Brc Inc. · NYSE:BRCC
Brc — Investor Presentation (March 2025)
35 slides from Brc's investor presentation, Mar 25, 2025
Slide 1: Introduction to Black Rifle Coffee Company
March 2025 Introduction to Black Rifle Coffee Company ENERGY LIFESTYLE COMMUNITY
Slide 2: Disclaimer
1 DISCLAIMER Disclaimer This presentation is for informational purposes only. The information contained herein does not purport to be all-inclusive and none of BRC Inc. (“the Company”, “we”, “us” and “our”) or its respective affiliates makes any representation or warranty, express or implied, as to
Slide 3: Disclaimer: Non-GAAP Financial Measures
2 DISCLAIMER Non-GAAP Financial Measures This presentation includes projections of certain financial measures not presented in accordance with generally accepted accounting principles (“GAAP”) including, but not limited to, EBITDA, Adjusted EBITDA, Adjusted Gross Margin, and Adjusted EBITDA Margin.
Slide 4: Introductions
3 Introductions Served as CFO since Sep. 2023 Co-Founder of SilverBox Capital and served as CEO of SilverBox Engaged Merger Corp until its merger with Black Rifle Coffee in Feb. 2022 Former President, COO & CFO of AECOM, Partner at KPMG in their Economic Consulting Practice and Board Member of ABM I
Slide 5: Who We Are
COMMUNITY FOCUSED We stand for the communities we serve – as our investor value creation increases, so does our mission PREMIUM POSITIONED We offer curated; expertly roasted coffee delivered in all formats, including RTD, a high-end, zero-sugar energy drink, an engaging Outpost experience and differ
Slide 6: A growing, enthusiast-driven brand
5 A growing, enthusiast-driven brand Cold Brew Concentrate COMPLETE ASSORTMENT OF PRODUCT OFFERINGS WE ARE MEETING OUR CUSTOMERS WHERE THEY SHOP Convenience & Gas Food, Drug & Mass WHOLESALE1 63% Represents sales mix as of FY2024A Refer to slide 32 for a reconciliation of “Adjusted EBITDA” Refer to
Slide 7: Our sights are trained on the most attractive segments of the beverage market
6 OUR SIGHTS ARE TRAINED ON THE MOST ATTRACTIVE SEGMENTS OF THE BEVERAGE MARKET… MASSIVE OPPORTUNITY IN ATTRACTIVE CATEGORIES Euromonitor. Includes packaged coffee, RTD coffee, sports drinks, energy drinks, RTD tea, tea, carbonated and stilled bottled water Euromonitor. Includes packaged coffee, RTD
Slide 8: Supported by powerful thematic tailwinds
7 … supported by powerful thematic tailwinds Gravitating towards clean and high-quality products Seeking refreshing & exciting flavor profiles that delight the palate and provide new experiences Increasing focus on health and wellness Preference for zero sugar options with functional advantages Seek
Slide 9: Unconventional Warfare: The black rifle brand
8 Unconventional Warfare: The black rifle brand VIRALITY IS OUR SUPERPOWER BE UNEXPECTED SPEED IS EVERYTHING FIVE BIRDS ONE STONE WIDE-RANGING CONSUMER APPEAL HAVE A GROWTH MENTALITY BUILD EVANGELISTS ACTION OVER INACTION FIGHT LIKE AN UNDERDOG BRCC has taken a creative approach to building a leadin
Slide 10: Unique marketing strategy supports BRCC's lifestyle branding
9 UNIQUE marketing strategy SUPPORTS BRCC’s LIFESTYLE BRANDING 1. Creating Brand Fame + Bigness And Expanding TAM Via Sub-communities Make BRCC larger-than-life Tap into engaged sub-communities Expand reach 2. Driving Demand + Velocity At Retail By Disrupting With Key Partners 3. Splashy Product Inn
Slide 11: Super premium coffee / RTD product portfolio
10 Super premium coffee / RTD product portfolio COFFEE PORTFOLIO READY-TO-DRINK PORTFOLIO Coffee beans scored using 100-point Q Grading System developed by the Coffee Quality Institute Sourcing high quality coffee beans from around the world to create roast profiles across the consumer taste spectru
Slide 12: Strategically targeted massive coffee category ripe for disruption
11 NET REVENUE ($MM) Strategically targeted MASSIVE COFFEE Category THAT WAS RIPE FOR DISRUPTION and innovation via a focus on wholesale and an exciting rtd product A barter transaction favorably impacted net revenue by $28.9mm in 2023A and $23.9mm in 2024A Nielsen IQ, Total US xAOC + Conv, Cal Yr 2
