Black Rock Coffee Bar (BRCB) Q3 2025 earnings summary

Executive summary

• Achieved Q3 2025 revenue of $51.5 million, up 24.2% year-over-year, with 11 new stores opened and 169 total locations as of September 30, 2025.

• Same store sales grew 10.8% in Q3 2025, supported by loyalty program enhancements and digital innovation.

• Store-level profit margin improved to 29.6%, up from 28.1% year-over-year, driven by operational efficiency.

• Net loss for Q3 2025 was $16.2 million, compared to $0.7 million prior year, primarily due to IPO-related and non-recurring expenses.

• Completed IPO in September 2025, raising $306.5 million in net proceeds.

Financial highlights

• Q3 2025 revenue reached $51.5 million, up 24.2% year-over-year; same store sales up 10.8%.

• Store-level profit was $15.2 million (29.6% margin), up from $11.7 million (28.1%) year-over-year.

• Adjusted EBITDA was $6.9 million (13.4% margin), up from $5.1 million (12.4%) prior year.

• Net loss margin for the quarter was (31.4%), impacted by IPO-related and non-recurring costs.

• Cash and cash equivalents were $32.6 million as of September 30, 2025.

Outlook and guidance

• Full-year 2025 guidance: 30 new store openings, $199–$200 million revenue, high single-digit same store sales growth, $26.5–$27 million adjusted EBITDA, and $30–$32 million in capital expenditures.

• Targeting 1,000 stores by 2035, with continued investment in technology, menu innovation, and community engagement.

• Management expects sufficient liquidity for the next twelve months, supported by cash and available credit.