AKT Franchise vs 9Round

9Round is the stronger software-sales opportunity right now because it wins on TAM and timing. With 141 franchised units, it delivers a 5.9x larger install base than AKT’s 24 units—even after a brutal -29% contraction, that’s still a material pool of live locations running daily operations across POS, scheduling, and back-office. The 2026 FDD filing signals an active, compliant franchisor that’s still investing in infrastructure, which means corporate-level procurement conversations are possible now, not stuck in legal limbo. The lower investment range ($160K–$390K) also means operators aren’t completely capital-starved; they can absorb a reasonable software line item without the kind of budget paralysis you’d see in AKT’s $320K–$495K buildout.

AKT wins on budget signal (AUV of $203K) and terrain momentum (+50% unit growth), but those advantages are hollow for software sales today. The AUV is solid for boutique fitness, yet it’s attached to a dormant 2022 FDD—meaning the franchisor isn’t actively selling new units or enforcing current tech standards, which kills any top-down vendor adoption play. That 50% growth is off a tiny base of 26 units; even if they double again, you’re still chasing a sub-50-unit TAM with no guarantee the franchisor will mandate your stack. The higher royalty (7%) and fee ($60K) also squeeze operator margins harder, making them more resistant to incremental software spend.

The meaningful tradeoff is TAM depth vs. growth optics. 9Round gives you a real, albeit shrinking, book of business you can close against this quarter with a franchisor that’s still filing and governing. AKT gives you a growth story that can’t be actioned until the FDD is revived and the unit count scales—a multi-year bet with no near-term pipeline. In enterprise franchise sales, a dormant filing is a hard stop; a contracting but current brand is a fixable problem.

Verdict: 9Round is the only viable target right now—dormant filings kill deals faster than negative unit growth.