X-Golf Franchise Cost, Revenue & Review 2026
- Investment
- $1.1M – $1.7M
- Disclosed sales
- partial, no system average
- SBA charge-off
- 3.3%
- on 146 loans
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
X-Golf is an indoor-golf entertainment franchise offering simulator bays, leagues, lessons, and a bar-and-grill. Franchisees run a venue managing simulators, bookings, food and beverage, and events.
FranchiseVerdict summary · 2026
A X-Golf franchise requires a total initial investment of $1.1M – $1.7M, including a $40K franchise fee and an ongoing 7.0% royalty[2]. The 2025 FDD on file does not yield a unit-revenue figure we can publish. SBA 7(a) loans show a 3.3% charge-off rate across 146 loans[1]. 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 scored6 of 6 headline figures on this page cite a page of the filing.
Overview
- Investment
- $1.1M – $1.7M
- 44th pct Recreation & …
- Avg gross sales
- N/A
- Projection
- Royalty
- 7.0%
- 26th pct Recreation & …
- Units
- 126
- 48th pct Recreation & …
- SBA charge-off
- 3.3%
- % of SBA 7(a) loans not repaid · median varies by category
Quick verdict · Recreation & Entertainment · color = vs category peers
Green = favorable by >10% vs Recreation & Entertainment 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 $1.1M – $1.7M including a $40K franchise fee, 7.0% ongoing royalty.
- RETURNSSales means total revenue from sale of goods/services less sales tax, discounts, allowances, and returns.
- RISKVerdict A (Strongest tier), verdict score 76/100 (higher is better). SBA loan charge-off rate of 3.3% across 146 loans (well below the franchise average, based on all SBA 7(a) franchise lending, 2010–2025).
- GROWTHPositive: net +23 franchised outlets in the latest year (22 opened, 0 closed) (Item 20).
- DATAItem 19 reports Historic sales per simulator rather than annual gross sales, so unit revenue is not directly comparable. Ask franchisees directly for full unit-level revenue.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- X GOLF Franchise Corporation
- Parent company
- X GOLF America, Inc.
- FDD Item 1, page 7 of the 2025 FDD
- CEO title
- Co-Chief Executive Officer
- Michael Ruvolo / Ryan Choi
- Incorporated in
- California
- HQ
- 1963 Del Amo Blvd, Torrance, CA 90501
- Auditor
- UHY LLP
- Audited financials
- Franchisor revenue
- $3.1M
- vs $4.8M prior year
Overview
About
- CEO
- Michael Ruvolo / Ryan Choi
- Headquarters
- CA
- Founded
- 2015
- FDD year
- 2025
- States available
- 33
Can you afford it, and what does the money buy?
Entry cost runs 158% above the typical recreation & entertainment franchise.
Source: FDD 2025 · Items 5–7
FDD Item 7 · 2025 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $40K | $40K |
| Working capital (3–6 mo) | $60K | $90K |
| Equipment, build-out, other | $1.0M | $1.6M |
| Total initial investment | $1.1M | $1.7M |
Source: X-Golf 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
- $1.1M – $1.7M
- Middle of category vs category
- Liquid capital req'd
- $60K – $90K
- Top 40% of category vs category
- Franchise fee
- $40K – $40K
- Top 40% of category 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 gross sales |
| Marketing / ad fund | 1.0% of gross sales |
| Technology fee | $2K |
| Transfer fee | $20K |
| Renewal fee | $20K |
| Inventory (initial) | $8K – $10K |
| Total fee load | 8.0% 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 X-Golf 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 X-Golf 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
Sales means total revenue from sale of goods/services less sales tax, discounts, allowances, and returns.
Reported per transaction, not per outlet
- Item 19 type
- per-transaction figures
- Sample size
- 99
- vs category median 5 · large
- Range (low → high)
- $38K→$185KCited, not corroborated — printed on page 48 of the 2025 FDD. Nothing else in our record independently restates or re-derives it.
