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, focusing on premium beverages and guest-centric experiences.

• Founded in 2008, expanded from a single stand to a multi-state operator with a people-first culture and strong community engagement.

• Menu includes coffee, proprietary energy drinks (Fuel), and all-day breakfast, with a focus on customization and speed.

• Dual-format stores (drive-thru and lobby) and a robust digital platform drive convenience and loyalty.

Financial performance and metrics

• Store revenue reached $160.7M in 2024, up 20.8% from 2023; $95.1M for the first half of 2025.

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

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

• Store-level profit margin was 29% for the first half of 2025; adjusted EBITDA margin was 14.8%.

• Net loss was $7.2M in 2024 and $1.9M for the first half of 2025, reflecting ongoing investment in growth.

Use of proceeds and capital allocation

• Net proceeds of ~$232.5M (assuming $17/share IPO price) will be used to purchase LLC Units from Black Rock OpCo, the Sponsor, and certain Continuing Equity Owners.

• Black Rock OpCo will use proceeds, along with refinancing and a co-founder contribution, to repay $113.2M in outstanding debt, pay $6.5M in offering expenses, and for general corporate purposes.