Overfly Sports Academy
Building the Future of Youth Baseball & Softball
Membership
Gamified Training
Youth Development
Experiential Retail
Navigation
Table of Contents
Executive Summary
The Overfly Sports Academy Opportunity
Established Foundation
The parent company is an MLB-certified equipment manufacturer with approximately $3M in revenue, now expanding into a vertically integrated sports platform.
Massive Market
Targeting 9M–12M youth players across the U.S. and Mexico in a $10B–$20B underserved market.
Scalable Model
A scalable academy and franchise model designed for rapid multi-location expansion and recurring revenue.
The Problem
Youth Baseball & Softball Is Broken
Millions of young athletes — especially in underserved communities — are being left behind by a system that prioritizes cost over access, with no affordable, structured pathway to developing elite baseball and softball skills.
High Cost Barriers
Equipment and training costs price out families in underserved communities before players ever have a chance to develop.
Declining Participation
Youth participation is falling in underrepresented communities without affordable on-ramps.
No Development Pathway
The lack of structured, tiered development programs leaves talented athletes with no clear road forward.
Underrepresentation
Key demographics — particularly Hispanic youth — remain chronically underserved by existing sports infrastructure.

The Core Insight: The market doesn't lack athletes. It lacks affordable, structured access — and that's exactly the gap Overfly fills.
The Opportunity
A Market Too Big to Ignore
9M–12M Youth Players
Active youth baseball and softball players across the U.S. and Mexico represent a massive, captive audience for Overfly's vertically integrated platform.
$10B–$20B Annual Market
The combined youth sports equipment, gear, training, and development market is large, growing, and dramatically underserved by vertically integrated providers.
Underserved Urban Markets
Large urban markets with dense Hispanic and youth populations represent concentrated, high-value opportunities for initial academy deployment.
Growing Participation Base
Hispanic youth participation in baseball and softball is growing, and Overfly is positioned to capture and accelerate that trend.
Why Now
The Timing Is Right
A convergence of market forces has created a window of opportunity that exists today — and won't remain open indefinitely.
Underserved Market at Scale
9M–12M youth players with no vertically integrated, affordable platform competing for their loyalty.
Growing Participation Base
Latino youth sports participation grew at a 3.9% CAGR from 2019–24 — nearly double the rate of non-Latino youth — and could drive one-third of all sports economy growth through 2035 (McKinsey & Telemundo, 2025). Hispanic/Latino NCAA athletes reached a record 38,654 in 2025, up 62% over the past decade (NCAA, 2025). Overfly is purpose-built to serve this fastest-growing demographic before competitors catch on.
NIL & Athlete Economy Growth
The NIL market hit $1.9B in 2025 — nearly 5x its $393M launch value in 2021 — and is projected to exceed $2.5B under the new NCAA revenue-sharing model (Opendorse/RallyFuel, 2025). High school NIL is now permitted in a growing number of states (USA Today, 2025). Overfly is positioned to be the platform that helps young baseball and softball athletes build their brand from day one — before any competitor owns that relationship.
Retail + Training Convergence
Mall-based sports training is a proven and rapidly growing category — Dick’s House of Sport is investing $50M+ to bring batting cages and turf fields into major malls nationwide (Philadelphia Inquirer, 2025), and indoor sports facilities have grown at an 11.9% CAGR to $1.7B (IBISWorld, 2025). The global indoor baseball training market reached $6.8B in 2025 and is projected to reach $13.4B by 2034 (Market Intelo, 2026). Overfly is moving early to own this space before it becomes crowded.

Competitor Validation
i9 Sports (5M+ registrations, 35 states) was acquired by Roark Capital-backed Youth Enrichment Brands in 2021, proving institutional appetite for scaled youth sports platforms. D1 Training has grown to 100+ franchise locations. Neither offers MLB-certified equipment manufacturing, a Latino-focused model, or the mall-based integrated training format Overfly is building.
The Solution
Overfly Sports Academy: Access. Affordability. Development.
A membership-based sports academy that gives youth athletes affordable access to professional equipment, a state-of-the-art practice facility, expert coaching, and a structured pathway from beginner to exposure-level play.
🟢 Beginner
An affordable entry point. Membership unlocks equipment discounts, a practice facility, and tailored lessons.
📈 Development
Structured group and private coaching, plus HitTrax gamified training for measurable progress.
⭐ Elite
Advanced skill-building with performance analytics, leveraging high-foot-traffic mall locations for maximum accessibility.
🏟️ Exposure
An athlete pipeline, showcases, and NIL education for high-potential players ready for college competition and the next level.

