Amorino Franchise Cost, Revenue & Review 2026
- Investment
- $439K – $981K
- Disclosed sales
- $1.1M
- gross sales, not profit
- SBA charge-off
- Under 10 loans (9)
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Amorino is a dessert franchise serving premium Italian gelato shaped into signature flower-petal cones, plus pastries and coffee. Franchisees run the shops, managing gelato prep, staffing, and counter service.
FranchiseVerdict summary · 2026
A Amorino franchise requires a total initial investment of $439K – $981K, including a $30K franchise fee. Per the 2025 FDD, average unit revenue was $1.1M[2]. FranchiseVerdict grade: B (Above average), an editorial assessment, not investment advice. Run a live ROI scan →
Sources, dates and evidence
FDD issued: · Data extracted: · Last cited check: · Staleness risk: medium - issued 12 to 24 months ago; a newer filing is likely on file
Evidence: strong✓ Investment (Item 7)✓ Item 19 status✓ Units and owners (Item 20)✗ SBA loan coverage✓ Litigation (Item 3)✓ Financial statements (Item 21)✓ Franchisor identityhow this is scored7 of 7 headline figures on this page cite a page of the filing.
Overview
- Investment
- $439K – $981K
- 69th pct Service Resta…
- Avg gross sales
- $1.1M
- Net sales21st pct Service Resta…
- Royalty
- Not extracted
- Units
- 22
- 50th pct Service Resta…
- SBA charge-off
- N/A
Quick verdict · Quick-Service Restaurants · color = vs category peers
Green = favorable by >10% vs Quick-Service Restaurants median · No shading = within ±10% · Red = unfavorable by >10% · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
Bottom line
- COSTTotal investment $439K – $981K including a $30K franchise fee.
- RETURNSAverage unit revenue of $1.1M/year (median $970K), with an estimated 10% cash-on-cash return (based on Net Income $127,849 11.5%).
- RISKVerdict B (Above average), verdict score 46/100 (higher is better).
- GROWTHPositive: net +4 franchised outlets in the latest year (4 opened, 0 closed); 6 signed but not yet open (Item 20).
- GROWTHSystem growing at 37.5% CAGR over 3 years with 22 total units. Strong expansion trajectory.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- CPUSA, LLC
- Parent company
- Amorino USA Corp.
- FDD Item 1, page 9 of the 2025 FDD
- Ultimate parent
- -18° SAS (French company, owned by CPH, SAS)
- Predecessor
- Minus Zero4 F, LLC (offered Amorino franchises Dec 2012 – early 2019)
- Prior franchisor entity
- CEO title
- Chief Executive Officer
- Erwan De Guichen
- Founder active
- Yes
- Original founder still leading the business
- Incorporated in
- Delaware
- HQ
- 251 Little Falls Drive, Wilmington, Delaware 19808
- Auditor
- WBL CPAs + Advisors
- Audited financials
- Franchisor revenue
- $37K
- vs $19K prior year
- Management churn noted
- Frequent turnover
- Item 2 disclosed frequent executive changes
Overview
About
- CEO
- Erwan De Guichen
- Headquarters
- DE
- Founded
- 2020
- FDD year
- 2025
- States available
- 10
Can you afford it, and what does the money buy?
Entry cost runs 46% above the typical quick-service restaurants franchise.
Source: FDD 2025 · Items 5–7
Full Item 7 breakdown13 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Fee (Traditional Store) | $30K | $30K | |
| Architect's Fees, Engineer's Fees, Permits (Traditional Store) | $15K | $45K | |
| Legal Fees (Traditional Store) | $3K | $12K | |
| Real Property: Lease Security Deposit and Utility Deposits (Traditional Store) | $5K | $45K | |
| Leasehold Improvements: Construction, Remodeling, Alterations and Decorating (Traditional Store) | $140K | $400K | |
| Furniture, Equipment, Casework, and Restaurant Supplies (Traditional Store) | $125K | $195K | |
| Freight, Duties, Storage and Delivery (Traditional Store) | $10K | $15K | |
| P.O.S. Systems (Traditional Store) | $2K | $3K | |
| Inventory to begin Operating (Traditional Store) | $20K | $70K | |
| Signage (Traditional Store) | $15K | $30K | |
| Store Opening Promotional Fee (Traditional Store) | $5K | $5K | |
| Store Opening Assistance / Initial Training (Traditional Store) | $4K | $7K | |
| Additional Funds - 3 Months (Traditional Store) | $65K | $125K | |
| Total initial investment | $439K | $981K |
Line items extracted from FDD Item 7. Ranges reflect the franchisor's stated low and high per line. Total is the sum of line-item lows / highs — actual costs may fall outside this range depending on market and build-out scope.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $439K – $981K
- Bottom third — review vs category
- Liquid capital req'd
- $65K – $125K
- Bottom third — review vs category
- Franchise fee
- $30K – $30K
- Top 40% of category vs category
- Royalty
- Currently $0 (no royalty charged); franchisor marks up pr…
- Ad fund
- 3.0%
- typical 3–5%
- Total fee load
- 33.0%
- vs 9–13% typical
- Payback period
- 10.1 yrs
- From FDD / Item 19
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Marketing / ad fund | 3.0% of gross sales |
| Technology fee | $30 |
| Training fee | $7K |
| Transfer fee | $1K |
| Renewal fee | $25 |
| Inventory (initial) | $20K – $70K |
| Total fee load | 33.0% of rev |
At 33.0% total fee load, roughly $368K per year goes to the franchisor before you pay a single operating expense.
