Black Rock Coffee Bar, Inc.
For the period ended Feb 25, 2026. Filed Mar 3, 2026.
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Feb 25, 2026 · Filed Mar 3, 2026
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Contents
EX-99.1 · Key Performance Measures
Key Performance Measures
($ in thousands; unaudited)
| Three Months Ended December 31, | Year Ended December 31, | |||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | Change | 2025 | 2024 | Change | |
| Total Stores (End of Period) | 181 | 149 | 32 | 181 | 149 | 32 |
| Net New Store Openings | 12 | 5 | 7 | 32 | 24 | 8 |
| Same Store Sales Growth(1) | 9.3% | 9.5% | (0.2)% | 10.1% | 6.3% | 3.8% |
| Average Unit Volume | $1,286 | $1,186 | $100 | $1,286 | $1,186 | $100 |
| Store revenue | $53,566 | $42,741 | $10,825 | $200,086 | $160,682 | $39,404 |
| Income (loss) from operations(3) | $1,790 | $(112) | $1,902 | $901 | $6,033 | $(5,132) |
| Income (loss) from operations margin(3) | 3.3% | (0.3)% | 3.6% | 0.4% | 3.7% | (3.3)% |
| Store-Level Profit(2) | $15,725 | $11,580 | $4,145 | $58,492 | $44,780 | $13,712 |
| Store-Level Profit Margin(2) | 29.4% | 27.1% | 2.3% | 29.2% | 27.9% | 1.3% |
| Net income (loss)(3) | $1,581 | $(4,230) | $5,811 | $(16,539) | $(7,187) | $(9,352) |
| Net income (loss) margin(3) | 2.9% | (9.9)% | 12.8% | (8.3)% | (4.5)% | (3.8)% |
| Adjusted EBITDA(2) | $6,515 | $4,274 | $2,241 | $27,500 | $20,194 | $7,306 |
| Adjusted EBITDA Margin(2) | 12.1% | 10.0% | 2.1% | 13.7% | 12.5% | 1.2% |
| Total store operating weeks(4) | 2,251 | 1,896 | 355 | 8,319 | 7,187 | 1,132 |
(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 income (loss) or net income (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.
(4)Total store operating weeks are calculated based on the number of operating days for the store base and dividing by 7. Our store base is defined as stores opened as of the period end date. Management uses this metric as an indicator of our overall financial health, growth and future expansion prospects.
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 December 31, | ||
|---|---|---|
| ($ in thousands; unaudited) | 2025 | 2024 |
| Net income (loss) | $1,581 | $(4,230) |
| Non-GAAP Adjustments: | ||
| Interest expense, net | 322 | 2,927 |
| Income tax expense | 222 | 73 |
| Depreciation and amortization | 3,343 | 3,030 |
| Transaction costs(1) | — | 1,116 |
| Capital restructuring costs | — | 714 |
| Equity-based compensation | 1,213 | — |
| TRA remeasurements | (334) | — |
| Legal settlement, net(2) | (86) | 509 |
| Other costs(3) | 254 | 135 |
| Adjusted EBITDA | $6,515 | $4,274 |
| Net income (loss) margin | 2.9% | (9.9)% |
| Adjusted EBITDA Margin | 12.1% | 10.0% |
(2)For the three months ended December 31, 2025, includes non-recurring legal fees, offset by insurance proceeds. For the three months ended December 31, 2024, includes legal costs stemming from the Roasters settlement (refer to Note 5 in the audited consolidated financial statements included in our final prospectus filed with the SEC on September 15, 2025 pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended (the “Prospectus”)), along with other non-recurring legal fees.
