CONQUER NINJA

Item 7 in the 2025 FDD outlines a hefty initial investment of $360,000 to $597,500, covering build-out for obstacle courses, safety gear, and proprietary systems—think $45,000 franchise fee up front, then ongoing 7% royalties, 3% ad fund, $200 monthly tech fee, and $375 refresh fee. No Item 19 means no official revenue or profit figures, forcing buyers to scrutinize alternatives like the five SBA loans averaging $213,800, suggesting lenders see viability despite the youth of the system (12 total locations: 7 corporate, 5 franchised). For context, that loan size implies financing around half the low-end investment, but without earnings data, you're projecting based on market comps for ninja gyms, where high-engagement memberships and parties could yield strong cash flow if foot traffic hits.

System health shows promise with 67% franchise growth from 3 to 5 locations between 2023-2024, plus 5 projected new units, signaling corporate confidence via parents Fun Entertainment Industrial Companies LLC and Ragged Rock International Investments LLC. Zero terminations or transfers noted keeps it clean, but the tiny footprint (franchising 7 years in) means high risk of unproven unit economics—corporate dominance (7 vs 5) hints at a protected model, yet scalability depends on replicating Burnsville, MN HQ success nationwide. Buyers chasing the next big fitness disruptor get a fun, differentiated play, but the no-revenue disclosure demands aggressive validation of $1M+ AUV potential through discovery days and comps, weighing if 10% total fees justify the ninja payoff.