{"success":true,"data":{"pressRelease":{"id":"32332","rtpr_id":"nGNX6yWrXk","ticker":"BRCB","exchange":"NASDAQ","all_tickers":["BRCB"],"title":"Black Rock Coffee Bar, Inc. Reports First Quarter 2026 Results","author":"Globe Newswire","published_at":"2026-05-12T20:06:00.339Z","article_body":"Total Revenue Growth of 23.7% Year Over Year in the First Quarter\n\nSame Store Sales Growth of 5.2% Year Over Year in the First Quarter\n\nOpened 9 New Stores in the First Quarter\n\nSCOTTSDALE, Ariz., May 12, 2026 (GLOBE NEWSWIRE) -- Black Rock Coffee Bar,\nInc. (Nasdaq: BRCB) (“Black Rock Coffee Bar” or the “Company”) today\nannounced financial results for the first quarter ended March 31, 2026.\n\nFirst Quarter 2026 Highlights\n* Opened 9 new stores during the period\n* Total revenue of $55.5 million, up 23.7% compared to the prior year period\n* Same Store Sales Growth((1)) increased 5.2% compared to the prior year\nperiod\n* Income from operations of $2.7 million compared to $2.3 million in the prior\nyear period. In the first quarter of 2026, income from operations margin was\n4.8%\n* Store-Level Profit((2)) of $16.4 million as compared to $12.7 million in the\nprior year period. In the first quarter of 2026, Store-Level Profit Margin was\n29.6%\n* Selling, general, and administrative (“SG&A”) expenses of $9.2 million,\nor 16.7% of total revenue, compared to $6.9 million, or 15.4% of total\nrevenue, in the prior year period\n* Adjusted SG&A Expenses((2)) of $7.9 million, or 14.3% of total revenue,\ncompared to $6.0 million, or 13.3% of total revenue, in the prior year period\n* Net income grew 303.5% to $1.8 million, as compared to a net loss of $(0.9)\nmillion in the prior year period\n* Adjusted EBITDA((2)) grew 23.5% to $7.4 million, as compared to $6.0 million\nin the prior year period\n* Total store operating weeks((1)) of 2,357, as compared to 1,944 in the prior\nyear period\n“We delivered a strong first quarter, with both revenue and adjusted EBITDA\nup 24% year-over-year, reflecting the strength and resiliency of our customer\nbase and operating model. Same store sales increased 5.2%, or 14.4% on a\ntwo-year basis, and we opened nine new locations in the quarter as we\ncontinued to execute against our disciplined expansion strategy. Our\nperformance continues to be underpinned by our three strategic priorities –\ndeepening customer engagement, strengthening our people-oriented culture, and\nexpanding our marketing presence – which remain central to driving traffic,\nengagement, and profitable growth. Our broad and balanced demographic profile,\nsteady demand across day parts and days of the week, and a coffee‑led mix\nwith growing food attachment and energy mix growth, positions us well to\nperform consistently and navigate periods of macro uncertainty. As we move\nthrough 2026, we remain focused on executing against our strategic priorities\nand delivering sustainable growth and long-term value creation for our\nshareholders,” said Mark Davis, Chief Executive Officer.\n\nBalance Sheet & Liquidity\n\nAs of March 31, 2026, Cash and cash equivalents totaled $20.0 million and\ntotal debt was $27.4 million, consisting of $18.7 million outstanding under\nour credit facility and $8.7 million of financing obligations related to\ncertain reverse build-to-suit lease arrangements.\n\nAs of March 31, 2026, outstanding principal under the Company's term loan\nfacility was $19.8 million. The Company's $25 million revolving credit\nfacility remains undrawn.\n\nFull Year 2026 Outlook\n\nThe Company is reaffirming its full year 2026 guidance of:\n* 36 new store openings\n* Total Revenue in the range of $255 to $257 million\n* Same Store Sales growth in the mid-single digits\n* Adjusted EBITDA in the range of $33.5 to $34.5 million((3))\n* Capital Expenditures in the range of $40 to $41 million which includes\nanticipated tenant improvement allowances\n \n\n(1) Same Store Sales Growth and Total store operating weeks are defined in the\nsection \"Key Performance Measures\".\n(2) See “Non-GAAP Financial Measures” for a discussion of Store-Level\nProfit, Store-Level Profit Margin, Adjusted Selling, General, and\nAdministrative Expenses, and Adjusted EBITDA and reconciliation of each\nmeasure to its most directly comparable GAAP measure.\n(3) A reconciliation of adjusted EBITDA outlook to GAAP net income is not\navailable without unreasonable efforts do to the due to the inherent\ndifficulty in forecasting and quantifying with reasonable accuracy significant\nitems required for the reconciliation, including share-based compensation.\n\nConference Call and Webcast Information\n\nBlack Rock Coffee Bar will host a conference call on May 12, 2026, at 5:00\np.m. Eastern Time to discuss first quarter ended March 31, 2026 results. The\nconference call can be accessed live over the phone by dialing 1-877-704-4453\nor for international callers, 1-201-389-0920. A replay will be available two\nhours after the call and can be accessed by dialing 1-844-512-2921, or for\ninternational callers, 1-412-317-6671. The passcode for the live call and the\nreplay is 13759461. The replay will be available until Tuesday, May 26, 2026.\nA live webcast of the conference call and related presentation materials will\nalso be available in the investor relations section of Black Rock Coffee\nBar’s website, ir.br.coffee.