Slide 1: Second Quarter 2025: Serving Those Who Serve
Second Quarter 2025 Serving Those Who Serve
Slide 2: Disclaimer: Forward-Looking Statements
DISCLAIMER Forward-Looking Statements This presentation contains forward-looking statements about the BRC Inc. (the “Company”, “we”, “us” and “our”) and its industry that involve substantial risks and uncertainties. All statements other than statements of historical fact contained in this presentati
Slide 3: Today's Speakers
TODAY’S SPEAKERS Chris Evan Matthew Matt Mondzelewski Hafer Amigh McGinley . President and Chief Executive Chairman Chief Financial Officer VP Investor Relations Executive Officer We continue to execute against our strategic plan, with second-quarter results highlighting strong distribution gains an
Slide 4: 2025 Second Quarter Highlights
2025 SECOND QUARTER HIGHLIGHTS Gross Revenue Margin Net Revenue Gross Margin of $94.8 million 33.9% up 6.5% or $5.8M YoY compared to 41.9% in Q2 2024 Wholesale Profitability Revenue Adjusted EBITDA1 Wholesale Revenue $2.4 million $61.3 million up 14.1% or $7.6M YoY down $5.1M YoY up 21.0% or $10.6M
Slide 5: Channel Highlights
Channel Highlights ee
Slide 6: Continued FDM Expansion Fuels Market Share Momentum
CONTINUED FDM EXPANSION FUELS MARKET SHARE MOMENTUM Dollar Growth STRONG ACV TRAJECTORY WITH FURTHER EXPANSION OPPORTUNITY AHEAD Coffee xAOC BRCC xAOC BRCC xAOC BRCC Grocery 32.0% 56.6 26.2% 41.7 46.5 ACV % 27.5 9.6% 6.6% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2022 2023 2024 2025 YTD 2025 Q2 2025
Slide 7: DTC Platform Remains a Strategic Enabler
DTC PLATFORM REMAINS A STRATEGIC ENABLER DTC / eCommerce provides brand access, drives engagement, and fuels omni-channel success DTC Revenue New Subscriber 176k decreased (7.8)% YoY in Q2 2025; Up +0.3%1 Excluding Q2 2024 AOV +12% Total Subscribers Loyalty Expiration Impact Higher than Existing Sub
Slide 8: RTD Distribution Expands, Solidifying Share Position
RTD DISTRIBUTION EXPANDS, SOLIDIFYING SHARE POSITION Black Rifle Ready to Drink Coffee remains a Top-3 brand in Q2 2025 BRCC RTD ACV BRCC RTD Share BRCC xAOC + Convenience BRCC xAOC + Convenience 53.5 4.6% 47.4 ACV % Share Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 9: Black Rifle Energy – Still Early, But Strong Launch
BLACK RIFLE ENERGY – STILL EARLY, BUT STRONG LAUNCH Focus on core markets in 2025 is paving the way for broader nationwide expansion in 2026, leveraging the strength of the Keurig Dr Pepper distribution network. BLACK RIFLE ENERGY INITIAL LAUNCH STATISTICS – JUNE 20251 ~23% 15,200 2,800 ~66% 8,900 ~
Slide 10: Operational Performance & Financial Results
Operational Performance & Financial Results
Slide 11: Quarterly Financials
QUARTERLY FINANCIALS $ million 7% (790) bps GROSS MARGIN NET REVENUE $94.8 41.9% 33.9% $89.0 Q2 2024 Q2 2025 Q2 2024 Q2 2025 WHOLESALE REVENUE MIX2 (68%) 430 bps ADJUSTED EBITDA1 $7.5 65% $2.4 60% Q2 2024 Q2 2025 Q2 2024 Q2 2025 1 Refer to slide 24 for a reconciliation of “Adjusted EBITDA” 2 Wholesa
Slide 12: Gross Margin Pressured Near-Term, 40%+ Target Intact
GROSS MARGIN PRESSURED NEAR-TERM, 40%+ TARGET INTACT Q2 YoY Gross Margin 41.9% (4.3)% 1.7% 33.9% (2.9)% (1.6)% (0.8)% Q2 2024 Coffee Trade & Price Loyalty Other Productivity Q2 2025 Gross Margin Inflation Investment Expiration & Mix Gross Margin We are constantly looking to optimize our gross margin
Slide 13: Strong Execution Drove Positive EBITDA Despite Cost Pressure
STRONG EXECUTION DROVE POSITIVE EBITDA DESPITE COST PRESSURE $ million 8.4% EBITDA Margin Q2 Adj. EBITDA $7.5 2.5% EBITDA Margin $2.4 ($5.1) ($0.1) Q2 2024 Gross Profit SG&A Q2 2025 Adj. EBITDA Adj. EBITDA Focus remains on operational efficiency through disciplined cost management Focused Margin Red
Slide 14: Outlook
Outlook
Slide 15: 2025 Financial Guidance
2025 FINANCIAL GUIDANCE Net Revenues Gross Margin Adjusted EBITDA $395M-$425M 35%-37% $20M-$30M 1% to 9% Growth in 2025 Gross Margin Range Adj. EBITDA Range Cycling $30.4M of barter revenue Key 2025 headwinds include: Dollar decline YoY driven by gross and loyalty reserve benefits that will not recu
Slide 16: Appendix
| - Appendix:
Slide 17: 3-Year Financial Targets
3-YEAR FINANCIAL TARGETS Revenues Gross Margin Adjusted EBITDA 10%-15% 40%+ 15%-25% Revenue CAGR Through 2027 Target Gross Margin EBITDA CAGR Through 2027 Anticipate a higher rate of Gross margins will benefit Gross margin improvement growth in 2026 and 2027 as from an ongoing mix shift into and SG&
Slide 18: Financial Highlights
FINANCIAL HIGHLIGHTS BRC Inc. | 18
Slide 19: Income Statement
INCOME STATEMENT BRC Inc. | 19
Slide 20: Balance Sheet
BALANCE SHEET Consolidated Balance Sheets (in thousands, except share and par value amounts) Current assets: Cash and cash equivalents Accounts receivable. net Inventories, net Prepaid expenses and other current assets ‘Assets held for sale Total current assets Property, plant and equipment, net Ope
Slide 21: Cash Flow
CASH FLOW Consolidated Statements of Cash Flows (in thousands) Operating activities Net income (loss) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization Equity-based compensation Amortization of debt issuance costs Loss on
Slide 22: Cash Flow (Continued)
CASH FLOW (CONTINUED) BRC Inc. | 22
Slide 23: Key Operational Metrics
KEY OPERATIONAL METRICS BRC Inc. | 23
Slide 24: Reconciliation of Net Income (Loss) to Adjusted EBITDA
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA BRC Inc. | 24
Slide 25: 2025 Outlook
2025 OUTLOOK For full-year fiscal 2025, the Company reaffirms its annual guidance as follows: (in millions, except % data) FY2024 FY2025 Guidance Actual Low High Net Revenue S 3915 $ 395.0 $ 425.0 Growth ()% 1% Gross Margin 41.2% 35% Adj. EBITDA $ Buet $ 20.0 $ 30.0 (1) A barter transaction favorabl