Shares of Xponential Fitness Inc. (NYSE: XPOF) climbed in after-hours trading Thursday, after the Irvine fitness franchisor increased its guidance for the year.
The company is now estimating systemwide sales for the year to be in the range of $690 million to $700 million. Company revenue is expected to be $147 million to $148.5 million, up from a prior estimate of $135.5 million to $137 million.
Xponential also said between 230 and 250 studios are set to be opened this year after originally guiding for growth of 215 to 235 locations.
Shares of the company were up nearly 13% in after hours to $22.03 for a market cap of $926.5 million. Xponential began trading in July at $12 a share.Â
The revised estimates followed Xponential’s third-quarter results, which included revenue of $40.9 million, up 60% from the prior year and beating consensus estimates of nearly $34 million.
Xponential reported an adjusted net loss of $5.8 million, narrowed from $7 million a year ago. Analysts had expected a net loss of $2.7 million.
Xponential, which owns a portfolio of 10 boutique fitness brands, said it saw 68 openings in the quarter and now counts 1,907 locations. It sold an additional 248 licenses, which was up from 50 a year ago.
