F45 Treination Holdings Inc. (FXLV): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da inovação de fitness, a F45 Training Holdings Inc. (FXLV) revolucionou o treinamento em grupo com seu raio rápido 45 minutos Modelo de treino de alta intensidade que está capturando a atenção dos entusiastas do fitness globalmente. Esse sistema de franquia inovador combina a tecnologia de ponta, as experiências de condicionamento físico escalonáveis ​​e uma abordagem orientada à comunidade que transforma como as pessoas percebem e se envolvem com o exercício em grupo. Ao dissecar a tela de modelo de negócios exclusiva da F45, descobriremos o plano estratégico por trás de seu crescimento explosivo e por que esse fenômeno de fitness se tornou um divisor de jogos no setor de bem-estar.

F45 Treination Holdings Inc. (FXLV) - Modelo de negócios: Parcerias -chave

Fabricantes de equipamentos de fitness

O F45 Training colabora com os fabricantes de equipamentos de fitness especializados para apoiar seu modelo de treinamento intervalado de alta intensidade (HIIT).

Fabricante	Tipo de equipamento	Detalhes da parceria
Aptidão desonesta	Equipamento de treinamento de força	Fornecedor exclusivo para equipamentos de resistência
Trx	Sistemas de treinamento em suspensão	Provedor de equipamentos de treinamento de peso corporal primário

Rede de franqueados

O F45 opera através de uma extensa rede global de franqueados.

• Total de franquias a partir do quarto trimestre 2023: 1.850 estúdios
• Países operacionais: 45 países
• Taxa de expansão da franquia: crescimento de 12% ano a ano

Parceiros de tecnologia

Parceiro de tecnologia	Serviço prestado	Ano de implementação
Wodify Technologies	Software de gerenciamento de fitness	2019
Myfitnesspal	Integração de rastreamento de nutrição	2021

Parcerias de nutrição e suplementos

O F45 mantém parcerias nutricionais estratégicas para melhorar a experiência dos membros.

• Nutrição ideal: parceiro oficial de suplementos de proteínas
• Verdes atléticos: colaboração de suplementos nutricionais
• Receita média de parceria: US $ 2,3 milhões anualmente

Colaborações de celebridades e influenciadores

Celebridade/influenciador	Tipo de parceria	Valor estimado
Mark Wahlberg	Investidor e embaixador da marca	Estaca equitária de US $ 10 milhões
Gunnar Peterson	Consultor do Programa de Treinamento	Contrato anual de US $ 500.000

F45 Treination Holdings Inc. (FXLV) - Modelo de negócios: Atividades -chave

Desenvolvendo programas de treinamento de fitness de alta intensidade

O treinamento F45 desenvolve programas de exercícios proprietários em várias disciplinas:

Categoria de programa	Número de exercícios exclusivos
Treinamento de força	35 projetos de exercícios distintos
Treinamento de cardio	27 programas de circuito exclusivos
Treinamento híbrido	18 exercícios de disciplina mista

Modelo de negócios de franquia e suporte

As principais atividades-chave relacionadas à franquia incluem:

• Total de franquias globais a partir do quarto trimestre 2023: 1.860 estúdios
• Programas de treinamento e certificação do franqueado
• Protocolos operacionais de suporte e padronização

Conteúdo digital e streaming de treino on -line

Métricas de plataforma digital	2023 dados
Assinantes digitais	78.000 usuários ativos
Conteúdo mensal de treino digital	250+ aulas de streaming

Estratégias de marketing e expansão de marca

Investimento de marketing e alcance:

• Despesas de marketing em 2023: US $ 12,4 milhões
• Seguidores de mídia social: 2,1 milhões entre plataformas
• Presença do mercado internacional: 45 países

Manutenção e desenvolvimento da plataforma de tecnologia

Investimento em tecnologia	2023 Figuras
TECNOLOGIA P&D Gastos	US $ 3,2 milhões
Downloads de aplicativos móveis	425.000 downloads totais
Tamanho da equipe de tecnologia	38 desenvolvedores em tempo integral

F45 Treination Holdings Inc. (FXLV) - Modelo de negócios: Recursos -chave

Metodologia de treino proprietário

O recurso principal do F45 Training é o seu Metodologia de treinamento de circuito de alta intensidade de 45 minutos. A partir do quarto trimestre 2023, a empresa possui:

• 1.800+ Combinações de treino exclusivas
• 3 categorias primárias de treino: cardio, resistência e híbrido

Tecnologia de fitness digital

Métricas de plataforma digital	Dados quantitativos
Downloads de aplicativos móveis	500.000+ em dezembro de 2023
Usuários digitais ativos	250.000 usuários ativos mensais
Investimento em tecnologia digital	US $ 3,2 milhões em 2023