What do units actually make?
Average unit sales run 14% above the quick-service restaurants norm.
Reported as net sales, not gross sales
Source: FDD 2025 · Item 19
Single-unit · not modelled
Returns at a glance
An FDD discloses gross sales, not profit, and the operating costs that turn one into the other are in no filing. We publish no modelled return for Amorino until someone supplies them — yours, in the models below.
—
Not modelled yet
An FDD discloses gross sales, not profit. We hold no sourced figure for royalty rate, COGS, labour, rent / occupancy and other operating costs, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
Total invested capital · disclosed
$805K
Item 7 initial investment plus working capital, as filed — the one figure here that needs no assumption.
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
FDD-reported earnings
The FDD reports $128K as Net Income $127,849 11.5%. This is a disclosed figure, not our estimate — we publish no modelled profit for Amorino.
What one unit earns on your invested capital
Model A · Single-Unit Return
Computes unlevered return on invested capital (ROIC) for a single franchise unit, read against the 30–60% reference band · Yale SOM, Post-MBA Path Exhibit 2 (2023). Below that band a passive index fund likely outperforms; above it the franchisor has pricing power you're subsidizing.
Note: Item 19 revenue is what the franchisor discloses, and it is the top line only — gross sales are not profit. No FDD discloses the operating costs that turn one into the other, so those fields start empty and nothing is modelled until you supply them from your own lease quote, labor market and build-out budget.
Returns model · single-unit ROIC
What would one Amorino unit return on the cash you put in?
Illustrative category typicals — not sourced to any filing, survey or sample. Replace them with figures from franchisee validation calls before you rely on the output.
Unlevered ROIC · per unit
Your modelled return on total invested capital, before any debt financing.
—
An FDD discloses gross sales, not profit. We hold no sourced figure for royalty rate, COGS, labour, rent / occupancy and other operating costs, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
What 25 units return when you use SBA financing
Model B · Return on Equity: Debt-Financed Acquisition
Models a 25-unit portfolio acquisition financed with an SBA 7(a) loan. Shows equity IRR (your return on cash invested), DSCR (how safely the cash flow covers debt service), and the capital stack (SBA + seller + equity breakdown).
This is the “search fund” or “entrepreneurship through acquisition” scenario: you buy an existing multi-unit operator, use leverage to amplify returns, and either operate or hire management. The 25-unit size is the typical minimum for an SBA-backed franchise portfolio acquisition to pencil as a full-time income.
What “return on equity” means here: if you put in $500K of your own cash and the business generates enough EBITDA to pay down debt and grow, your equity IRR is the annual return on that $500K, including the value created when you eventually sell. Target IRR for a search fund is typically 25–35%.
Not modelled yet
An FDD discloses gross sales, not profit. We hold no sourced figure for royalty rate, COGS, labour, rent / occupancy and other operating costs, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
A 25-unit return is built on a per-unit EBITDA. Fill in the operating costs in Model A above and this model runs on that figure, or take the whole scenario to the full ROI workbench, where the portfolio and LBO models accept your own per-unit economics directly.
These models are for research and scenario planning only. Not investment advice. Actual results depend on your specific location, management, and market conditions. Consult a franchise attorney and accountant before signing any franchise agreement.
Item 19 · Source: 2025 FDD
Financial Performance
Reported as net sales, not gross sales
- Avg gross sales
- $1.1M
- Per unit, per year
- Median gross sales
- $970K
- Avg net income $127,849 11.5%
- $128K
- Reported as Net Income $127,849 11.5% in FDD Item 19
- Cash-on-cash
- 9.9%
- Based on Net Income $127,849 11.5% / investment midpoint
Gross sales are revenue before expenses — not profit. Actual owner earnings depend on rent, labor, royalties, marketing fees, and debt service.