\n\nAbout Black Rock Coffee Bar\n\nBlack Rock Coffee Bar is a high-growth operator of guest-centric, drive-thru\ncoffee bars offering premium caffeinated beverages and an elevated in-store\nexperience crafted by our engaging baristas. Black Rock Coffee Bar was founded\nin 2008 in Beaverton, Oregon. What started as a single 160 square foot coffee\nbar in 2008 is now one of the fastest growing beverage companies in the United\nStates by revenue and the largest fully company-owned coffee retailer in the\ncountry, with more than 190 locations spanning seven states from the Pacific\nNorthwest to Texas.\n\nForward-Looking Statements\n\nThis release contains a number of “forward-looking statements” as defined\nin the Private Securities Litigation Reform Act of 1995. Forward-looking\nstatements include, without limitation, Black Rock Coffee Bar’s strategy,\nfuture financial condition, future operations, projected costs, prospects,\nplans, objectives of management, expected market growth, and full year 2026\noutlook, including, new store openings, total revenue, same store sales\ngrowth, adjusted EBITDA, and capital expenditures. These statements are based\non Black Rock Coffee Bar’s current expectations and beliefs, as well as a\nnumber of assumptions concerning future events. In some cases, you can\nidentify forward-looking statements because they contain words such as\n“may,” “will,” “shall,” “should,” “expects,” “plans,”\n“anticipates,” “could,” “intends,” “target,” “projects,”\n“contemplates,” “believes,” “estimates,” “predicts,”\n“potential,” “goal,” “objective,” “seeks,” or “continue,”\nor the negative of these words or other similar terms or expressions that\nconcern our expectations, strategy, plans, or intentions. Such forward-looking\nstatements are subject to known and unknown risks, uncertainties, assumptions\nand other important factors, many of which are outside Black Rock Coffee\nBar’s control that could cause actual results to differ materially from the\nresults discussed in the forward-looking statements, including our inability\nto successfully identify and secure appropriate sites and timely develop and\nexpand our operations; our inability to protect our brand and reputation; our\ninability to secure, protect, and enforce our intellectual property rights;\nour dependence on a small number of suppliers and two roasting facilities; our\ndependence on third-party information technology systems and services; our and\nour vendors’ vulnerability to security breaches, including breaches that may\nimpact confidential customer information; our expectations regarding our\nfuture operating and financial performance; the size of our addressable\nmarkets, market share, and market trends; our ability to compete in our\nindustry; changes in consumer tastes and nutritional and dietary trends; our\nability to effectively manage the continued growth of our workforce and\noperations; our inability to open profitable stores; our failure to generate\nprojected same store sales growth; the sufficiency of our cash, cash\nequivalents, and investments to meet our liquidity needs; our dependence on\nlong-term non-cancelable leases; our relationship with our employees and the\nstatus of our workers; the effects of seasonal trends on our results of\noperations; our vulnerability to global financial market conditions, including\ninflation and other macroeconomic factors, including, without limitation, due\nto the ongoing conflict in the Middle East; our ability to attract, retain,\nand motivate skilled personnel, including key members of our senior\nmanagement; our vulnerability to adverse weather conditions in local or\nregional areas where our stores are located; our realization of any benefit\nfrom the Tax Receivable Agreements and our organizational structure; the\nincreased expenses associated with being a public company; and those other\nrisks described under the heading “Risk Factors” in our Annual Report on\nForm 10-K for the year ended December 31, 2025 filed with the Securities and\nExchange Commission (\"SEC\") on March 4, 2026, as will be updated by our\nQuarterly Report on Form 10-Q for the quarter ended March 31, 2026, once\nfiled, and in our future reports to be filed with the SEC. Forward-looking\nstatements contained in this release are made as of this date, and Black Rock\nCoffee Bar undertakes no duty to update such information except as required\nunder applicable law.\n\nNon-GAAP Financial Measures\n\nThis press release contains “non-GAAP financial measures” that are\nfinancial measures that either exclude or include amounts that are not\nexcluded or included in the most directly comparable measures calculated and\npresented in accordance with accounting principles generally accepted in the\nUnited States (“GAAP”). Specifically, we make use of the non-GAAP\nfinancial measures “Adjusted EBITDA”, \"Adjusted EBITDA Margin\",\n“Store-Level Profit”, “Store-Level Profit Margin”, “Adjusted\nSelling, General, and Administrative Expenses”, and \"Adjusted Selling,\nGeneral, and Administrative Expenses Margin\". We believe these non-GAAP\nfinancial measures assist investors and analysts in comparing our operating\nperformance across reporting periods on a consistent basis by excluding items\nthat we do not believe are indicative of our operating performance. Management\nsupplements GAAP results with non-GAAP financial measures to provide a more\ncomplete understanding of the factors and trends affecting the business than\nGAAP results alone provide. Please refer to the tables in this press release\nfor a reconciliation of non-GAAP measures to the most directly comparable\nfinancial measure prepared in accordance with GAAP. The presentation of\nnon-GAAP financial measures is not intended to be considered in isolation or\nas a substitute for, or superior to the financial information prepared and\npresented in accordance with GAAP.