Black Rock Coffee Bar (BRCB) Registration Filing summary

Company overview and business model

• Operates 158 fully company-owned drive-thru coffee bars across seven states, with a focus on premium beverages and guest-centric service.

• Founded in 2008, the business has evolved from drive-thru only to include modern lobbies in 75% of locations.

• Emphasizes a people-first culture, connection, and community, with a strong barista-driven guest experience.

• Menu features proprietary Fuel energy drinks, premium coffee, and all-day breakfast, with significant customization options.

• Digital engagement is growing, with 1.8M loyalty members and 15% of revenue from digital channels as of Q2 2025.

Financial performance and metrics

• Store revenue reached $179M for the twelve months ended June 30, 2025, with a 20% CAGR in store count since 2020.

• Same store sales growth was 10.1% for the six months ended June 30, 2025.

• Average unit volume (AUV) was $1.2M for the three months ended June 30, 2025.

• Store-level profit margin was 29% for the six months ended June 30, 2025; adjusted EBITDA margin was 14.8%.

• Net loss was $7.2M in 2024 and $1.9M for the six months ended June 30, 2025, reflecting ongoing investment in growth.

Use of proceeds and capital allocation

• All net proceeds from the IPO will be used to purchase newly issued LLC Units from Black Rock OpCo and LLC Units from certain Continuing Equity Owners.

• Black Rock OpCo will use proceeds, along with refinancing and a co-founder contribution, to redeem preferred LLC units, repay $108.2M in outstanding credit facility borrowings, and for general corporate purposes.

• The company will concurrently refinance its credit facility and enter new credit agreements.