Boba Nation Franchise Cost, Revenue & Review 2026
Data from FDD filing
Analysis by FranchiseVerdict Research · Methodology
Boba Nation is a bubble tea franchise serving boba milk teas, fruit teas, and smoothies. Franchisees run the shops, managing drink prep, ingredient inventory, and counter service.
FranchiseVerdict summary · 2026
A Boba Nation franchise requires a total initial investment of $350K – $495K, including a $30K franchise fee and an ongoing 5.0% royalty[2]. The 2025 FDD does not disclose unit-level revenue (no Item 19). FranchiseVerdict grade: C (Average), an editorial assessment, not investment advice. Run a live ROI scan →
Data last verified · figures per the 2025 FDD issuance
Overview
- Investment
- $350K – $495K
- 58th pct Service Resta…
- Avg gross sales
- N/A
- Company-owned only2 outlets
- Royalty
- 5.0%
- 11th pct Service Resta…
- Units
- 3
- 15th 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 avg · 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 $350K – $495K including a $30K franchise fee, 5.0% ongoing royalty.
- RETURNSItem 21 references audited financials in Exhibit C (as of Dec 31, 2023/2022/2021 for Boba Nation Franchise LLC), but Exhibit C in the source text contains no readable statement data (page 44 is blank/image-only OCR). No balance sheet, income statement, or auditor name could be extracted.
- RISKVerdict C (Average), verdict score 46/100 (higher is better).
- DATAItem 19 reports outlet revenue, but not in a form that yields a per-outlet average we can compare across brands. Ask franchisees directly for full unit-level revenue.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Boba Nation Franchise LLC
- CEO title
- President
- Baltej Singh Sra
- Incorporated in
- CA
- HQ
- 2626 Yerba Vista Court, San Jose, California 95121
- Auditor
- Smart Professionals, Inc (DBA: Smart Professionals Tax, Consulting & Book-keeping Services); signed by Perviz M Guard, CPA
- Audited financials
- Franchisor revenue
- $514K
- vs $30K prior year
Overview
About
- CEO
- Baltej Singh Sra
- Headquarters
- CA
- Founded
- 2021
- FDD year
- 2025
- States available
- 8
Can you afford it, and what does the money buy?
Entry cost runs 36% below the typical quick-service restaurants franchise.
Source: FDD 2025 · Items 5–7
FDD Item 7 · 2025 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $30K | $30K |
| Working capital (3–6 mo) | $10K | $15K |
| Equipment, build-out, other | $310K | $450K |
| Total initial investment | $350K | $495K |
Source: Boba Nation 2025 FDD, Items 5 and 7[2]. “Equipment, build-out, other” is computed as total minus disclosed line items above.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $350K – $495K
- Middle of category vs category
- Liquid capital req'd
- $10K – $15K
- Top 40% of category vs category
- Franchise fee
- $30K – $30K
- Top 40% of category vs category
- Royalty
- 5.0%
- percentage · typical 6–8%
- Ad fund
- 1.0%
- typical 3–5%
- Total fee load
- 6.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 5.0% of gross sales |
| Marketing / ad fund | 1.0% of gross sales |
| Technology fee | $0 |
| Transfer fee | $23K |
| Renewal fee | $10K |
| Inventory (initial) | $7K – $10K |
| Total fee load | 6.0% of rev |
What do units actually make?
Source: FDD 2025 · Item 19
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
Boba Nation did not disclose financial performance in FDD Item 19. The ROIC and return models require Item 19 revenue. Without it all inputs are estimates. You can still run the calculator with your own assumptions by entering an expected revenue figure.
Returns model · single-unit ROIC
What would one Boba Nation unit return on the cash you put in?
Unlevered ROIC · per unit
Estimated return on your total franchise investment, before any debt financing.
28%
Below the 30–60% attractive-franchise band
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
Item 21 references audited financials in Exhibit C (as of Dec 31, 2023/2022/2021 for Boba Nation Franchise LLC), but Exhibit C in the source text contains no readable statement data (page 44 is blank/image-only OCR). No balance sheet, income statement, or auditor name could be extracted.
