Fitell Corp.

General Information

Founded in 2007 and headquartered in New South Wales, Australia, GD Wellness Pty Ltd (“GD”) is a wholly owned subsidiary of Fitell Corp., a Cayman Islands company. **Note: GD in the company’s name stands for its brand, Gym Direct. (Incorporated in the Cayman Islands)

We are an online retailer of gym and fitness equipment both under our proprietary brands and other brand names. Fitell’s mission is to build an ecosystem with a whole fitness and wellness experience powered by technology to our customers.

GD has served over 100,000 customers with large portions of sales from repeat customers over the years, which we believe to be a testament of our product quality and brand loyalty. Our brand portfolio can be categorized into three proprietary brands under our Gym Direct brand: Muscle Motion, Rapid Motion, and FleetX, in over 2,000 stock-keeping units (SKUs).

In addition to our all-around fitness equipment portfolio to individual and commercial customers, we launched three new business verticals with integration of technology in 2021:

  • Smart Connected Equipment – Initiated in May 2021 and still in development, our smart fitness equipment is a natural extension of our core business. It includes interactive exercise bikes and workout mirrors. We expect commercial launch in November 2022, with retail products available in December 2022.

  • 1FinalRound: Our AI-powered interactive platform with our proprietary online training content and capability to be interactive with personal trainers as well as capability to follow members and track workout progress. 

  • Boutique Fitness Clubs Licensing: Leveraging our years or experience in the fitness and wellness industry servicing both businesses and individual customers, we launched our licensing business in late 2021. mYSTEPS Training Clinic, a new concept fitness club chain, is our first licensee, dedicated to helping fitness-savvy and health-conscious consumers (usually ages 28-55) with higher disposable incomes achieve a motivating and healthy lifestyle with an engaging and dynamic fitness community in both online and offline settings.

 We market and sell fitness equipment and related products as well as serve as a one-stop shop for business setup from personal training studios to commercial gyms. Our full spectrum of product coverage is exemplified by the following three proprietary brand names, which represented over 85% of our revenues in the fiscal year ended June 30, 2022:


Our Muscle Motion brand is a supplier of home gym and commercial strength-training equipment. Products have an emphasis on weights, bars, power racks, benches, and gym machines.


Our Rapid Motion brand features similar products as Muscle Motion but with a stronger focus on commercial items.


Our FleetX brand focuses on cardio equipment, including products such as rowing machines, exercise bikes, treadmills and more. All of these items are available in both home and commercial-grade quality.

 In our fitness equipment business segment, we sell our products directly to customers through online or offline platforms. Revenue from our own e-commerce website accounted for approximately 83.68% of our total sales for the fiscal year ended June 30, 2022, with the remaining sales derived from commercial sale orders, our showroom and phone orders as well as third-party channels such as Amazon and eBay.

**Note: Revenue and net income figures are for the year ended June 30, 2022.

(Note:  Fitell Corp. priced its IPO at $5.00 – the low end of its $5.00-to-$6.00 range – on 3.0 million shares – the number of shares in the prospectus – to raise $15.0 million on Monday night, Aug. 7, 2023.)

(Note: Fitell Corp. changed its IPO price range to $5.00 to $6.00 – up from $4.00 to $6.00 previously – and kept the number of shares at 3.0 million shares – to raise $16.5 million, according to an F-/A filing dated July 26, 2023.)

(Background: Fitell Corp. cut the size of its IPO by 25 percent by removing the 1 million shares offered by the selling stockholders in an F-1/A filing dated May 8, 2023: The IPO’s size is now 3.0 million shares at $4.00 to $6.00 each to raise $15.0 million. Background: Fitell Corp. disclosed terms for its IPO in an F-1/A filing dated Nov. 29, 2022: 4.0 million shares at $4.00 to $6.00 each. The company is offering 3.0 million shares. Selling stockholders are offering 1.0 million shares; the company will not receive any proceeds from the sale of those shares. Fitell Corp. filed its F-1 on Oct. 7, 2022.)




Industry: Fitness Equpment
Employees: 17
Founded: 2007
Contact Information
Address 23-25 Mangrove Lane Taren Point, NSW 2229 Australia
Phone Number +612 95245266
Web Address
View Prospectus: Fitell Corp.
Financial Information
Market Cap $61.16mil
Revenues $8.16 mil (last 12 months)
Net Income $0.01 mil (last 12 months)
IPO Profile
Symbol FTEL
Exchange NASDAQ
Shares (millions): 3.0
Price range $5.00 - $5.00
Est. $ Volume $15.0 mil
Manager / Joint Managers Revere Securities/ R.F. Lafferty & Co.
Expected To Trade: 8/8/2023
Status: Priced
Quiet Period Expiration Date:
Lock-Up Period Expiration Date:
SCOOP Rating
Rating Change