Boba Cucue

Franchising since 2023 from Gilbert, AZ, Boba Cucue has maintained exactly 4 locations from 2022 to 2023, reflecting 0% growth amid projections for 6 new units. Item 7 outlines initial investments from $199,850 to $383,200, including a $40,000 franchise fee, with ongoing fees of 5.5% royalty, 1% brand fund, and $100-$200 monthly software subscription. Item 19 reveals average gross revenues of $468,130 and a higher median of $479,614 across these units, suggesting some outperformers in high-traffic shopping centers, though the small sample size limits reliability—no profit figures are provided, leaving EBITDA margins speculative in a competitive field against independents and chains like Gong Cha.

System health raises flags: only 4 corporate locations and one SBA loan averaging $150,000 indicate limited scale and lender interest so far. Flat growth despite multi-unit development offers could mean execution hurdles or market saturation risks for quick-serve tea houses. For investors eyeing boba's popularity, the revenue tease is promising but the nascent track record demands scrutiny—strong medians might reward aggressive operators, yet zero expansion signals potential over-optimism in a franchise barely two years old.