Petter Flink. Foto: Daniel Larsson At the same time, the technology has become both more accessible and more enticing, with new functions that quickly reach a broad audience.
Years ago, people figured out Raspberry Pi’s can accidentally double as FM radio transmitters without a need for any radio front-end (if we don’t count a single jumper wire working as an antenna). They achieved this by tying a GPIO pin to a software-controlled clock around 100 MHz to modulate audio. This created a low-powered FM radio transmitter. Due to the pin producing a square wave instead of a neat sine wave, it also emitted weaker harmonics at 300MHz, 500MHz, etc., but any basic FM radio could pick up the audio. I wondered if a similar feat could be achieved by much less powerful Raspberry Pi Pico microcontrollers.
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At the same time, the company’s weaknesses and growth pain points are equally prominent—and have become the central tests on its path to an IPO. First, control gaps in the franchising model are glaring. With franchised stores accounting for more than 95% of the network, quality control is extremely difficult. In 2024, the “worm incident” at a Beijing franchise store triggered a crisis of trust in the brand; related complaints on the Black Cat platform exceeded 380. Revenue at some outlets plunged by 30%. Meanwhile, in 2025 the ratio of newly opened to closed franchise stores deteriorated from 15:1 to 3:1. Franchisees’ payback periods averaged 13–20 months—and could be longer in top-tier cities due to intense competition. Waning franchisee enthusiasm directly undermines the stability of the company’s core source of revenue.