BRC Inc

For the period ended Dec 31, 2023. Filed Mar 6, 2024.

About 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

BRCC$9.80-2.9%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 8. Consolidated Statements of Cash Flows

(in thousands)

	Year Ended December 31,
	2023	2022	2021
Operating activities
Net loss	$(56,716)	$(338,044)	$(13,845)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	7,263	4,383	2,895
Equity-based compensation	6,974	6,079	3,204
Amortization of debt issuance costs	549	317	358
Loss on disposal of assets	4,763	—	70
Other	311	849	2,167
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	—
Changes in operating assets and liabilities:
Accounts receivable, net	(2,766)	(14,895)	(3,761)
Inventories, net	(8,183)	(56,311)	(4,831)
Prepaid expenses and other assets	654	(184)	(5,283)
Accounts payable	21,557	(6,146)	4,646
Accrued liabilities	(1,811)	15,986	3,636
Deferred revenue and gift card liability	1,525	2,171	2,719
Operating lease liability	891	776	—
Other liabilities	22	168	334
Net cash used in operating activities	(24,967)	(116,190)	(7,691)
Investing activities
Purchases of property, plant and equipment	(27,220)	(30,404)	(19,287)
Proceeds from sale of property and equipment	5,712	—	—
Net cash used in investing activities	(21,508)	(30,404)	(19,287)
Financing activities
Proceeds from issuance of long-term debt, net of discount	294,508	51,593	38,740
Debt issuance costs paid	(4,333)	(279)	(338)
Repayment of long-term debt	(268,230)	(38,761)	(20,058)
Repayment of and restricted cash for capital lease obligations	—	—	(1,663)
Financing lease obligations	(173)	3	—
Repayment of promissory note	(1,047)	—	—
Issuance of stock from the Employee Stock Purchase Plan	673	—	—
Payment of Series A preferred dividends	—	—	(7,001)
Distribution and redemption of Series A preferred equity	—	(127,853)	—
Proceeds from Business Combination, including PIPE investment	—	337,957	—
Payment of Business Combination costs	—	(31,638)	—
Redemption of Class A and Class B shares	—	(20,145)	—
Redemption of incentive units	—	(3,627)	—
Net cash provided by financing activities	21,398	167,250	9,680
Net increase (decrease) in cash, cash equivalents, and restricted cash	(25,077)	20,656	(17,298)
Cash and cash equivalents, beginning of period	38,990	18,334	35,632
Restricted cash, beginning of period	—	—	—
Cash and cash equivalents, end of period	$12,448	$38,990	$18,334
Restricted cash, end of period	$1,465	$—	$—

(in thousands)

	Year Ended December 31,
	2023	2022	2021
Non-cash operating activities
Recognition of right-of-use operating lease assets	$18,547	$20,050	$—
Recognition of revenue for inventory exchanged for prepaid advertising	$28,901	$—	$—
Accrued other assets	$—	$—	$750
Deferred transaction costs	$—	$—	$1,214
Non-cash investing and financing activities
Property and equipment purchased but not yet paid	$1,857	$2,279	$803
Series A preferred equity exchange for PIPE shares	$—	$26,203	$1,406
Series A preferred equity amortization	$—	$5,390	$27,510
Supplemental cash flow information
Cash paid for income taxes	$562	$277	$147
Cash paid for interest	$4,483	$1,279	$719

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