Waffle Cabin Franchise Cost, Revenue & Review 2026
- Investment
- $93K – $226K
- Disclosed sales
- partial, no system average
- SBA charge-off
- Not SBA-matched
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 2025 FDD on file does not yield a unit-revenue figure we can publish. FranchiseVerdict grade: A (Strongest tier), 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 scored4 of 5 headline figures on this page cite a page of the filing; the rest are marked “Not cited” beside the figure.
Overview
- Investment
- $93K – $226K
- 5th pct Service Resta…
- Avg gross sales
- N/A
- Incl. company outlets
- Royalty
- 5.0%
- 12th pct Service Resta…
- Units
- 57
- 67th 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 $93K – $226K including a $24K franchise fee, 5.0% ongoing royalty.
- RETURNSItem 19 reports 2023 systemwide Gross Sales for 14 company-owned cabins (total $2,708,968) and 38 franchisee-owned cabins (total $4,654,426), broken out per-location with high/low/average/median; no single systemwide average figure is stated, so no systemwide average is shown, rather than present a per-location figure as if it were systemwide.
- RISKVerdict A (Strongest tier), verdict score 76/100 (higher is better).
- GROWTHPositive: net +4 franchised outlets in the latest year (6 opened, 2 closed) (Item 20).
- GROWTHSystem growing at 35.7% CAGR over 3 years with 57 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
- $686K
- 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
- 2025
- States available
- 12
Can you afford it, and what does the money buy?
Entry cost runs 67% below the typical quick-service restaurants franchise.
Source: FDD 2025 · Items 5–7
Full Item 7 breakdown16 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 | |
| Total initial investment | $93K | $226K |
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%
- typical 6–8%
- Ad fund
- 0.0%
- 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 | 0.0% 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 2025 · Item 19
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
No Item 19 revenue figure for Waffle Cabin is on file. 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 Waffle Cabin 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
Item 19 reports 2023 systemwide Gross Sales for 14 company-owned cabins (total $2,708,968) and 38 franchisee-owned cabins (total $4,654,426), broken out per-location with high/low/average/median; no single systemwide average figure is stated, so no systemwide average is shown, rather than present a per-location figure as if it were systemwide.
Includes company-owned outlets
- Item 19 type
- gross sales
- Sample size
- 38
- vs category median 19
- Reporting year
- 2023
- Fiscal year the figures cover
- Source filing
- FDD 2025
- Disclosed in the 2025 filing, covering 2023
- Transparency
- 3 / 10
- vs category median 4 / 10 · below
Compared against 781 Quick-Service Restaurants brands
Item 19 · by group
What the filing does disclose
Item 19 of this FDD reports performance in more than one group. We publish no single average for this brand; the groups the filing does disclose are listed below, quoted from its own Item 19 table.
Each row below is quoted from the FDD's own Item 19 table. Gross sales are not profit.
Incl. company outletsItem 19 detail
Item 19 reports 2023 systemwide Gross Sales for 14 company-owned cabins (total $2,708,968) and 38 franchisee-owned cabins (total $4,654,426), broken out per-location with high/low/average/median; no single systemwide average figure is stated, so no systemwide average is shown, rather than present a per-location figure as if it were systemwide.
company owned
| Segment | Sample | Avg |
|---|---|---|
| Company-owned cabins (2023) | 14 | $41K |
franchisee owned
| Segment | Sample | Avg |
|---|---|---|
| Franchisee-owned cabins (2023) | 38 | $23K |
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 median of 7.5%.
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 57 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 medians
How Waffle Cabin 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
- 57
- Opened
- 6
- Last reporting year
- Closed
- 2
- Terminated
- 2
- Franchisor ended the franchise (per Item 20)
- Turnover rate
- 3.5%
- Company-owned
- 15
- 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
Last fiscal year · Item 20 exits and transfers
- Terminated
- 2
- Signed, not yet open
- 0
- 0.00 per open outlet · Item 20 Table 5
- Projected new
- 2
- Franchisor's next-year forecast
- 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)
Subject: officers or affiliates. The franchisor is not a named party in these cases.
No litigation disclosed in Item 3.
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
- Kickbacks from required suppliers: No
- Must buy proprietary products: No
- Restricted to system-approved products: No
- Can negotiate own supplier terms: 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 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 | Exclusive territory |
| Protected territory | Yes |
| Exclusive territoryℹ | Yes |
| Territory radius | 3 mi |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| 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 | 30 days |
| Termination groundsℹ | 2 |
| Curable defaultsℹ | 2 |
| Mandatory arbitration | Yes |
| Arbitration location | Vermont (Rutland County) |
| Jury trial waiver | No |
| Governing law | Vermont |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation disclosed in Item 3.
Items 10, 11
Training & Operations
- Classroom training
- 12 hrs
- On-the-job training
- 13 hrs
- Training location
- franchisor_facility_and_on_site
- Ongoing training
- Optional
- 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
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?
Item 19 of the Waffle Cabin FDD discloses figures for part of the system but no single average across all outlets. These are gross sales figures, not profit; the Revenue section shows what the filing reports and on what basis. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Who owns Waffle Cabin?
Waffle Cabin is franchised by Atomium, Inc.. Source: FDD Item 1, 2025 filing.
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 57 total units in the United States, including 42 franchised units and 15 company-owned units. 6 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). 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.