Waffle Cabin Franchise Cost, Revenue & Review 2026
Data from FDD filing
Analysis by FranchiseVerdict Research · Methodology
Waffle Cabin is a quick-service franchise specializing in fresh-made Belgian liege waffles. Franchisees run compact shops and kiosks, managing waffle production, staffing, and counter service in high-traffic spots.
FranchiseVerdict summary · 2026
A Waffle Cabin franchise requires a total initial investment of $93K – $226K, including a $24K franchise fee and an ongoing 5.0% royalty[2]. The 2024 FDD does not disclose unit-level revenue (no Item 19). FranchiseVerdict grade: A (Strongest tier), an editorial assessment, not investment advice. Run a live ROI scan →
Data last verified · figures per the 2024 FDD issuance
Overview
- Investment
- $93K – $226K
- 5th pct Service Resta…
- Avg gross sales
- N/A
- Incl. company outlets
- Royalty
- 5.0%
- 11th pct Service Resta…
- Units
- 52
- 66th 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 $93K – $226K including a $24K franchise fee, 5.0% ongoing royalty.
- RETURNSItem 19 reports outlet revenue, but not in a form that yields a per-outlet average we can compare across brands.
- RISKVerdict A (Strongest tier), verdict score 76/100 (higher is better).
- GROWTHSystem growing at 35.7% CAGR over 3 years with 52 total units. Strong expansion trajectory.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Atomium, Inc.
- CEO title
- Chief Executive Officer
- Peter E. Creyf
- Incorporated in
- Vermont
- HQ
- 18 Night Pasture Lane, South Chittenden, Vermont 05701
- Auditor
- McCormack, Guyette & Associates, PC
- Audited financials
- Franchisor revenue
- $522K
- vs $872K prior year
Affiliated brands
- has never offered franchises in this or any other line of business
Other brands the franchisor or its parent operates (Item 1).
Overview
About
- CEO
- Peter E. Creyf
- Headquarters
- VT
- Founded
- 2012
- FDD year
- 2024
- States available
- 12
Can you afford it, and what does the money buy?
Entry cost runs 76% below the typical quick-service restaurants franchise.
Source: FDD 2024 · Items 5–7
Full Item 7 breakdown21 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Feenot refundable | $24K | $24K | |
| Delayed Opening Feenot refundable | $0 | $15K | |
| Leasehold Improvementsnot refundable | $30K | $100K | |
| Lease Payments - 3 Monthsnot refundable | $1K | $21K | |
| Security Deposits | — | — | |
| Equipment, Furniture and Fixturesnot refundable | $21K | $30K | |
| Signagenot refundable | $750 | $1K | |
| Initial Inventory - Proprietary Itemsnot refundable | $3K | $3K | |
| Initial Inventory - Othernot refundable | $2K | $3K | |
| Point-of-Sale Systemnot refundable | $1K | $2K | |
| Travel, Lodging and Meals for Initial Trainingnot refundable | $0 | $4K | |
| Insurance - 3 Monthsnot refundable | $500 | $500 | |
| Grand Opening Advertisingnot refundable | — | — | |
| Licenses and Permitsnot refundable | $250 | $1K | |
| Professional Feesnot refundable | $1K | $5K | |
| Additional Funds - 3 Monthsnot refundable | $10K | $18K | |
| Vehicle (Mobile - Trailer/Truck)not refundable | $35K | $90K | |
| Equipment (Mobile - Trailer/Truck)not refundable | $15K | $25K | |
| Initial Inventory - Proprietary Items (Mobile)not refundable | $2K | $3K | |
| Initial Inventory - Other (Mobile)not refundable | $2K | $3K | |
| Total initial investment | $148K | $348K |
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
- $93K – $226K
- Top 40% of category vs category
- Liquid capital req'd
- $10K – $18K
- Top 40% of category vs category
- Franchise fee
- $24K – $24K
- Top 40% of category vs category
- Royalty
- 5.0%
- Gross Sales · typical 6–8%
- Ad fund
- 2.0%
- typical 3–5%
- Total fee load
- 37.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 5.0% of gross sales |
| Marketing / ad fund | 2.0% of gross sales |
| Technology fee | $30 |
| Training fee | $2K |
| Transfer fee | $8K |
| Renewal fee | $2K |
| Inventory (initial) | $4K – $6K |
| Total fee load | 37.0% of rev |
What do units actually make?
