F45 Training Reports 175% Growth in Q1 Revenue

F45 Training

Franchise HIIT studio F45 Training grew Q1 revenue by 175%, kicking off a year of explosive growth.


After an end-of-year surge, F45 has kept the momentum going, beating expectations on its Q1’22 earnings.

By the numbers:

  • Total revenue increased to $50M, a 175% increase from the same period of 2021.
  • Adjusted EBITDA grew 235% YoY, reaching $17.7M.
  • Net income of $2.5M; for comparison, FY2021 resulted in a $182.7M net loss.
  • It sold 706 franchises and opened 117 new studios.

Growth Mindset

In March, F45 Training CEO Adam Gilchrist outlined an aggressive growth strategy during an FY21 earnings call, encouraged by 1,057 signed franchise agreements last year.

Affirming 1,000 openings in 2022, the company is expanding its traffic and footprint.

Greasing the wheels. The operator recently announced $150M in debt financing (with the potential for up to $300M) from Fortress Credit Corp to provide new US studios with growth capital.

Earnings your stripes. $100M of that financing is earmarked for members of F45 AFTER, its program that trains military personnel to become franchise owners once leaving active duty. Of note, F45 is authorized by the US Department of Defense to train active-duty soldiers and opened its first studio on a military base last year.

DB45. F45 is leveraging the biggest sport in the world—with one of its most recognizable faces—to spur growth. Newly appointed Chief of Athletics Gunnar Peterson worked with David Beckham, an F45 ambassador and investor, to create a HIIT-style football (American soccer) workout for its studios.

Looking ahead: Filling the void left by the 25% of boutique studios that permanently closed as a result of the pandemic, continued gains, new programming, and sweet deals for potential franchisees may bring F45 to a neighborhood near you.

Get the latest health and fitness industry news

Keep up with industry news, trends, investment activity, and job openings — in one weekly newsletter.

    No thanks.