\n\nStore-Level Profit and Store-Level Profit Margin\n\nStore-Level Profit represents store revenue in the specific period less\nbeverage, food and packaging, labor and related expenses, occupancy and\nrelated expenses, and other store operating expenses, excluding depreciation\nand amortization and pre-opening costs in the period.\n\nStore-Level Profit Margin represents Store-Level Profit as a percentage of\nstore revenue. We use Store-Level Profit and Store-Level Profit Margin in our\nevaluation of the performance and profitability of each store.\n\nWe use Store-Level Profit and Store-Level Profit Margin to supplement GAAP\nmeasures of performance in the evaluation of the effectiveness of our business\nstrategies, to make budgeting decisions, and to compare our performance\nagainst that of other peer companies using similar measures.\n\nAdjusted EBITDA and Adjusted EBITDA Margin\n\nAdjusted EBITDA is net income (loss) adjusted to exclude interest expense,\nnet, income tax expense, and depreciation and amortization, further adjusted\nto exclude certain items that we do not consider indicative of our ongoing\noperating performance, including transaction costs associated with our initial\npublic offering (\"IPO\"), capital restructuring costs, equity-based\ncompensation, gain (loss) on the remeasurement of the liability related to the\nTRA, certain litigation costs, net and other non-core costs. Adjusted EBITDA\nMargin represents Adjusted EBITDA as a percentage of Total revenue.\n\nWe use Adjusted EBITDA and Adjusted EBITDA Margin to supplement GAAP measures\nof performance in the evaluation of the effectiveness of our business\nstrategies, to make budgeting decisions, and to compare our performance\nagainst that of other peer companies using similar measures.\n\nAdjusted Selling, General, and Administrative Expenses and Adjusted Selling,\nGeneral, and Administrative Expenses Margin\n\nAdjusted Selling, General and Administrative Expenses is selling, general, and\nadministrative expenses adjusted to exclude transaction costs, capital\nrestructuring costs, equity-based compensation, legal settlement, net and\nother costs. Adjusted Selling, General and Administrative Expenses Margin\nrepresents Adjusted Selling, General and Administrative Expenses as a\npercentage of Total revenue.\n\nWe use Adjusted Selling, General, and Administrative Expenses and Adjusted\nSelling, General, and Administrative Expenses Margin because it may provide a\nmore meaningful comparison to prior periods and may be indicative of the level\nof such expenses to be incurred in future periods.\n\n \n BLACK ROCK COFFEE BAR, INC. \n \n Condensed Consolidated Statements of Operations (Unaudited) \n (in thousands, except share and per share amounts) \n \n Three Months Ended March 31, \n 2026 2025 \n Store revenue $ 55,384 $ 44,774 \n Other 70 46 \n Total revenue 55,454 44,820 \n Store operating costs and expenses (exclusive of depreciation and amortization presented separately below): \n Beverage, food and packaging costs 15,013 12,682 \n Labor and related expenses 11,475 9,419 \n Occupancy and related expenses 4,725 3,748 \n Other store operating expenses 7,782 6,239 \n Total store operating costs and expenses 38,995 32,088 \n Selling, general and administrative expenses 9,242 6,880 \n Depreciation and amortization 3,453 2,883 \n Pre-opening costs 1,088 718 \n Total operating expenses 52,778 42,569 \n Income from operations 2,676 2,251 \n Interest expense, net (422 ) (3,042 ) \n Other income (expense), net (352 ) (15 ) \n Income (loss) before income taxes 1,902 (806 ) \n Income tax expense 103 78 \n Net income (loss) 1,799 (884 ) \n Less: Net loss attributable to Black Rock OpCo prior to the Transactions — (884 ) \n Less: Net income attributable to noncontrolling interest 1,421 — \n Net income attributable to Black Rock Coffee Bar, Inc. $ 378 $ — \n Net income per share of Class A common stock: ((1)) \n Basic $ 0.02 N/A \n Diluted $ 0.02 N/A \n Weighted-average shares of Class A common stock outstanding \n Basic 17,562,299 N/A \n Diluted 17,562,299 N/A \n \n \n (1) Basic and diluted net loss per share of Class A common stock is applicable only for the period subsequent to September 12, 2025, which is the period effective with and following the IPO and transaction related thereto. \n \n\n\n\n \n BLACK ROCK COFFEE BAR, INC. \n \n Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except share data) \n \n March 31, 2026 December 31, 2025 \n ASSETS \n Current assets: \n Cash and cash equivalents $ 20,018 $ 28,406 \n Receivables, net 2,686 3,450 \n Inventories 3,256 2,898 \n Prepaid expenses and deposits 4,504 5,363 \n Total current assets 30,464 40,117 \n Property and equipment, net 111,977 101,207 \n Operating lease right-of-use assets, net 133,457 126,903 \n Other assets 863 277 \n Goodwill 9,360 9,360 \n Deferred income tax asset 55,799 52,764 \n Intangible assets, net 5,316 5,808 \n Total assets $ 347,236 $ 336,436 \n \n LIABILITIES AND SHAREHOLDERS' EQUITY \n Current liabilities: \n Accounts payable 11,484 12,126 \n Accrued expenses 6,602 7,986 \n Accrued payroll and benefits 5,111 6,549 \n Gift card and loyalty program liability 1,867 2,126 \n Current portion of long-term debt 977 835 \n Current portion of operating lease liabilities 9,091 8,960 \n Total current liabilities 35,132 38,582 \n Tax receivable agreement liability 42,527 38,893 \n Long-term debt, net of current portion 26,405 25,917 \n Operating lease liabilities, net of current portion 