Source: FDD 2024 · Item 19
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
Waffle Cabin 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 Waffle Cabin unit return on the cash you put in?
Unlevered ROIC · per unit
Estimated return on your total franchise investment, before any debt financing.
65%
Above the 30–60% band. Verify revenue is per-unit average
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: 2024 FDD
Financial Performance
Includes company-owned outlets
- Item 19 type
- gross sales
- Sample size
- 38
- vs category median 20
- Transparency tier
- revenue_only
- Categorical assessment of disclosure depth
- Reporting year
- 2023
- Fiscal year the figures cover
- Source filing
- FDD 2024
- Disclosed in the 2024 filing, covering 2023
- Transparency
- 3 / 10
- vs category median 4 / 10 · below
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 37.0% — above 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
System expanding at 35.7% CAGR over 3 years across 52 units — operators are staying and new ones are joining.
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 Waffle Cabin Compares
Is the system healthy?
Source: FDD 2024 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 52
- Opened
- 4
- Last reporting year
- Closed
- 1
- Turnover rate
- 0.0%
- Company-owned
- 14
- Corporate units in the system
- % franchised
- 73%
- vs corporate-owned
- Net growth (3-yr)
- +35.7%
- Net unit change over 3 years
- 3-yr CAGR
- +35.7%
- Compounded over last 3 years
3-year detail · Item 20
- Opened (3yr)
- 4
- Closed (3yr)
- 0
- Terminated (3yr)
- 0
- Non-renewed (3yr)
- 0
- Transfers (3yr)
- 0
- Reacquired (3yr)
- 0
- Franchisor bought back
- Ceased ops
- 7.1%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 12 · 12 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.
12
states with franchisees (per FDD Item 12)
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 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
No litigation, no bankruptcy; Item 19 disclosed, audited, $872K revenue and +35.7% net growth across 52 units. Going-concern field is unstated and equity is not disclosed, leaving a single unresolved financial-transparency concern.
Litigation (Item 3)
0 case reference(s): 0 pending, 0 settled.
Largest disclosed settlement: $35,250
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · McCormack, Guyette & Associates, PC
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: No
- Must buy proprietary products: No
- Restricted to system-approved products: No
Score breakdown · what drove the 76 / 100 verdict
- 01MEDFranchisor net worth not disclosed; going-concern field unstated
- 02MEDNo litigation/bankruptcy, Item 19 disclosed
- 03MINORPositive +35.7% net growth
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 37.0% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2024 · 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 | Radius, city blocks, or zip codes |
| Protected territory | Yes |
| Online sales rights | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 2 years |
| Right of first refusalℹ | Yes |
| Termination notice | 30 days |
| Termination groundsℹ | 2 |
| Curable defaultsℹ | 2 |
| Mandatory arbitration | Yes |
| Jury trial waiver | No |
| Governing law | Vermont |
| Litigation count | 0 |
View Item 3 litigation summary
0 case reference(s): 0 pending, 0 settled.
Items 10, 11
Training & Operations
- Classroom training
- 12 hrs
- On-the-job training
- 13 hrs
- Training location
- franchisor_facility_and_on_site
- Site selection
- franchisor
- Franchisor financing
- Offered
- Item 10
- POS system
- ShopKeep POS System
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: ShopKeep POS System
Item 20 · call current owners
Franchisee Contacts
25 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Waffle Cabin · FDD (2024) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Waffle Cabin franchise?
The total investment to open a Waffle Cabin franchise ranges from $93K – $226K, with an initial franchise fee of $24K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Waffle Cabin franchise owners earn?
Waffle Cabin 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 Waffle Cabin 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 Waffle Cabin FDD and qualifies whose outlets they describe.
What is Waffle Cabin's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Waffle Cabin (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 Waffle Cabin franchise locations are there?
As of their most recent FDD filing, Waffle Cabin has 52 total units in the United States, including 38 franchised units and 14 company-owned units. 4 new units were opened in the latest reporting year.
Is Waffle Cabin a good franchise to buy?
FranchiseVerdict rates Waffle Cabin as a A-grade franchise with a verdict score of 76 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.