Voss Capital’s Updates on Xponential Fitness (XPOF)

分组1 - Voss Capital's funds returned +5.0% and +4.9% in Q3 2025, underperforming the Russell 2000 Index (+12.4%), Russell 2000 Value Index (+12.6%), and S&P 500 Index (+8.3%) [1] - The Voss Value Master Fund had a total gross exposure of 205.4% and a net long exposure of 95.8% as of September 30, 2025 [1] - The top 10 long positions accounted for 77.8% of the fund, while the top 10 short positions represented -43.5% [1] 分组2 - Xponential Fitness, Inc. (NYSE:XPOF) had a one-month return of 3.10% but lost 56.99% of its value over the last 52 weeks, closing at $6.65 per share with a market capitalization of $325.232 million on December 01, 2025 [2] - Voss Capital views Xponential Fitness as having an asymmetric risk/reward profile, trading at approximately 7x 2025 estimated EBITDA and ~6x consensus 2026 EBITDA, which is a 66% discount compared to its peer Planet Fitness [3] - Despite a reported revenue decline from $80.5 million in Q3 2024 to $78.8 million in Q3 2025, Voss Capital believes the market's bearish narrative overlooks positive unit economics and intrinsic value [4]