135,689 128,338 \n Total liabilities 239,753 231,730 \n Commitments and Contingencies \n Preferred stock, par value $0.00001 per share; 20,000,000 shares authorized, no shares issued or outstanding as of March 31, 2026 or December 31, 2025, respectively — — \n Class A common stock, par value $0.00001 per share; 500,000,000 shares authorized, 18,017,471 and 17,478,452 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively — — \n Class B common stock, par value $0.00001 per share, 200,000,000 shares authorized, 10,377,136 and 10,916,155 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively — — \n Class C common stock, par value $0.00001 per share, 50,000,000 shares authorized, 21,661,200 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively — — \n Additional paid-in capital 46,952 45,735 \n Retained earnings (Accumulated deficit) 318 (60 ) \n Total shareholders' equity attributable to Black Rock Coffee Bar, Inc. 47,270 45,675 \n Noncontrolling interest 60,213 59,031 \n Total shareholders' equity 107,483 104,706 \n Total liabilities and shareholders' equity $ 347,236 $ 336,436 \n \n\n\n\n \n BLACK ROCK COFFEE BAR, INC. \n \n Summary Cash Flow Data \n (in thousands; unaudited) \n \n Three Months Ended March 31, Change \n Summary of Cash Flows 2026 2025 $ % \n Net cash provided by operating activities $ 6,791 $ 3,433 $ 3,358 97.8 % \n Net cash used in investing activities (16,525 ) (6,548 ) (9,977 ) 152.4 % \n Net cash provided by financing activities 1,346 9,644 (8,298 ) (86.0 )% \n Net increase (decrease) in cash and cash equivalents $ (8,388 ) $ 6,529 $ (14,917 ) (228.5 )% \n \n \n\n\n\n \n Key Performance Measures \n ($ in thousands; unaudited) \n \n Three Months Ended March 31, \n 2026 2025 Change \n Total Stores (End of Period) 190 154 36 \n Net New Store Openings 9 5 4 \n Same Store Sales Growth ((1)) 5.2 % 9.2 % (4.0 )% \n Average Unit Volume $ 1,279 $ 1,203 $ 76 \n Store revenue $ 55,384 $ 44,774 $ 10,610 \n Income from operations ((3)) $ 2,676 $ 2,251 $ 425 \n Income from operations margin ((3)) 4.8 % 5.0 % (0.2 )% \n Store-Level Profit ((2)) $ 16,389 $ 12,686 $ 3,703 \n Store-Level Profit Margin ((2)) 29.6 % 28.3 % 1.3 % \n Net income (loss) ((3)) $ 1,799 $ (884 ) $ 2,683 \n Net income (loss) margin ((3)) 3.2 % (2.0 )% 5.2 % \n Adjusted EBITDA ((2)) $ 7,429 $ 6,017 $ 1,412 \n Adjusted EBITDA Margin ((2)) 13.4 % 13.4 % — % \n Total store operating weeks ((4)) 2,357 1,944 413 \n \n (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. \n (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. \n (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. \n (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. \n \n\nSupplemental Reconciliation of U.S. GAAP Actuals to Non-GAAP Actuals\n\nFollowing are the reconciliations of the most comparable GAAP financial\nmeasures to non-GAAP financial measures. These non-GAAP financial measures\nshould not be considered a substitute for, or superior to, financial measures\ncalculated in accordance with U.S. GAAP, and reconciliations from U.S. GAAP to\nNon-GAAP measures should be carefully evaluated. Please refer to \"Non-GAAP\nFinancial Measures\" in this press release for a detailed explanation of the\nadjustments made to the comparable U.S. GAAP measures, the ways management\nuses the non-GAAP measures, and the reasons why management believes the\nnon-GAAP measures provide useful information for investors.\n\n Three Months Ended March 31, \n ($ in thousands; unaudited) 2026 2025 \n Net income (loss) $ 1,799 $ (884 ) \n Non-GAAP Adjustments: \n Interest expense, net 422 3,042 \n Income tax expense 103 78 \n Depreciation and amortization 3,453 2,883 \n Transaction costs ((1)) — 1,080 \n Equity-based compensation 1,187 — \n TRA remeasurements 351 — \n Legal settlement, net ((2)) 68 (240 ) \n Other costs ((3)) 46 58 \n Adjusted EBITDA $ 7,429 $ 6,017 \n Net income (loss) margin 3.2 % (2.0 )% \n Adjusted EBITDA Margin 13.4 % 13.4 % \n \n (1) Includes non-recurring professional service fees and executive compensation related to our IPO. \n (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. \n (3) Non-recurring professional service costs. \n \n\n\n\n Three Months Ended March 31, \n ($ in thousands; unaudited) 2026 2025 \n Income from operations $ 2,676 $ 2,251 \n Other (70 ) (46 ) \n Selling, general and administrative expenses 9,242 6,880 \n Depreciation and amortization 3,453 2,883 \n Pre-opening costs 1,088 718 \n Store-Level Profit $ 16,389 $ 12,686 \n Income from operations margin 4.8 % 5.0 % \n Store-Level Profit Margin 29.6 % 28.3 % \n \n\n\n\n Three Months Ended March 31, \n ($ in thousands; unaudited) 2026 2025 \n Selling, general and administrative expenses $ 9,242 $ 6,880 \n Non-GAAP Adjustments: \n Transaction costs ((1)) — (1,080 ) \n Equity-based compensation (1,187 ) — \n Legal settlement, net ((2)) (68 ) 240 \n Other costs ((3)) (46 ) (58 ) \n Adjusted Selling, General, and Administrative Expenses $ 7,941 $ 5,982 \n Selling, general and administrative expenses margin 16.7 % 15.4 % \n Adjusted Selling, General, and Administrative Expenses Margin 14.3 % 13.3 % \n \n (1) Includes non-recurring professional service fees and executive compensation related to our IPO. \n (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. \n (3) Non-recurring professional service costs. \n \n\nInvestor Contact:\nWill MacIntosh\ninvestors@br.coffee\n(541) 208-1860\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/e1e88ec5-2657-4c6b-b82f-b225ce279c5a)\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX6yWrXk","title":"Black Rock Coffee Bar, Inc. Reports First Quarter 2026 Results","author":"Globe Newswire","ticker":"BRCB","created":"2026-05-12T20:06:00.339Z","tickers":["BRCB"],"exchange":"NASDAQ","article_body":"Total Revenue Growth of 23.7% Year Over Year in the First Quarter\n\nSame Store Sales Growth of 5.2% Year Over Year in the First Quarter\n\nOpened 9 New Stores in the First Quarter\n\nSCOTTSDALE, Ariz., May 12, 2026 (GLOBE NEWSWIRE) -- Black Rock Coffee Bar,\nInc. (Nasdaq: BRCB) (“Black Rock Coffee Bar” or the “Company”) today\nannounced financial results for the first quarter ended March 31, 2026.