Black Rock Coffee Bar, Inc.
For the period ended May 12, 2026. Filed May 12, 2026.
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May 12, 2026 · Filed May 12, 2026
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Contents
EX-99.1 · Key Performance Measures
Key Performance Measures
($ in thousands; unaudited)
| Three Months Ended March 31, | |||
|---|---|---|---|
| 2026 | 2025 | Change | |
| Total Stores (End of Period) | 190 | 154 | 36 |
| Net New Store Openings | 9 | 5 | 4 |
| Same Store Sales Growth(1) | 5.2% | 9.2% | (4.0)% |
| Average Unit Volume | $1,279 | $1,203 | $76 |
| Store revenue | $55,384 | $44,774 | $10,610 |
| Income from operations(3) | $2,676 | $2,251 | $425 |
| Income from operations margin(3) | 4.8% | 5.0% | (0.2)% |
| Store-Level Profit(2) | $16,389 | $12,686 | $3,703 |
| Store-Level Profit Margin(2) | 29.6% | 28.3% | 1.3% |
| Net income (loss)(3) | $1,799 | $(884) | $2,683 |
| Net income (loss) margin(3) | 3.2% | (2.0)% | 5.2% |
| Adjusted EBITDA(2) | $7,429 | $6,017 | $1,412 |
| Adjusted EBITDA Margin(2) | 13.4% | 13.4% | —% |
| Total store operating weeks(4) | 2,357 | 1,944 | 413 |
(1)Same Store Sales Growth reflects the change in year-over-year sales for the comparable store base, which we define as stores open for 18 months or longer.
(2)See “Non-GAAP Financial Measures” for a discussion of Store-Level Profit, Store-Level Profit Margin, Adjusted EBITDA and Adjusted EBITDA margin and reconciliation of each measure to its most directly comparable GAAP measure.
(3)The Company does not consider income (loss) from operations, income (loss) from operations margin, net loss or net loss margin to be key performance measures but has included such metrics in this table to provide the most directly comparable GAAP metric to Store-Level Profit, Store-Level Profit Margin, Adjusted EBITDA and Adjusted EBITDA Margin.
(4)Total store operating weeks are calculated based on the number of operating days for the store base and dividing by 7. Our store base is defined as stores opened as of the period end date. Management uses this metric as an indicator of our overall financial health, growth and future expansion prospects.
Supplemental Reconciliation of U.S. GAAP Actuals to Non-GAAP Actuals
Following are the reconciliations of the most comparable GAAP financial measures to non-GAAP financial measures. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with U.S. GAAP, and reconciliations from U.S. GAAP to Non-GAAP measures should be carefully evaluated. Please refer to "Non-GAAP Financial Measures" in this press release for a detailed explanation of the adjustments made to the comparable U.S. GAAP measures, the ways management uses the non-GAAP measures, and the reasons why management believes the non-GAAP measures provide useful information for investors.
| Three Months Ended March 31, | ||
|---|---|---|
| ($ in thousands; unaudited) | 2026 | 2025 |
| Net income (loss) | $1,799 | $(884) |
| Non-GAAP Adjustments: | ||
| Interest expense, net | 422 | 3,042 |
| Income tax expense | 103 | 78 |
| Depreciation and amortization | 3,453 | 2,883 |
| Transaction costs(1) | — | 1,080 |
| Equity-based compensation | 1,187 | — |
| TRA remeasurements | 351 | — |
| Legal settlement, net(2) | 68 | (240) |
| Other costs(3) | 46 | 58 |
| Adjusted EBITDA | $7,429 | $6,017 |
| Net income (loss) margin | 3.2% | (2.0)% |
| Adjusted EBITDA Margin | 13.4% | 13.4% |
(1)Includes non-recurring professional service fees and executive compensation related to our IPO.
(2)For the three months ended March 31, 2026, includes non-recurring legal fees. For the three months ended March 31, 2025, includes legal costs, offset by insurance proceeds.
(3)Non-recurring professional service costs.
| Three Months Ended March 31, | ||
|---|---|---|
| ($ in thousands; unaudited) | 2026 | 2025 |
| Income from operations | $2,676 | $2,251 |
| Other | (70) | (46) |
| Selling, general and administrative expenses | 9,242 | 6,880 |
| Depreciation and amortization | 3,453 | 2,883 |
| Pre-opening costs | 1,088 | 718 |
| Store-Level Profit | $16,389 | $12,686 |
| Income from operations margin | 4.8% | 5.0% |
| Store-Level Profit Margin | 29.6% | 28.3% |
| Three Months Ended March 31, | ||
|---|---|---|
| ($ in thousands; unaudited) | 2026 | 2025 |
| Selling, general and administrative expenses | $9,242 | $6,880 |
| Non-GAAP Adjustments: | ||
| Transaction costs(1) | — | (1,080) |
| Equity-based compensation | (1,187) | — |
| Legal settlement, net(2) | (68) | 240 |
| Other costs(3) | (46) | (58) |
| Adjusted Selling, General, and Administrative Expenses | $7,941 | $5,982 |
| Selling, general and administrative expenses margin | 16.7% | 15.4% |
| Adjusted Selling, General, and Administrative Expenses Margin | 14.3% | 13.3% |
(1)Includes non-recurring professional service fees and executive compensation related to our IPO.
(2)For the three months ended March 31, 2026, includes non-recurring legal fees. For the three months ended March 31, 2025, includes legal costs, offset by insurance proceeds.
(3)Non-recurring professional service costs.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.