F45 to cut 110 staff worldwide, lose Australian CEO and co-founder after brutal earnings update

Australian-born fitness training giant F45 has announced plans to slash around 110 staff worldwide and release co-founder and CEO Adam J Gilchrist from the top job, after drastically downgrading its growth forecasts and revenue projections due to “macroeconomic uncertainty”.

In a market update, released Thursday Australian time, the company halved its full-year revenue projections from between US$255 million ($364 million) and US$275 million ($392 million) to between US$120 million ($171 million) and US$130 million ($185 million).

That shortfall was attributed to a lower-than-projected number of new franchise openings, F45 said. While the company expected to recruit as many as 1500 new franchises worldwide over the year, it now expects that number to reach anywhere between 350 and 450.