45 membership.
• Annual blood work at Quest Diagnostics.

Hyperice for in-studio recovery technology and wellness services

F45 Training Holdings Inc. partnered with Hyperice to place its high-performance wellness technology in studios worldwide. Members in select F45 Training studios globally now have access to this equipment to speed up post-workout recovery. This move supports the broader strategy of offering a balanced approach that includes proper recovery to prevent injuries and enhance performance.

Strategic brand partners like Red Bull and GNC for member perks

These partnerships drive engagement and provide tangible value outside the workout itself. The Red Bull deal, announced in March 2025, includes in-studio product integration, with Red Bull products expected to be available by June 2025. This also involves Red Bull 100 x HYROX activations taking place in F45 studios worldwide. The GNC collaboration offers F45 members immediate status, allowing them to start at the Silver tier in GNC's myGNC Rewards program and get free shipping on GNC.com orders. Furthermore, GNC members new to F45 can purchase 5 classes for $45 using code GNCF4525, an offer valid from March 29, 2025, until December 31, 2025.

Here are the specific member benefits:

• GNC trial offer: 5 classes for $45.
• GNC loyalty status: Automatic enrollment at Silver tier.
• Red Bull integration: Availability in studios by June 2025.
• Exclusive events: Access to co-branded content and Red Bull 100 x HYROX activations.

Finance: draft Q4 2025 partnership expense reconciliation by next Tuesday.

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

You're looking at the core engine driving F45 Training Holdings Inc. (FXLV) operations as of late 2025. These are the non-negotiable actions the company must execute daily to keep the franchise model running and growing.

Developing and licensing proprietary workout content daily

The foundation of the F45 Training value proposition is the daily content delivery. This activity involves maintaining and expanding the intellectual property that franchisees license.

• Maintain a rich content database, previously cited as having over 8,000 unique functional training movements.
• License the proprietary fitness programming algorithm and technology-enabled delivery platform to studios globally.
• Develop and roll out new, standardized workouts on a daily basis across the F45 brand.

Global franchising and expansion of the 753 studio network

This is the primary growth lever, focusing on selling new agreements and ensuring new studios open successfully. The goal is scaling the network, which stood at 753 total studios (franchised and company-owned) as of late 2025 data points. Franchise inquiry volume is a key leading indicator; this metric saw a 23% year-over-year increase as of early 2025.

Here's a look at the recent expansion activity from 2024, which sets the pipeline for 2025:

Metric	2024 Result
New Studios Opened (All Brands)	75
Franchises Sold (All Brands)	87
Estimated Initial Investment Range (F45 Franchise)	$349,000 to $786,000

Manufacturing and distributing branded studio equipment

F45 Training Holdings Inc. (FXLV) generates revenue by supplying the necessary equipment packages to new and existing franchisees. This ensures brand consistency and quality control across the network.

While 2025 specific figures aren't fully reported yet, equipment and merchandise revenue in the third quarter of 2022 was $10.8 million, driven by the delivery of approximately 97 World Packs that quarter. This activity is critical for initial studio setup.

Providing comprehensive training and operational support to franchisees

Supporting the franchisee base is a continuous activity, funded directly by ongoing royalty and marketing fees. You need to know what these fees cover to understand the support structure.

The ongoing financial commitment from franchisees is structured as follows:

Fee Type	Calculation/Minimum
Royalty Fee	7% of gross sales OR minimum $2,500 per month, whichever is higher
Brand Fund Contribution	2% of gross sales OR minimum $200 per month, whichever is higher
Fixed Marketing Fee	$2,500 per month

If onboarding takes 14+ days, churn risk rises, so efficient training delivery is key.

Managing the multi-brand portfolio (F45, FS8, VAURA Pilates)

A major activity is managing the performance and strategic direction of the entire portfolio, which includes the core F45 brand alongside FS8 and VAURA Pilates. Performance metrics show the differing growth trajectories across these concepts based on 2024 results.

Here's how the Average Unit Volumes (AUVs) performed in 2024, showing the momentum in the newer concepts:

Brand	2024 Global AUV Growth
F45 Training	12.4%
FS8	23.9%
VAURA Pilates	51.1%

VAURA Pilates saw its flagship studio launch in New York City in January 2024, and FS8 launched its flagship in Austin in March 2024. Honestly, the AUV surge in VAURA is a big focus area.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets F45 Training Holdings Inc. (FXLV) relies on to run its global franchise operation as of late 2025. These aren't just ideas; they are quantifiable, revenue-driving components of the business.

Global Network of Franchised Studio Locations

The physical footprint is a massive resource, supported by a franchise model that drives expansion. As of early 2025 reports, F45 Training had a network of more than 1,700 franchises worldwide, operating across 45 countries. More recent data from October 2025 suggests the flagship F45 Training brand has grown to 751 franchised units plus 2 company-owned locations. Across the entire FIT House of Brands portfolio, the network reached over 1,500 studio locations across more than 55 countries by March 2025. This expansion included opening 75 new studios across all brands in 2024 alone. The franchise model itself is a key resource, evidenced by a 23% year-over-year increase in franchise ownership inquiries heading into 2025.

Proprietary Digital Workout Platform (F45 Training TV)

The standardization of the workout is crucial for brand consistency. The company's proprietary workout modules are updated daily and broadcast through F45TV, ensuring every member gets the same programming. This digital asset extends reach through strategic partnerships; for example, F45 Training workouts are available on Samsung Daily+, reaching over 100 million households globally. The overall business model, supported by these resources, yields a reported gross margin of 70.72%.

Multi-brand Intellectual Property (FS8, VAURA Pilates)

The expansion into adjacent fitness modalities through owned intellectual property is a significant resource for future growth. The performance of these newer brands in 2024 highlights the value of this IP portfolio, which operates under the parent company FIT (Functional Inspired Training) House of Brands.

Here's a quick look at the 2024 Average Unit Volume (AUV) growth for the portfolio:

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

The flagship brand's success is also notable, with its AUVs increasing by 12.4% globally in 2024.

Brand Equity and Celebrity Association

The brand's profile is significantly bolstered by high-profile associations. Mark Wahlberg's investment team acquired a minority stake in F45 Training back in 2019, at which time the company was valued at $450 million. David Beckham is also noted as serving as a creative director. The enduring appeal is further shown by a 19% increase in global membership lead volume in 2024.

The core intellectual property also includes the specific training methodologies:

• Proprietary functional training programming updated daily.
• Specialized programming like hybrid cardio and strength days.
• The introduction of the "Recovery by F45 Training" concept in 2024.
• The FS8 concept is built on eight science-backed elements.

The total investment required to open a new F45 Training franchise facility ranges from $349,000 to $786,000, which represents the capital deployed by franchisees to acquire and build out these physical resources.

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.