{"url_path":"/sec/brcb/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-13","source_url":"https://www.sec.gov/Archives/edgar/data/2068577/0001628280-26-034266-index.html","accession_number":"0001628280-26-034266","cik":"0002068577","ticker":"BRCB","issuer_name":"Black Rock Coffee Bar, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/2068577/0001628280-26-034266-index.html","primary_entity_key":"0002068577","primary_entity_name":"Black Rock Coffee Bar, 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of Contents](#i5a5716e707a94fa7a0c61da015a75e6e_7)\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n___________________________________\n\nFORM 10-Q\n\n___________________________________\n\n(Mark One)\n\nxQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\noTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from ________ to ________\n\nCommission file number 001-42844\n\n___________________________________\n\nBlack Rock Coffee Bar, Inc.\n\n(Exact name of registrant as specified in its charter)\n\n___________________________________\n\nTexas33-5053729\n\n(State or other jurisdiction of\nincorporation or organization)(I.R.S. Employer Identification No.)\n\n9170 E. Bahia Drive, Suite 101, Scottsdale, AZ\n85260\n\n(Address of Principal Executive Offices)(Zip Code)\n\n(458) 256-9668\n\n(Registrant’s telephone number, including area code)\n\nN/A\n\n(Former name, former address and former fiscal year, if changed since last report)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each classTrading Symbol(s)Name of each exchange on which registered\n\nClass A common stock, par value $0.00001 per share\n\nBRCB\nThe Nasdaq Stock Market LLC\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.\n\nYes x No o\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).\n\nYes x No o\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and \"emerging growth company\" in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated fileroAccelerated filero\n\nNon-accelerated filerxSmaller reporting companyo\n\nEmerging growth companyx\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.\n\no\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).\n\nYes o No x\n\nAs of May 11, 2026, the number of outstanding shares of each class of the registrant's common stock was as follows:\n\nClass A common stock 21,572,893\n\nClass B common stock 10,377,136\n\nClass C common stock 18,105,778\n\n[Table of Contents](#i5a5716e707a94fa7a0c61da015a75e6e_7)\n\nTABLE OF CONTENTS\n\nPage\n\n[Part I - Financial Information](#i5a5716e707a94fa7a0c61da015a75e6e_19)\n\n[1](#i5a5716e707a94fa7a0c61da015a75e6e_19)\n\n[Item 1. Financial Statements](#i5a5716e707a94fa7a0c61da015a75e6e_22)\n\n[1](#i5a5716e707a94fa7a0c61da015a75e6e_22)\n\nUnaudited [Condensed Consolidated Balance Sheets](#i5a5716e707a94fa7a0c61da015a75e6e_25)\n\n[1](#i5a5716e707a94fa7a0c61da015a75e6e_25)\n\nUnaudited [Condensed Consolidated Statements of Operations](#i5a5716e707a94fa7a0c61da015a75e6e_28)\n\n[2](#i5a5716e707a94fa7a0c61da015a75e6e_28)\n\nUnaudited [Condensed Consolidated Statements of Changes in Temporary Equity, Members’ Deficit and Shareholders' Equity](#i5a5716e707a94fa7a0c61da015a75e6e_31)\n\n[3](#i5a5716e707a94fa7a0c61da015a75e6e_31)\n\nUnaudited [Condensed Consolidated Statements of Cash Flows](#i5a5716e707a94fa7a0c61da015a75e6e_34)\n\n[5](#i5a5716e707a94fa7a0c61da015a75e6e_34)\n\n[Notes to the Unaudited Condensed Consolidated Financial Statements](#i5a5716e707a94fa7a0c61da015a75e6e_37)\n\n[6](#i5a5716e707a94fa7a0c61da015a75e6e_37)\n\n[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#i5a5716e707a94fa7a0c61da015a75e6e_88)\n\n[19](#i5a5716e707a94fa7a0c61da015a75e6e_88)\n\n[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#i5a5716e707a94fa7a0c61da015a75e6e_127)\n\n[31](#i5a5716e707a94fa7a0c61da015a75e6e_127)\n\n[Item 4. Controls and Procedures](#i5a5716e707a94fa7a0c61da015a75e6e_130)\n\n[31](#i5a5716e707a94fa7a0c61da015a75e6e_130)\n\n[Part II - Other Information](#i5a5716e707a94fa7a0c61da015a75e6e_133)\n\n[32](#i5a5716e707a94fa7a0c61da015a75e6e_133)\n\n[Item 1. Legal Proceedings](#i5a5716e707a94fa7a0c61da015a75e6e_136)\n\n[32](#i5a5716e707a94fa7a0c61da015a75e6e_136)\n\n[Item 1A. Risk Factors](#i5a5716e707a94fa7a0c61da015a75e6e_139)\n\n[32](#i5a5716e707a94fa7a0c61da015a75e6e_139)\n\n[Item 2.](#i5a5716e707a94fa7a0c61da015a75e6e_142)[Unregistered Sales of Equity Securities and Use of Proceeds](#i5a5716e707a94fa7a0c61da015a75e6e_142)\n\n[32](#i5a5716e707a94fa7a0c61da015a75e6e_142)\n\n[Item 3. Defaults Upon Senior Securities](#i5a5716e707a94fa7a0c61da015a75e6e_145)\n\n[32](#i5a5716e707a94fa7a0c61da015a75e6e_145)\n\n[Item 4. Mine Safety Disclosures](#i5a5716e707a94fa7a0c61da015a75e6e_148)\n\n[32](#i5a5716e707a94fa7a0c61da015a75e6e_145)\n\n[Item 5. Other Information](#i5a5716e707a94fa7a0c61da015a75e6e_151)\n\n[32](#i5a5716e707a94fa7a0c61da015a75e6e_148)\n\n[Item 