| Year Ended December 31, | ||
|---|---|---|
| ($ in thousands; unaudited) | 2025 | 2024 |
| Net loss | $(16,539) | $(7,187) |
| Non-GAAP Adjustments: | ||
| Interest expense, net | 9,350 | 11,115 |
| Income tax expense | 475 | 270 |
| Depreciation and amortization | 12,199 | 10,364 |
| Transaction costs(1) | 11,641 | 3,725 |
| Capital restructuring costs(2) | 7,937 | 1,771 |
| Equity-based compensation | 2,081 | — |
| TRA remeasurements | (334) | — |
| Legal settlement, net(3) | 149 | (831) |
| Point-of-sale system transition costs | — | 579 |
| Other costs(4) | 541 | 388 |
| Adjusted EBITDA | $27,500 | $20,194 |
| Net loss margin | (8.3)% | (4.5)% |
| Adjusted EBITDA Margin | 13.7% | 12.5% |
(2)For the year ended December 31, 2025, includes the forgiveness of our related party note receivable (refer to Note 14 in the unaudited condensed consolidated financial statements included in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025), a debt extinguishment charge related to the payoff of our Prior Credit Facility and fees incurred related to the Series A Redemption Agreement.
(3)For the year ended December 31, 2025, includes non-recurring legal costs, offset by insurance proceeds. For the year ended December 31, 2024, includes legal costs, offset by insurance proceeds, stemming from the Roasters settlement (refer to Note 5 in the audited consolidated financial statements included in our Prospectus), along with other non-recurring legal fees.
(4)Non-recurring professional service and legal costs.
| Three Months Ended December 31, | ||
|---|---|---|
| ($ in thousands; unaudited) | 2025 | 2024 |
| Income (loss) from operations | $1,790 | $(112) |
| Other | (73) | (71) |
| Selling, general and administrative expenses | 9,426 | 7,804 |
| Depreciation and amortization | 3,343 | 3,030 |
| Pre-opening costs | 1,239 | 929 |
| Store-Level Profit | $15,725 | $11,580 |
| Income (loss) from operations margin | 3.3% | (0.3)% |
| Store-Level Profit Margin | 29.4% | 27.1% |
| Year Ended December 31, | ||
|---|---|---|
| ($ in thousands; unaudited) | 2025 | 2024 |
| Income from operations | $901 | $6,033 |
| Other | (235) | (235) |
| Selling, general and administrative expenses | 41,324 | 25,261 |
| Depreciation and amortization | 12,199 | 10,364 |
| Pre-opening costs | 4,303 | 3,357 |
| Store-Level Profit | $58,492 | $44,780 |
| Income from operations margin | 0.4% | 3.7% |
| Store-Level Profit Margin | 29.2% | 27.9% |
| Three Months Ended December 31, | ||
|---|---|---|
| ($ in thousands; unaudited) | 2025 | 2024 |
| Selling, general and administrative expenses | $9,426 | $7,804 |
| Non-GAAP Adjustments: | ||
| Transaction costs(1) | — | (1,116) |
| Equity-based compensation | (1,213) | — |
| Legal settlement, net(2) | 86 | (128) |
| Other costs(3) | (254) | (135) |
| Adjusted Selling, General, and Administrative Expenses | $8,045 | $6,425 |
| Selling, general and administrative expenses margin | 17.6% | 18.2% |
| Adjusted Selling, General, and Administrative Expenses Margin | 15.0% | 15.0% |
(2)For the three months ended December 31, 2025, includes non-recurring legal fees, offset by insurance proceeds. For the three months ended December 31, 2024, includes legal costs stemming from the Roasters settlement (refer to Note 5 in the audited consolidated financial statements included in our Prospectus), along with other non-recurring legal fees.
| Year Ended December 31, | ||
|---|---|---|
| ($ in thousands; unaudited) | 2025 | 2024 |
| Selling, general and administrative expenses | $41,324 | $25,261 |
| Non-GAAP Adjustments: | ||
| Transaction costs(1) | (11,641) | (3,725) |
| Capital restructuring costs | — | (343) |
| Equity-based compensation | (2,081) | — |
| Legal settlement, net(2) | (149) | 1,212 |
| Point-of-sale system transition costs | — | (579) |
| Other costs(3) | (541) | (388) |
| Adjusted Selling, General, and Administrative Expenses | $26,912 | $21,438 |
| Selling, general and administrative expenses margin | 20.6% | 15.7% |
| Adjusted Selling, General, and Administrative Expenses Margin | 13.4% | 13.3% |
(2)For the year ended December 31, 2025, includes non-recurring legal costs, offset by insurance proceeds. For the year ended December 31, 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.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.