Black Rock Coffee Bar (BRCB) 46th Annual William Blair Growth Stock Conference summary

Growth strategy and market expansion

• Targeting 20% annual growth in system-wide sales, EBITDA, and unit count, aiming for 1,000 units by 2035, with most growth focused in existing high-performing states like California, Colorado, Arizona, and Texas.

• Expansion pipeline is fully built out through 2027, with potential to add new states starting in 2028, but current markets can support all planned growth.

• New Chief Development Officer is driving more predictable and consistent unit openings, with detailed advance scheduling to maximize store weeks and revenue.

Differentiation and customer experience

• Combines drive-through and lobby formats, emphasizing ambiance and human connection as key differentiators from drive-through-only peers.

• Baristas and guest satisfaction (93%-96%) are central to the brand, with a mission focused on connection, caffeine, and community.

• Fresh, small-batch roasted coffee and a mature, higher-income customer base (18-45 demographic) distinguish the offering.

Financial performance and unit economics

• Ended last year with 181 units, targeting 36 new stores in 2026, and projecting $255M-$257M in revenue with $33.5M-$34.5M EBITDA.

• Store-level margins reached 29.6% in early 2026, with new stores targeting 35% cash-on-cash returns in year one and $650,000 average net investment per store.

• Capital efficiency is prioritized through flexible deal types, including conversions and end caps.