Slide 1: First Quarter 2025: Serving Those Who Serve
First Quarter 2025 Serving Those Who Serve
Slide 2: Disclaimer
BRC Bisco ING This presentation contains forward-looking statements about the BRC Inc. (the “Company”, “Wwe", “us” and “our”) and its industry that involve substantial risks and uncertainties. All statements other than statements of historical fact contained in this presentation, including statement
Slide 3: Today's Speakers
TODAY’S SPEAKERS Chris Steve Matt Mondzelewski Kadenacy McGinley President and Chief Executive Officer Chief Financial Officer VP Investor Relations Black Rifle is off to a promising start in 2025, driven by distribution gains across multiple product categories and targeted investments that position
Slide 4: 2025 First Quarter Highlights
2025 FIRST QUARTER HIGHLIGHTS Gross Revenue Margin $90.0 million 36.1% Wholesale Profitability Revenue $0.9 million $56.8 million
Slide 5: Channel Highlights
Channel Highlights Fs
Slide 6: Distribution Growth in FDM Continues, Driving Market Share Gains
DISTRIBUTION GROWTH IN FDM CONTINUES, DRIVING MARKET SHARE GAINS ACV GAINS CONTINUE, WITH SIGNIFICANT ADDITIONAL POTENTIAL 2022 2023 2024 2025
Slide 7: DTC Focus Remains a Core Strategy
DTC FOCUS REMAINS A CORE STRATEGY 181k+ 2/3 AOV +13% • • •
Slide 8: RTD Distribution Gains Continue to Build Market Share
RTD DISTRIBUTION GAINS CONTINUE TO BUILD MARKET SHARE BRCC RTD ACV BRCC RTD Share BRCC xAOC + Convenience BRCC xAOC + Convenience 4.6% 47.9 42.8 39.2 Share ACV Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2022 2023 2024 2025 2022 2023 2024 2025
Slide 9: Energy Launch Still Early, But Initial Progress Strong
ENERGY LAUNCH STILL EARLY, BUT INITIAL PROGRESS STRONG ~20-30% ~70-80%
Slide 10: Operational Performance & Financial Results
Operational Performance & Financial Results
Slide 11: Quarterly Financials
QUARTERLY FINANCIALS $ million $98.4 42.9% 36.1% Q1 2024 Q1 2025 Gi Q1 2024 Q1 2025 wi =) r4 Ww > Ww [-"4 = ww z NIDYVW ssouD = = mm | e | B 6 z wi m a es] irr] m = < n m > é =) $0.9 bal = Q12024 Q1 2025 Q1 2024 Q1 2025 % 1 Refer to slide 24 for a reconciliation of “Adjusted EBITDA” BRC Inc. | 11 2
Slide 12: Long Range Gross Margin Target Remains 40%+
LONG RANGE GROSS MARGIN TARGET REMAINS 40%+
Slide 13: Operational Discipline and Investment in Growth Initiatives Delivered Flat EBITDA
OPERATIONAL DISCIPLINE AND INVESTMENT IN GROWTH INITIATIVES DELIVERED FLAT EBITDA 12.7% EBITDA Margin Q1 Adj. EBITDA 1.0% EBITDA Margin
Slide 14: Outlook
Outlook
Slide 15: 2025 Financial Guidance
2025 FINANCIAL GUIDANCE Revenues Gross Margin Adjusted EBITDA • • •
Slide 16: Appendix
AMERICA’S COFFEE RIFI —COFFEE COMPANY FREEDOM FU Net wt 12 02/3409
Slide 17: 3-Year Financial Targets
3-YEAR FINANCIAL TARGETS Revenues Gross Margin Adjusted EBITDA
Slide 18: Financial Highlights
FINANCIAL HIGHLIGHTS First Quarter 2025 Financial Highlights (in millions, except % data) First Quarter Comparisons 2025 2024 $ Change % Change Net Revenue s 90.0 § 84S (8.4) (8.6)% Gross Profit 8 325° § 22 § (On) (23.0)% Gross Margin 36.1 % 42.9% Net Income (Loss) 5 (78) $8 19s (Cn) Adjusted EBITDA
Slide 19: Income Statement
INCOME STATEMENT Consolidated Statements of Operations (in thousands, except share and per share amounts) Revenue, net Cost of goods sold Gross profit Operating expenses Marketing and advertising Salaries. wages and benefits General and administrative Other operating expense, net Total operating exp
Slide 20: Balance Sheet
BALANCE SHEET March 31, December 31, Consolidated Balance Sheets 2025 2024 (in thousands, except share and par value amounts) Assets Current assets: Cash and cash equivalents s Accounts receivable, net Inventories, net Prepaid expenses and other current assets Total current assets Property. plant an
Slide 21: Cash Flow
CASH FLOW Consolidated Statements of Cash Flows (an thousands) Operating activities Net income (loss) Adjustments to reconcile net income (loss) to net eash provided by (used in) operating activities: Depreciation and amortization Eqnity-based compensation Amortization of debt issuance costs Loss on
Slide 22: Cash Flow (Continued)
CASH FLOW (CONTINUED) Consolidated Statements of Cash Flow (continued) (in thousands) Non-cash operating activities Derecognition of right-of-use operating lease assets Recognition of revenue for inventory exchanged for prepaid advertising Non-cash investing and financing activities Property and equ
Slide 23: Key Operational Metrics
KEY OPERATIONAL METRICS Revenue by Sales Channel (in thousands) Three Months Ended March 31, 2025 2024 Wholesale $ 56.791 $ 60,428 DTC 27.720 32.614 Outpost 5.463 5,350 Total net sales S$ 89.974 $ 98.392 Key Operational Metrics March 31, 2025 2024 FDM ACV %” 50.2 % 38.0% RTD ACV %° 479% 42.8% DTC Su
Slide 24: Reconciliation of Net Income (Loss) to Adjusted EBITDA
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA
Slide 25: 2025 Outlook
2025 OUTLOOK For full-year fiscal 2025, the Company updated its previous guidance as follows: (in millions, except % data) FY2025 Guidance FY2025 Guidance FY2024 (Previously Reported) (Updated) Actual Low High Low Net Revenue” $ 391.5 $ 3950 §$ 425.0 $ 395.0 425.0 Growth (1)% 1% 9% 9% Gross Margin 4