- Cohort dispersion (min → max)
- Source filing
- FDD 2025
- The FDD edition these figures were read from
- Transparency
- 4 / 10
- vs category median 4 / 10 · typical
Compared against 165 Recreation & Entertainment 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 8.0% (near the Recreation & Entertainment median).
Disclosure
Item 19 reports Historic sales per simulator rather than annual gross sales, so unit revenue is not directly comparable.
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 Recreation & Entertainment medians
How X-Golf Compares
Category median of published Recreation & Entertainment 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
- 126
- Opened
- 22
- 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
- 4
- Corporate units in the system
- % franchised
- 97%
- vs corporate-owned
Last fiscal year · Item 20 exits and transfers
- Terminated
- 0
- Not renewed
- 0
- Transferred
- 1
- Reacquired
- 2
- Franchisor bought back
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 12 · 33 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.
33
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.
- Total loans
- 146
- Loan volume
- $89.6M
- Median loan
- $591K
- 50th percentile
- Charge-off rate
- 3.3%
- on 146 loans · rates vary by category · see methodology
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- 96.7%
- 5-yr charge-off
- 10.0%
- Loans approved 2021+
- Active lenders
- 21
- Defaults
- 1
- Typical loan rate
- 8.1%
- avg rate to borrowers
- Franchised industry avg
- 13.9%
- brand beats franchise avg ↓
- Jobs supported
- 2,443
- 2.7 per loan
- Lender concentration
- 77%
- top lender's share
Borrower mix: 97% went to startups / new businesses, 3% to established operators
Franchise vs independent — in all other amusement and recreation industries, franchised businesses charge off at 13.9% vs 16.2% for independents — franchising is associated with 14% lower SBA default risk in this category.
Vintage analysis
X-Golf charge-off rate by loan vintage
Top lenders financing X-Golf franchisees
Showing 3 of 21 lenders. The full breakdown — every lender, state distribution, interest rates & risk ratings — is in the SBA Lending Report below.
Explore lender portfolios on Bank Reports or regional data on State Reports.
Lender network · 7(a) + 504
SBA Lending Report
Full lending analysis for X-Golf from SBA 7(a) FOIA data.
- Principal loss rate
- 0.2%
- Avg SBA guarantee
- 70%
- Avg interest rate
- 8.07%
- Avg chargeoff amount
- $142K
- Lender concentration
- 77.4%
- Job velocity
- 2.7 per $100K
- NAICS benchmark
- 7.0%
- NAICS 713990
- Jobs supported
- 2,443
Top SBA lendersTop lender holds 77% of loans
| # | Lender | Loans | Volume | Default % |
|---|---|---|---|---|
| 1 | The Huntington National Bank | 113 | $64.1M | 4.2% |
| 2 | Wells Fargo Bank National Association | 3 | $1.6M | 0.0% |
| 3 | Summit Bank | 3 | $3.1M | N/A |
| 4 | One Community Bank | 3 | $1.8M | N/A |
| 5 | Old National Bank | 3 | $2.4M | N/A |
| 6 | Bank of Springfield | 3 | $2.1M | N/A |
| 7 | SouthState Bank, National Association | 2 | $1.1M | 0.0% |
| 8 | Bridgewater Bank | 2 | $1.1M | N/A |
| 9 | Atlantic Union Bank | 2 | $1.4M | N/A |
| 10 | Choice Financial Group | 1 | $643K | 0.0% |
Geographic failure vector
| State | Loans | Defaults | Rate |
|---|---|---|---|
| ILIllinois | 25 | 0 | 0.0% |
| MIMichigan | 25 | 0 | 0.0% |
| OHOhio | 13 | 0 | -- |
| WIWisconsin | 12 | 0 | 0.0% |
| TXTexas | 9 | 0 | -- |
| NYNew York | 7 | 0 | 0.0% |
| VAVirginia | 7 | 0 | -- |
| PAPennsylvania | 6 | 1 | 33.3% |
| INIndiana | 5 | 0 | 0.0% |
| MOMissouri | 5 | 0 | 0.0% |
SBA 7(a) lending trend
Borrower profile
Source: SBA 7(a) + 504 FOIA loan-level data, matched by FranchiseVerdict
What could kill this investment?
