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    Franchise opportunities compared

    Conquer Ninja vs ORANGETHEORY

    Reviewed figures from each brand's Franchise Disclosure Document (FDD), side by side. Each figure carries its FDD year and page. This is not a ranking or recommendation, and the two FDDs may cover different years and location groups.

    Conquer Ninja2025 FDDORANGETHEORY2026 FDD

    Initial investment · Item 7

    Conquer Ninja

    $360,000

    2025 FDD · Item 7 · PDF p. 20

    ORANGETHEORY

    $764,577 – $1,104,920

    2026 FDD · Item 7 · PDF p. 24

    Initial franchise fee · Item 5

    Conquer Ninja

    $45,000

    2025 FDD · Item 5 · PDF p. 12

    ORANGETHEORY

    $59,950

    2026 FDD · Item 5 · PDF p. 16

    Royalty · Item 6

    Conquer Ninja

    7%

    2025 FDD · Item 6 · PDF p. 13

    ORANGETHEORY

    8% · Percent of Gross Sales; weekly; subject to minimum performance standards and royalty shortfall payments.

    2026 FDD · Item 6 · PDF p. 19

    Before you compare

    • Conquer Ninja figures come from its 2025 FDD and ORANGETHEORY figures from its 2026 FDD, so the years differ.
    • Only ORANGETHEORY has reviewed Item 19 figures here.

    Financial commitment

    Estimated initial investment (Item 7)

    Conquer Ninja

    $360,000
    Total excluding real estate/improvements
    2025 FDD · Item 7 · PDF p. 20

    ORANGETHEORY

    $764,577 – $1,104,920
    Single Studio — TOTAL (excluding real estate purchase costs)
    2026 FDD · Item 7 · PDF p. 24
    Standard initial franchise fee (Item 5)

    Conquer Ninja

    $45,000
    2025 FDD · Item 5 · PDF p. 12

    ORANGETHEORY

    $59,950
    The fee is non-refundable; the franchisor may decrease it case-by-case, for promotions, or for area development agreements.
    2026 FDD · Item 5 · PDF p. 16
    Royalty (Item 6)

    Conquer Ninja

    7%
    Royalty Fee — 7%
    2025 FDD · Item 6 · PDF p. 13

    ORANGETHEORY

    8% · Percent of Gross Sales; weekly; subject to minimum performance standards and royalty shortfall payments.
    Royalty Fee
    2026 FDD · Item 6 · PDF p. 19
    Brand / advertising fund (Item 6)

    Conquer Ninja

    $250
    Prohibited Product, Service, Supplier or Advertising Fee — $250
    2025 FDD · Item 6 · PDF p. 16

    ORANGETHEORY

    3% of gross sales; monthly; current rate 3%, may increase to 5%.
    Brand Fund Contributions
    2026 FDD · Item 6 · PDF p. 19

    System scale & health

    Total outlets (Item 20)

    Conquer Ninja

    12
    Outlets at end of 2024
    2025 FDD · Item 20 · PDF p. 42

    ORANGETHEORY

    1,224
    Outlets at end of 2025
    2026 FDD · Item 20 · PDF p. 67
    Net outlet change (Item 20)

    Conquer Ninja

    +5
    Calculated: 7 at end of 2022 → 12 at end of 2024

    ORANGETHEORY

    −109
    Calculated: 1,333 at end of 2023 → 1,224 at end of 2025
    Outlet exits (Item 20)

    Conquer Ninja

    Not available
    No complete exit records for a year

    ORANGETHEORY

    Not available
    No complete exit records for a year
    Franchising since (Item 1)

    Conquer Ninja

    Not available
    Not in reviewed records

    ORANGETHEORY

    March 2019 for Studio unit franchises
    2026 FDD · Item 1 · PDF p. 8
    Franchisor founded (Item 1)

    Conquer Ninja

    Not available
    Not in reviewed records

    ORANGETHEORY

    Franchisor formed December 10, 2018
    2026 FDD · Item 1 · PDF p. 8

    Financial performance (Item 19), by location group

    Conquer Ninja

    Not disclosed — no Item 19 financial performance representation

    ORANGETHEORY
    Franchised (1,189 locations) — memberships and revenue and other measures
    49 percent
    other Studios at or above average Monthly Member Count
    2026 FDD · Item 19 · PDF p. 66
    Franchised (95 locations) — other measures
    95 studios
    other Permanently closed franchised Studios excluded
    2026 FDD · Item 19 · PDF p. 65
    Franchised (1,189 locations) — memberships and revenue
    $855,427
    median Total Gross Sales
    2026 FDD · Item 19 · PDF p. 65

    Item 19 groups are shown separately and never combined. Revenue or sales figures are not profit. Net outlet change and turnover are Franopolis calculations from the disclosed counts; turnover is a count-based rate, not a measure of owner earnings.

    Conquer Ninja vs ORANGETHEORY: common questions

    Which costs less to open, Conquer Ninja or ORANGETHEORY?
    Conquer Ninja: $360,000 (2025 FDD · Item 7 · PDF p. 20); ORANGETHEORY: $764,577 – $1,104,920 (2026 FDD · Item 7 · PDF p. 24). These are each franchisor's Item 7 estimated initial investment. The low end of the disclosed estimate is lower for Conquer Ninja. Estimates are not quotes, and the FDD years may differ.
    How do Conquer Ninja and ORANGETHEORY royalties compare?
    Conquer Ninja: 7% (2025 FDD · Item 6 · PDF p. 13); ORANGETHEORY: 8% · Percent of Gross Sales; weekly; subject to minimum performance standards and royalty shortfall payments. (2026 FDD · Item 6 · PDF p. 19). Royalties as disclosed in Item 6; other recurring fees are listed separately.
    Which has more locations, Conquer Ninja or ORANGETHEORY?
    Conquer Ninja: 12 (2025 FDD · Item 20 · PDF p. 42); ORANGETHEORY: 1,224 (2026 FDD · Item 20 · PDF p. 67). Total outlets from Item 20. Outlet counts do not indicate territory availability or franchisee results.
    Do Conquer Ninja and ORANGETHEORY disclose financial performance (Item 19)?
    Conquer Ninja makes no Item 19 financial performance representation; ORANGETHEORY has reviewed Item 19 figures for 3 location groups. Different location groups are not directly comparable, and revenue is not profit.

    Answers restate the reviewed figures above. Not a ranking or recommendation.

    How Franopolis reviews FDD figures

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    Full Conquer Ninja report

    Every reviewed fee, Item 19 group, outlet table and territory disclosure

    Full ORANGETHEORY report

    Every reviewed fee, Item 19 group, outlet table and territory disclosure

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    Plain-language meaning of each Item