\n\nFirst Quarter 2026 Highlights\n* Opened 9 new stores during the period\n* Total revenue of $55.5 million, up 23.7% compared to the prior year period\n* Same Store Sales Growth((1)) increased 5.2% compared to the prior year\nperiod\n* Income from operations of $2.7 million compared to $2.3 million in the prior\nyear period. In the first quarter of 2026, income from operations margin was\n4.8%\n* Store-Level Profit((2)) of $16.4 million as compared to $12.7 million in the\nprior year period. In the first quarter of 2026, Store-Level Profit Margin was\n29.6%\n* Selling, general, and administrative (“SG&A”) expenses of $9.2 million,\nor 16.7% of total revenue, compared to $6.9 million, or 15.4% of total\nrevenue, in the prior year period\n* Adjusted SG&A Expenses((2)) of $7.9 million, or 14.3% of total revenue,\ncompared to $6.0 million, or 13.3% of total revenue, in the prior year period\n* Net income grew 303.5% to $1.8 million, as compared to a net loss of $(0.9)\nmillion in the prior year period\n* Adjusted EBITDA((2)) grew 23.5% to $7.4 million, as compared to $6.0 million\nin the prior year period\n* Total store operating weeks((1)) of 2,357, as compared to 1,944 in the prior\nyear period\n“We delivered a strong first quarter, with both revenue and adjusted EBITDA\nup 24% year-over-year, reflecting the strength and resiliency of our customer\nbase and operating model. Same store sales increased 5.2%, or 14.4% on a\ntwo-year basis, and we opened nine new locations in the quarter as we\ncontinued to execute against our disciplined expansion strategy. Our\nperformance continues to be underpinned by our three strategic priorities –\ndeepening customer engagement, strengthening our people-oriented culture, and\nexpanding our marketing presence – which remain central to driving traffic,\nengagement, and profitable growth. Our broad and balanced demographic profile,\nsteady demand across day parts and days of the week, and a coffee‑led mix\nwith growing food attachment and energy mix growth, positions us well to\nperform consistently and navigate periods of macro uncertainty. As we move\nthrough 2026, we remain focused on executing against our strategic priorities\nand delivering sustainable growth and long-term value creation for our\nshareholders,” said Mark Davis, Chief Executive Officer.\n\nBalance Sheet & Liquidity\n\nAs of March 31, 2026, Cash and cash equivalents totaled $20.0 million and\ntotal debt was $27.4 million, consisting of $18.7 million outstanding under\nour credit facility and $8.7 million of financing obligations related to\ncertain reverse build-to-suit lease arrangements.\n\nAs of March 31, 2026, outstanding principal under the Company's term loan\nfacility was $19.8 million. The Company's $25 million revolving credit\nfacility remains undrawn.\n\nFull Year 2026 Outlook\n\nThe Company is reaffirming its full year 2026 guidance of:\n* 36 new store openings\n* Total Revenue in the range of $255 to $257 million\n* Same Store Sales growth in the mid-single digits\n* Adjusted EBITDA in the range of $33.5 to $34.5 million((3))\n* Capital Expenditures in the range of $40 to $41 million which includes\nanticipated tenant improvement allowances\n \n\n(1) Same Store Sales Growth and Total store operating weeks are defined in the\nsection \"Key Performance Measures\".\n(2) See “Non-GAAP Financial Measures” for a discussion of Store-Level\nProfit, Store-Level Profit Margin, Adjusted Selling, General, and\nAdministrative Expenses, and Adjusted EBITDA and reconciliation of each\nmeasure to its most directly comparable GAAP measure.\n(3) A reconciliation of adjusted EBITDA outlook to GAAP net income is not\navailable without unreasonable efforts do to the due to the inherent\ndifficulty in forecasting and quantifying with reasonable accuracy significant\nitems required for the reconciliation, including share-based compensation.\n\nConference Call and Webcast Information\n\nBlack Rock Coffee Bar will host a conference call on May 12, 2026, at 5:00\np.m. Eastern Time to discuss first quarter ended March 31, 2026 results. The\nconference call can be accessed live over the phone by dialing 1-877-704-4453\nor for international callers, 1-201-389-0920. A replay will be available two\nhours after the call and can be accessed by dialing 1-844-512-2921, or for\ninternational callers, 1-412-317-6671. The passcode for the live call and the\nreplay is 13759461. The replay will be available until Tuesday, May 26, 2026.\nA live webcast of the conference call and related presentation materials will\nalso be available in the investor relations section of Black Rock Coffee\nBar’s website, ir.br.coffee.\n\nAbout Black Rock Coffee Bar\n\nBlack Rock Coffee Bar is a high-growth operator of guest-centric, drive-thru\ncoffee bars offering premium caffeinated beverages and an elevated in-store\nexperience crafted by our engaging baristas. Black Rock Coffee Bar was founded\nin 2008 in Beaverton, Oregon. What started as a single 160 square foot coffee\nbar in 2008 is now one of the fastest growing beverage companies in the United\nStates by revenue and the largest fully company-owned coffee retailer in the\ncountry, with more than 190 locations spanning seven states from the Pacific\nNorthwest to Texas.