Black Rock Coffee Bar, Inc. · NASDAQ:BRCB
Black Rock Coffee Bar — Q3 2025 Earnings Presentation
20 slides from Black Rock Coffee Bar's earnings presentation, Nov 11, 2025
Slide 1: Third Quarter Earnings Presentation
Third Quarter Earnings Presentation November 2025
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, the strategy of Black Rock Coffee Bar, Inc. (“Black Rock Coffee Bar” 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: 3Q '25 Performance
3Q 25 PERFORMANCE BLACK p.n0cK
Slide 5: 3Q'25 Performance Highlights
3Q’25 Performance Highlights (three months ended September 30, 2025) $51.5M 24.2% 10.8% $15.2M 29.6% Total Revenue Total Revenue Same Store Sales Store-Level Profit1 Store-Level Profit Margin1 Growth (YoY) Growth (YoY) $6.9M 13.4% 169 Total Stores2 Adj. EBITDA1 Adj. EBITDA Margin1 Established Growin
Slide 6: 3Q'25 YTD Performance Highlights
3Q’25 YTD Performance Highlights (nine months ended September 30, 2025) $146.7M 24.2% 10.3% $42.8M 29.2% Total Revenue Total Revenue Same Store Sales Store-Level Profit1 Store-Level Profit Margin1 Growth (YoY) Growth (YoY) $21.0M 14.3% 169 Total Stores2 Adj. EBITDA1 Adj. EBITDA Margin1 Established G
Slide 7: Fueling our growth
Fueling our growth BLACKROCK SAME STORESALES(SSS) GROWTH1 Prior Year Quarter Current Quarter 10.9% 10.8% 9.5% 9.2% 8.6% 8.6% 7.6% 6.4% 3.9% 3.8% 3.9% 2.9% 3.1% 2.9% 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 2-year SSS 10.5% 10.3% 11.7% 13.3% 12.1% 14.8% 19.4% Growth 1 BRAND AWARENESS LOYALTY DIGITAL
Slide 8: Strong growth and store-level profitability
Strong growth and store-level profitability STORE COUNT REVENUE($MM) CAGR: ~ 20% 24% 169 $147 149 $118 125 104 86 24% 71 $51 $41 2020 2021 2022 2023 2024 3Q'25 3Q'24 QTD 3Q'25 QTD 3Q'24 YTD 3Q'25 YTD STORE-LEVEL PROFIT1 ADJ. EBITDA ($MM)1 XX% Margin XX% Margin 29% 32% $43 $21 $33 $16 31% 35% $15 $7
Slide 9: Restaurant Expansion
Restaurant Expansion Data-led site selection targets top-performing locations 11 New locations added Established Growing Whitespace in 3Q'25 20 New locations added 12 YTD ‘25 WASHINGTON 34 8 169 Total stores across the country1 9 4 56 1,000 Anticipated locations by 2035 46 Flexibly sourced beans to
Slide 10: 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- 1,000 term growth journey, with significant 20% CAGR2 169 whitespace in both existing 149 and new markets 125 104 86 71 2020 20211 20221 2023 2024 3Q'25 20353 Store Count Gro
Slide 11: 2025 Fiscal Year Outlook
2025 Fiscal Year Outlook Metric Guidance New Store Openings 30 Units Total Revenue $199 to $200 Million Same Store Sales High-Single Digits Growth Consolidated Adjusted $26.5 to $27.0 Million EBITDA1 Capital Expenditures $30 to $32 Million Note:1 A reconciliation of adjusted EBITDA outlook to GAAP n
Slide 12: Long-term growth targets
Long-term growth targets Store Unit Growth Same Store Sales 20%+ Mid-Single Digits Revenue Growth Adj. EBITDA Growth Higher than 20%+ Revenue Growth Note: The long-term growth targets are not projections of future performance, but are forward-looking goals and subject to significant business, econom
Slide 13: Appendix
APPENDIX BLACK p. ROCK COFFEE BAR™
Slide 14: 3Q'25 & YTD 2025 Financial performance
3Q‘25 & YTD 2025 Financial performance ($MM) Q3 ‘25 Q3'24 YTD 2025 YTD 2024 Store count 169 144 169 144 OBSERVATIONS % Growth 13.4% 15.2% 7.0% 5.1% Store revenue $51 $41 $147 $118 Significant growth in 3Q Other $0 $0 $0 $0 Total revenue $51 $41 $147 $118 ⚫ 13% store count growth % YoY Growth 24.2% 2
Slide 15: Store-Level Profit reconciliation
Store-Level Profit reconciliation ($'000s) 3Q‘25 3Q'24 YTD 2025 YTD 2024 Income (loss) from operations ($6,407) $3,138 ($889) $6,145 Other ($58) ($56) ($162) ($164) Selling, general and administrative expenses $17,158 $4,894 $31,898 $17,457 Depreciation and amortization $3,030 $2,533 $8,856 $7,334 P
Slide 16: Adjusted SG&A Reconciliation
Adjusted SG&A Reconciliation ($ in thousands) 3Q'25 3Q'24 YTD 2025 YTD 2024 Selling, general and administrative expenses $17,158 $4,894 $31,898 $17,457 Non-GAAP Adjustments: ($9,056) ($875) ($11,641) ($2,609) Transaction costs1 - - - ($343) Capital restructuring costs ($868) - ($868) - Equity-based
Slide 17: Adjusted EBITDA reconciliation
Adjusted EBITDA reconciliation ($'000s) Q3 ‘25 Q3 '24 YTD 2025 YTD 2024 Net loss ($16,175) ($722) ($18,120) ($2,957) Non-GAAP Adjustments Interest expense, net $2,871 $3,073 $9,028 $8,188 Income tax expense $31 $71 $253 $197 Depreciation and amortization $3,030 $2,533 $8,856 $7,334 Transaction costs
Slide 18: Illustrative Capitalization
Illustrative Capitalization As of September 30, 2025 COMMENTARY (Unaudited) Black Rock Coffee Bar, Inc. ⚫ Net proceeds from our IPO in conjunction with proceeds from ($MM) the Co-Founder Contribution and $50 million from our New Term Loan, were used to repay all amounts outstanding under Long-term d
Slide 19: Common Units Outstanding
Common Units Outstanding The following table summarizes the ownership interest in Black Rock OpCo LLC: As of September 30, 2025 LLC Units Ownership % Black Rock OpCo LLC Units held by Black Rock Coffee Bar, Inc. 17,478,452 35% Black Rock OpCo LLC Units held by noncontrolling interest holders 1 32,57
Slide 20: Thank You
THANKYOU 20
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