BRC Inc

For the period ended Dec 31, 2024. Filed Mar 3, 2025.

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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.

FY2024 · Filed Mar 3, 2025

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

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

	Year Ended December 31,
	2024	2023	2022
Operating activities
Net loss	$(7,649)	$(56,716)	$(338,044)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	10,057	7,263	4,383
Equity-based compensation	10,607	6,974	6,079
Amortization of debt issuance costs	1,193	549	317
Loss on disposal of assets	1,848	4,763	—
Loss on impairment of assets	6,079	—	—
Paid-in-kind interest	2,535	—	—
Loss on extinguishment of debt	1,127	—	—
Other	173	311	849
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	(8,627)	(2,766)	(14,895)
Inventories, net	(10,107)	(8,183)	(56,311)
Prepaid expenses and other assets	900	654	(184)
Accounts payable	6,806	21,557	(6,146)
Accrued liabilities	(7,890)	(1,811)	15,986
Deferred revenue and gift card liability	(7,112)	1,525	2,171
Operating lease liability	560	891	776
Other liabilities	10,808	22	168
Net cash provided by (used in) operating activities	11,308	(24,967)	(116,190)
Investing activities
Purchases of property, plant and equipment	(8,666)	(27,220)	(30,404)
Proceeds from sale of property and equipment	953	5,712	—
Net cash used in investing activities	(7,713)	(21,508)	(30,404)
Financing activities
Proceeds from issuance of long-term debt, net of discount	353,197	294,508	51,593
Debt issuance costs paid	(706)	(4,333)	(279)
Repayment of long-term debt	(361,565)	(268,230)	(38,761)
Payments of debt extinguishment costs	(1,040)	—	—
Financing lease obligations	(68)	(173)	3
Repayment of promissory note	(1,047)	(1,047)	—
Issuance of stock from the Employee Stock Purchase Plan	518	673	—
Proceeds from exercise of stock options	13	—	—
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 (used in) provided by financing activities	(10,698)	21,398	167,250
Net (decrease) increase in cash, cash equivalents, and restricted cash	(7,103)	(25,077)	20,656
Cash and cash equivalents, beginning of period	12,448	38,990	18,334
Restricted cash, beginning of period	1,465	—	—
Cash and cash equivalents, end of period	$6,810	$12,448	$38,990
Restricted cash, end of period	$—	$1,465	$—

CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

(in thousands)

	Year Ended December 31,
	2024	2023	2022
Non-cash operating activities
(Derecognition) Recognition of right-of-use operating lease assets	$(8,043)	$18,547	$20,050
Recognition of revenue for inventory exchanged for prepaid advertising	$23,925	$28,901	$—
Non-cash investing and financing activities
Property and equipment purchased but not yet paid	$304	$1,857	$2,279
Debt issuances costs accrued but not yet paid	$378	$—	$—
Series A preferred equity exchange for PIPE shares	$—	$—	$26,203
Series A preferred equity amortization	$—	$—	$5,390
Supplemental cash flow information
Cash paid for income taxes	$425	$562	$277
Cash paid for interest	$9,041	$4,483	$1,279

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.