Tiger Sugar Franchise Cost, Revenue & Review 2026
- Investment
- $307K – $550K
- Disclosed sales
- not disclosed
- SBA charge-off
- Under 10 loans (1)
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Tiger Sugar is a bubble tea franchise known for its signature brown sugar boba milk drinks. Franchisees run the shops, managing drink preparation, ingredient inventory, and counter service in high-traffic spots.
FranchiseVerdict summary · 2026
A Tiger Sugar franchise requires a total initial investment of $307K – $550K, including a $85K franchise fee and an ongoing 7.0% royalty[2]. This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. FranchiseVerdict grade: C (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 scored5 of 5 headline figures on this page cite a page of the filing.
Overview
- Investment
- $307K – $550K
- 49th pct Service Resta…
- Avg gross sales
- N/A
- Royalty
- 7.0%
- 90th pct Service Resta…
- Units
- 63
- 69th 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 $307K – $550K including a $85K franchise fee, 7.0% ongoing royalty.
- RETURNSThis franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
- RISKVerdict C (Average), verdict score 60/100 (higher is better).
- GROWTHNegative: net -1 franchised outlets in the latest year (0 opened, 6 closed) (Item 20).
- FLAGAuditor disclosed a going-concern note, which flagged doubt about the franchisor's ability to continue operations. Verify against the latest FDD.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Tiger Sugar Franchise USA Inc.
- Parent company
- Tiger Sugar International Co., Ltd.
- FDD Item 1, page 7 of the 2025 FDD
- CEO title
- President and Chief Executive Officer
- Ming-Tsung Yang
- Incorporated in
- NY
- HQ
- 14223 37th Ave., Unit 5A, Flushing, NY 11354
- Auditor
- JTC Accountancy Corp
- Audited financials
- Franchisor revenue
- $1.9M
- vs $1.6M prior year
- ⚠ Going-concern note
- Disclosed in FDD 2025
- Auditor flagged doubt about continued operations. Verify against the latest FDD before deciding.
Overview
About
- CEO
- Ming-Tsung Yang
- Headquarters
- NY
- Founded
- 2019
- FDD year
- 2025
- States available
- 29
Can you afford it, and what does the money buy?
Entry cost runs 12% 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 | $85K | $85K |
| Working capital (3–6 mo) | $60K | $100K |
| Equipment, build-out, other | $162K | $365K |
| Total initial investment | $307K | $550K |
Source: Tiger Sugar 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
- $307K – $550K
- Middle of category vs category
- Liquid capital req'd
- $60K – $100K
- Bottom third — review vs category
- Franchise fee
- $85K – $85K
- Bottom third — review vs category
- Royalty
- 7.0%
- typical 6–8%
- Ad fund
- 1.0%
- typical 3–5%
- Total fee load
- 8.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 7.0% of net sales |
| Marketing / ad fund | 1.0% of net sales |
| Transfer fee | $43K |
| Renewal fee | $503K |
| Inventory (initial) | $25K – $30K |
| Total fee load | 8.0% of rev |
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
Tiger Sugar makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. The return models need a revenue figure to start from, and the operating costs that turn gross sales into a profit are in no FDD. Enter your own and the calculator runs on your assumptions — nothing here is modelled until you do.
Returns model · single-unit ROIC
What would one Tiger Sugar 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 annual revenue, 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.
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
No financial performance representation
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
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 8.0% (near the Quick-Service Restaurants median).
Disclosure
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
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 Tiger Sugar 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
- 63
- Opened
- 0
- Last reporting year
- Closed
- 6
- Turnover rate
- 9.5%
- Company-owned
- 18
- Corporate units in the system
- % franchised
- 71%
- vs corporate-owned
Last fiscal year · Item 20 exits and transfers
- Transferred
- 0
- Reacquired
- 1
- Franchisor bought back
- Signed, not yet open
- 0
- 0.00 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 · 17 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
28 current owners across 17 states.
- FL 4
- NY 4
- CA 3
- GA 2
- MD 2
- OH 2
- CO 1
- DC 1
- DE 1
- IL 1
- KY 1
- MA 1
- +5 more states
Counts only, from the list the franchisor prints in Item 20; 1 entries carry no state. Names and phone numbers are for your own due diligence and are not shown here.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA loan disclosures. This brand has only 1 7(a) loan on file; statistical reliability is limited below 10 loans.