\n\nForward-Looking Statements\n\nThis release contains a number of “forward-looking statements” as defined\nin the Private Securities Litigation Reform Act of 1995. Forward-looking\nstatements include, without limitation, Black Rock Coffee Bar’s strategy,\nfuture financial condition, future operations, projected costs, prospects,\nplans, objectives of management, expected market growth, and full year 2026\noutlook, including, new store openings, total revenue, same store sales\ngrowth, adjusted EBITDA, and capital expenditures. These statements are based\non Black Rock Coffee Bar’s current expectations and beliefs, as well as a\nnumber of assumptions concerning future events. In some cases, you can\nidentify forward-looking statements because they contain words such as\n“may,” “will,” “shall,” “should,” “expects,” “plans,”\n“anticipates,” “could,” “intends,” “target,” “projects,”\n“contemplates,” “believes,” “estimates,” “predicts,”\n“potential,” “goal,” “objective,” “seeks,” or “continue,”\nor the negative of these words or other similar terms or expressions that\nconcern our expectations, strategy, plans, or intentions. Such forward-looking\nstatements are subject to known and unknown risks, uncertainties, assumptions\nand other important factors, many of which are outside Black Rock Coffee\nBar’s control that could cause actual results to differ materially from the\nresults discussed in the forward-looking statements, including our inability\nto successfully identify and secure appropriate sites and timely develop and\nexpand our operations; our inability to protect our brand and reputation; our\ninability to secure, protect, and enforce our intellectual property rights;\nour dependence on a small number of suppliers and two roasting facilities; our\ndependence on third-party information technology systems and services; our and\nour vendors’ vulnerability to security breaches, including breaches that may\nimpact confidential customer information; our expectations regarding our\nfuture operating and financial performance; the size of our addressable\nmarkets, market share, and market trends; our ability to compete in our\nindustry; changes in consumer tastes and nutritional and dietary trends; our\nability to effectively manage the continued growth of our workforce and\noperations; our inability to open profitable stores; our failure to generate\nprojected same store sales growth; the sufficiency of our cash, cash\nequivalents, and investments to meet our liquidity needs; our dependence on\nlong-term non-cancelable leases; our relationship with our employees and the\nstatus of our workers; the effects of seasonal trends on our results of\noperations; our vulnerability to global financial market conditions, including\ninflation and other macroeconomic factors, including, without limitation, due\nto the ongoing conflict in the Middle East; our ability to attract, retain,\nand motivate skilled personnel, including key members of our senior\nmanagement; our vulnerability to adverse weather conditions in local or\nregional areas where our stores are located; our realization of any benefit\nfrom the Tax Receivable Agreements and our organizational structure; the\nincreased expenses associated with being a public company; and those other\nrisks described under the heading “Risk Factors” in our Annual Report on\nForm 10-K for the year ended December 31, 2025 filed with the Securities and\nExchange Commission (\"SEC\") on March 4, 2026, as will be updated by our\nQuarterly Report on Form 10-Q for the quarter ended March 31, 2026, once\nfiled, and in our future reports to be filed with the SEC. Forward-looking\nstatements contained in this release are made as of this date, and Black Rock\nCoffee Bar undertakes no duty to update such information except as required\nunder applicable law.\n\nNon-GAAP Financial Measures\n\nThis press release contains “non-GAAP financial measures” that are\nfinancial measures that either exclude or include amounts that are not\nexcluded or included in the most directly comparable measures calculated and\npresented in accordance with accounting principles generally accepted in the\nUnited States (“GAAP”). Specifically, we make use of the non-GAAP\nfinancial measures “Adjusted EBITDA”, \"Adjusted EBITDA Margin\",\n“Store-Level Profit”, “Store-Level Profit Margin”, “Adjusted\nSelling, General, and Administrative Expenses”, and \"Adjusted Selling,\nGeneral, and Administrative Expenses Margin\". We believe these non-GAAP\nfinancial measures assist investors and analysts in comparing our operating\nperformance across reporting periods on a consistent basis by excluding items\nthat we do not believe are indicative of our operating performance. Management\nsupplements GAAP results with non-GAAP financial measures to provide a more\ncomplete understanding of the factors and trends affecting the business than\nGAAP results alone provide. Please refer to the tables in this press release\nfor a reconciliation of non-GAAP measures to the most directly comparable\nfinancial measure prepared in accordance with GAAP. The presentation of\nnon-GAAP financial measures is not intended to be considered in isolation or\nas a substitute for, or superior to the financial information prepared and\npresented in accordance with GAAP.