F45 Training Holdings Inc. — Cyborg Score 3/10

Strategic Profile

F45's business model centers on franchise expansion and recurring royalties from studio operators worldwide. The company now trades on over-the-counter markets as a micro-cap security with significantly reduced liquidity compared to its peak. The company seeks growth through franchisee financing programs and international expansion.

Cyborg Score Rationale

F45 faces severe market headwinds with a near-microscopic market cap (approximately $1.95M as of June 2026), penny-stock trading status on OTC markets, and significant negative earnings. The company has lost approximately 99% of its value since IPO in 2021. Operational challenges and delisting from NYSE indicate structural difficulties.

Top Insights

• Company delisted from NYSE and now trades OTC, indicating severe financial distress and liquidity challenges
• Market capitalization collapsed from $1.4B (July 2021) to ~$1.95M as of June 2026, representing a 99%+ decline in valuation
• Negative trailing twelve-month earnings (-$1.64 per share) indicate ongoing operational losses
• Once-prominent celebrity investor Mark Wahlberg and sports partnerships no longer provide market momentum

Named Competitors

• Planet Fitness — Budget fitness franchise with gym membership focus
• Xponential Fitness — Multi-brand boutique fitness franchisor (Rumble, YogaSix, StretchLab)
• Equinox/SoulCycle — Premium boutique fitness and wellness services

Recent Developments

• (June 2026) Stock trading at $0.02 per share on OTC markets with minimal liquidity
• (June 2026) Scheduled earnings report expected for August 2026; company appears to remain operationally active
• (May 2022) Announced $150M franchisee financing facility with Fortress Credit Corp to support expansion

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