Is F45 Training profitable in 2026?

No. F45 reported combined losses of about $372M for 2021-2022, and as of March 5, 2026, WSJ/FactSet data shows FY sales of ~$104.42M with a 22.09% year-over-year decline and a market cap effectively at $0.

Who owns F45 Training now?

F45 entered a take-private agreement in August 2023, and a July 18, 2026 company-data profile from Crustdata lists Kennedy Lewis Investment Management and FOD Capital as its institutional backers, following its August 15, 2023 NYSE delisting.

Who is F45 Training's biggest competitor?

Orangetheory Fitness is F45's largest direct rival, backed by Roark Capital since 2016, operating 1,500+ studios in 24+ countries and merging with Anytime Fitness's parent company in 2024, per a June 15, 2026 profile.

Could AI replace F45 Training's coaching model?

Unlikely to fully replace it: F45's core is in-person, coach-led group classes and franchise real estate, though AI-driven apps could commoditize scheduling and meal-plan features. No confirmed AI product deployment by F45 itself was found as of June 30, 2026.

Is F45 stock still trading anywhere?

Yes, nominally. After voluntarily delisting from the NYSE on August 15, 2023, F45 shares (ticker FXLV) traded OTC near $0.01 to $0.02 with negligible volume and an effective market cap of $0 as of March 5, 2026.

What happened to F45 after its 2021 IPO?

F45 IPO'd on the NYSE July 15, 2021 at a $1.4 to 1.6B valuation, then posted roughly $372M in combined losses for 2021-2022, and voluntarily delisted from the NYSE on August 15, 2023.

Australia · acquisition pending · Australia

F45 Training

f45training.com ↗

Franchised 45-minute group fitness studio chain, once NYSE-listed, now a penny stock.

Little protection left

Assessed 26 July 2026 · Evidence as of 26 July 2026

Not much stands between this business and its pressures.

On the recordSince 26 July 2026 · Checkable from August 1, 2026 · Every call on the record Checkpoint: Securities fraud settlement claims deadline

The call

F45 is a delisted, credit-fund-controlled chain losing studios and revenue while rivals running the same workout format keep opening theirs.

F45 Training sells 45-minute group fitness classes through franchised studios, using a set program and large exercise library. It is not hard to copy or replace: Orangetheory Fitness and Body Fit Training have already done both and are taking customers as F45 studios close and franchisees sue. The company claims growth but independent data shows revenue falling 22% year-over-year, and it paid a $10.5 million fraud settlement over false financial claims, so the one thing that could change the picture is whether ongoing lawsuits against F45 and against franchisees reveal hidden liabilities or spark a real turnaround in studio survival and revenue.

Why

AI pressure: AI-driven home coaching apps (e.g., Future, Freeletics, Whoop Coach). Personalized AI coaching apps let people get programmed workouts at home, cutting demand for paying group-class franchise fees. Could AI do the core job? Only partly.

Bigger players: Orangetheory Fitness and Body Fit Training (BFT). Orangetheory (Roark Capital backed) and BFT run the same interval-training format with more stable studios, pulling members from F45 as it shrinks. Could a giant copy it? Yes, easily.

What protects it. A global footprint of roughly 1,600 studios still throws off franchise fees even as new signings and same-store sales fall.

What would change this call

Ruling or settlement in Globo Gym LLC v. F45 franchisee lawsuit within 6 months. Would show whether franchisee revolt against F45 is resolving or escalating.
F45's Q2/Q3 2026 net studio count versus 2025 figures. Would show whether closures are stabilizing or accelerating despite growth PR.
Securities fraud settlement claims processing by August 1, 2026 deadline. Would confirm scale of investor losses tied to inflated AUV claims.

Key numbers

Revenue down ~22% YoY to $104.4M (2026-03-05)
Shares trade at $0.01 to $0.02, market cap near $0 (2026-03-05)
Delisted from NYSE on August 15, 2023 (2023-08-15)

Named risks

$10.5M securities fraud settlement with claims deadline August 1, 2026. Severity: high
Active Globo Gym franchisee lawsuit, motion to dismiss denied Nov 2025. Severity: high
OTC stock near worthless at $0.01-0.02 with negligible volume. Severity: high
Pattern of state consent orders (Washington 2022, 2023) for franchise-disclosure violations. Severity: medium
Documented Australian studio closures since 2022 amid financial distress. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
Orangetheory Fitness	gaining on	1,500+ studios, Roark-backed, merged with Anytime Fitness parent in 2024
Body Fit Training (BFT)	gaining on	Cited as taking market share from F45's Australian stumbles as of June 9, 2025
Xponential Fitness	contesting	Multi-brand boutique fitness parent competing in same market segment as of Jan 2025
Barry's	contesting	Boutique HIIT rival named as direct market peer in Jan 2025 industry forecast

Questions people ask

Is F45 Training profitable in 2026?: No. F45 reported combined losses of about $372M for 2021-2022, and as of March 5, 2026, WSJ/FactSet data shows FY sales of ~$104.42M with a 22.09% year-over-year decline and a market cap effectively at $0.
Who owns F45 Training now?: F45 entered a take-private agreement in August 2023, and a July 18, 2026 company-data profile from Crustdata lists Kennedy Lewis Investment Management and FOD Capital as its institutional backers, following its August 15, 2023 NYSE delisting.
Who is F45 Training's biggest competitor?: Orangetheory Fitness is F45's largest direct rival, backed by Roark Capital since 2016, operating 1,500+ studios in 24+ countries and merging with Anytime Fitness's parent company in 2024, per a June 15, 2026 profile.
Could AI replace F45 Training's coaching model?: Unlikely to fully replace it: F45's core is in-person, coach-led group classes and franchise real estate, though AI-driven apps could commoditize scheduling and meal-plan features. No confirmed AI product deployment by F45 itself was found as of June 30, 2026.
Is F45 stock still trading anywhere?: Yes, nominally. After voluntarily delisting from the NYSE on August 15, 2023, F45 shares (ticker FXLV) traded OTC near $0.01 to $0.02 with negligible volume and an effective market cap of $0 as of March 5, 2026.
What happened to F45 after its 2021 IPO?: F45 IPO'd on the NYSE July 15, 2021 at a $1.4 to 1.6B valuation, then posted roughly $372M in combined losses for 2021-2022, and voluntarily delisted from the NYSE on August 15, 2023.

Timeline

2026-04-16$10.5M securities class-action settlement gets preliminary court approval
2026-03-05OTC shares trade near $0.01-0.02; market cap effectively $0 (WSJ/FactSet)
2025-12-03Globo Gym lawsuit: F45 motion to dismiss denied Nov 2025, scheduling pending
2025-03-12FIT parent brand launched to unify F45, FS8, VAURA Pilates
2024-08-29Multiple Australian F45 studios reported closed or for sale
2024Dr. B telehealth partnership launched, offering GLP-1 program
2023-08-15F45 voluntarily delists and deregisters from NYSE
2023-08F45 enters take-private agreement with Kennedy Lewis Management
2023Washington DFI issues consent order for franchise-disclosure violations
2021-07-15F45 IPOs on NYSE at $1.4-1.6B valuation, $16/share

Revision history

26 July 2026

First assessed. Little protection left. The text above is fixed as of this date and is not edited afterwards.

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