6. Exhibits](#i5a5716e707a94fa7a0c61da015a75e6e_154)\n\n[33](#i5a5716e707a94fa7a0c61da015a75e6e_154)\n\n[Signatures](#i5a5716e707a94fa7a0c61da015a75e6e_157)\n\n[35](#i5a5716e707a94fa7a0c61da015a75e6e_157)\n\ni\n\n[Table of Contents](#i5a5716e707a94fa7a0c61da015a75e6e_7)\n\nFORWARD-LOOKING STATEMENTS\n\nThis Quarterly Report on Form 10-Q (\"Form 10-Q\") contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our strategy, future financial condition, future operations, projected costs, prospects, plans, objectives of management, expected market conditions and growth, expected capital resources and expenditures, and liquidity, are forward-looking statements. We caution you that the foregoing list does not contain all of the forward-looking statements made in this Quarterly Report on Form 10-Q. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “goal,” “objective,” “seeks,” or “continue,” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions. Important factors beyond our control could cause our actual results, financial condition, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the following:\n\n•our inability to successfully identify and secure appropriate sites and timely develop and expand our operations;\n\n•our inability to protect our brand and reputation;\n\n•our inability to secure, protect, and enforce our intellectual property rights;\n\n•our dependence on a small number of suppliers and two roasting facilities;\n\n•our dependence on third-party information technology systems and services;\n\n•our and our vendors’ vulnerability to security breaches, including breaches that may impact confidential customer information;\n\n•our expectations regarding our future operating and financial performance;\n\n•the size of our addressable markets, market share, and market trends;\n\n•our ability to compete in our industry;\n\n•changes in consumer tastes and nutritional and dietary trends;\n\n•our ability to effectively manage the continued growth of our workforce and operations;\n\n•our inability to open profitable stores;\n\n•our failure to generate projected same store sales growth;\n\n•the sufficiency of our cash, cash equivalents, and investments to meet our liquidity needs;\n\n•our dependence on long-term non-cancelable leases;\n\n•our relationship with our employees and the status of our workers;\n\n•the effects of seasonal trends on our results of operations;\n\n•our vulnerability to global financial market conditions, including inflation and other macroeconomic factors; including, without limitation, due to the ongoing conflict in the Middle East;\n\n•our ability to attract, retain, and motivate skilled personnel, including key members of our senior management;\n\n•our vulnerability to adverse weather conditions in local or regional areas where our stores are located;\n\n•our realization of any benefit from the Tax Receivable Agreements and our organizational structure;\n\n•the increased expenses associated with being a public company; and\n\n•other factors set forth in Part II, Item 1A “Risk Factors” in this Quarterly Report on Form 10-Q.\n\nii\n\n[Table of Contents](#i5a5716e707a94fa7a0c61da015a75e6e_7)\n\nYou should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations, estimates, forecasts, and projections about future events and trends that we believe may affect our business, results of operations, financial condition, and prospects. Although we believe that we have a reasonable basis for each forward-looking statement contained in this Quarterly Report on Form 10-Q, we cannot guarantee that the future results, levels of activity, performance, or events and circumstances reflected in the forward-looking statements will be achieved or occur at all. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors described above, in “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.\n\nThe forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made herein to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.\n\niii\n\n[Table of Contents](#i5a5716e707a94fa7a0c61da015a75e6e_7)\n\nGLOSSARY\n\nAs used in this Quarterly Report on Form 10-Q, unless the context otherwise requires, references to:\n\n•“Average Unit Volume” or “AUV” represents the total trailing twelve-month store revenue of operating stores in the comparable store base, divided by the number of stores in the comparable store base.\n\n•“Basis Adjustments” means increases in Black Rock Coffee Bar, Inc.’s allocable share of the tax basis in Black Rock OpCo’s assets resulting from (a) any redemptions or exchanges of LLC Units from the TRA Parties and (b) certain distributions (or deemed distributions) by Black Rock OpCo.\n\n•“Black Rock,” the “Company,” “our company,” “we,” “us” and “our” means (i) prior to the consummation of the Transactions, Black Rock OpCo and its subsidiaries and (ii) after the Transactions, Black Rock Coffee Bar, Inc. and its consolidated subsidiaries.