Brc Inc. · NYSE:BRCC
Brc — Q2 2026 Earnings Presentation
28 slides from Brc's earnings presentation, 2026
Slide 1: Second Quarter of Fiscal Year 2026: America's Coffee
Second Quarter of Fiscal Year 2026 America’s Coffee
Slide 2: Disclaimer: Forward-Looking Statements
DISCLAIMER Forward-Looking Statements This presentation contains forward-looking statements about 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 presentation,
Slide 3: Today's Speakers
TODAY’S SPEAKERS Evan Chris Matthew Matt Hafer Mondzelewski Amigh McGinley Executive Chairman President and Chief Chief Financial Officer VP Investor Relations Executive Officer “Our second quarter performance reflects continued execution against the priorities we established for 2026 and the streng
Slide 4: 2026 Second Quarter Highlights
2026 SECOND QUARTER HIGHLIGHTS Gross Revenue Margin Net Revenue Gross Margin of $107.0 million 34.1% up 12.8% or $12.2M YoY compared to 33.9% in Q2 2025 Wholesale Profitability Revenue Adjusted EBITDA1 Wholesale Revenue $6.3 million $70.6 million up $3.9M or 164% YoY up $9.3M or 15.2% YoY 1 Refer to
Slide 5: Channel Highlights
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Slide 6: Outpacing the Coffee Category Through Distribution and Velocity Gains
OUTPACING THE COFFEE CATEGORY THROUGH DISTRIBUTION AND VELOCITY GAINS PACKAGED COFFEE RETAIL SALES GROWTH1 BAGGED COFFEE VELOCITY2 BRCC Velocity as % of Category 100% 100% 32.5% 28.2% 84% 77% 12.3% 9.9% L52W Q2 2026 2023 2024 2025 YTD 2026 Black Rifle Coffee Coffee Category Despite a price premium,
Slide 7: Land & Expand Strategy a Proven, Scalable Growth Engine
“LAND & EXPAND” STRATEGY A PROVEN, SCALABLE GROWTH ENGINE DISTRIBUTION REACH - %ACV1 ASSORTMENT DEPTH – AVERAGE ITEMS CARRIED2 56.5 6 53.9 5 38.6 4 ACV % 25.8 3 2 1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2022 2023 2024 2025 2026 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2
Slide 8: Unit Driven Growth Reflects Real Consumer Demand
UNIT DRIVEN GROWTH REFLECTS REAL CONSUMER DEMAND BRCC’s branding and focus on quality products have driven outsized growth compared to legacy brands PACKAGED COFFEE RETAIL SALES 594 229 2,246 254 1,976 662 355 880 483 491 74 Annual Retail Sales ($ millions)1 Retail Sales Growth – L522 BRCC Stands Ou
Slide 9: DTC Channel Evolution: Marketplace-Enabled Growth, BRCC.com Retention
DTC CHANNEL EVOLUTION: MARKETPLACE-ENABLED GROWTH, BRCC.COM RETENTION Driving DTC growth by acquiring customers through marketplaces and retaining them on BRCC.com +13.6% 3rd +90% Total DTC YoY Growth Q2 Consecutive Quarter of YoY DTC Growth Marketplace YoY Growth Q2 BRCC.COM — STRATEGIC ROLE MARKET
Slide 10: Channel Expansion: Sizing the Marketplace, Mass & Grocery Opportunity
CHANNEL EXPANSION: SIZING THE MARKETPLACE, MASS & GROCERY OPPORTUNITY Purchasing patterns differ by channel — pod/bag mix and pack size vary across marketplace, mass, and grocery LARGE ONLINE MARKETPLACE1 LARGE MASS RETAILER2 GROCERY3 ~$4.0B ~$4.0B ~$6.8B annual coffee sales annual coffee sales annu
Slide 11: RTD & Energy: Win Profitable Doors, Build Network Scale
