Black Rock Coffee Bar (BRCB) Registration Filing summary

Financial performance and metrics

• Store revenue grew 24.3% to $95.1M for the six months ended June 30, 2025, driven by new store openings and 10.1% same store sales growth, with AUV at $1.2M and store-level profit margin at 29%.

• Adjusted EBITDA margin increased to 14.8% for the six months ended June 30, 2025, from 14.1% in the prior year period.

• Net loss was $1.9M for the six months ended June 30, 2025, compared to $2.2M in the prior year period; net loss for 2024 was $7.2M, improved from $8.7M in 2023.

• Store count reached 158 as of June 30, 2025, with a 20% CAGR since 2020; 21 net new stores opened in the last twelve months.

• Loyalty program launched in June 2024, reaching 1.8M members by June 2025, with loyalty members accounting for 63% of transactions.

Company overview and business model

• Operates 158 fully company-owned drive-thru coffee bars across seven states, with a focus on premium beverages, proprietary energy drinks, and a people-first culture.

• Dual-format stores (drive-thru and lobby) deliver speed and connection; 75% of locations include lobbies.

• Menu innovation and digital engagement are core to the model, with 15% of Q2 2025 revenue from digital sales.

• Proprietary Fuel energy drinks accounted for 24% of revenue in the first half of 2025.

Use of proceeds and capital allocation

• Net proceeds of ~$232.5M (assuming $17.00/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 co-founder contribution, to repay $113.2M in outstanding borrowings, pay $6.5M in offering expenses, and for general corporate purposes.