Basecamp Fitness vs 9Round

9Round gives you the bigger installed base right now—142 total units, 141 franchised, which means 141 potential software seats to sell into. That’s your TAM advantage, plain and simple. But the -29% unit growth is a flashing red light. A shrinking footprint means churn risk outpaces new-logo opportunity, and the low investment range ($160K–$390K) signals operators who run lean, with less budget headroom for non-essential software. The 2026 FDD and current filing are nice hygiene, but they don’t offset a contracting customer pool.

Basecamp Fitness is the sharper play. Only 19 franchised units today, but 18.75% growth and a $426K AUV tell you the economics work—these owners have revenue to justify software spend and a royalty rate (8%) that pressures them to automate. The higher investment range ($513K–$832K) filters for better-capitalized franchisees who treat tech as infrastructure, not a luxury. Yes, the stale FDD is a minor timing drag, but that’s a paperwork problem, not a demand problem. You’re betting on a rising tide that will compound your install base, not a shrinking one you have to defend.

The tradeoff is TAM today versus TAM tomorrow. 9Round gives you a bigger list to call right now, but you’re selling into a declining system where budget is tight. Basecamp gives you fewer doors today but a growing, higher-revenue base that will buy more and churn less over a 3-year horizon. In B2B franchise software, momentum and unit economics beat legacy headcount.

Verdict: Basecamp Fitness is the stronger software-sales opportunity because unit growth and AUV create a compounding, higher-willingness-to-pay customer base that outweighs 9Round’s larger but shrinking footprint.