BRC Inc.
For the period ended Dec 31, 2025. Filed Mar 2, 2026.
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FY2025 · Filed Mar 2, 2026
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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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating activities | |||
| Net loss | $(32,235) | $(7,649) | $(56,716) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
| Depreciation and amortization | 12,198 | 10,057 | 7,263 |
| Equity-based compensation | 10,307 | 10,607 | 6,974 |
| Settlement of litigation by issuance of stock | 2,367 | — | — |
| Amortization of debt issuance costs | 1,082 | 1,193 | 549 |
| Loss on disposal of assets | 721 | 1,848 | 4,763 |
| Loss on impairment of assets | 3,437 | 6,079 | — |
| Paid-in-kind interest | 1,224 | 2,535 | — |
| Loss on extinguishment of debt | — | 1,127 | — |
| Other | 83 | 173 | 311 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable, net | (1,536) | (8,627) | (2,766) |
| Inventories, net | (12,019) | (10,107) | (8,183) |
| Prepaid expenses and other assets | 11,086 | 900 | 654 |
| Accounts payable | (3,825) | 6,806 | 21,557 |
| Accrued liabilities | 4,064 | (7,890) | (1,811) |
| Deferred revenue and gift card liability | 115 | (7,112) | 1,525 |
| Operating lease liability | (4,307) | 560 | 891 |
| Other liabilities | (2,572) | 10,808 | 22 |
| Net cash provided by (used in) operating activities | (9,810) | 11,308 | (24,967) |
| Investing activities | |||
| Purchases of property, plant and equipment | (3,660) | (8,666) | (27,220) |
| Proceeds from sale of property and equipment | 5,078 | 953 | 5,712 |
| Net cash provided by (used in) investing activities | 1,418 | (7,713) | (21,508) |
| Financing activities | |||
| Proceeds from issuance of long-term debt, net of discount | 248,321 | 353,197 | 294,508 |
| Debt issuance costs paid | (225) | (706) | (4,333) |
| Repayment of long-term debt | (279,716) | (361,565) | (268,230) |
| Payments of debt extinguishment costs | — | (1,040) | — |
| Financing lease obligations | 6 | (68) | (173) |
| Repayment of promissory note | (1,047) | (1,047) | (1,047) |
| Issuance of stock from the Employee Stock Purchase Plan | 297 | 518 | 673 |
| Proceeds received for settlement agreement | 1,000 | — | — |
| Proceeds received for public offering, net of issuance costs | 37,276 | — | — |
| Proceeds from exercise of stock options | — | 13 | — |
| Net cash provided by (used in) financing activities | 5,912 | (10,698) | 21,398 |
| Net decrease in cash, cash equivalents, and restricted cash | (2,480) | (7,103) | (25,077) |
| Cash and cash equivalents, beginning of period | 6,810 | 12,448 | 38,990 |
| Restricted cash, beginning of period | — | 1,465 | — |
| Cash and cash equivalents, end of period | $4,330 | $6,810 | $12,448 |
| Restricted cash, end of period | $— | $— | $1,465 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Non-cash operating activities | |||
| (Derecognition) Recognition of right-of-use operating lease assets | $(1,917) | $(8,043) | $18,547 |
| Recognition of revenue for inventory exchanged for prepaid advertising | $4,963 | $23,925 | $28,901 |
| Non-cash investing and financing activities | |||
| Property and equipment purchased but not yet paid | $32 | $304 | $1,857 |
| Debt issuances costs accrued but not yet paid | $— | $378 | $— |
| Supplemental cash flow information | |||
| Cash paid for income taxes | $132 | $425 | $562 |
| Cash paid for interest | $5,384 | $9,041 | $4,483 |
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