Slide 13: Bagged & single-serve coffee products nationwide
BRCC offers whole bean and ground bagged & single-serve coffee products nationwide 12 STRATEGIC SUMMARY PRODUCT SNAPSHOT NET REVENUE1 SELECT KEY CUSTOMERS BRCC offers a variety of different flavors and roasts of coffee through bagged and single-serve formats All coffee products meet the strictest qu
Slide 14: Black Rifle is the fastest growing brand of scale in wholesale coffee
BLACK RIFLE IS THE FASTEST GROWING BRAND OF SCALE IN WHOLESALE COFFEE… 13 As legacy brands continue to lack innovation and excitement, BRCC’s branding and high quality products have driven exceptional results PACKAGED COFFEE RETAIL SALES GROWTH1 Nielsen IQ as of 1/25/25; expressed as RSP sales growt
Slide 15: Has not compromised on premium pricing or promotional cadence
…AND HAS NOT COMPROMISED ON ITS PREMIUM PRICING OR PROMOTIONAL CADENCE 14 BRCC has a disciplined approach to on-shelf promotion and pricing relative to the competition % UNITS ANY PROMO1 Nielsen IQ as of 1/25/25; Total US Food Packaged Coffee L52W % Units Any Promo Nielsen IQ as of 1/25/25; Total US
Slide 16: Case study: Performance at mass merch retailer
15 case study: Performance at MASS MERCH RETAILER We achieved $100mm+ of revenue at Retailer within ~18 months of launch #4Bagged Coffee Brand ~22%of BRCC sales at Retailer are from new buyers3 ~$32mof BRCC sales are incremental to Retailer3 Partnership launched in August 2022; now nearly fully dist
Slide 17: Case study: Performance at regional retailer
1.1% -- 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 12/02/23 02/24/24 05/18/24 08/10/24 11/02/24 2/2/2025 16 case study: Performance at REGIONAL RETAILER In the early innings of selling at Regional Retailer, we have established ourselves as a top coffee brand that warrants more shelf space Wholesale + Convenience
Slide 18: RTD Coffee remains an outperforming brand with whitespace ahead
RTD Coffee remains an outperforming brand within the category with plenty of whitespace ahead 17 STRATEGIC SUMMARY BLACK RIFLE RTD COFFEE MARKET SHARE1 Launched in March 2020 offering a catalogue of 6 SKUs Rapidly built to a ~$100mm+ RTD coffee business One of the fastest growing RTD brands by sales
Slide 19: BRCC is the largest contributor to category growth
18 BRCC IS THE LARGEST CONTRIBUTOR TO CATEGORY GROWTH FROM 2020 TO 2024 % of Total Category $ Growth by Brand from 2020 to 20241 Private Label Nielsen IQ as of 1/25/25; L52W RSP vs. L52W RSP 4YA in Total US Conv RTD Coffee Nielsen IQ as of 12/21/24; L52W RSP, $ Share and ACV % in Total US Conv RTD C
Slide 20: Entering the energy market nationwide with Keurig Dr. Pepper
We are entering the $23bn+1 energy market nationwide in partnership with Keurig Dr. Pepper 19 Our strategic partnerships with KDP ARE A TESTAMENT TO OUR BRAND’S GROWING IMPACT ROUNDS PARTNERSHIP In April 2024, KDP onboarded BRCC into the Keurig ecosystem as a partner brand, announcing long-term agre
Slide 21: Black Rifle Energy brings a zero-sugar, clean energy option
20 Black Rifle Energy brings a zero-sugar, clean energy option to a consumer market ready for BRCC’s unique mission-driven approach LAUNCHED December 2024
Slide 22: Black Rifle Energy comparison with competitors
21 Size 16 oz 16 oz 12 oz 16 oz 16 oz 16 oz 12 oz 12 oz Price1 $2.37 $2.72 $2.48 $2.48 $3.68 $2.48 $1.97 $2.48 Calories 10 5 10 5 210 210 10 10 Total Sugar 0g 0g 0g 0mg 51g 54g 0mg 0g Sweetener System Sucralose Sucralose, Acesulfame Potassium Sucralose Sucralose, Acesulfame Potassium Sugar, Glucose
Slide 23: Black Rifle Energy initial launch statistics
22 ~20%ACV 10,300+Doors of Distribution 2,757Walmart Locations ~65%Walmart ACV 5,600+Convenience Stores ~5%Convenience Store ACV 1,900+Grocery Stores ~8%Grocery Store ACV BLACK RIFLE ENERGY INITIAL LAUNCH STATISTICS – MARCH 20251 As of 3/8/2025 Nielsen IQ as of 3/1/25; Black Rifle Energy Beverage Wa
Slide 24: Strategy to support the energy launch
