Greenlight Personal Training vs 9Round

9Round offers a concrete, sellable total addressable market of 142 existing units, the vast majority franchised, and a CURRENT 2026 FDD that signals active franchise sales. The per-unit budget is healthier here: an investment ceiling of $390k gives owners the capital headroom to absorb a multi-module software stack (POS, scheduling, marketing automation) without the price sensitivity that strangles deals in leaner systems. The approved-supplier procurement model is a gate, but with an active franchisor and established locations, you can win a corporate endorsement and then systematically convert the system—retrofitting existing gyms and capturing whatever new units open, even if net growth is negative.

Greenlight Personal Training has zero franchise units and a DORMANT FDD, which means there is no operating base to sell into and no pipeline of new openings to attach software to. A lower investment band ($85k–$153k) might look like a faster sales cycle, but without a live prospect pool, budget advantage is meaningless. Timing is dead in the water: you can’t land a beachhead when no ships are sailing.

The meaningful tradeoff is growth versus installed base. 9Round’s -29% unit growth is a real drag on future TAM expansion, but it’s a problem for year three, not this quarter. Right now you have 141 franchised doors ready for a replacement or consolidation play, a franchisor still investing in FDD maintenance, and a price point that supports a serious software buy. That’s more than enough to run an outbound motion and build revenue.

Verdict: 9Round is the only brand with a monetizable installed base today; Greenlight’s zero-unit, dormant profile kills it as a near-term target.