P-FIT THE PLATINUM STANDARD OF FITNESS vs 9Round

P-FIT’s $905K AUV screams budget — a per-unit spend potential that 9Round likely can’t match. But budget without a base is a phantom. 9Round’s 142 total units (141 franchised) give it a TAM that’s over 23x larger, and that’s the dimension that decides near-term software deals. Even if unit growth is deeply negative (-29% YoY), a declining 142-unit system still contains scores of prospects to replace legacy point-of-sale, scheduling, or back-office tools right now. P-FIT’s 6-unit footprint, with only 2 franchised locations, offers no such pipeline.

Timing compounds the TAM advantage. 9Round’s 2026 FDD is current, meaning the brand is still actively filing, still recruiting franchisees, and still subject to compliance updates that can trigger technology refreshes. P-FIT’s 2022 filing is dormant — no new units, no regulatory momentum, and likely no franchise development team to influence. Terrain is a draw: both brands enforce an approved-supplier model, so neither offers an open-procurement shortcut. The meaningful tradeoff is AUV versus unit count, and when the TAM gap is 23:1, a winning per-unit budget simply doesn’t close the revenue reality.

Verdict: 9Round wins on TAM and timing — a current 142-unit system, even shrinking, is a sellable installed base; P-FIT’s dormant filing and negligible unit count make it a dead end.