Net Loss Per Share
Prior to the IPO, the Black Rock OpCo membership structure included common units, redeemable Series A Preferred Units, Series A-1 Preferred Units, Series A-2 Preferred Units, and PI Units. The Company analyzed the calculation of net income (loss) per unit for the periods prior to the IPO and determined that it resulted in values that would not be meaningful to the users of the consolidated financial statements. Therefore, net income (loss) per unit information has not been presented for the years ended December 31, 2024 and 2023.
The basic and diluted loss per share period for the year ended December 31, 2025 reflects only the period from September 12, 2025, to December 31, 2025, which represents the period from the IPO date during which the Company had outstanding Class A common stock. The following tables set forth reconciliations of the numerators and denominators used to compute basic and diluted net income (loss) per share of Class A common stock for the year ended December 31, 2025.
| | | | | |
| (in thousands) | Year Ended December 31, 2025 |
| Numerator: | |
| Net loss | $ | (16,539) | |
| Less: net loss attributable to Black Rock OpCo prior to the Transactions | (16,377) | |
| Less: net loss attributable to noncontrolling interests | (102) | |
| Net loss attributable to Black Rock Coffee Bar, Inc. | $ | (60) | |
| |
| | | | | |
| (in thousands, except share and per share amounts) | Year Ended December 31, 2025 |
| Basic net loss per share attributable to Class A common shareholders | |
| Numerator: | |
| Net loss attributable to Black Rock Coffee Bar, Inc. | $ | (60) | |
| Denominator: | |
| Weighted-average number of shares of Class A common stock outstanding | 17,021,377 | |
| Basic net loss per share attributable to Class A common shareholders | ($0.00) |
| |
| Diluted net loss per share attributable to Class A common shareholders | |
| Numerator: | |
| Net loss attributable to Black Rock Coffee Bar, Inc. | $ | (60) | |
| Diluted net loss attributable to Black Rock Coffee Bar, Inc. | $ | (60) | |
| Denominator: | |
| Weighted-average number of shares of Class A common stock outstanding used to calculated diluted net loss per share | 17,021,377 |
| Diluted net loss per share attributable to Class A common shareholders | ($0.00) |
| |
The following Class A common share equivalents were excluded from diluted net loss per share in the periods presented because they were anti-dilutive:
| | | | | |
| Year Ended December 31, 2025 |
| Stock options | 647,862 |
| RSUs | 341,246 |
| LLC Units | 32,577,355 |
| Total anti-dilutive securities | 33,566,463 |
| |
Shares of the Company's Class B and Class C common stock do not participate in income or losses of Black Rock Coffee Bar, Inc. and are therefore are not participating securities. As such, separate presentation of basic and diluted net income (loss) per share of Class B and Class C common stock under the two-class method has not been presented.
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.