X-Golf vs Hotworx: franchise research comparison

Investment by format

Format-specific estimates only. Do not combine one format's minimum with another format's maximum.

Franchise fees and ongoing costs

Franchise fee

$25,000 to $40,000 · Extracted Item 5 scalar range, not a universal minimum or maximum; formats, eligibility, discounts and waivers require original-filing review.

Royalty

7% · 7% of adjusted gross sales, monthly on the 10th day of the following month

Marketing contribution

1% (basis not captured; see original filing)

Technology fee

$1,500 per quarter (payable with royalty), may be increased up to a max of 2% of gross sales with 30 days notice; separate Acuity Software fee of $120/year plus $10/month

Other fees

Market Cooperative Contribution (up to 5% of adjusted gross sales, if applicable); Acuity Software $120/yr + $10/mo; Non-compliance fee $250/instance (then $250/week)

Working capital (FDD Item 7)

$60,000-$90,000 for the first 3 months of operation, covering payroll, additional inventory, rent, and other operating expenses in excess of income; excludes owner compensation and debt service

Working capital is drawn from Item 7. The Investment source below locates the investment section, not an independently verified working-capital scalar.

Financial performance: Item 19

Item 19 captured

Yes

Metric / basis

Annual gross store sales per simulator (low/high/average/median, and % of stores above average), plus a tiered breakdown (bottom 25%/middle 50%/top 25% average per simulator)

Reporting period

2025 (also shows 2024 and 2023)

Sample

114 X-Golf outlets open at least 12 months in 2025 (99 in 2024, 69 in 2023); all outlets were franchised

Reported average

$112,944

Reported median

$94,970

Owner income is not captured. Gross sales and EBITDA are not owner pay. Results depend on the disclosed metric, sample and period; consult the full filing.

Unit growth: Item 20

Reporting year

2025

Scope

franchised outlets

Starting outlets

121

Year-end outlets

129

Net change

+8

Derivation

ending minus starting outlets

Openings

14

Terminations

0

Non-renewals

0

Other closures

4

Reacquisitions

2

Transfers

1

Transfers are not closures. Net change is ending minus starting outlets for the stated scope and year, or complete openings less terminations, non-renewals, other closures and reacquisitions. Missing inputs stay unknown.

SBA loan history

Loan activity

118 approvals

Activity window

FY2021-FY2026 YTD; snapshot 2026-06-30

Median SBA loan

$900,000

Median loan window

FY2023-FY2026 YTD through 2026-06-30

Median loan sample

63 loans

Historical charge-off share

0.00%

Cohort

7(a) FY2010-2019 approvals

Numerator / denominator

0 / 23

Formula

CHGOFF / (PIF + CHGOFF + EXEMPT) × 100

This is a historical loan-level share, not a franchise failure probability or location survival rate. Loan size is not total investment. Other loan statuses are excluded from the seasoned denominator. Activity combines 7(a) and 504 approvals, excluding canceled and not-funded records; this is not a rolling five-year count. FY2024-25 franchise tags are sparse after directory suspension; fewer tagged loans do not establish brand decline. Recent charge-off cohorts are immature.

Median loan amounts are financing context, not startup cost. The median window is separate from the seasoned charge-off cohort.

Investment by format

Format-specific estimates only. Do not combine one format's minimum with another format's maximum.

Franchise fees and ongoing costs

Franchise fee

$14,950 to $19,950 · Extracted Item 5 scalar range, not a universal minimum or maximum; formats, eligibility, discounts and waivers require original-filing review.

Royalty

flat $695/month per studio

Marketing contribution

Not captured

Technology fee

$150.00 per month, billed starting the month after signing the Franchise Agreement (covers tech costs such as Google Workspace access)

Other fees

POS Software Fee $129/mo; SAIL CRM Fee $125/mo; Virtual Instructor Fee $20/sauna/mo

Working capital (FDD Item 7)

$35,500 to $54,500 (standard Table 1) / $71,000 to $109,000 (California/New York Table 2) for first three months of operations and working capital

Working capital is drawn from Item 7. The Investment source below locates the investment section, not an independently verified working-capital scalar.

Financial performance: Item 19

Item 19 captured

Yes

Metric / basis

Total Revenue and EBITDA (unaudited) for franchised and company-owned outlets, plus membership counts and cancellation rates

Reporting period

Fiscal year 2025 (January 1 - December 31, 2025)

Sample

149 first-year franchised outlets (Table 19.1); 700 all fully-operational franchised outlets opened 2017-2024 (Table 19.2); 15 company-owned/managed outlets (Table 19.3)

Reported average

Not captured

Reported median

Not captured

Owner income is not captured. Gross sales and EBITDA are not owner pay. Results depend on the disclosed metric, sample and period; consult the full filing.

Unit growth: Item 20

Reporting year

2025

Scope

franchised outlets

Starting outlets

712

Year-end outlets

797

Net change

+85

Derivation

ending minus starting outlets

Openings

95

Terminations

0

Non-renewals

0

Other closures

1

Reacquisitions

9

Transfers

40

Transfers are not closures. Net change is ending minus starting outlets for the stated scope and year, or complete openings less terminations, non-renewals, other closures and reacquisitions. Missing inputs stay unknown.

SBA loan history

Loan activity

418 approvals

Activity window

FY2021-FY2026 YTD; snapshot 2026-06-30

Median SBA loan

$448,000

Median loan window

FY2023-FY2026 YTD through 2026-06-30

Median loan sample

287 loans

Historical charge-off share

0.00%

Cohort

7(a) FY2010-2019 approvals

Numerator / denominator

0 / 41

Formula

CHGOFF / (PIF + CHGOFF + EXEMPT) × 100

This is a historical loan-level share, not a franchise failure probability or location survival rate. Loan size is not total investment. Other loan statuses are excluded from the seasoned denominator. Activity combines 7(a) and 504 approvals, excluding canceled and not-funded records; this is not a rolling five-year count. FY2024-25 franchise tags are sparse after directory suspension; fewer tagged loans do not establish brand decline. Recent charge-off cohorts are immature.

Median loan amounts are financing context, not startup cost. The median window is separate from the seasoned charge-off cohort.