Black Rock Coffee Bar, Inc. · NASDAQ:BRCB
Black Rock Coffee Bar — Q1 2026 Earnings Presentation
19 slides from Black Rock Coffee Bar's earnings presentation, May 12, 2026
Slide 1: First Quarter 2026 Earnings Presentation
First Quarter 2026 Earnings Presentation May 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, future o
Slide 3: Our Mission: To Fuel Your Story with Connection, Caffeine, and Community
OUR MISSION To Fuel Your Story with Connection, Caffeine, and Community MARK 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: 1Q '26 Performance
1Q 26 PERFORMANCE BLACK p.n0cK
Slide 5: 1Q'26 Performance Highlights
1Q’26 Performance Highlights (three months ended March 31, 2026) $55.5M 23.7% 5.2% $16.4M 29.6% Total Revenue Total Revenue Same Store Sales Store-Level Profit1 Store-Level Profit Margin1 Growth (YoY) Growth (YoY) $7.4M 13.4% 190 Total Stores2 Adj. EBITDA1 Adj. EBITDA Margin1 Established Growing Whi
Slide 6: Fueling our growth
Fueling our growth BLACKROCK SAME STORESALES(SSS) GROWTH1 Prior Year Quarter Current Quarter 10.9% 10.8% 9.5% 9.2% 9.5% 9.3% 9.2% 8.6% 8.6% 7.6% 6.4% 5.2% 3.9% 3.8% 3.9% 2.9% 3.1% 2.9% 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2-year SSS 10.5% 10.3% 11.7% 13.3% 12.1% 14.8% 19.4% 18.8% 14
Slide 7: Strong growth and store-level profitability
Strong growth and store-level profitability STORE COUNT REVENUE($MM) CAGR: ~ 20% 24% 190 $55 181 $45 149 125 104 25% 86 2021 2022 2023 2024 2025 1Q'26 1Q'25 QTD 1Q'26 QTD STORE-LEVEL PROFIT1 ADJ. EBITDA ($MM)1 XX% Margin XX% Margin 29% 23% $16 $7 $6 $13 36% 52% 1Q'25 QTD 1Q'26 QTD 1Q'25 QTD 1Q'26 QT
Slide 8: Restaurant Expansion
Restaurant Expansion Data-led site selection targets top-performing locations Established Growing Whitespace 9 New locations added in 1Q’26 12 190 WASHINGTON Total stores across 35 8 the country1 1,000 17 Anticipated locations by 2035 5 64 Flexibly sourced beans to help strengthen margin profile and
Slide 9: We have a robust pipeline for development to support future growth targets
We have a robust pipeline for development to support future growth targets We are in the early ~20% CAGR3 stages of our long- 20% CAGR2 1,000 term growth journey, 190 181 with significant whitespace in both existing 149 and new markets 125 104 86 2021 20221 20231 2024 2025 1Q'26 20353 Store Count 20
Slide 10: 2026 Fiscal Year Outlook
2026 Fiscal Year Outlook Metric Guidance New Store Openings 36 Units Total Revenue $255 to $257 Million Same Store Sales Mid-Single Digits Growth Consolidated Adjusted $33.5 to $34.5 Million EBITDA1 Capital Expenditures $40 to $41 Million including tenant improvement allowances Note:1 A reconciliati
Slide 11: Long-term growth targets
Long-term growth targets Store Unit Growth Same Store Sales 20%+ Mid-Single Digits Revenue Growth Adj. EBITDA Growth Higher than 20%+ Revenue Growth Note: The long-term growth targets are not projections of future performance, but are forward-looking goals and subject to significant business, econom
Slide 12: Appendix
APPENDIX BLACK p. ROCK COFFEE BAR™
Slide 13: 1Q'26 Financial performance
1Q‘26 Financial performance ($MM) 1Q‘26 1Q'25 OBSERVATIONS Store count 190 154 % Growth 23.4% 15.8% Significant growth in 1Q Store revenue $55 $45 Other $0 $0 Total revenue $55 $45 ⚫ 23% store count growth % YoY Growth 23.7% 24.3% Store operating costs and expenses ⚫ 24% total revenue growth Beverag
Slide 14: Store-Level Profit reconciliation
Store-Level Profit reconciliation ($'000s) 1Q‘26 1Q'25 Income from operations $2,676 $2,251 Other ($70) ($46) Selling, general and administrative expenses $9,242 $6,880 Depreciation and amortization $3,453 $2,883 Pre-opening costs $1,088 $718 Store-Level Profit $16,389 $12,686 Income from operations
Slide 15: Adjusted SG&A Reconciliation
Adjusted SG&A Reconciliation ($'000s) 1Q'26 1Q'25 Selling, general and administrative expenses $9,242 $6,880 Non-GAAP Adjustments: - ($1,080) Transaction costs1 ($1,187) - Equity-based compensation ($68) $240 Legal settlement, net2 ($46) ($58) Other costs3 Adjusted Selling, General, and Administrati
Slide 16: Adjusted EBITDA reconciliation
Adjusted EBITDA reconciliation ($'000s) 1Q‘26 1Q'25 Net income (loss) $1,799 ($884) Non-GAAP Adjustments Interest expense, net $422 $3,042 Income tax expense $103 $78 Depreciation and amortization $3,453 $2,883 Transaction costs1 - $1,080 Equity-based compensation $1,187 - TRA remeasurement $351 - L
Slide 17: Illustrative Capitalization
Illustrative Capitalization As of March 31, 2026 COMMENTARY (Unaudited) Black Rock Coffee Bar, Inc. ⚫ Total debt was $27.4 million, consisting of $18.7 million ($MM) outstanding under our credit facility and $8.7 million of financing obligations related to certain reverse build-to-suit Long-term deb
Slide 18: Common Units Outstanding
Common Units Outstanding The following table summarizes the ownership interest in Black Rock OpCo LLC: As of March 31, 2026 ('000s) LLC Units Ownership % Black Rock OpCo LLC Units held by Black Rock Coffee Bar, Inc. 18,017 36% Black Rock OpCo LLC Units held by noncontrolling interest holders 1 32,03
Slide 19: Thank You
THANKYOU 19
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