23 Marketing Efforts Distribution Efforts Sales Efforts Increase focus on Energy product with retailers Host can-in-hand and sampling events to increase product awareness and point-of-sale conversion Work closely with KDP to track product reception and performance in test markets Identify opportunit
Slide 25: DTC / E-commerce highlights
24 DTC / E-COMMERCE HIGHLIGHTS 190k+Total DTC Subscribers $123mm+2024A DTC Net Revenue Our digital roots are fundamental to our success BRCC is constantly working to remove friction, improve conversion and exceed customer’s online shopping expectations DTC continues to prove to be an effective chann
Slide 26: Outposts extend the brand experience
25 outposts extend the brand experience Outposts redefine the typical coffee shop experience, offering an immersive environment to enjoy a high-quality coffee, buy our products and connect with members of the local community 18Company-Owned Outposts 19Franchise Outposts ~$23mm2024A Net Revenue $12-1
Slide 27: Strategic partnerships with manufacturers, warehouses and distributors
26 Warehouse Co-Manufacturing Site Company-Owned Plant FDM Bag DTC Bag Energy (KDP) Cold Brew RTD Coffee Rounds (KDP) FDM Bag DTC Bag All Rounds and Energy products are manufactured exclusively by Keurig Dr. Pepper KEY HIGHLIGHTS BRCC maintains strategic partnerships with manufacturers, warehouses a
Slide 28: Gross margin management and operational transformation
27 GROSS MARGIN MANAGEMENT Quarterly Adj. Gross Margin (%) CORPORATE INFRASTRUCTURE Consolidated head count to better reflect shifting future state of the business 25% reduction in corporate headcount YoY at YE24 Cut cost by reducing reliance on consultants and other professional services FY24 benef
Slide 29: Fiscal year Adj. EBITDA margin
28 FISCAL YEAR ADJ. EBITDA MARGIN 10% Profitability improvement driven by: EBITDA improvement due to rightsized organizational spend and productivity Reduced Reliance on External Consultants Aligned Headcount with FDM Focus Mix Between Channels and Products Focused Margin Improvement Initiatives 9.4
Slide 30: 2025 Financial Guidance
29 2025 financial gUIDANCE Revenues Gross Margin1 Adjusted EBITDA2 $395M-$425M 1% to 9% Growth in 2025 37%-39% Gross Margin Range $20M-$30M Adj. EBITDA Range Cycling $30.4M of barter revenue and loyalty reserve benefits that will not recur in 2025 Largest headwind in Q1, with $11.8M in non-recurring
Slide 31: 3-Year Financial Targets
30 3-Year Financial Targets Revenues Gross Margin Adjusted EBITDA 10%-15% Revenue CAGR Through 2027 40%+ Target Gross Margin 15%-25% EBITDA CAGR Through 2027 Anticipate a higher rate of growth in 2026 and 2027 as launch fees phase out and ongoing benefits from distribution gains take effect Gross ma
Slide 32: Key Elements of Our Story
31 KEY ELEMENTS OF OUR STORY Mission-Driven Lifestyle Brand with a Deeply Loyal Customer Base Inspired by Our Underdog Mentality and Commitment to Supporting Those Who Serve 1 Scaled High Growth Player in Large & Attractive Categories with Significant Wholesale Distribution Runway 2 Massive Market O
Slide 33: Reconciliation of Net Loss to Adjusted EBITDA
32 RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA Represents the non-cash expense related to our equity-based compensation arrangements for employees, directors, and consultants. Represents non-capitalizable costs (e.g. pre-implementation discovery, training, and post-implementation monitoring) assoc
Slide 34: Reconciliation of Gross Margin to Adjusted Gross Margin
33 RECONCILIATION OF GROSS MARGIN TO ADJUSTED GROSS MARGIN GAAP to Non-GAAP Financial Measures: Gross Margin (in thousands, except % data) Three Months Ended, December 31, March 31, June 30, September 30, December 31, March 31, June 30, September 30, December 31, 2022 2023 2023 2023 2023 2024 2024 2
Slide 35: 2025 Outlook
2025 OUTLOOK ‘ear fiscal 2025, the Company expects: FY2024 FY2025 Guidane For the full- Actual Low Net Revenue! $391.5 $395.0 $425.0 Growth (1%) 1% 9% Gross Margin 41% 37% 39% ‘Adj. EBITDA* $39.3 $20.0 $30.0 (I) A barter transaction favorably impacted Net Revenue by $28.9 million and $23.9 million i