🔑 The Discount That Does Everything: Members get 50% off all equipment — turning every purchase into a loyalty loop. Lower CAC. Higher order value. Stronger retention. The discount doesn't cost us customers; it creates them.
Platform Model
Vertically Integrated Sports Ecosystem
One Platform. Multiple Revenue Engines.
Overfly isn’t just an academy — it’s an ecosystem. Manufacturing, experiential retail, gamified training, and athlete development all reinforce one another, creating compounding value and competitive moats that strengthen with every player we develop.
Manufacturing
MLB-certified Overfly Sports equipment — the revenue backbone
Academy
Training, memberships, and gamified player development
Distribution
Equipment and apparel sold direct-to-consumer and through team and bulk orders — with member discounts that drive repeat purchases and brand loyalty.
Athlete Pipeline
From first swing to first deal — developing athletes, unlocking NIL opportunities, and opening doors to college recruitment and global competition.
Business Model
How Overfly Makes Money
Diversified Revenue Streams
Overfly's model combines multiple recurring and transactional revenue sources within each location, creating resilience and maximizing per-member revenue. The membership discount loop drives brand loyalty and higher equipment spend, strengthening every revenue layer.
1
Membership (~$50/month)
2
Private lessons + group training
3
Cage rentals + Hit Trax leagues
4
Equipment, apparel & player-branded merch — gear members actually want to buy.
5
Team uniforms + bulk orders
Membership Economics
The Membership Engine
Per-Location Membership Performance
75–120 Members Per Location
Target member density for each academy location, achievable through consistent community outreach and mall-based foot traffic.
~$3,750–$6,000 Monthly Recurring Revenue
Predictable MRR generated from membership fees alone at ~$50 per member per month.
~$900 Weekly Membership Revenue
A stable weekly baseline from memberships, independent of lesson or cage booking activity.
Why the 50% Discount Is the Key Driver
📦 Purchase Frequency
Members buy equipment more often when they receive meaningful savings — turning seasonal shoppers into year-round customers.
💰 Average Order Value
Discounts encourage members to trade up to better equipment, increasing AOV across each transaction.
🔁 Retention
The financial value of the discount gives members a strong incentive to maintain their membership month after month.
Unit Economics
Per-Location Unit Economics
Weekly & Monthly Performance
Weekly Revenue: $3K–$4.5K
Blended weekly revenue from memberships, lessons, cage rentals, and equipment sales per location.
Monthly Breakeven: ~$9.3K
Each location reaches cash flow breakeven at approximately $9,300 per month — achievable within the first few months of operation with a fast ramp-up and high-margin services.
Weekly Revenue Mix Per Location
Financial Outlook
5-Year Projected Platform Revenue: $18M–$26M+

The base case assumes modest equipment market share growth (2x the current ~$3M base) and an early-stage apparel launch. The upside case assumes full platform scale across 15–20 locations, an expanded apparel line, and NIL platform penetration of ~0.1% of the $2.75B NIL market (RallyFuel, 2026). Academy projections are consistent with the per-location unit economics already modeled.
Growth Strategy
Scaling Overfly: Phase by Phase
Overfly's growth strategy is designed to validate the model first, then rapidly expand across multiple channels once unit economics are proven.
Phase 1 — Launch & Validate
Open the initial academy location. Prove unit economics, refine the membership model, and validate community demand.
Phase 2 — Franchise & Corporate Expansion
Roll out franchise and corporate-owned locations in high-density urban markets. Leverage the proven playbook.
Phase 3 — NIL & Athlete Distribution
Activate NIL partnerships and athlete distribution to amplify brand reach and build the Overfly athlete pipeline.
Phase 4 — Platform Scale
Scale the full ecosystem — membership, retail, apparel, and manufacturing — into a nationally recognized brand.
Competitive Landscape
How Overfly Stacks Up
No competitor combines MLB-certified manufacturing, gamified training, affordable membership, and a Latino-focused mission under one roof.