\n\n•“Black Rock OpCo” means Black Rock Coffee Holdings, LLC, a Delaware limited liability company and, following the Transactions, a subsidiary of Black Rock Coffee Bar, Inc.\n\n•“Black Rock OpCo LLC Agreement” means the Seventh Amended and Restated Limited Liability Company Agreement of Black Rock OpCo.\n\n•“Blocker Companies” refers to certain entities that were owners of LLC Units in Black Rock OpCo prior to the Transactions that are taxable as corporations for U.S. federal income tax purposes.\n\n•“Class A common stock” means Class A common stock, par value $0.00001 per share, of Black Rock Coffee Bar, Inc.\n\n•“Class B common stock” means Class B common stock, par value $0.00001 per share, of Black Rock Coffee Bar, Inc.\n\n•“Class C common stock” means Class C common stock, par value $0.00001 per share, of Black Rock Coffee Bar, Inc.\n\n•“Co-Founders” means, collectively, Daniel Brand, Jeff Hernandez, Jake Spellmeyer and Bryan Pereboom.\n\n•\"Co-Founder Contribution\" means the purchase, in connection with our IPO, by an entity affiliated with our Co-Founders of 3,118,938 LLC Units (and corresponding shares of Class C common stock) from Black Rock OpCo.\n\n•“Continuing Equity Owners” means, collectively, the owners of LLC Units in Black Rock OpCo immediately prior to the consummation of the Transactions (excluding the Blocker Companies), which became holders of LLC Units and our Class B common stock or Class C common stock immediately following consummation of the Transactions, including our Co-Founders and certain of their affiliates, and any permitted transferee of such LLC Units and Class B or Class C common stock, that may exchange, at each of their respective options, in whole or in part from time to time, their LLC Units for, at our election (determined solely by our independent directors (within the meaning of Nasdaq rules) who are disinterested), cash or newly issued shares of our Class A common stock. In connection with an exchange of LLC Units, a corresponding number of shares of Class B common stock or Class C common stock, as applicable, shall be immediately and automatically transferred to Black Rock Coffee Bar, Inc. for no consideration and canceled.\n\n•“IPO” refers to our initial public offering, which we completed on September 15, 2025, and through which we offered 16,911,764 shares of our Class A common stock at a price to the public of $20.00 per share, which includes the exercise in full by the underwriters of their option to purchase an additional 2,205,882 shares of our Class A common stock.\n\n•“LLC Units” means the membership units of Black Rock OpCo.\n\n•\"New Credit Agreement\" means the credit agreement entered into with JP Morgan Chase Bank, N.A., as the administrative agent, and various lenders, on September 15, 2025.\n\niv\n\n[Table of Contents](#i5a5716e707a94fa7a0c61da015a75e6e_7)\n\n•\"New Term Loan\" means the $50.0 million term loan connected to the New Credit Agreement.\n\n•\"New Revolving Credit Facility\" means the $25.0 million revolving credit facility connected to the New Credit Agreement.\n\n•\"New Credit Facilities\" means the New Revolving Credit Facility together with the New Term Loan under the New Credit Agreement.\n\n•“Prior Credit Facility” means our former term loan credit facilities that were governed by that certain Credit Agreement, dated as of April 29, 2022 (as amended by that certain first amendment to the Credit Agreement, dated of November 11, 2022, as further amended by that certain second amendment to the Credit Agreement, dated as of January 13, 2023, as further amended by that certain third amendment to the Credit Agreement, dated as of May 8, 2023, as further amended by that certain fourth amendment and limited waiver to the Credit Agreement, dated as of May 31, 2024, as further amended by that certain fifth amendment to Credit Agreement, dated as of April 24, 2025, and as further amended, amended and restated, extended, supplemented or otherwise modified in writing from time to time), by and among the Company, the guarantors party thereto, the lenders party thereto, RCS Agent, LLC, as administrative agent, and TCW Asset Management Company, LLC, as collateral agent.\n\n•\"Refinancing\" means the refinancing of our Prior Credit Facility and entering into the New Credit Facilities, which occurred as part of the Transactions.\n\n•\"Reverse build-to-suit\" means lease arrangements in which the Company acts as the developer and manages construction of the building, while the landlord retains legal ownership of the land and resulting building.\n\n•“Sponsor” means The Cynosure Group, LLC and its affiliates.\n\n•“Tax Receivable Agreement” or \"TRA\" means the tax receivable agreement, dated September 11, 2025, entered into with Black Rock OpCo and the TRA Parties.\n\n•“TRA Parties” refers to, collectively, our Co-Founders and certain of their affiliates, including Viking Cake, our Sponsor, certain of our current executive officers and Richard Federico and Sarah Goldsmith-Grover, each a director, and any future party to the Tax Receivable Agreement.