Black Rock Coffee Bar, Inc. · NASDAQ:BRCB
Black Rock Coffee Bar — Q2 2026 Earnings Presentation
18 slides from Black Rock Coffee Bar's earnings presentation, Aug 11, 2026
Slide 1: Second Quarter 2026 Earnings Presentation
Second Quarter 2026 Earnings Presentation August 2026
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation contains a number of “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, Black Rock Coffee Bar’s strategy, future financial condition, sustaina
Slide 3: Our Mission
OUR MISSION To Fuel Your Story with Connection, Caffeine, and Community People-first organization that wins by fueling personal connections High-quality, premium coffee and caffeinated beverages Welcoming stores where communities come together 3
Slide 4: Q2 2026 Performance Highlights
Q2 2026 Performance Highlights (Three Months Ended June 30, 2026) $63.0M 25.0% $19.0M 30.2% Total Revenue Total Revenue Store-Level Profit1 Store-Level Profit Growth (YoY) Margin1 $9.4M 15.0% 4.2% 10 Stores opened in Q2'26 Adj. EBITDA1 Adj. EBITDA Margin1 Same Store Sales -1.0% YoY Growth (YoY) 200
Slide 5: Q2 2026 YTD Performance Highlights
Q2 2026 YTD Performance Highlights (Six Months Ended June 30, 2026) $118.5M 24.4% $35.4M 29.9% Total Revenue Total Revenue Store-Level Profit1 Store-Level Profit Growth (YoY) Margin1 $16.9M 14.2% 4.7% 19 Stores opened YTD 2026 Adj. EBITDA1 Adj. EBITDA Margin1 Same Store Sales -0.6% YoY Growth (YoY)
Slide 6: Fueling our growth
Fueling our growth Same Store Sales (SSS) Growth1 Prior Year Quarter Current Quarter 10.9% 10.8% 10.9% 9.5% 9.5% 9.3% 9.2% 9.2% 8.6% 8.6% 7.6% 6.4% 5.2% 4.2% 3.9% 3.8% 3.9% 2.9% 3.1% 2.9% Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 2-year SSS 10.5% 10.3% 11.7% 13.3% 12.1% 14.8% 19.4%
Slide 7: Strong growth and store-level profitability
Strong growth and store-level profitability Store STORE Count COUNT REVENUE($MM) Revenue ($M) CAGR: ~ 20% 200 24% $118 181 149 $95 125 25% 104 $63 86 $50 2021 2022 2023 2024 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 YTD Q2 2026 YTD Store-Level Profit STORE-LEVEL 1 ($M) PROFIT1 XX% Adjusted EBITDA1 ($M) 2
Slide 8: Store Expansion
Store Expansion Data-led site selection targets top-performing locations Established Growing Whitespace 10 New locations added 12 in Q2 2026 35 9 200 Total stores across WASHINGTON the country1 20 5 67 1,000 Anticipated locations by 2035 52 Flexibly sourced beans to Vancouver, WA Roasting facility h
Slide 9: Robust pipeline for development to support future growth targets
We have a robust pipeline for development to support future growth targets ~20% CAGR3 We are in the early 1,000 stages of our long- 20% CAGR2 term growth journey, 200 with significant 181 whitespace in both 149 existing and new markets 125 104 86 1 1 3 2021 2022 2023 2024 2025 Q2 2026 2035 Store Cou
Slide 10: 2026 Fiscal Year Outlook
2026 Fiscal Year Outlook Metric Guidance New Store Openings 38 Units Total Revenue $255 to $257 million Same Store Sales Growth Mid-Single Digits Consolidated Adjusted $34 to $35 million EBITDA1 Capital Expenditures $42 to $43 million including tenant improvement allowances 1 A reconciliation of adj
Slide 11: Long-term growth targets
Long-term growth targets Store Unit Growth Same Store Sales 20%+ Mid-Single Digits Adj. EBITDA Growth Revenue Growth 20%+ Higher than Revenue Growth Note: The long-term growth targets are not projections of future performance, but are forward-looking goals and subject to significant business, econom
Slide 12: Appendix
BLACK p. ROCK COFFEE BAR™
Slide 13: Q2 2026 & YTD 2026 Financial Performance
Q2 2026 & YTD 2026 Financial Performance ($ in millions except Store count) Q2 2026 Q2 2025 YTD 2026 YTD 2025 Store count 200 158 200 158 % Growth 26.6 % 15.3 % 26.6 % 15.3 % Commentary Store revenue $ 63 $ 50 $ 118 $ 95 Other — — — — • Significant growth in Q2 Total revenue 63 50 118 95 ◦ 27% store
Slide 14: Store-Level Profit Reconciliation
Store-Level Profit Reconciliation ($ in thousands) Q2 2026 Q2 2025 YTD 2026 YTD 2025 Income from operations $ 4,102 $ 3,267 $ 6,778 $ 5,518 Other (66) (58) (136) (104) Selling, general, and administrative expenses 9,805 7,860 19,047 14,740 Depreciation and amortization 3,932 2,943 7,385 5,826 Pre-op
Slide 15: Adjusted SG&A Reconciliation
Adjusted SG&A Reconciliation ($ in thousands) Q2 2026 Q2 2025 YTD 2026 YTD 2025 Selling, general, and administrative expenses $ 9,805 $ 7,860 $ 19,047 $ 14,740 Non-GAAP adjustments: Transaction costs1 — (1,505) — (2,585) Equity-based compensation (1,140) — (2,327) — Legal settlement, net2 (164) (202
Slide 16: Adjusted EBITDA Reconciliation
Adjusted EBITDA1 Reconciliation ($ in thousands) Q2 2026 Q2 2025 YTD 2026 YTD 2025 Net income (loss) $ 3,218 $ (1,061) $ 5,017 $ (1,945) Non-GAAP adjustments: Interest expense, net 525 3,115 947 6,157 Income tax expense 101 144 204 222 Depreciation and amortization 3,932 2,943 7,385 5,826 Transactio
Slide 17: LLC Units and Shares Outstanding
LLC Units and Shares Outstanding As of June 30, 2026 (in thousands) LLC Units Ownership % LLC Units held by Black Rock Coffee Bar, Inc. 22,208 44 % LLC Units owned by Continuing Equity Owners1 27,865 56 % Total LLC Units outstanding 1 50,073 100 % As of June 30, 2026 (in thousands) Shares Class A Sh
Slide 18: Thank You
THANK YOU
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