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F45 runs a global franchise network of 45-minute functional workout studios, selling branded fitness experiences to gym-goers through licensed operators.
Money comes from franchise fees and royalties on studio revenue, but the business loses money: 2022 revenue was USD 0.10B with a net loss of USD 0.18B, and gross margins near 69% don't cover operating costs.
F45's brand and workout format create some loyalty, but competitors like Orangetheory Fitness and Barry's offer similar boutique classes, and the company's shrinking revenue and losses show no durable edge.
