BRC Inc.

Listed Company

BRCCCIK 0001891101NYSEAcceleratedSmaller ReportingEmerging GrowthBeveragesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$398.26M

Net Income

$-11.91M

Total Assets

$209.24M

Equity

$45.65M

Shares Out

92.7K

Op. Cash Flow

$-9.81M

Business

BRC Inc. is a veteran-founded premium coffee, energy drink, and media company operating an omnichannel beverage and lifestyle brand. It sells roast, single-serve, and ready-to-drink coffees, a ready-to-drink energy beverage (Black Rifle Energy), apparel, brewing equipment, and outdoor lifestyle gear, and produces media content. The company operates through one reportable segment comprising three channels: direct-to-consumer (including the subscription Coffee Club), Wholesale (FDM retailers, convenience and specialty stores), and Outposts (company-owned and franchised coffee shops). Products are sourced globally and distributed nationwide via e-commerce, retail, wholesale partners, and Outpost locations.

Summary from filing dated 2025-03-03

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue, net	398	391	396	301	233
Cost of goods sold	260	230	270	202	143
Gross profit	138	161	125	99	90
Marketing and advertising	39	36	31	38	36
Salaries, wages and benefits	57	62	71	64	39
General and administrative	55	51	72	64	26
Other operating expense, net	12	8	2	0	0
Total operating expenses	163	157	176	167	101
Operating income (loss)	−25	4	−50	−68	−12
Interest expense, net	−8	−11	−6	−2	—
Other income, net	0	0	10,000	339,000	−55,000
Total non-operating expenses	−8	−11	−6	−270	−2
Loss before income taxes	−32	−7	−57	−338	−14
Income tax expense	132,000	172,000	185,000	367,000	178,000
Net loss	−32	−8	−57	−338	−14
Less: Net loss attributable to non-controlling interest	−20	−5	−40	−252	—
Net loss attributable to BRC Inc.	−12	−3	−17	−83	—
Basic (in dollars per share)	−0.13	−0.04	−0.27	−0.27	—
Diluted (in dollars per share)	−0.13	−0.04	−0.27	−0.27	—
Basic (in shares)	95	71	61	61	—
Diluted (in shares)	95	71	61	61	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2023 2023-09-30	FY 2022 2022-12-31
Cash and cash equivalents	4	7	12	7	39
Accounts receivable, net	35	34	25	25	22
Inventories, net	50	43	56	91	77
Prepaid expenses and other current assets	11	12	12	14	7
Total current assets	100	95	108	138	145
Property, plant and equipment, net	43	59	68	65	59
Operating lease, right-of-use asset	21	27	36	36	20
Non-current prepaid marketing expenses	44	46	23	—	—
Identifiable intangibles, net	300,000	359,000	418,000	382,000	225,000
Other	126,000	139,000	308,000	313,000	315,000
Total assets	209	227	236	240	225
Accounts payable	35	39	34	26	12
Accrued liabilities	32	28	35	33	37
Deferred revenue and gift card liability	4	4	11	10	10
Current maturities of long-term debt	2	2	2	2	2
Current operating lease liability	2	3	2	2	1
Current maturities of finance lease obligations	4,000	13,000	58,000	82,000	95,000
Total current liabilities	76	75	84	74	62
Long-term debt, net	32	63	69	70	47
Finance lease obligations, net of current maturities	15,000	0	23,000	99,000	221,000
Operating lease liability	25	29	36	35	19
Other non-current liabilities	8	11	524,000	623,000	502,000
Total non-current liabilities	65	103	105	106	67
Total liabilities	141	178	189	180	129
Commitments and Contingencies (Note 15)	—	—	—	—	—
Preferred Stock, $0.0001 par value, 1,000,000 shares authorized; no shares issued or outstanding as of both December 31, 2025 and 2024	0	0	0	0	0
Additional paid in capital	181	137	134	137	130
Accumulated deficit	−135	−123	−120	−116	−104
Total BRC Inc.s stockholders equity	46	13	13	21	26
Non-controlling interests	22	36	33	38	70
Total stockholders equity	68	49	47	59	96
Total liabilities and stockholders' equity	209	227	236	240	225

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	12	10	7	4	3
Equity-based compensation	10	11	7	6	3
Settlement of litigation by issuance of stock	2	0	0	—	—
Amortization of debt issuance costs	1	1	549,000	317,000	358,000
Loss on disposal of assets	721,000	2	5	0	70,000
Loss on impairment of assets	3	6	0	0	—
Paid-in-kind interest	1	3	0	0	—
Loss on extinguishment of debt	0	1	0	0	726,000
Other	83,000	173,000	311,000	849,000	2
Accounts receivable, net	−2	−9	−3	−15	−4
Inventories, net	−12	−10	−8	−56	−5
Prepaid expenses and other assets	11	900,000	654,000	−184,000	−5
Accounts payable	−4	7	22	−6	5
Accrued liabilities	4	−8	−2	16	4
Deferred revenue and gift card liability	115,000	−7	2	2	3
Operating lease liability	−4	560,000	891,000	776,000	0
Other liabilities	−3	11	22,000	168,000	334,000
Net cash provided by (used in) operating activities	−10	11	−25	−116	−8
Purchases of property, plant and equipment	−4	−9	−27	−30	−19
Proceeds from sale of property and equipment	5	953,000	6	0	0
Net cash provided by (used in) investing activities	1	−8	−22	−30	−19
Proceeds from issuance of long-term debt, net of discount	248	353	295	52	39
Debt issuance costs paid	−225,000	−706,000	−4	−279,000	−338,000
Repayment of long-term debt	−280	−362	−268	−39	−20
Payments of debt extinguishment costs	0	−1	0	0	—
Financing lease obligations	6,000	−68,000	−173,000	—	—
Repayment of promissory note	−1	−1	−1	0	0
Issuance of stock from the Employee Stock Purchase Plan	297,000	518,000	673,000	0	0
Proceeds received for settlement agreement	1	0	0	—	—
Proceeds received for public offering, net of issuance costs	37	0	0	—	—
Proceeds from exercise of stock options	0	13,000	0	0	—
Net cash provided by (used in) financing activities	6	−11	21	167	10
Net decrease in cash, cash equivalents, and restricted cash	−2	−7	−25	21	−17
(Derecognition) Recognition of right-of-use operating lease assets	−2	−8	19	—	—
Recognition of revenue for inventory exchanged for prepaid advertising	5	24	29	0	0
Property and equipment purchased but not yet paid	32,000	304,000	2	2	803,000
Debt issuances costs accrued but not yet paid	0	378,000	0	0	—
Cash paid for income taxes	132,000	425,000	562,000	277,000	147,000
Cash paid for interest	5	9	4	1	719,000

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