SBA loans charge off at 3.3% — 79% below the 16.0% national norm, i.e. lower lender-observed risk.
Source: SBA 7(a) FOIA · FDD Items 3, 21
Risk analysis
FranchiseVerdict rating + FDD Items 3, 4, 8, 16, 21
Risk & Legal
Entertainment/F&B franchisor with 126 units (122 franchised), $11.7M revenue, audited financials and Item 19. Three Item-3 matters were internal derivative/fiduciary disputes among affiliates alleging revenue siphoning, all voluntarily dismissed. Resolved status keeps this to a single minor flag.
Litigation (Item 3)
Subject: the franchisor is a named party (defendant).
Derivative/breach-of-fiduciary-duty litigation among affiliated individuals/entities (XGA, X-Golf Michigan LLC, and individual officers/directors) alleging siphoning of revenue and improper royalty-like consulting fees charged to Michigan franchisees; all three related cases were voluntarily dismissed without prejudice in 2025.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · UHY LLP
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 76 / 100 verdict
- 01HIGH3 litigation matters (derivative/fiduciary, revenue-siphoning allegations) all dismissed
- 02MINOR126 units, low 0% turnover, positive growth
- 03MEDAudited financials, Item 19 disclosed
- 04MINORNo bankruptcy, no going-concern
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 | 10 years |
|---|---|
| Renewal term | 5 years |
| Allowed renewalsℹ | 2 |
| Territory type | Exclusive territory |
| Protected territory | Yes |
| Exclusive territoryℹ | Yes |
| Territory radius | 7 mi |
| Online sales rights | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 5 mi |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Curable defaultsℹ | 2 |
| Mandatory arbitration | Yes |
| Arbitration location | Los Angeles, California |
| Jury trial waiver | Yes |
| Governing law | California |
| Litigation count | 2 |
View Item 3 litigation summary
Derivative/breach-of-fiduciary-duty litigation among affiliated individuals/entities (XGA, X-Golf Michigan LLC, and individual officers/directors) alleging siphoning of revenue and improper royalty-like consulting fees charged to Michigan franchisees; all three related cases were voluntarily dismissed without prejudice in 2025.
Items 10, 11
Training & Operations
- Classroom training
- 5 hrs
- On-the-job training
- 9 hrs
- Ongoing training
- Required
- Site selection
- Franchisee (subject to 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
121 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 X-Golf franchise?
The total investment to open a X-Golf franchise ranges from $1.1M – $1.7M, with an initial franchise fee of $40K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do X-Golf franchise owners earn?
Item 19 of the X-Golf FDD discloses outlet figures from $38K to $185K 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 X-Golf?
X-Golf is franchised by X GOLF Franchise Corporation. Its parent company is X GOLF America, Inc.. Source: FDD Item 1, 2025 filing.
What is Item 19 in the X-Golf 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 X-Golf FDD and qualifies whose outlets they describe.
What is X-Golf's franchise failure rate?
Based on SBA 7(a) loan data, X-Golf has a charge-off rate of 3.3% across 146 loans, meaning 3.3% of franchise loans were charged off. Charge-off rates are one proxy for franchise risk, though they do not capture all closures. This data comes from FOIA-sourced SBA lending records.
How many X-Golf franchise locations are there?
As of their most recent FDD filing, X-Golf has 126 total units in the United States, including 122 franchised units and 4 company-owned units. 22 new units were opened in the latest reporting year.
Is X-Golf a good franchise to buy?
FranchiseVerdict rates X-Golf 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.