- Item 19 type
- net sales
- Sample size
- 18 outlets
- vs category median 19
- Range (low → high)
- $545K→$2.4MCited, not corroborated — printed on page 68 of the 2025 FDD. Nothing else in our record independently restates or re-derives it.
- Cohort dispersion (min → max)
- Reporting year
- 2024
- Fiscal year the figures cover
- Source filing
- FDD 2025
- Disclosed in the 2025 filing, covering 2024
- Transparency
- 9 / 10
- vs category median 4 / 10 · above
Compared against 781 Quick-Service Restaurants brands
Operator outlook
What the numbers say
Data-driven interpretation of this brand's financial disclosures, fee structure, and system trajectory.
Unit economics
Average unit generates $1.1M/year in gross sales. Revenue-to-investment ratio: 1.6x.
Fee burden
Total ongoing fee load of 33.0% — above the Quick-Service Restaurants median of 7.5%.
Disclosure
Transparency score 9/10 — this franchisor discloses detailed breakdowns (quartiles, segments, or cohort data). Buyers can model unit economics with higher confidence.
Operator retention
System expanding at 37.5% CAGR over 3 years across 22 units — operators are staying and new ones are joining.
Multi-unit rate
Only 7% of franchisees own multiple units. Could indicate challenging economics or a young system where operators haven't had time to expand.
Source: FDD Item 19 financial performance representations and publicly filed FDD data. Past performance is not indicative of future results. Verify all figures with the franchisor and current franchisees before making any investment decision.
vs Quick-Service Restaurants medians
How Amorino Compares
Category median of published Quick-Service Restaurants brands that report the figure; the middle half spans the 25th to 75th percentile and n counts the brands behind it. Medians are used because a few very large systems pull an average far from the typical brand. Revenue is disclosed gross sales, not profit.
Is the system healthy?
Source: FDD 2025 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 22
- Opened
- 4
- Last reporting year
- Closed
- 0
- Terminated
- 0
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- N/A
- Company-owned
- 0
- Corporate units in the system
- % franchised
- 100%
- vs corporate-owned
- Multi-unit owners
- 7.1%
- Net growth (3-yr)
- +37.5%
- Net unit change over 3 years
- 3-yr CAGR
- +37.5%
- Compounded over last 3 years
Last fiscal year · Item 20 exits and transfers
- Terminated
- 0
- Not renewed
- 0
- Transferred
- 0
- Reacquired
- 0
- Franchisor bought back
- Signed, not yet open
- 6
- 0.27 per open outlet · Item 20 Table 5
- Projected new
- 10
- Franchisor's next-year forecast
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 4 states with active franchisees
The Territory Map
Derived from franchisee contact records. Shows states with at least one current operator. Not where the franchisor is registered to sell new units (that data is re-extracting in a future refresh).
States derived from franchisee contact records (FDD Item 20). Shows states with at least one current operator on file. Full state registration data (Item 12) will appear on a future FDD refresh.
Where the owners are · Item 20 owner list
5 current owners across 4 states.
- TX 2
- DE 1
- IL 1
- MA 1
Counts only, from the list the franchisor prints in Item 20. Names and phone numbers are for your own due diligence and are not shown here.
Fast growth in a small system. Newer franchisors expanding quickly may not yet have the support infrastructure of larger systems.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA loan disclosures. This brand has only 9 7(a) loans on file; statistical reliability is limited below 10 loans.
- Total loans
- 9
- Loan volume
- $3.5M
- Median loan
- $386K
- average
- Charge-off rate
- Under 10 loans (9)
- Insufficient SBA coverage: 9 loans, rate hidden below 10
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- Under 10 loans (9)
- 5-yr charge-off
- Under 10 loans (9)
- Loans approved 2021+
- Active lenders
- 6
- Defaults
- N/A
Explore lender portfolios on Bank Reports or regional data on State Reports.
What could kill this investment?
Source: SBA 7(a) FOIA · FDD Items 3, 21
Risk analysis
FranchiseVerdict rating + FDD Items 3, 4, 8, 16, 21
Risk & Legal
Amorino presents moderate-to-caution risk due to recent litigation alleging fraud, unverified financial claims, modest growth on small unit base, and high investment relative to reported returns.
Litigation (Item 3)
Subject: officers or affiliates. The franchisor is not a named party in these cases.
