Black Rock Coffee Bar, Inc.
For the period ended Nov 12, 2025. Filed Nov 12, 2025.
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Nov 12, 2025 · Filed Nov 12, 2025
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Contents
EX-99.1 · Key Performance Measures
Key Performance Measures
($ in thousands; unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | Change | 2025 | 2024 | Change | |
| Total Stores (End of Period) | 169 | 144 | 25 | 169 | 144 | 25 |
| Net New Store Openings | 11 | 7 | 4 | 20 | 19 | 1 |
| Same Store Sales Growth(1) | 10.8% | 8.6% | 2.2% | 10.3% | 5.2% | 5.1% |
| Average Unit Volume | $1,260 | $1,168 | $92 | $1,260 | $1,168 | $92 |
| Store revenue | $51,410 | $41,399 | $10,011 | $146,520 | $117,941 | $28,579 |
| Income (loss) from operations(3) | $(6,407) | $3,138 | $(9,545) | $(889) | $6,145 | $(7,034) |
| Income (loss) from operations margin(3) | (12.4)% | 7.6% | (20.0)% | (0.6)% | 5.2% | (5.8)% |
| Store-Level Profit(2) | $15,226 | $11,653 | $3,573 | $42,767 | $33,200 | $9,567 |
| Store-Level Profit Margin(2) | 29.6% | 28.1% | 1.5% | 29.2% | 28.1% | 1.1% |
| Net loss(3) | $(16,175) | $(722) | $(15,453) | $(18,120) | $(2,957) | $(15,163) |
| Net loss margin(3) | (31.4)% | (1.7)% | (29.7)% | (12.4)% | (2.5)% | (9.9)% |
| Adjusted EBITDA(2) | $6,922 | $5,122 | $1,800 | $20,985 | $15,920 | $5,065 |
| Adjusted EBITDA Margin(2) | 13.4% | 12.4% | 1.0% | 14.3% | 13.5% | 0.8% |
(1)Same Store Sales Growth reflects the change in year-over-year sales for the comparable store base, which we define as stores open for 18 months or longer.
(2)See “Non-GAAP Financial Measures” for a discussion of Store-Level Profit, Store-Level Profit Margin, Adjusted EBITDA and Adjusted EBITDA Margin and reconciliation of each measure to its most directly comparable GAAP measure.
(3)The Company does not consider income (loss) from operations, income (loss) from operations margin, net loss or net loss margin to be key performance measures but has included such metrics in this table to provide the most directly comparable GAAP metric to Store-Level Profit, Store-Level Profit Margin, Adjusted EBITDA and Adjusted EBITDA Margin.
Supplemental Reconciliation of U.S. GAAP Actuals to Non-GAAP Actuals
Following are the reconciliations of the most comparable GAAP financial measures to non-GAAP financial measures. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with U.S. GAAP, and reconciliations from U.S. GAAP to Non-GAAP measures should be carefully evaluated. Please refer to "Non-GAAP Financial Measures" in this press release for a detailed explanation of the adjustments made to the comparable U.S. GAAP measures, the ways management uses the non-GAAP measures, and the reasons why management believes the non-GAAP measures provide useful information for investors.
| Three Months Ended September 30, | ||
|---|---|---|
| ($ in thousands; unaudited) | 2025 | 2024 |
| Net loss | $(16,175) | $(722) |
| Non-GAAP Adjustments: | ||
| Interest expense, net | 2,871 | 3,073 |
| Income tax expense | 31 | 71 |
| Depreciation and amortization | 3,030 | 2,533 |
| Transaction costs(1) | 9,056 | 875 |
| Capital restructuring costs(2) | 6,866 | 714 |
| Equity-based compensation | 868 | — |
| Legal settlement, net(3) | 273 | (1,486) |
| Other costs(4) | 102 | 64 |
| Adjusted EBITDA | $6,922 | $5,122 |
| Net loss margin | (31.4)% | (1.7)% |
| Adjusted EBITDA Margin | 13.4% | 12.4% |
(2)For the three months ended September 30, 2025, includes the forgiveness of our related party note receivable (refer to Note 14 in the unaudited condensed consolidated financial statements included in our Quarterly Form 10-Q) along with a debt extinguishment charge related to the payoff of our Prior Credit Facility.
(3)For the three months ended September 30, 2025, includes non-recurring legal fees. For the three months ended September 30, 2024, includes legal costs, offset by insurance proceeds, stemming from the Roasters settlement (refer to Note 5 in the audited consolidated financial statements included in our Prospectus), along with other non-recurring legal fees.
