Black Rock Coffee Bar, Inc. Class A Common Stock Q4 FY2025 earnings call

• 2025 was a year of strong execution with 10.1% same-store sales growth, 25% revenue growth, and 36% adjusted EBITDA growth. Opened 32 new stores. - Fourth quarter had 25% revenue growth, 52% adjusted EBITDA growth, opened 12 new locations, and 9.3% same-store sales growth. - Customer engagement: Loyalty program participation rate 65%, digital sales support transaction growth, paid media investment for brand awareness. - Menu mix: Leaned into holiday flavors, collaborated with influencers, Egg Bites drove attachment. - People-oriented culture: Strong retention rates, career development programs like career roadmap and high-potential talent development. - Expansion strategy: Opened 12 new locations in growth markets, first modular prototype with lobby opened, 2025 new unit cohort performed ahead of plan.

2025年全年实现 revenue growth of 25% and adjusted EBITDA growth of 36%. Same-store sales growth was 10.1%. In the fourth quarter, revenue growth was 25% and adjusted EBITDA growth was 52%. Same-store sales growth was 9.3% with a 18.8% two-year basis. Loyalty rewards participation rate remained strong at 65% in the fourth quarter. Digital sales including app, online ordering, and third-party delivery supported transaction growth. Menu mix featured holiday seasonal flavors and collaborations with influencers, with top performing beverages like Peppermint Bark Blondie. Food offering Egg Bites exceeded expectations.

For 2026, expect 36 new store openings. Total revenue in the range of $255 to $257 million. Same-store sales growth in the mid-single digits. Consolidated adjusted EBITDA in the range of $33.5 to $34.5 million. Capital expenditures in the range of $40 to $41 million, including anticipated tenant improvement allowances, or $58 to $61 million excluding anticipated tenant improvement allowances of $18 to $20 million.

Unexpected landlord delays and extended permitting timelines caused planned store openings to shift later, limiting new unit contribution early in the quarter. Coffee costs remained elevated through the fourth quarter and into early 2026, with some relief anticipated in the second half but still a risk.

Q: On new unit development, increase in CapEx and new market competition.

A: CapEx for 2026 has significant portion for 2027 pipeline. No pressure on site availability, strong people pipeline with 98% promotion within.

Q: Increased paid media and Olipop LTO.

A: Paid media supports new store openings and member acquisition, Olipop LTO is an LTO to validate guest demand.

Q: Timing of openings and modular prototype.

A: Better systems and pipeline set up for 2026, modular prototype reduces capital expenditures and speeds up store openings.

Q: Adjusted guidance margin and inventory management.

A: Adjusted EBITDA margin modeled consistently, inventory management system helps with margin despite higher coffee costs.

Q: First quarter and new store productivity.

A: First quarter trending strong, new store productivity modeled to have similar margins as 2025.

Q: Commodity inflation, pricing, and customer base.

A: Pricing neutral with inflation, customer base is roughly 18 - 45, digital mix and food offering have specific percentages and are resilient.