How many company-owned Bft outlets were operating at the end of 2024?
Bft Franchise · 2025 FDDAnswer from 2025 FDD Document
| Outlet Type | Year | Outlets at the Start of the Year | Outlets at the End of the Year | Net Change |
|---|---|---|---|---|
| Franchised 2 | 2022 | 2 | 2 | 0 |
| 2023 | 2 | 32 | +30 | |
| 2024 | 32 | 49 | +17 | |
| Company-Owned | 2022 | 0 | 0 | 0 |
| 2023 | 0 | 0 | 0 | |
| 2024 | 0 | 0 | 0 | |
| Total Outlets | 2022 | 2 | 2 | 0 |
| 2023 | 2 | 32 | +30 | |
| 2024 | 32 | 49 | +17 |
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- The numbers are as of December 31 of each year in each of the tables provided in Item 20.
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- As disclosed in XFI's most recent Form 10-K filed March 14, 2025, with the U.S. Securities and Exchange Commission, XFI deems a Studio no longer operating if (a) the company has reason to believe, after reasonable inquiry, that the Studio is permanently closed with no plans for re-opening or relocation, or (b) it has no sales for nine consecutive months or more, whichever comes first. Thus, the total number of open Studios provided above may not equal the number of open Studios cited in XFI's publicly-filed documents.
Source: Item 20 — OUTLETS AND FRANCHISEE INFORMATION (FDD pages 75–79)
What This Means (2025 FDD)
According to Bft's 2025 Franchise Disclosure Document, at the end of 2024, there were zero company-owned Bft outlets. The provided table, "Status of Company-Owned Outlets for years 2022 to 2024," indicates that the number of company-owned outlets remained at zero for the entire period from 2022 through 2024. This means Bft operated exclusively through franchised outlets during these years.
For a prospective franchisee, this information suggests that Bft's business model relies heavily on franchising rather than direct company management of outlets. This could imply that Bft's revenue and growth are primarily driven by franchise fees and royalties, rather than sales from company-owned stores. It also indicates that Bft may not be directly competing with its franchisees through company-owned locations.
This information is based on data as of December 31st of each year. Bft considers a studio no longer operating if it is believed to be permanently closed or has no sales for nine consecutive months or more. This definition is important to keep in mind when evaluating the performance and stability of Bft outlets. A prospective franchisee should consider the implications of relying solely on franchised locations and the support and resources Bft provides to its franchisees to ensure their success.