D1 Training (100+ locations) and i9 Sports (5M+ registrations) validated the youth sports franchise model — but neither manufactures equipment, serves underserved communities, or offers gamified development. Dick's House of Sport brings retail into the training space, but at premium price points that are out of reach for Overfly's core market. Overfly is the only vertically integrated, affordable, mission-driven platform in this space.
Competitive Moat
What Makes Overfly Unbeatable
Overfly's moat isn't one thing — it's five interlocking advantages that compound over time and become harder to replicate with every member, every location, and every athlete developed.
MLB Certification
Overfly is the only youth sports academy platform backed by an active MLB-certified bat manufacturer. That credential takes years and significant capital to earn — and Overfly already has it. Competitors can't buy their way in overnight.
The Discount Loop
The 50% member equipment discount is a self-reinforcing flywheel: members join for savings, buy more gear, stay longer, and refer others. Every purchase deepens loyalty. Every referral lowers CAC. The loop strengthens with scale.
Community Trust
CEO Alex Villarreal grew up in the communities Overfly serves. That authenticity — as a Hispanic founder, MLB-certified manufacturer, and youth sports advocate — cannot be manufactured by a corporate competitor. Trust is the moat.
Mall-First Real Estate
Overfly's mall-based model gives it access to high-foot-traffic locations at below-market lease rates — a structural cost advantage over competitors building standalone facilities. It is the first mover in this format for baseball and softball.
Gamified Retention
The XP-based development pathway from Beginner to Exposure creates long-term stickiness that no competitor offers. Athletes don't quit when they can see exactly where they're headed — and families don't cancel when their child is making progress.

Moats compound. Each new member strengthens the discount loop. Each new location builds brand trust. Each developed athlete validates the pathway. Overfly's competitive position gets stronger — not weaker — as it scales.
Team
Founder & Leadership
Built by someone who lived the problem — and has the credentials to solve it.
Alejandro Villarreal | CEO & Founder
A Mexican entrepreneur from Los Mochis, Sinaloa, Alejandro founded Overfly Sports in 2016 after earning a BBA in Accounting from the SMU Cox School of Business and an M.S. in Engineering/Industrial Management from Southern Methodist University. Under his leadership, Overfly became the only Mexican MLB-certified wood bat manufacturer, with 10+ MLB player ambassadors including Manny Machado, Ketel Marte, and Luis Arraez, and 50+ minor league ambassadors. In 2023, Overfly acquired Powerbull Bat Co.'s El Paso facility, expanding operations to both sides of the U.S./Mexico border. Alex also brings franchise ownership experience as a Subway franchisee, giving him rare operational depth across manufacturing, retail, and multi-unit business management.
President of Academy Operations | TBD
Overfly is recruiting a senior leader with deep roots in grassroots baseball and softball operations — ideally someone who has served as an Executive Director of a youth sports nonprofit, Grant Administrator for a community athletics program, or Director of a parks and recreation baseball/softball division. The right candidate brings a proven ability to build authentic relationships with youth athletes, coaches, and parents, along with experience securing public or private funding to expand access for underserved communities. This role will own the full academy operations playbook — from coaching staff coordination and member experience to location P&L and community outreach. Qualified candidates and referrals are welcome.
1099 Coaching Staff | On-Demand Expert Network
Overfly's coaching model runs on a flexible 1099 contractor structure — a curated network of credentialed baseball and softball coaches with youth, collegiate, and professional experience. Coaches are engaged per session or per location, keeping labor costs fully variable and margins protected from day one. As member volume grows, coaching capacity scales with it — no fixed overhead, no bloated payroll. Every coach is vetted for both technical skill and community fit.
Why This Team Wins | Founder-Market Fit
Alex Villarreal is not an outsider entering youth sports — he is the market. As an MLB-certified manufacturer, Hispanic founder, and community advocate, he has built-in credibility with the families, coaches, and communities Overfly serves. MLB ambassadors like Manny Machado, Ketel Marte, and Luis Arraez validate the product at the highest level, reinforcing the authenticity that makes this team uniquely trusted. That credibility is a competitive moat no amount of capital can replicate.

