Sweat440

Data Based On: Data based on 19 franchised studios (including two operated by officers) across four quartiles for the 12-month period ending December 31, 2025. This sample excludes 2 studios opened in 2025 and one not operating substantially similar to a franchised studio. Two additional company-operated studios were also detailed but not included in these calculations for Item 19 average figures.

* Financial performance data is presented in four quartiles: Top (4 studios), Second (5 studios), Third (5 studios), and Fourth (5 studios), totaling 19 franchised studios. Average Gross Revenue was calculated as a weighted average: (4*$1,086,739 + 5*$814,187 + 5*$622,897 + 5*$311,864) / 19 = $689,036.63. Average EBITDA was calculated as a weighted average: (4*$337,712 + 5*$127,058 + 5*$81,956 + 5*-$112,347) / 19 = $96,535.95. EBITDA margin percentage was calculated as average_ebitda / average_gross_revenue = $96,535.95 / $689,036.63 = 0.1401 (14.01%). Median Gross Revenue was calculated as a weighted average of the quartile medians: (4*$1,083,903 + 5*$791,757 + 5*$619,821 + 5*$293,000) / 19 = $676,763.26. Revenue Top Quartile is the average gross revenue of the Top Quartile ($1,086,739). Revenue Bottom Quartile is the average gross revenue of the Fourth Quartile ($311,864). Average Net Profit is set to Average EBITDA, as EBITDA is explicitly defined as "Gross Revenue less expenses" in the document, which aligns with an operating profit definition. Best Guess Profit Low is the minimum EBITDA value observed across all studios in the sample ($-240,407 from the Fourth Quartile's 'Min' column). Best Guess Profit High is the maximum EBITDA value observed across all studios in the sample ($504,024 from the Top Quartile's 'Max' column).