Modo Yoga - 2022 Initial vs 9Round

9Round is the stronger opportunity right now because TAM and terrain decisively outweigh every other signal. With 141 franchised units, you have a large, immediately addressable installed base that can be sold one-by-one. The approved‑supplier procurement model lets you reach each franchisee directly, bypassing the gatekeeper bottleneck that kills deal velocity. A shrinking unit count of –29 % is a real liability, but that erosion happens slowly against a fleet that already exists; those 140‑plus operators still run classes, schedule appointments, and process payments today, creating hard demand for the software you sell.

Modo Yoga’s better growth figure (–7.7 %) is hollow. It applies to a brand with only 12 total units, meaning even perfect penetration yields a negligible total contract value. The higher investment range ($359k–$986k) suggests franchisees might have deeper pockets, but that budget is irrelevant when the terrain is hostile—franchisor‑controlled procurement forces you to win a central deal before touching a single location, and the DORMANT 2022 FDD signals that the brand isn’t actively opening new studios anyway. You’d be investing scarce sales effort into a locked‑down, near‑static micro‑fleet.

Take the 9Round trade‑off: you absorb a negative growth trajectory in exchange for a real volume play with an open lane to sell. The high unit count, current FDD, and low procurement friction make it a clear priority for a vendor that needs closed deals now, not a bet on a theoretical future that may never materialize.

Verdict: 9Round wins—pursue it aggressively.