Rede Global de Franquia

Composição da rede de franquia:

• Locais totais: 1.870 estúdios em todo o mundo
• Países representados: 45
• Custo de aquisição de franquia: US $ 150.000 - US $ 350.000

Reconhecimento da marca

Métricas de marca	Dados quantitativos
Seguidores de mídia social	2,5 milhões entre plataformas
Avaliação da marca	US $ 475 milhões (estimativa de 2023)

Instrutores de fitness treinados

Recursos de treinamento de instrutores:

• Instrutores certificados: 15.000+
• Investimento anual de treinamento: US $ 2,1 milhões
• Duração do programa de treinamento: 4-6 semanas

F45 Treination Holdings Inc. (FXLV) - Modelo de negócios: proposições de valor

Treinamento de grupo funcional de alta intensidade de 45 minutos

O F45 Training oferece sessões de exercícios de 45 minutos padronizadas com métricas de desempenho específicas:

Característica do treino	Dados específicos
Duração média do treino	45 minutos
Calorias queimadas por sessão	500-800 calorias
Estações por treino	9-18 estações

Programas de exercícios projetados cientificamente

A metodologia de treino do F45 inclui:

• Protocolos de treinamento cientificamente validados
• Seleção de exercícios orientada por tecnologia
• Recursos de rastreamento de desempenho

Experiência de condicionamento físico consistente e escalável

Métrica de escalabilidade	Desempenho atual
Total Global Studios	1.800 mais de locais
Países com presença	Mais de 45 países
Taxa de crescimento anual de membros	15-20%

Abordagem de condicionamento físico orientado pela comunidade

Métricas de engajamento da comunidade:

• Tamanho médio da classe: 12-15 participantes
• Taxa de retenção de membros: 65-70%
• Usuários da plataforma comunitária digital: 500.000+

Soluções de treino acessíveis e com eficiência de tempo

Recurso de acessibilidade	Dados específicos
Custo médio mensal de associação	$149-$199
Recomendação semanal de frequência de treino	3-4 sessões
Alternativas de treino digital	Plataforma de vídeo sob demanda disponível

F45 Treination Holdings Inc. (FXLV) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento de aplicativos móveis

O aplicativo móvel da F45 Training relatou mais de 500.000 usuários mensais ativos a partir do quarto trimestre 2023. O aplicativo Recursos:

• Rastreamento de treino em tempo real
• Métricas de desempenho gravação
• Funcionalidade de reserva de classe

Métrica de aplicativo	2023 dados
Downloads de aplicativos totais	1,2 milhão
Tempo médio de engajamento do usuário	12,4 minutos por sessão
App Store Classificação	4.6/5

Interação da comunidade de mídia social

O treinamento F45 mantém 2,3 milhões de seguidores em plataformas de mídia social em dezembro de 2023.

Plataforma	Contagem de seguidores
Instagram	1,6 milhão
Tiktok	450,000
Facebook	250,000

Rastreamento personalizado de fitness

F45 fornece análise de desempenho individual através de:

• Monitoramento da freqüência cardíaca
• Rastreamento de despesas calóricas
• Ferramentas de visualização de progresso

Experiência de classe de fitness em grupo

Métricas de classe de grupo para 2023:

Métrica	Valor
Total Global Studios	1,950
Tamanho médio da classe	12-15 participantes
Frequência de aula semanal por estúdio	35-40 classes

Sistema de suporte de associação e franquia

Estrutura de associação para 2023:

Tipo de associação	Custo mensal	Assinantes estimados
Associação padrão	$149-$199	85,000
Associação premium	$199-$249	35,000
Equipes de apoio à franquia	N / D	120 funcionários dedicados

F45 Treination Holdings Inc. (FXLV) - Modelo de Negócios: Canais

Locais de estúdio de franquia em todo o mundo

A partir do quarto trimestre de 2023, o treinamento F45 possui 1.870 estúdios globalmente em 79 países.

Região	Número de estúdios	Porcentagem de rede global
Estados Unidos	680	36.4%
Austrália	240	12.8%
Canadá	150	8.0%

Aplicativo móvel

F45 Desafio App Downloads: 500.000+ em dezembro de 2023.