\n\nStore-Level Profit and Store-Level Profit Margin\n\nStore-Level Profit represents store revenue in the specific period less\nbeverage, food and packaging, labor and related expenses, occupancy and\nrelated expenses, and other store operating expenses, excluding depreciation\nand amortization and pre-opening costs in the period.\n\nStore-Level Profit Margin represents Store-Level Profit as a percentage of\nstore revenue. We use Store-Level Profit and Store-Level Profit Margin in our\nevaluation of the performance and profitability of each store.\n\nWe use Store-Level Profit and Store-Level Profit Margin to supplement GAAP\nmeasures of performance in the evaluation of the effectiveness of our business\nstrategies, to make budgeting decisions, and to compare our performance\nagainst that of other peer companies using similar measures.\n\nAdjusted EBITDA and Adjusted EBITDA Margin\n\nAdjusted EBITDA is net income (loss) adjusted to exclude interest expense,\nnet, income tax expense, and depreciation and amortization, further adjusted\nto exclude certain items that we do not consider indicative of our ongoing\noperating performance, including transaction costs associated with our initial\npublic offering (\"IPO\"), capital restructuring costs, equity-based\ncompensation, gain (loss) on the remeasurement of the liability related to the\nTRA, certain litigation costs, net and other non-core costs. Adjusted EBITDA\nMargin represents Adjusted EBITDA as a percentage of Total revenue.\n\nWe use Adjusted EBITDA and Adjusted EBITDA Margin to supplement GAAP measures\nof performance in the evaluation of the effectiveness of our business\nstrategies, to make budgeting decisions, and to compare our performance\nagainst that of other peer companies using similar measures.\n\nAdjusted Selling, General, and Administrative Expenses and Adjusted Selling,\nGeneral, and Administrative Expenses Margin\n\nAdjusted Selling, General and Administrative Expenses is selling, general, and\nadministrative expenses adjusted to exclude transaction costs, capital\nrestructuring costs, equity-based compensation, legal settlement, net and\nother costs. Adjusted Selling, General and Administrative Expenses Margin\nrepresents Adjusted Selling, General and Administrative Expenses as a\npercentage of Total revenue.\n\nWe use Adjusted Selling, General, and Administrative Expenses and Adjusted\nSelling, General, and Administrative Expenses Margin because it may provide a\nmore meaningful comparison to prior periods and may be indicative of the level\nof such expenses to be incurred in future periods.\n\n \n BLACK ROCK COFFEE BAR, INC. \n \n Condensed Consolidated Statements of Operations (Unaudited) \n (in thousands, except share and per share amounts) \n \n Three Months Ended March 31, \n 2026 2025 \n Store revenue $ 55,384 $ 44,774 \n Other 70 46 \n Total revenue 55,454 44,820 \n Store operating costs and expenses (exclusive of depreciation and amortization presented separately below): \n Beverage, food and packaging costs 15,013 12,682 \n Labor and related expenses 11,475 9,419 \n Occupancy and related expenses 4,725 3,748 \n Other store operating expenses 7,782 6,239 \n Total store operating costs and expenses 38,995 32,088 \n Selling, general and administrative expenses 9,242 6,880 \n Depreciation and amortization 3,453 2,883 \n Pre-opening costs 1,088 718 \n Total operating expenses 52,778 42,569 \n Income from operations 2,676 2,251 \n Interest expense, net (422 ) (3,042 ) \n Other income (expense), net (352 ) (15 ) \n Income (loss) before income taxes 1,902 (806 ) \n Income tax expense 103 78 \n Net income (loss) 1,799 (884 ) \n Less: Net loss attributable to Black Rock OpCo prior to the Transactions — (884 ) \n Less: Net income attributable to noncontrolling interest 1,421 — \n Net income attributable to Black Rock Coffee Bar, Inc. $ 378 $ — \n Net income per share of Class A common stock: ((1)) \n Basic $ 0.02 N/A \n Diluted $ 0.02 N/A \n Weighted-average shares of Class A common stock outstanding \n Basic 17,562,299 N/A \n Diluted 17,562,299 N/A \n \n \n (1) Basic and diluted net loss per share of Class A common stock is applicable only for the period subsequent to September 12, 2025, which is the period effective with and following the IPO and transaction related thereto. \n \n\n\n\n \n BLACK ROCK COFFEE BAR, INC. \n \n Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except share data) \n \n March 31, 2026 December 31, 2025 \n ASSETS \n Current assets: \n Cash and cash equivalents $ 20,018 $ 28,406 \n Receivables, net 2,686 3,450 \n Inventories 3,256 2,898 \n Prepaid expenses and deposits 4,504 5,363 \n Total current assets 30,464 40,117 \n Property and equipment, net 111,977 101,207 \n Operating lease right-of-use assets, net 133,457 126,903 \n Other assets 863 277 \n Goodwill 9,360 9,360 \n Deferred income tax asset 55,799 52,764 \n Intangible assets, net 5,316 5,808 \n Total assets $ 347,236 $ 336,436 \n \n LIABILITIES AND SHAREHOLDERS' EQUITY \n Current liabilities: \n Accounts payable 11,484 12,126 \n Accrued expenses 6,602 7,986 \n Accrued payroll and benefits 5,111 6,549 \n Gift card and loyalty program liability 1,867 2,126 \n Current portion of long-term debt 977 835 \n Current portion of operating lease liabilities 9,091 8,960 \n Total current liabilities 35,132 38,582 \n Tax receivable agreement liability 42,527 38,893 \n Long-term debt, net of current portion 26,405 25,917 \n Operating lease liabilities, net of current portion 135,689 128,338 \n Total liabilities 239,753 231,730 \n Commitments and Contingencies \n Preferred stock, par value $0.00001 per