Company-owned outlets only - not franchisee performance
Based on only 2 outlets
- Item 19 type
- gross sales
- Sample size
- 2 outlets
- vs category median 20 · small
- Range (low → high)
- $407K→$687K
- Cohort dispersion (min → max)
- Reporting year
- 2024
- Fiscal year the figures cover
- Source filing
- FDD 2025
- Disclosed in the 2025 filing, covering 2024
- Transparency
- 6 / 10
- vs category median 4 / 10 · above
Compared against 782 Quick-Service Restaurants brands
Operator outlook
What the numbers say
Data-driven interpretation of this brand's financial disclosures, fee structure, and system trajectory.
Fee burden
Total ongoing fee load of 6.0% — below the Quick-Service Restaurants average of 7.9%.
Disclosure
Item 19 reports outlet revenue, but not in a form that yields a per-outlet average we can compare across brands.
Operator retention
Net unit growth roughly flat at 0.0%.
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 averages
How Boba Nation Compares
Is the system healthy?
Source: FDD 2025 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 3
- Opened
- 0
- Last reporting year
- Closed
- 0
- Turnover rate
- 0.0%
- Company-owned
- 2
- Corporate units in the system
- % franchised
- 33%
- vs corporate-owned
- Net growth (3-yr)
- +0.0%
- Net unit change over 3 years
3-year detail · Item 20
- Opened (3yr)
- 1
- Closed (3yr)
- 0
- Terminated (3yr)
- 0
- Non-renewed (3yr)
- 0
- Transfers (3yr)
- 0
- Reacquired (3yr)
- 0
- Franchisor bought back
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 12 · 8 states reported
The Territory Map
FDD Item 12 reports the state count, but the specific list isn't in our current data. The map will appear once we re-extract from the FDD or enough franchisee contacts are available.
8
states with franchisees (per FDD Item 12)
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
No SBA loan data available for this brand.
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
Boba Nation presents CAUTION-level risk due to underdeveloped franchise system (3 units), missing financial disclosures, franchisor going concern issues, and unverified unit economics in a highly saturated bubble tea market.
Litigation (Item 3)
No litigation required to be disclosed
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Smart Professionals, Inc (DBA: Smart Professionals Tax, Consulting & Book-keeping Services); signed by Perviz M Guard, CPA
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
- 01MINOROnly 3 existing units with unknown growth trajectory suggests extremely early-stage or stagnant system
- 02HIGHGoing Concern flag is FALSE, indicating potential financial instability at franchisor level
- 03MINORNet income of $122K on $546K revenue (22.5% margin) seems optimistic without verified data
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 6.0% 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 | 10 years |
| Allowed renewalsℹ | 1 |
| Territory type | protected |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Territory radius | 2 mi |
| Territory population | 20,000 |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 10 mi |
| Right of first refusalℹ | Yes |
| RoFR response window | 30 days |
| Transfer requires consent | Yes |
| Termination notice | 5 days |
| Curable defaultsℹ | 1 |
| Mandatory arbitration | No |
| Arbitration location | Hayward, California |
| Jury trial waiver | No |
| Governing law | CA |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation required to be disclosed
Items 10, 11
Training & Operations
- Classroom training
- 22 hrs
- On-the-job training
- 58 hrs
- Training location
- Newark, California
- Ongoing training
- Required
- Time to open
- 12 mo
- From signing to launch
- Site selection
- Franchisor approves site selected by franchisee
- POS system
- Toast POS
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Toast POS
Item 20 · call current owners
Franchisee Contacts
5 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Boba Nation · FDD (2025) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Boba Nation franchise?
The total investment to open a Boba Nation franchise ranges from $350K – $495K, 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 Boba Nation franchise owners earn?
Boba Nation does not disclose average franchise owner earnings in their FDD Item 19. Not all franchisors are required to make financial performance representations. We recommend asking existing franchisees directly about their financial experience.
What is Item 19 in the Boba Nation 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 Boba Nation FDD and qualifies whose outlets they describe.
What is Boba Nation's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Boba Nation (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 Boba Nation franchise locations are there?
As of their most recent FDD filing, Boba Nation has 3 total units in the United States, including 1 franchised units and 2 company-owned units.
Is Boba Nation a good franchise to buy?
FranchiseVerdict rates Boba Nation as a C-grade franchise with a verdict score of 46 out of 100 (higher is better), based on our analysis of investment costs, revenue data, SBA loan performance, and growth trends. 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
Are you the franchisor?
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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.