Xponential Fitness, Inc. (XPOF) Balance Sheet

The equity deficit has widened in most quarters, driven by retained earnings falling from -$633.0M to -$745.4M as cumulative losses accumulated. Total assets contracted roughly 39% over the period, which suggests the company is shrinking rather than rebuilding its capital base. Investors should monitor whether this trajectory reflects deliberate restructuring or continued operating losses.

Total liabilities remain high at $685.9M against total assets of $309.8M, so liabilities exceed assets by more than two times. The abrupt movement in reported debt between the two most recent quarters may reflect reclassification between current and long-term categories, which warrants further investigation. Refinancing timing and covenant exposure cannot be assessed from the supplied figures alone.

A current ratio below 1.0 means current liabilities exceed current assets, a position that leaves little room for operational shocks. Cash has hovered between roughly $15M and $46M across the ten quarters, which is thin relative to the scale of reported liabilities. The liquidity profile suggests reliance on continued cash generation or external financing, neither of which is confirmed by the supplied data.

Goodwill fell after a stepwise reduction, which may reflect impairment or divestiture activity, though the supplied data does not confirm the cause. Net PP&E declined from $75.1M to $21.1M, consistent with an asset-light footprint shrinking further. A large goodwill share raises impairment sensitivity, since any write-down would further erode an already negative equity position.