Black Rock Coffee Bar (BRCB) investor relations material

Executive summary

• Q3 revenue rose 29.7% YoY to $66.8M; same-store sales grew 5.8%, and 11 stores opened, bringing the quarter-end footprint to 211.

• Adjusted EBITDA increased 22.1% to $8.5M; net income was $2.7M versus a $16.2M loss a year earlier.

• Full-year guidance was reaffirmed, while the FY26 opening target increased to 40.

Financial highlights

• Q3 revenue was $66.8M versus $51.0M; nine-month revenue was $185.2M, up 26.3% YoY.

• Q3 operating income was $2.8M versus a $6.4M loss; nine-month operating income was $9.6M versus a $0.9M loss.

• Q3 net income was $2.7M versus a $16.2M loss; nine-month net income was $7.7M versus an $18.1M loss.

• Adjusted EBITDA was $8.5M in Q3 versus $6.9M; nine-month Adjusted EBITDA was $25.3M versus $21.0M.

• Reported Q3 SG&A was $10.3M versus $17.2M; Adjusted SG&A was $8.9M versus $6.9M.

Outlook and guidance

• FY26 revenue guidance remains $255M–$257M, with mid-single-digit same-store sales growth expected.

• FY26 Adjusted EBITDA guidance remains $34M–$35M; Q4 Adjusted EBITDA growth is expected to exceed 30%.

• FY26 opening target rose to 40 from 38; management expects Q4 to deliver the year's strongest same-store sales and transaction growth.

• FY26 capex guidance is $47M–$48M including tenant improvement allowances, or $64M–$66M excluding $17M–$18M of allowances; long-term targets include 20%+ unit and revenue growth.