share; 20,000,000 shares authorized, no shares issued or outstanding as of March 31, 2026 or December 31, 2025, respectively — — \n Class A common stock, par value $0.00001 per share; 500,000,000 shares authorized, 18,017,471 and 17,478,452 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively — — \n Class B common stock, par value $0.00001 per share, 200,000,000 shares authorized, 10,377,136 and 10,916,155 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively — — \n Class C common stock, par value $0.00001 per share, 50,000,000 shares authorized, 21,661,200 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively — — \n Additional paid-in capital 46,952 45,735 \n Retained earnings (Accumulated deficit) 318 (60 ) \n Total shareholders' equity attributable to Black Rock Coffee Bar, Inc. 47,270 45,675 \n Noncontrolling interest 60,213 59,031 \n Total shareholders' equity 107,483 104,706 \n Total liabilities and shareholders' equity $ 347,236 $ 336,436 \n \n\n\n\n \n BLACK ROCK COFFEE BAR, INC. \n \n Summary Cash Flow Data \n (in thousands; unaudited) \n \n Three Months Ended March 31, Change \n Summary of Cash Flows 2026 2025 $ % \n Net cash provided by operating activities $ 6,791 $ 3,433 $ 3,358 97.8 % \n Net cash used in investing activities (16,525 ) (6,548 ) (9,977 ) 152.4 % \n Net cash provided by financing activities 1,346 9,644 (8,298 ) (86.0 )% \n Net increase (decrease) in cash and cash equivalents $ (8,388 ) $ 6,529 $ (14,917 ) (228.5 )% \n \n \n\n\n\n \n Key Performance Measures \n ($ in thousands; unaudited) \n \n Three Months Ended March 31, \n 2026 2025 Change \n Total Stores (End of Period) 190 154 36 \n Net New Store Openings 9 5 4 \n Same Store Sales Growth ((1)) 5.2 % 9.2 % (4.0 )% \n Average Unit Volume $ 1,279 $ 1,203 $ 76 \n Store revenue $ 55,384 $ 44,774 $ 10,610 \n Income from operations ((3)) $ 2,676 $ 2,251 $ 425 \n Income from operations margin ((3)) 4.8 % 5.0 % (0.2 )% \n Store-Level Profit ((2)) $ 16,389 $ 12,686 $ 3,703 \n Store-Level Profit Margin ((2)) 29.6 % 28.3 % 1.3 % \n Net income (loss) ((3)) $ 1,799 $ (884 ) $ 2,683 \n Net income (loss) margin ((3)) 3.2 % (2.0 )% 5.2 % \n Adjusted EBITDA ((2)) $ 7,429 $ 6,017 $ 1,412 \n Adjusted EBITDA Margin ((2)) 13.4 % 13.4 % — % \n Total store operating weeks ((4)) 2,357 1,944 413 \n \n (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. \n (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. \n (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. \n (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. \n \n\nSupplemental Reconciliation of U.S. GAAP Actuals to Non-GAAP Actuals\n\nFollowing are the reconciliations of the most comparable GAAP financial\nmeasures to non-GAAP financial measures. These non-GAAP financial measures\nshould not be considered a substitute for, or superior to, financial measures\ncalculated in accordance with U.S. GAAP, and reconciliations from U.S. GAAP to\nNon-GAAP measures should be carefully evaluated. Please refer to \"Non-GAAP\nFinancial Measures\" in this press release for a detailed explanation of the\nadjustments made to the comparable U.S. GAAP measures, the ways management\nuses the non-GAAP measures, and the reasons why management believes the\nnon-GAAP measures provide useful information for investors.\n\n Three Months Ended March 31, \n ($ in thousands; unaudited) 2026 2025 \n Net income (loss) $ 1,799 $ (884 ) \n Non-GAAP Adjustments: \n Interest expense, net 422 3,042 \n Income tax expense 103 78 \n Depreciation and amortization 3,453 2,883 \n Transaction costs ((1)) — 1,080 \n Equity-based compensation 1,187 — \n TRA remeasurements 351 — \n Legal settlement, net ((2)) 68 (240 ) \n Other costs ((3)) 46 58 \n Adjusted EBITDA $ 7,429 $ 6,017 \n Net income (loss) margin 3.2 % (2.0 )% \n Adjusted EBITDA Margin 13.4 % 13.4 % \n \n (1) Includes non-recurring professional service fees and executive compensation related to our IPO. \n (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. \n (3) Non-recurring professional service costs. \n \n\n\n\n Three Months Ended March 31, \n ($ in thousands; unaudited) 2026 2025 \n Income from operations $ 2,676 $ 2,251 \n Other (70 ) (46 ) \n Selling, general and administrative expenses 9,242 6,880 \n Depreciation and amortization 3,453 2,883 \n Pre-opening costs 1,088 718 \n Store-Level Profit $ 16,389 $ 12,686 \n Income from operations margin 4.8 % 5.0 % \n Store-Level Profit Margin 29.6 % 28.3 % \n \n\n\n\n Three Months Ended March 31, \n ($ in thousands; unaudited) 2026 2025 \n Selling, general and administrative expenses $ 9,242 $ 6,880 \n Non-GAAP Adjustments: \n Transaction costs ((1)) — (1,080 ) \n Equity-based compensation (1,187 ) — \n Legal settlement, net ((2)) (68 ) 240 \n Other costs ((3)) (46 ) (58 ) \n Adjusted Selling, General, and Administrative Expenses $ 7,941 $ 5,982 \n Selling, general and administrative expenses margin 16.7 % 15.4 % \n Adjusted Selling, General, and Administrative Expenses Margin 14.3 % 13.3 % \n \n (1) Includes non-recurring professional service fees and executive compensation related to our IPO. \n (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. \n (3) Non-recurring professional service costs. \n \n\nInvestor Contact:\nWill MacIntosh\ninvestors@br.coffee\n(541) 208-1860\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/e1e88ec5-2657-4c6b-b82f-b225ce279c5a)\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-05-12T20:06:00.391390612Z","server_sent_at_ms":1778616360391},"received_at":"2026-05-12T20:06:00.686Z","source_url":null},"analysis":null,"durationMs":null,"modelName":null}}