Black Rock Coffee Bar Inc (BRCB) is a specialty beverage retail company that operates company-owned, drive-thru coffee bars offering premium caffeinated beverages. Revenue is generated entirely through direct retail sales at company-owned store locations, with no franchised units. Founded in 2008 in Beaverton, Oregon by Daniel Brand and Jeff Hernandez, Black Rock is the largest fully company-owned coffee retailer in the United States by store count, with 181 locations across seven states as of December 31, 2025. The company completed its IPO on September 15, 2025, issuing shares at $20.00 per share and raising approximately $306.5 million in net proceeds. FY2025 store revenue reached $200.1 million, up from $160.7 million in FY2024, with 32 net new store openings in FY2025. Store-level profit margin was 29.2% in FY2025. The company posted a net loss of $16.5 million in FY2025. Average unit volume was $1,286 thousand in FY2025. Same-store sales growth was 10.1% in FY2025. CEO Mark D. Davis and CFO Rodderick F. Booth lead the company as of the filing date.

Revenue model

Transactional retail sales at company-owned store locations. All 181 stores as of December 31, 2025 are company-owned, generating 100% of revenue through direct beverage and retail product sales. No franchise royalties or licensing revenue are disclosed in the filing. FY2025 store revenue was $200.1 million.

Products and services

Premium caffeinated beverages including coffee-based drinks roasted in-house using proprietary trade-secret methods. Branded retail products include the in-house Fuel line, K-Cup pods, custom blend roasted beans, and cold brew bags. Stores operate in both drive-thru-only and drive-thru-plus-lobby formats, with approximately 73% of locations including lobbies as of December 31, 2025. A loyalty program launched in June 2024.

Customers and end markets

Direct retail consumers seeking premium coffee beverages, with a focus on drive-thru convenience and community engagement. No customer concentration data is disclosed. End demand is driven by daily beverage consumption habits, commuter traffic in drive-thru-only corridors, and community gathering in lobby-format locations.

Value-chain role

Vertically integrated specialty coffee retailer. Black Rock roasts all coffee beans in-house and operates all store locations directly, with no franchisees. The company does not own store land, using Build-to-Suit, Reverse Build-to-Suit, and ground lease structures. Labor, primarily baristas paid at or near applicable minimum wage rates, is a primary cost driver.

Geographic exposure

Seven U.S. states as of December 31, 2025, spanning the Pacific Northwest to Texas. The company is incorporated in Texas. No international operations are disclosed.

Source: SEC 10-K, filed 2026-03-04

Industry: Retail-Eating & Drinking Places