Overfly is actively building its advisory board. Investors with relevant networks in sports, retail, franchise, or youth development are encouraged to reach out — strategic advisors will be recognized with equity participation.
Investment Thesis
Why Overfly Wins
💼 Revenue-Backed Foundation
Not a startup from zero — Overfly is an MLB-certified bat manufacturer with approximately $3M in existing annual revenue, an established supply chain, and proven product-market fit. Ranked #7 among all MLB-certified bat manufacturers by player count (ATDigest, 2026), Overfly already has the credibility at the professional level that most sports startups spend years trying to earn. This foundation de-risks the investment and accelerates the path to profitability at every new location.
🔁 Recurring Membership Model
Predictable, sticky MRR sits at the core — membership creates the financial anchor that makes all other revenue streams more durable. Sports membership models consistently achieve 85–88%+ renewal rates when paired with strong engagement (Sacramento Republic FC: 88.5% renewal rate; San Jose Sharks: 87% renewal rate). Overfly's gamified development pathway — with clear progression milestones from Beginner to Exposure — is purpose-built to drive exactly this kind of retention.
📍 Scalable Multi-Location Platform
A franchise-plus-corporate model enables rapid expansion with a proven, replicable playbook. The youth sports franchise model is well validated: D1 Training scaled to 100+ locations, i9 Sports reached 5M+ registrations across 35 states before its acquisition, and Club Pilates grew from 1 to 900+ locations in under a decade using a similar membership-franchise hybrid. Overfly's mall-based format reduces buildout costs and leverages existing foot traffic — lowering the capital barrier to each new location.
🌎 Strong Social Impact
CEO Alex Villarreal grew up in the community Overfly serves. As an MLB-certified manufacturer and Hispanic founder, he brings rare authenticity to a mission-driven platform — making Overfly not just a business, but a credible movement for affordable access to baseball and softball for underserved youth.
Investment Structure
The Raise: $2.5M Total
Phase 1
$400K
  • 15% equity
  • ~$2.7M implied valuation
  • First-mover investor advantage
  • Lowest entry valuation
Phase 2
$2.1M
  • ~25% equity
  • ~$8.4M implied valuation
  • Expansion capital for franchise rollout
  • Inventory scale and platform infrastructure
Total Raise: $2.5M across both phases, structured to reward early investors with the most favorable entry economics.
Capital Structure
Clean, Scalable Capital Structure
Reg CF via CFV
Raising through a Regulation Crowdfunding vehicle (CFV), enabling broad investor participation within SEC guidelines.
Optional SPV
A Special Purpose Vehicle is available for larger investors seeking consolidated, direct exposure to Overfly's equity.
Clean Cap Table
Structured for simplicity and scale — a clean, investor-friendly cap table that supports future fundraising rounds without complications.

This structure is designed to be accessible to everyday investors through Reg CF while also accommodating institutional participants through the SPV option.
Use of Funds
Capital Deployment Plan
Academy Buildout
Facility development, HitTrax installation, and cage infrastructure for launch locations.
Build the Machine
Fuel MLB-certified equipment production, seed the academy, and power the field with 1099 coaching talent and retail inventory.
Athlete Acquisition & NIL Marketing
Community outreach, athlete partnerships, and NIL-driven brand amplification.
Platform & Operations
Membership management systems, operations staffing, and technology infrastructure.
Franchise Infrastructure
Playbook development, legal framework, and franchise support systems for Phase 2 expansion.
Investor Returns
The Return Profile: Up to ~17x
Phase 1 Investor Journey

Assumption basis:
  • An entry valuation of ~$2.7M is based on $400K raised for 15% equity
  • Post-Phase 2 dilution of ~11.25% assumes Phase 2 raises $2.1M at a ~$7M pre-money valuation (~23% new equity issued)
  • The step-up valuation of ~$8.4M equals a ~$6.3M pre-money valuation for Phase 2 — approximately 2x Phase 1 pre-money and ~3x existing manufacturing revenue
  • A $60M exit is based on ~2.3–2.5x projected platform revenue of $24M–$26M+ — conservative relative to comparable sports and franchise exits of 3–5x revenue
Why These Returns Are Realistic
Revenue-Backed Foundation
Existing ~$3M manufacturing revenue provides a real floor — this is not a pre-revenue bet.
Low Entry Valuation
Phase 1 investors enter at ~$2.7M — a compelling entry point relative to the projected platform scale of $24M–$26M+.
Multiple Exit Paths
Strategic acquirers in sports, retail, and media — plus franchise roll-up scenarios — provide credible exit optionality.
Conservative Exit Multiple
$60M exit assumes only ~2.3x revenue — comparable sports franchise exits (D1 Training, i9 Sports) have traded at 3–5x, suggesting meaningful upside beyond the projected 17x.
Risk & Mitigation
Risks We've Thought Through
Every investment carries risk. Here's how Overfly is structured to manage the most significant ones.
Membership Ramp Risk
Early locations may take longer than projected to reach the 75-member breakeven threshold. Mall foot traffic provides built-in discovery. The 50% equipment discount is a powerful acquisition tool. Breakeven at 75 members is a low bar — equivalent to roughly 2.5 members per day in the first month.
Competition from Well-Funded Players
Dick's House of Sport and private equity-backed chains could enter the affordable youth baseball space. Overfly's MLB-certified manufacturing, 1099 cost structure, and focus on the Latino community create moats that capital alone cannot replicate. First-mover advantage in underserved markets is critical — and Overfly is moving now.
Franchise Execution Risk
Scaling via franchise introduces quality control and operator consistency challenges. Phase 1 validates the corporate-owned playbook before any franchise is sold. Overfly will only franchise a proven, documented system — the same approach used by D1 Training and Club Pilates to scale to 100+ locations.
Inventory & Supply Chain Risk
As an equipment manufacturer, Overfly is exposed to supply chain disruptions and raw material cost increases. Its existing ~$3M manufacturing operation has an established supply chain. Inventory is managed conservatively, and the 1099 coaching model ensures the academy business remains profitable even if equipment margins compress temporarily.
Regulatory / NIL Risk
NIL rules for high school athletes vary by state and continue to evolve. Overfly's NIL platform is a Phase 3 initiative — by the time it launches, the regulatory landscape will be more settled. The core business (membership, training, equipment) is entirely independent of NIL and generates strong returns on its own.