- Total loans
- 1
- Loan volume
- $100K
- Median loan
- $100K
- 50th percentile
- Charge-off rate
- Under 10 loans (1)
- Insufficient SBA coverage: 1 loan, 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 (1)
- 5-yr charge-off
- Under 10 loans (1)
- Loans approved 2021+
- Active lenders
- 1
- Defaults
- N/A
Explore lender portfolios on Bank Reports or regional data on State Reports.
What could kill this investment?
The auditor flagged going-concern doubt (Item 21) — the single biggest risk here.
Source: SBA 7(a) FOIA · FDD Items 3, 21
Risk analysis
FranchiseVerdict rating + FDD Items 3, 4, 8, 16, 21
Risk & Legal
⚠ Grade capped at C: the auditor disclosed a going-concern note (FDD Item 21). The verdict score reflects the underlying financials before that cap.
63-unit bubble-tea franchisor with one regulatory matter: a Feb 2021 Maryland consent order for selling a franchise before registration approval (cease-and-desist plus rescission). No bankruptcy; financials audited but Item 19 not disclosed. Financial detail is thin.
Litigation (Item 3)
Subject: officers or affiliates. The franchisor is not a named party in these cases.
Feb 10, 2021 Consent Order between Tiger Sugar International Co., Ltd. (Licensor) and Maryland Securities Commissioner (file no. Maryland 2020-0127) for offering/selling a franchise in Maryland before registration was approved; Licensor agreed to cease and desist, offer rescission, and complete Maryland registration.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · JTC Accountancy Corp⚠ Going-concern note flagged
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Item 21 states audited balance sheets for FYE Dec 31 2024, 2023, 2022 with statements of operations, changes in stockholders' equity and cash flows are attached as Exhibit 8. However, Exhibit 8 is image-based/scanned and contains no machine-readable text in this extract, so no financial figures could be recovered. Franchisor is Tiger Sugar Franchise USA Inc. (NY corp).
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 60 / 100 verdict
- 01MINORRegulatory consent order (Maryland 2020-0127) for pre-registration franchise sale
- 02MEDItem 19 not disclosed
- 03MINORNo bankruptcy; 63 units; financials not detailed
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 8.0% 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 | 5 years |
|---|---|
| Renewal term | 5 years |
| Allowed renewalsℹ | 1 |
| Territory type | Protected territory |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Territory sizeℹ | Radius |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 2 years |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | Yes |
| Arbitration location | Flushing, New York (within 5 miles of franchisor's then-current principal place of business) |
| Jury trial waiver | Yes |
| Governing law | New York |
| Litigation count | 1 |
View Item 3 litigation summary
Feb 10, 2021 Consent Order between Tiger Sugar International Co., Ltd. (Licensor) and Maryland Securities Commissioner (file no. Maryland 2020-0127) for offering/selling a franchise in Maryland before registration was approved; Licensor agreed to cease and desist, offer rescission, and complete Maryland registration.
Items 10, 11
Training & Operations
- Classroom training
- 2 hrs
- On-the-job training
- 37 hrs
- Ongoing training
- Required
- Site selection
- Franchisor approves proposed site submitted via SAP within 21 days
- Franchisor financing
- Not offered
- Item 10
Items 5 & 11
Franchisor Support
Item 20 · call current owners
Franchisee Contacts
29 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 Tiger Sugar franchise?
The total investment to open a Tiger Sugar franchise ranges from $307K – $550K, with an initial franchise fee of $85K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Tiger Sugar franchise owners earn?
Tiger Sugar makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Who owns Tiger Sugar?
Tiger Sugar is franchised by Tiger Sugar Franchise USA Inc.. Its parent company is Tiger Sugar International Co., Ltd.. Source: FDD Item 1, 2025 filing.
What is Item 19 in the Tiger Sugar 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 Tiger Sugar FDD and qualifies whose outlets they describe.
What is Tiger Sugar's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Tiger Sugar (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 Tiger Sugar franchise locations are there?
As of their most recent FDD filing, Tiger Sugar has 63 total units in the United States, including 45 franchised units and 18 company-owned units.
Is Tiger Sugar a good franchise to buy?
FranchiseVerdict rates Tiger Sugar as a C-grade franchise with a verdict score of 60 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
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.