Financial Database Rev.05

01

Executive summary

In the realistic case one 100,000 sq ft box reaches $20.0M of consolidated revenue and $9.9M of EBITDA in Year 5 (49%), with 19,505 Master members, payback in Y3 and a seven-year unlevered IRR of 61% without an exit.

The pessimistic case still fails for the reason Rev.04 named: a backup anchor with a lower trip count and no sponsor cash. In terminal language, a terminal without its daily shuttle does not fill. That is why the anchor LOI comes first in the 120-day calendar.

02

What changed — Rev.04 → Rev.05

Rev.04 was rebuilt on the twelve-item GTM correction instruction. Rev.05 keeps all twelve and changes one thing at the root: the instrument a brand holds. Everything that follows from it is rebuilt, not patched.

Realistic case, Year 5 — Rev.04 versus Rev.05

Rev.05 is designed to land on Rev.04's realistic revenue envelope so the change is the instrument, not the volume. EBITDA and IRR sit above Rev.04 because Dog Land adds a small placeholder line and because the itemised opex is calibrated at, not above, Rev.04 company EBITDA; both are levers in the Inputs sheet.

03

Position Right economics

A brand holds a usage right in one of 1,001 positions, priced with a monthly usage fee and held like a condominium unit — renewable, transferable, bought and sold. Council mix for the realistic case: 50% operator holders, 30% investor holders, 20% retained by Atmosphere. Investor and unsold positions are placed under Hotel Discipline at the placement rate (a premium to the usage fee); the investor holder keeps 70% of placement rent and pays the usage fee; OpCo keeps 30%.

The pessimistic case shows a negative holder spread and a zero resale value: at 35–50% occupancy the placement pool does not cover the usage fee. This is the honest reading of the investor track — its income is placement income, never a promised yield. Position class counts and base fees (sheet 'Positions') are placeholders pending Space & Capacity Model reconciliation and leasing comps; the founder's field reference for long-term RV parking in Orange County (about $1,200–1,800 a month) is recorded there as a reference to be sourced.

04

Traffic engine → members

Members are an output of traffic, not an assumption: anchor trips × capture + open-market pull + stage attendance + the Barter Hall return loop → weekly visitors → annual visits → registration → conversion → capped members. The loop — members generate visits, visits generate members — bends the realistic and optimistic curves upward after Year 2.

Weekly visitors by year

Master members by year

05

Year-5 revenue by company and line

OpCo-TRS — Landing till

OpCo-TRS — Terminal till

MemberCo

PropCo tenants

Orange rows are placeholders pending LOIs or Council resolutions. Layer numbers follow the Rev.04 revenue lines; the nine-layer table in the GTM file numbers the doors differently and the two are to be reconciled in the next revision.

06

Three companies, consolidated · two tills

PropCo holds the box at the write-off price and collects tenant rent plus a share of OpCo NOI with no floor. OpCo-TRS runs the nine layers under Hotel Discipline with no lease liability and no kitchen. MemberCo holds membership, Digital Landlord, Barter Points and the credit-backed pool, and carries the SBLC cost.

Two tills — Year 5

Airports earn a large share of their money from the concourse, the parking field, advertising and the lounge rather than the planes: non-aeronautical revenue was 36.7% of global airport revenue in 2023 (ACI World). Atmosphere reports the same split. Landing revenue carries the base; Terminal revenue carries the margin and the upside.

07

CapEx, ROI, IRR, NPV

Consolidated EBITDA by year

Cumulative cash, no exit

Sponsor economics follow the Pilot → Scale ladder: Rung 0 in-kind kit is a capex offset and the activation budget a contra-marketing item (neither is revenue); Rung 1 cash is conditional from month 13 and zero in the pessimistic case; Rung 2 is purchased participation per new site in the rollout.

08

Nationwide rollout

Cohort method: every box opened in a given year follows the single-box profile by age, so a Year-5 portfolio of 50 boxes contains one five-year-old box and 25 one-year-old boxes. Each new box is funded at its full net capex; Rung 2 sponsor participation offsets part of it. Peak equity need is therefore higher than Rev.04's figure, which netted only the sponsor cash.

Realistic crosses $1B of enterprise value in Year 5 on actual EBITDA (Year 4 on stabilised EBITDA) at about 15 boxes; $10B needs roughly 145 boxes on realistic economics. Site selection follows the GTM Rev.05 site screen: a medium or small hub airport metro first, then a Class B/C box at the market's write-off price.

09

Placeholders — the LOI work plan

Every input carries a source cell. Orange inputs are placeholders with a named source class; they are replaced by LOI data on signature, and the list itself is the 120-day work plan.

10

Downloads, sources and links

Download the Rev.05 workbook (Excel, 3,050 formulas)

Sheets: Cover · Summary · Inputs (blue = change here) · Positions · Curves · Calc_P / Calc_R / Calc_O · Rollout · Placeholders.

• Go-To-Market Strategy Rev.05 (Terminal narrative, site screen, Position Right) · Sponsor Ally (Option 4 ladder) · Position 08 — Users, Visitors & Beyond · Landlord math · Anchor Allies · Pressure Test · Entrepreneur Allies · Legal Ally
• ACI World Insights — Maximizing Non-Aeronautical Revenues (36.7% non-aeronautical share, 2023)
• APPA — 2026 Dog Report release (71M dog-owning households, 53%); Industry Trends and Stats; El Paso Inc — MUTTS Canine Cantina pricing; Dogtopia FDD data
• SEC — Release 33-5347 (1973); Investor.gov — Regulation A bulletin; TTG — Heathrow slot pair, $75M (2016)

Rev.04 values quoted for comparison are from the Rev.04 Financial Database page (10 Sep 2026). The Rev.04 workbook itself was not available to this rebuild; Rev.05 was reconstructed from the published parameters and is a full rebuild, not a patch.