Overfly's greatest risk mitigation is its existing revenue base. With approximately $3M in annual manufacturing revenue already in place, this is not a pre-revenue bet — it's an expansion of a proven business into a high-growth adjacent market.
Strategic Analysis
SWOT Analysis
Overfly enters from a position of strength — with real revenue, real moats, and a real market gap to fill.
Strengths
  • MLB-certified manufacturer with approximately $3M in existing annual revenue — not a startup starting from zero
  • Ranked #7 among all MLB-certified bat manufacturers by player count (ATDigest, 2026)
  • The only vertically integrated platform combining manufacturing, academy, retail, and NIL
  • Hispanic founder with authentic community credibility and strong founder-market fit
  • 50% member equipment discount creates a powerful, self-reinforcing loyalty loop
  • 1099 coaching model keeps labor costs variable and margins protected
Opportunities
  • 9M–12M underserved youth players across the U.S. and Mexico — a massive, captive market
  • Youth sports costs are up 46% since 2019 — Overfly's affordability model is perfectly timed
  • Latino youth sports participation is growing at a 3.9% CAGR — the fastest-growing demographic in the sport
  • NIL market projected to exceed $2.5B — Overfly is positioned to own the pipeline from first swing to first deal
  • Mall-to-sports-facility conversion is a proven, rapidly scaling category with low buildout costs
  • Private equity validation: KKR's $4.8B Varsity Brands deal signals institutional appetite for scaled youth sports platforms
Areas We're Building
  • Single location at launch — but Phase 1 is designed specifically to prove and document the playbook before scaling
  • Brand awareness is early-stage — but the MLB certification and community-first model accelerate organic trust-building
  • Advisory board is still forming — but investors with relevant networks are invited to participate with equity recognition
  • NIL platform is Phase 3 — the core business is fully profitable without it, making NIL pure upside
Threats We're Ready For
  • Well-funded competitors (Dick's House of Sport, D1 Training) — but none target underserved communities or manufacture equipment
  • Membership ramp risk in early months — mitigated by mall foot traffic, the 50% discount, and a low 75-member breakeven threshold
  • Supply chain exposure as a manufacturer — mitigated by an established supply chain and conservative inventory management
  • NIL regulatory uncertainty — irrelevant to the core business; NIL is a Phase 3 upside layer, not a dependency

