BRC Inc
For the period ended Dec 31, 2023. Filed Mar 6, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 6, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Operations
BRC INC.
(in thousands, except share and per share amounts)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Revenue, net | $395,623 | $301,313 | $233,101 |
| Cost of goods sold | 270,175 | 202,134 | 143,414 |
| Gross profit | 125,448 | 99,179 | 89,687 |
| Operating expenses | |||
| Marketing and advertising | 30,794 | 38,169 | 36,358 |
| Salaries, wages and benefits | 71,054 | 64,286 | 38,746 |
| General and administrative | 71,613 | 64,486 | 26,162 |
| Other operating expense, net | 2,198 | — | — |
| Total operating expenses | 175,659 | 166,941 | 101,266 |
| Operating loss | (50,211) | (67,762) | (11,579) |
| Non-operating income (expenses) | |||
| Interest expense, net | (6,330) | (1,593) | (2,033) |
| Other income (expense), net | 10 | 339 | (55) |
| Change in fair value of earn-out liability | — | (209,651) | — |
| Change in fair value of warrant liability | — | (56,675) | — |
| Change in fair value of derivative liability | — | (2,335) | — |
| Total non-operating expenses | (6,320) | (269,915) | (2,088) |
| Loss before income taxes | (56,531) | (337,677) | (13,667) |
| Income tax expense | 185 | 367 | 178 |
| Net loss | $(56,716) | $(338,044) | $(13,845) |
| Less: Net loss attributable to non-controlling interest | (39,971) | (255,138) | |
| Net loss attributable to BRC Inc. | $(16,745) | $(82,906) | |
| Net loss per share attributable to Class A Common Stock(1) | |||
| Basic and diluted | $(0.27) | $(1.62) | |
| Weighted-average shares of Class A Common Stock outstanding(1) | |||
| Basic and diluted | 60,932,225 | 51,246,632 | |
(1)For the year ended December 31, 2022, net loss per share of Class A Common Stock and weighted-average shares of Class A Common Stock outstanding is representative of the period from February 9, 2022 through December 31, 2022, the period following the Business Combination, as defined in Note 1 - Organization and Nature of Business. For more information, refer to Note 17 - Net Loss per Share.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.