Australian fitness class company F45 Training saw shares plummet more than 60% this week following the departure of chief executive and co-founder Adam Gilchrist.
Gilchrist relinquishing his role as CEO comes amid a strategic reorganization by F45 to adhere to “changing macroeconomic and business conditions.” The reorganization also cut 110 jobs at the Austin, Texas-based company — about 45% of its workforce.
- Shares of F45 opened at $16 during its initial public offering, but are now at $1.75.
- The company has 1,866 studios across 69 countries as of March 31, 2022.
- It expects 350 to 450 studios to open in FY2022, down from an estimated 1,000.
F45 — which reported $50 million in revenue in Q1 2022, a 175% increase year-over-year — has also slashed its full-year revenue outlook.
The company projects to generate between $120 million and $130 million in revenue in FY2022, down from a previous estimation between $255 million and $275 million.
F45 hit the public market in July 2021 after a $325 million IPO that saw the company sell more than 20 million shares for a market value of $1.46 billion.
Wahlberg Starts Selling
F45’s downward spiral has caused one of its marquee investors to offload his shares. Actor Mark Wahlberg, who invested in F45 in 2019 through a private investment company he partially owns, sold nearly 1 million shares of F45 stock between March 17 and April 26.
Wahlberg still holds 1.61 million shares of F45.
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