Black Rock Coffee Bar reports 3Q 2025 results

SCOTTSDALE, Ariz., USA – Black Rock Coffee Bar, Inc. (“Black Rock Coffee Bar” or the “Company”) today announced financial results for the third quarter ended September 30, 2025. “Black Rock Coffee Bar delivered exceptional third quarter results, with strong revenue performance underpinned by robust same store sales growth of 10.8% and 11 new store openings.

Our community-focused operating model is yielding strong results across the markets we operate in today, with our newest cohort exceeding sales expectations and store-level profit goals, while delivering healthy cash-on-cash returns, and outperforming the system on employee retention and guest satisfaction.

As we embark on our journey as a newly public company, our strong and consistent execution against our strategic initiatives – driving a people first culture, delivering a differentiated guest experience and executing our disciplined expansion strategy – gives us confidence in our long-term growth trajectory and ability to drive value for our shareholders.”

Third Quarter 2025 Highlights

• Opened 11 new stores in the third quarter of 2025
• Total Revenue of $51.5 million, up 24.2% compared to the prior year period
• Same Store Sales(1) increased 10.8% compared to the prior year period
• Income (Loss) from Operations of ($6.4) million as compared to $3.1 million in the prior year period
• Store-Level Profit(2) of $15.2 million as compared to $11.7 million in the prior year period

  Selling, General, and Administrative (“SG&A”) Expense of $17.2 million, or 33.3% of total revenue, compared to $4.9 million in the prior year period

• Adjusted Selling, General, and Administrative Expense(2) of $6.9 million, or 13.3% of total revenue, compared to $5.4 million in the prior year period
• Net Loss of $16.2 million, as compared to a Net Loss of $0.7 million in the prior year period
• Consolidated Adjusted EBITDA(2) of $6.9 million, as compared to $5.1 million in the prior year period

Initial Public Offering

On September 15, 2025, Black Rock Coffee Bar, Inc. successfully closed its initial public offering (“IPO”) of 16,911,764 shares of Class A common stock, inclusive of the underwriter’s option, at a public offering price of $20.00 per share. The net proceeds from the IPO aggregated to approximately $306.5 million, after deducting underwriting discounts and commissions and expenses payable in connection with the offering. Shares of Class A common stock began trading on the Nasdaq under the ticker symbol “BRCB” on September 12, 2025.

Balance Sheet & Liquidity

Cash and Cash Equivalents of $32.6 million and Total Term Debt of $18.9 million.

As of September 30, 2025, the Company had repaid $30 million under its $50 million term loan facility resulting in $20 million of outstanding borrowings at the end of the period. The Company’s $25 million revolving credit facility remains undrawn.

Full Year 2025 Outlook

For the full year 2025, we expect:

• 30 new store openings
• Total Revenue in the range of $199 to $200 million
• Same Store Sales growth in the high-single digits
• Consolidated Adjusted EBITDA in the range of $26.5 to $27 million(3)
• Capital Expenditures in the range of $30 to $32 million

(1) Same Store Sales growth is defined in the section “Key Performance Measures”.
(2) See “Non-GAAP Financial Measures” for a discussion of Store-Level Profit, Store-Level Profit Margin, Adjusted Selling, General, and Administrative Expense, and Adjusted EBITDA and reconciliation of each measure to its most directly comparable GAAP measure.
(3) A reconciliation of adjusted EBITDA outlook to GAAP net income is not available without unreasonable efforts do to the due to the inherent difficulty in forecasting and quantifying with reasonable accuracy significant items required for the reconciliation, including share-based compensation.