F45 Training Delists from the NYSE


F45 Training is “going dark” as it attempts to shore up its business.

The news: The global functional fitness franchisor is voluntarily delisting from the NYSE, deregistering its securities and suspending financial reporting obligations.

This announcement follows a series of missteps that continue to plague the boutique studio brand.

  • June 2021: F45 is valued at $1.4B in its public offering.
  • May 2022: The company reported strong revenue growth as then-CEO Adam Gilchrist outlines a plan to reach 10K global locations.
  • June 2022: The outlook soured as F45 slashed full-year projections, laid off 45% of its HQ staff, and parted ways with Gilchrist.

In the time since, as brick-and-mortar gyms benefited from a post-pandemic resurgence, F45 has been focused on damage control.

Already pressured with NYSE non-compliance warnings, the company had withheld quarterly earning statements since Q3 ‘22 and reported that previous financial disclosures contained “material errors.”

Looking ahead: Although F45 is under new leadership, with GNC vet Tom Dowd joining as CEO, the company’s future remains uncertain. On one hand, the brand already has more than two thousand locations and hundreds of thousands of members. But, if it’s unable to stabilize its financial footing, realizing new gains seems unlikely.

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