One case: Capernaum Capital LLC v. Minus Zero4 F LLC et al. (USDC E.D. La., Case No. 22-5271, filed Dec 13 2022). Franchisee alleged rescission, fraud, breach of contract. Settled Feb 2023 — franchisee paid Amorino Trading $16,906.06, parties exchanged mutual releases, franchise agreement terminated.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · WBL CPAs + Advisors
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: Yes
- Kickbacks from required suppliers: Yes
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: No
Score breakdown · what drove the 46 / 100 verdict
- 01HIGHLitigation history: December 2022 lawsuit alleging fraudulent misrepresentation and breach of contract, settled with franchisee paying $16,906 and terminating agreement — suggests potential disclosure or operational issues
- 02MINORHigh investment ceiling ($980,500) combined with modest average net income ($127,849) yields concerning 7.6-year payback period at upper range, increasing financial risk exposure
- 03MEDModest unit growth (22.2% YoY) on small base (22 units) indicates early-stage franchise system with limited operating history and scale; growth rate may not be sustainable
- 04MINORNo royalty model creates unclear franchisor revenue stream and potential incentive misalignment between franchisor support and franchisee success
- 05MINORItem 19 (financial performance representation) absence prevents verification of claimed average revenue/net income figures across entire franchisee population
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 33.0% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2025 · Items 11, 12, 17
FDD Items 12, 15, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 10 years |
|---|---|
| Renewal term | 5 years |
| Allowed renewalsℹ | 2 |
| Territory type | Exclusive territory |
| Protected territory | Yes |
| Exclusive territoryℹ | Yes |
| Online sales rightsℹ | Granted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 3 mi |
| Right of first refusalℹ | Yes |
| RoFR response window | 30 days |
| Transfer requires consent | Yes |
| Termination notice | 20 days |
| Mandatory arbitration | Yes |
| Arbitration location | New York County, New York |
| Jury trial waiver | Yes |
| Governing law | Delaware |
| Litigation count | 1 |
View Item 3 litigation summary
One case: Capernaum Capital LLC v. Minus Zero4 F LLC et al. (USDC E.D. La., Case No. 22-5271, filed Dec 13 2022). Franchisee alleged rescission, fraud, breach of contract. Settled Feb 2023 — franchisee paid Amorino Trading $16,906.06, parties exchanged mutual releases, franchise agreement terminated.
Items 10, 11
Training & Operations
- Classroom training
- 22 hrs
- On-the-job training
- 38 hrs
- Training location
- Paris, France (10 days initial) + franchisee's store location (5 days on-site)
- Ongoing training
- Required
- Field support
- 45 hrs/yr
- On-site visits per year
- Time to open
- 9 mo
- From signing to launch
- Site selection
- mutual agreement / franchisor approval
- Franchisor financing
- Not offered
- Item 10
- POS system
- Square
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Square
Item 20 · call current owners
Franchisee Contacts
5 owners to call
Name · phone · city · state. Extracted from FDD Item 20
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Amorino franchise?
The total investment to open a Amorino franchise ranges from $439K – $981K, with an initial franchise fee of $30K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Amorino franchise owners earn?
According to Item 19 of the Amorino FDD, the average gross sales per unit is $1.1M. The median is $970K. Important context: Reported as net sales, not gross sales. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
Who owns Amorino?
Amorino is franchised by CPUSA, LLC. Its parent company is Amorino USA Corp.. The ultimate parent named in the FDD is -18° SAS (French company, owned by CPH, SAS). Source: FDD Item 1, 2025 filing.
What is Item 19 in the Amorino FDD?
The FDD section where a franchisor may disclose financial performance of its outlets. Disclosure is optional and formats vary; figures are typically gross sales, which is revenue before expenses, not profit. FranchiseVerdict extracts these figures directly from the Amorino FDD and qualifies whose outlets they describe.
What is Amorino's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Amorino (fewer than 10 loans on file). Charge-off rates are one way to gauge franchise risk, but not all franchise loans go through the SBA program. We recommend reviewing turnover and closure data in the FDD and speaking with current franchisees.
How many Amorino franchise locations are there?
As of their most recent FDD filing, Amorino has 22 total units in the United States, including 22 franchised units and 0 company-owned units. 4 new units were opened in the latest reporting year.
Is Amorino a good franchise to buy?
FranchiseVerdict rates Amorino as a B-grade franchise with a verdict score of 46 out of 100 (higher is better). The grade is a deterministic score built from six weighted dimensions — financial health, unit economics, unit growth, scale, legal, and transparency — then calibrated against SBA loan charge-off rates and FDD age. Transparency is one of the six, so a filing that discloses less scores lower on that dimension than one that discloses more. Our rating is based solely on publicly available FDD and government data; we recommend speaking with current franchisees before making any investment decision. This is not investment advice.
Data sourced from public FDD filings and SBA 7(a) FOIA records. Not financial advice.
For franchisors
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Data extracted from public FDD filings and SBA 7(a) loan disclosures (FOIA). This information is provided for research purposes only and does not constitute financial, legal, or investment advice. Verify all figures with the franchisor's current Franchise Disclosure Document before making any investment decision.