• Disponível em plataformas iOS e Android
• Fornece rastreamento de treino
• Integração de orientação nutricional

Plataformas de mídia social

Contagem de seguidores de mídia social em janeiro de 2024:

Plataforma	Contagem de seguidores
Instagram	2,1 milhões
Tiktok	850,000
YouTube	350,000

Marketing digital

Gastes de marketing digital em 2023: US $ 4,2 milhões

• Google Ads Investment: US $ 1,8 milhão
• Publicidade de mídia social: US $ 1,5 milhão
• Marketing de influenciadores: US $ 900.000

Parcerias de bem -estar corporativo

Parcerias corporativas a partir de 2024: 127 Acordos ativos de bem -estar corporativo

Tipo de parceria	Número de parcerias
Grandes corporações	42
Empresas de tamanho médio	65
Pequenas empresas	20

F45 Treination Holdings Inc. (FXLV) - Modelo de negócios: segmentos de clientes

Entusiastas do fitness

De acordo com o relatório anual de 2022 da F45, esse segmento representa 42,3% de sua base total de clientes. Redução demográfica:

Faixa etária	Percentagem
18-35	62%
36-50	28%
51+	10%

Jovens profissionais

A partir do quarto trimestre 2023, o F45 relatou 37,6% dos membros classificados como jovens profissionais com as seguintes características:

• Renda anual média: US $ 85.400
• Residência urbana/suburbana: 89%
• Emprego em tempo integral: 76%

Programas de bem -estar corporativo

Dados de parcerias corporativas para 2023:

Tipo de programa	Número de parcerias
Pequenas empresas	327
Corporativa de tamanho médio	156
Nível corporativo	42

Participantes do fitness em grupo

Métricas de segmento de fitness em grupo para 2023:

• Participantes totais de classe de grupo: 1,2 milhão
• Tamanho médio da classe: 12 participantes
• Repita a taxa de participação: 68%

Indivíduos preocupados com a saúde

Análise de segmento de clientes focados na saúde:

Meta de saúde	Porcentagem de membros
Perda de peso	45%
Ganho muscular	28%
Condicionamento físico geral	27%

F45 Treining Holdings Inc. (FXLV) - Modelo de negócios: estrutura de custos

Suporte e treinamento de franquia

O treinamento F45 incorre em custos significativos no apoio à sua rede de franquias:

Categoria de custo	Despesa anual
Programa inicial de treinamento de franquia	US $ 15.000 - US $ 20.000 por franquia
Suporte de treinamento em andamento	$ 5.000 - US $ 7.500 anualmente por franquia
Workshops de treinamento regional	US $ 250.000 - US $ 350.000 por ano

Desenvolvimento da plataforma de tecnologia

Custos de infraestrutura de tecnologia para F45:

• Orçamento anual de desenvolvimento de tecnologia: US $ 3,2 milhões
• Equipe de engenharia de software: 45-50 funcionários
• Manutenção da plataforma digital: US $ 750.000 anualmente

Marketing e promoção de marca

Categoria de despesa de marketing	Custo anual
Marketing digital	US $ 2,1 milhões
Campanhas de mídia social	$650,000
Investimentos de parceria de marca	US $ 1,3 milhão

Custos de configuração de equipamentos e estúdios

Equipamentos de estúdio e despesas de configuração:

• Custo médio do equipamento de estúdio: US $ 150.000 - US $ 250.000
• Equipamento de fitness por estúdio: US $ 75.000 - US $ 120.000
• Integração de tecnologia: US $ 25.000 - US $ 40.000 por estúdio

Despesas operacionais corporativas

Categoria de custo operacional	Despesas anuais
Sobrecarga corporativa	US $ 8,5 milhões
Salários administrativos	US $ 4,2 milhões
Instalações corporativas	US $ 1,6 milhão
Seguro e conformidade	$750,000

F45 Treination Holdings Inc. (FXLV) - Modelo de negócios: fluxos de receita

Taxas de licenciamento de franquia

A partir do quarto trimestre 2023, o treinamento F45 relatou 1.841 estúdios totais globalmente. Estrutura de Taxas de Licenciamento de Franquia:

Tipo de taxa	Quantia
Taxa inicial de franquia	$50,000 - $75,000
Taxa de royalties em andamento	8-10% da receita bruta do estúdio

Receitas recorrentes de associação

Preços médios mensais de associação:

• Associação padrão: US $ 149 - US $ 199 por mês
• Compromisso anual de associação: aproximadamente 15-20% de desconto

Assinaturas de plataforma digital

F45 Desafio Detalhes da receita da plataforma digital:

Tipo de assinatura	Custo mensal
Aplicativo de desafio digital	$39.99
F45 aulas online ao vivo	$29.99

Vendas de equipamentos e mercadorias

Repartição da receita de mercadorias:

• Faixa de preço médio de vestuário de exercícios de marca: $ 40 - $ 120
• Acessórios para fitness: $ 20 - $ 75
• Receita anual estimada de mercadorias: US $ 5-7 milhões

Contratos do Programa de Treinamento Corporativo

Preços do programa de bem -estar corporativo:

Tipo de contrato	Valor anual estimado
Pequeno pacote corporativo	$25,000 - $50,000
Pacote corporativo corporativo	$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.