Every weakness is a building opportunity. Every threat has a structural answer. Overfly's existing revenue base, manufacturing moat, and community focus make this one of the most de-risked early-stage sports investments available today.
Closing
Overfly Sports is building a nationally scalable sports platform.
Access
Youth sports participation has recovered to 55.4% of kids ages 6–17 — the highest rate since before COVID — yet the system is failing millions of families who can't access quality facilities (Aspen Institute, State of Play 2025). The core problem isn't desire; it's geography and infrastructure. Public fields and gyms are chronically underfunded and overbooked, with demand for athletic facilities spiking from 3–7pm on weekdays and outpacing available supply in cities across the country (Aspen Institute, 2025). Private equity has noticed: KKR's $4.8B acquisition of Varsity Brands in 2025 signals that institutional capital is flooding into youth sports — but primarily at the premium end, leaving the middle and lower market underserved. Overfly's mall-based model solves the access problem structurally:
• Location: Vacant mall spaces bring facilities directly into communities — no long commutes, no expensive travel tournaments required.
• Hours: Indoor facilities offer year-round, weatherproof training unavailable at most public parks.
• Proven playbook: The mall-to-sports-facility conversion is already working — the Circle K Fieldhouse at NexusPark (Columbus, IN) converted a former department store into a 150,000 sq ft multisport complex, anchoring community recreation in a repurposed retail space (Sports Business Journal, 2024). Picklemall is scaling the same model to 50 locations nationwide. Overfly brings this approach specifically to baseball and softball.
Athlete Development
The youth sports development system has a retention problem — and it's rooted in a lack of structured, motivating pathways. Early sports specialization increases the risk of burnout and dropout, with longitudinal research tracking students from 7th through 12th grade confirming that burnout rises as specialization increases (Children's Hospital Los Angeles / Keck School of Medicine, Sports Health Journal, 2024). The average age a child quits organized sports is around 12 — right when the investment in their development should be compounding (Aspen Institute Project Play). Gamification directly addresses this. A peer-reviewed systematic review and meta-analysis of randomized controlled trials found that gamification interventions significantly increase physical activity and engagement in children and adolescents (JMIR Serious Games, 2025). Platforms using gamified progression systems report engagement lifts of 48–68% and retention boosts of 40–50% (TalentLMS, 2023; PlayStack, 2025). Overfly's structured development pathway — from Beginner to Exposure level — gives every athlete a clear, rewarding roadmap:
• XP-based progression keeps athletes motivated between sessions with measurable milestones.
• Tiered levels create long-term membership stickiness — athletes don't quit when they can see exactly where they're headed.
• Exposure tier connects top performers to recruiting visibility, giving families a tangible return on their investment and a reason to stay enrolled year after year.
Strong Unit Economics
Boutique sports and fitness studios with membership-anchored models achieve net profit margins of 20–40%, with EBITDA margins across the broader fitness industry reaching a median of 23.6% (Health & Fitness Association, 2025 Benchmarking Report). Membership revenue carries near-zero marginal cost per visit — creating powerful operating leverage as each location matures. Secondary revenue streams like private coaching and branded equipment stack on top, with the fitness industry reporting 70–80% of revenue from memberships and 20–30% from high-margin add-ons that can boost total profits by 10–20% (BusinessDojo, 2026). Private sports coaching businesses can reach breakeven in as little as nine months with $38K in startup capital (FinModelsLab, 2025) — and Overfly's 1099 coaching model keeps labor costs variable, protecting margins from day one.
Join us in transforming how America's youth play, train, and compete.
Contact
Let's Build This Together
Alex Villarreal
CEO, Overfly Sports

Ready to invest or learn more? Reach out directly to Alex to discuss Phase 1 investment terms, schedule a walkthrough, or ask questions about Overfly Sports Academy.
Financial Supplement
Financial Model
Detailed assumptions, projections, and per-location economics supporting the Overfly investment thesis.
Financial Supplement
Per-Location Monthly P&L Model
Monthly P&L — Single Location (Stabilized)

Stabilized model assumes 90 active members, 3 full-time equivalent 1099 coaches, and a mid-tier mall inline space. Breakeven occurs at ~$9,300/month — achievable within months 3–5 of operation.
Financial Supplement
Membership Ramp Model — Per Location
Members (Single Location)
Membership Revenue Ramp ($)

Membership ramp assumes mall foot traffic, community outreach, and referral-driven growth. The 50% equipment discount accelerates early sign-ups by reducing the perceived cost of joining.
Financial Supplement
5-Year Platform Revenue Ramp
Platform Revenue ($M)
5-Year Revenue Summary

Revenue ramp is driven by location count, membership density, and platform revenue layers (equipment, apparel, NIL). Each new location adds ~$1.4M in annualized revenue at stabilization.
Financial Supplement
Key Assumptions & Sensitivity
Core Model Assumptions
Sensitivity Analysis — NOI at Varying Member Counts

The model is highly sensitive to membership count in early months. Reaching 75 members is the critical threshold — above that, every additional member is nearly pure margin given the fixed-cost structure.