\n\n•“Transactions” refers to the organizational transactions described in The Transactions below and the application of the net proceeds therefrom.\n\n•“Viking Cake” means Viking Cake BR, LLC, an entity controlled by affiliates of Daniel Brand and Jeff Hernandez and, prior to March 18, 2026, the Co-Founders.\n\nv\n\n[Table of Contents](#i5a5716e707a94fa7a0c61da015a75e6e_7)\n\nTHE TRANSACTIONS\n\nBlack Rock Coffee Bar, Inc. was originally incorporated as a Delaware corporation on May 2, 2025 and, in June 2025, re-domiciled to be incorporated in Texas. Black Rock Coffee Bar, Inc. is a holding company and the sole managing member of Black Rock OpCo, and its principal asset consists of LLC Units. Prior to our IPO and the Transactions described below, all of our business operations were conducted through Black Rock OpCo, and the Continuing Equity Owners and the Blocker Companies were the only members of Black Rock OpCo. In connection with the consummation of the IPO, we undertook certain organizational transactions, including:\n\n•We amended and restated the Black Rock OpCo LLC Agreement to, among other things, (i) recapitalize its capital structure by creating a single new class of units, (ii) appoint Black Rock Coffee Bar, Inc. as the sole managing member of Black Rock OpCo, and (iii) provide certain redemption rights to the Continuing Equity Owners.\n\n•We amended and restated Black Rock Coffee Bar, Inc.’s certificate of formation to, among other things, provide (i) for Class A common stock, with each share of our Class A common stock entitling its holder to one vote per share on all matters presented to our shareholders generally, (ii) for Class B common stock, with each share of our Class B common stock entitling its holder to one vote per share on all matters presented to our shareholders generally, (iii) for Class C common stock, with each share of our Class C common stock entitling its holder to ten votes per share on all matters presented to our shareholders generally, subject to certain sunset provisions, and (iv) for preferred stock, which can be issued by our Board of Directors in one or more series without shareholder approval.\n\n•We issued 23,460,312 shares of our Class B common stock to the Continuing Equity Owners, which is equal to the number of LLC Units held by such Continuing Equity Owners, for nominal consideration; we issued 19,618,915 shares of our Class C common stock to our Co-Founders and certain of their affiliates, which is equal to the number of LLC Units held by such Co-Founders and certain of their affiliates, for nominal consideration.\n\n•We entered into the Tax Receivable Agreement with Black Rock OpCo and the TRA Parties that provides for the payment by Black Rock Coffee Bar, Inc. to the TRA Parties of 85% of the amount of tax benefits, if any, that Black Rock Coffee Bar, Inc. actually realizes, or in some circumstances is deemed to realize, as a result of Basis Adjustments and certain tax benefits (such as interest deductions) arising from payments made under the Tax Receivable Agreement.\n\n•We issued 16,911,764 shares of our Class A common stock, which includes the exercise in full by the underwriters of their option to purchase an additional 2,205,882 shares of our Class A common stock, in exchange for net proceeds of approximately $314.6 million at the IPO price of $20.00, less the underwriting discounts and commissions.\n\n•An affiliate of our Co-Founders purchased 3,118,938 newly issued LLC Units from Black Rock OpCo for approximately $62.4 million;\n\n•We used the net proceeds from the IPO to purchase (i) 3,857,642 newly issued LLC Units for approximately $71.8 million directly from Black Rock OpCo; and (ii) purchase 13,054,122 LLC Units from certain Continuing Equity Owners for approximately $242.8 million, in each case, at the IPO price of $20.00 per share less the underwriting discounts and commissions, excluding offering expenses of approximately $8.0 million payable by Black Rock OpCo.\n\n•Concurrently with the closing of the IPO, we refinanced our Prior Credit Facility and entered into the New Credit Facilities.\n\n•Upon closing of the IPO on September 15, 2025, there were 17,478,452 shares of Class A common stock, 10,377,136 shares of Class B common stock, 22,200,219 shares of Class C common stock and 50,055,807 LLC Units outstanding.\n\n•Black Rock OpCo used or intends to use the proceeds from the sale of its LLC Units to us, together with proceeds from the Refinancing and the Co-Founder Contribution, (i) to repay all $113.2 million of outstanding borrowings under the Prior Credit Facility, (ii) to pay offering expenses of $8.0 million and (iii) for general corporate purposes.\n\nvi\n\n[Table of Contents](#i5a5716e707a94fa7a0c61da015a75e6e_7)\n\nPart I - Financial Information"}