(4)Non-recurring professional service and legal costs.
| Nine Months Ended September 30, | ||
|---|---|---|
| ($ in thousands; unaudited) | 2025 | 2024 |
| Net loss | $(18,120) | $(2,957) |
| Non-GAAP Adjustments: | ||
| Interest expense, net | 9,028 | 8,188 |
| Income tax expense | 253 | 197 |
| Depreciation and amortization | 8,856 | 7,334 |
| Transaction costs(1) | 11,641 | 2,609 |
| Capital restructuring costs(2) | 7,937 | 1,057 |
| Equity-based compensation | 868 | — |
| Legal settlement, net(3) | 235 | (1,340) |
| Point-of-sale system transition costs | — | 579 |
| Other costs(4) | 287 | 253 |
| Adjusted EBITDA | $20,985 | $15,920 |
| Net loss margin | (12.4)% | (2.5)% |
| Adjusted EBITDA Margin | 14.3% | 13.5% |
(2)For the nine months ended September 30, 2025, includes the forgiveness of our related party note receivable (refer to Note 14 in the unaudited condensed consolidated financial statements included in our Quarterly Form 10-Q), a debt extinguishment charge related to the payoff of our Prior Credit Facility and fees incurred related to the Series A Redemption Agreement.
(3)For the nine months ended September 30, 2025, includes non-recurring legal costs, offset by insurance proceeds. For the nine months ended September 30, 2024, includes legal costs, offset by insurance proceeds, stemming from the Roasters settlement (refer to Note 5 in the audited consolidated financial statements included in our our Prospectus), along with other non-recurring legal fees.
(4)Non-recurring professional service and legal costs.
| Three Months Ended September 30, | ||
|---|---|---|
| ($ in thousands; unaudited) | 2025 | 2024 |
| Income (loss) from operations | $(6,407) | $3,138 |
| Other | (58) | (56) |
| Selling, general and administrative expenses | 17,158 | 4,894 |
| Depreciation and amortization | 3,030 | 2,533 |
| Pre-opening costs | 1,503 | 1,144 |
| Store-Level Profit | $15,226 | $11,653 |
| Income (loss) from operations margin | (12.4)% | 7.6% |
| Store-Level Profit Margin | 29.6% | 28.1% |
| Nine Months Ended September 30, | ||
|---|---|---|
| ($ in thousands; unaudited) | 2025 | 2024 |
| Income (loss) from operations | $(889) | $6,145 |
| Other | (162) | (164) |
| Selling, general and administrative expenses | 31,898 | 17,457 |
| Depreciation and amortization | 8,856 | 7,334 |
| Pre-opening costs | 3,064 | 2,428 |
| Store-Level Profit | $42,767 | $33,200 |
| Income (loss) from operations margin | (0.6)% | 5.2% |
| Store-Level Profit Margin | 29.2% | 28.1% |
| Three Months Ended September 30, | ||
|---|---|---|
| ($ in thousands; unaudited) | 2025 | 2024 |
| Selling, general and administrative expenses | 17,158 | 4,894 |
| Non-GAAP Adjustments: | ||
| Transaction costs(1) | (9,056) | (875) |
| Equity-based compensation | (868) | — |
| Legal settlement, net(2) | (273) | 1,486 |
| Point-of-sale system transition costs | — | — |
| Other costs(3) | (102) | (64) |
| Adjusted selling, general, and administrative expenses | $6,859 | $5,441 |
(2)For the three months ended September 30, 2025, includes non-recurring legal fees. For the three months ended September 30, 2024, includes legal costs, offset by insurance proceeds, stemming from the Roasters settlement (refer to Note 5 in the audited consolidated financial statements included in our Prospectus), along with other non-recurring legal fees.
(3)Non-recurring professional service and legal costs.
| Nine Months Ended September 30, | ||
|---|---|---|
| ($ in thousands; unaudited) | 2025 | 2024 |
| Selling, general and administrative expenses | 31,898 | 17,457 |
| Non-GAAP Adjustments: | ||
| Transaction costs(1) | (11,641) | (2,609) |
| Capital restructuring costs | — | (343) |
| Equity-based compensation | (868) | — |
| Legal settlement, net(2) | (235) | 1,340 |
| Point-of-sale system transition costs | — | (579) |
| Other costs(3) | (287) | (253) |
| Adjusted selling, general, and administrative expenses | $18,867 | $15,013 |
(2)For the nine months ended September 30, 2025, includes non-recurring legal costs, offset by insurance proceeds. For the nine months ended September 30, 2024, includes legal costs, offset by insurance proceeds, stemming from the Roasters settlement (refer to Note 5 in the audited consolidated financial statements included in our Prospectus), along with other non-recurring legal fees.
(3)Non-recurring professional service and legal costs.
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