RTD & ENERGY: WIN PROFITABLE DOORS, BUILD NETWORK SCALE Prioritize high-return doors where the brand is strongest to turn distribution into profitable scale READY-TO-DRINK COFFEE ENERGY L52 $ % Change by Channel1 Category BRCC 21% 22,000+ ACV — xAOC + C-Store2 Total Retail Doors2 6.1% EARLY LAUNCH —
Slide 12: Operational Performance & Financial Results
Operational Performance & Financial Results
Slide 13: Quarterly Financials
QUARTERLY FINANCIALS $ millions 13% 15 bps 33.9% 34.1% GROSS MARGIN NET REVENUE $107.0 $94.8 Q2 2025 Q2 2026 Q2 2025 Q2 2026 164% 135 bps WHOLESALE REVENUE MIX2 ADJUSTED EBITDA1 66.0% $6.3 64.7% $2.4 Q2 2025 Q2 2026 Q2 2025 Q2 2026 13 1. 1. Refer to slide 25 for a reconciliation of “Adjusted EBITDA”
Slide 14: Gross Margin Pressure Easing; Long-Term Expansion Levers Remain
GROSS MARGIN PRESSURE EASING; LONG-TERM EXPANSION LEVERS REMAIN Q2 Gross Margin Bridge 33.9% 0.4% 34.1% 0.8% (1.1)% Q2 2025 Coffee Inflation, Cycling Extract Productivity Q2 2026 Gross Margin Net of Pricing Write-Down & Mix Gross Margin Coffee inflation created near-term pressure, but controllable l
Slide 15: Gross Profit Growth Drives Adjusted EBITDA; Opex Leverage Expands Margin
GROSS PROFIT GROWTH DRIVES ADJUSTED EBITDA; OPEX LEVERAGE EXPANDS MARGIN $ millions Q2 Adjusted EBITDA Bridge1 $4.3 $6.3 $(0.4) 5.9% EBITDA Margin $2.4 2.5% EBITDA Margin Q2 2025 Adj. Gross Profit 2 Adj. Operating 2 Q2 2026 Adj. EBITDA 1 Expenses Adj. EBITDA 1 Focus remains on operational efficiency
Slide 16: Outlook
Outlook - ,
Slide 17: 2026 Financial Guidance
2026 FINANCIAL GUIDANCE Net Revenues Gross Margin Adjusted EBITDA At least 8% 34 to 36% At least 35% Growth Compared to 2025 Expected Gross Margin Range Growth Compared to 2025 • Implies at least $430 million of • 2026 gross margin expected in the 34% • Implies Adjusted EBITDA of at least ~$29 reven
Slide 18: Appendix
Appendix
Slide 19: Financial Highlights
FINANCIAL HIGHLIGHTS 1 Refer to slide 25 for a reconciliation of ”Adjusted EBITDA” 19
Slide 20: Consolidated Income Statements
CONSOLIDATED INCOME STATEMENTS 20
Slide 21: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS 21
Slide 22: Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS 22
Slide 23: Key Operational Metrics
KEY OPERATIONAL METRICS Key Operating and Financial Metrics Revenue by Sales Channel (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Wholesale $ 70,623 $ 61,316 $ 145,325 $ 118,107 DTC 31,400 27,640 61,120 55,361 Outpost 4,997 5,881 9,802 11,344 Total net sal
Slide 24: 2026 Outlook
2026 OUTLOOK For full-year fiscal 2026, the Company provides the following guidance: (in millions, except % data) FY2025 Current FY2026 Actual Guidance Net Revenue $ 398.3 At least 8% growth Gross Margin 34.6 % 34% to 36% Adj. EBITDA $ 214 At least 35% growth 24
Slide 25: Reconciliation of Net Loss to Adjusted EBITDA
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA 25
Slide 26: Reconciliation of Other GAAP to Non-GAAP Measures
RECONCILIATION OF OTHER GAAP TO NON-GAAP MEASURES 26
Slide 27: Reconciliation of Operating Cash Flow to Free Cash Flow
RECONCILIATION OF NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES TO FREE CASH FLOW 27
Slide 28: Reconciliation of Net Leverage Ratio
RECONCILIATION OF NET LEVERAGE RATIO 28