Actuals (May 2026): 16 locations open · 1,000 members · $377K/mo box revenue · $30K/mo royalty · 85 territories in pipeline. 10-month signing-to-open lag → ~40 open end 2026 · ~100 open end 2027.
Current
$5.8M
Contracted
2026
—
2027
—
2028
—
2029
—
Revenue Stream
Current
2026
2027
2028
2029
Franchising HQ
Territory Fees
Corporate Boxes
FORJ
Coaching
Business Unit 01
FRANCHISING
Actual · May 2026
16 open · 1,000 members
Avg Rev/Location/Mo
$23,600/mo
2025 Full Year Royalty
$145K
2026 YTD Royalty (Jan–May)
$126K
Pipeline (pre-sale/build-out)
85 territories
Avg Signing → Open
~10 months
Franchise Variables
Locations open (2029)
450 locations
17 open · 103 sold
Trackman bays / location
4 bays
50 members + 5 corp seats / bay
Annual membership ($/mo)
$249 /mo
92% annual · 8% monthly
New territories sold / month
6 /mo · $297K cash
$49,500/sale · drives opening pipeline via 10-mo lag
HQ royalty rate · fixed
10.5%
8% licensing + 2.5% ad fund
Corp seats / location
20 seats
$500/seat/mo
Club sales / franchise loc / yr
$350K /yr
See Club Sales tab for utilization model
Corporate Boxes — HQ-Owned (+1 every 4 months from Oct 2027)
Bays per corp box
6 bays
Varies by market · flagship format
Club sales / corp box / yr
$750K /yr
Flagship volume · higher than franchise
Per-Location Annual Revenue — Basic Math
Revenue Line
Current
2026
2027
2028
2029
Opening Pipeline · Quarterly View
LOCATIONS OPEN BY QUARTER
Based on ${S.terrPerMo} territories sold/month · 10-month signing-to-opening lag · 103 already sold as of May 2026.
Shading indicates quarterly growth pace.
Club Sales Model · Franchise & Corporate
CLUB SALES UTILIZATION MODEL
Club Sales Variables
Avg fitting ticket
$1,005 /fitting
Avg club transaction value
Fittings per fitting day
8 fittings
Bays in use simultaneously
Franchise fitting days / mo
8 days/mo
Target = 2 days/wk · Max = 3 days/wk
Corp box fitting days / mo
12 days/mo
Flagship · higher utilization target
Franchise Location — Club Sales Utilization
Per location · adjust sliders above
Network at M36 (200 boxes)
—
Fitting capacity / yr
Fittings / day (FORJ)
8
vs. 2–3 pre-FORJ
Avg ticket
$1,005
Per fitting transaction
Revenue / fitting day
$8,040
8 fittings × $1,005
Fitting days to $250K/yr
31
days / year
At target utilization
$771K
Per box / yr at 2 days/wk
Utilization Scenario
Fitting days / mo
Fittings / mo
Rev / mo per box
Rev / yr per box
Network rev / yr (200 boxes)
HQ Licensing (5%)
Corporate Box — Club Sales Utilization
HQ-owned flagship · higher utilization target
7 corp boxes by 2029
—
Total corp box club rev / yr
Utilization Scenario
Fitting days / mo
Fittings / mo
Rev / mo per box
Rev / yr per box
Network Club Sales — Flowing into Franchise BU
Business Unit 02
FORJ — AI CLUB FITTING PLATFORM
FORJ Revenue Variables
Fitter penetration (of 16K)
70% = 11,200
16,000 fitters on Trackman
Avg fitter annual club sales
$500K /yr
Avg across enrolled fitters
Platform fee · fixed
$1,000 /fitter/yr
Annual SaaS fee per fitter
Take-rate (2.5% – 5%)
5.0%
On all club sales via FORJ platform
OEM backend margin (2% – 4%)
4.0%
Volume rebate from OEMs · separate from take-rate
Fintech Revenue Streams
Float rate (annualized)
5.0%
40-day OEM terms · card collected upfront
Financing fee / transaction
$75 /txn
Flat fee · no-interest financing to green grass
% transactions financed
30%
Portion of fitter sales using financing
Club Subscription / Lease
Avg club set price
$2,000 /set
Full club set sold at sticker + fee
Financing premium
15%
Customer pays more for monthly predictability + annual club swap
% members on subscription
10%
% of Tee Box member base leasing
FORJ Revenue — Basic Math at Full Penetration
Revenue Stream
Current
2026
2027
2028
2029
Business Unit 03
PERFORMANCE COACHING CERTIFICATION
Coaching Variables
Certified coaches (2029)
2,500 coaches
500 pre-registered at launch
Avg clients per coach
10 clients
Paying $249/mo client subscription
New coaches / yr (at peak)
250 /yr
Drives $1K cert fee revenue
Cert fee · fixed
$1,000
One-time per coach
Platform fee · fixed
$250 /mo
$3,000/yr per active coach
Client rev share · fixed
10%
10% of $249/mo per client
College Program — $15K/yr per program · 3 days on-site
New programs / yr
6 /yr
2026: ends at 4 · grows +6/yr thereafter
Coaching Revenue — Basic Math at Scale
Revenue Stream
Current
2026
2027
2028
2029
Total Addressable Market
TAM CALCULATIONS
BU 01 · Franchising
$1B FRANCHISE TAM
~1% of total global golfers
1,000 locations × ~$1M per location = $1B gross
HQ royalty at 10.5% = $105M HQ revenue The math is simple. The execution is the moat.
BU 02 · FORJ Fitting Platform
— FORJ TAM
—
BU 03 · Performance Coaching Certification
— COACHING TAM
—
BU 04 · Corporate Boxes
— CORP BOX TAM
HQ-owned flagship locations
Opens Oct 2027 · +1 every 4 months 100% of revenue retained by HQ