Segment Reporting

The Company uses the management approach for determining its reportable segments. The management approach is based upon the way that management reviews performance and allocates resources.

The Company’s chief operating decision-maker (the “CODM”) is its CEO. The Company has one operating and one reportable segment, as the CODM allocates resources and regularly reviews operations and financial performance at a consolidated level. The CODM uses consolidated net income to allocate resources for the single segment to make decisions regarding annual budget, new store openings, marketing decisions and driving the Company’s mission. The measure of the single reportable segment’s assets is reported as Total assets on the consolidated balance sheets. The accounting policies of the single reportable segment are the same as those described in Note 2.

No changes have been made to the Company’s segment during the year ended December 31, 2025. In addition, no customer represented 10% or more of total revenue for the year ended December 31, 2025, 2024 or 2023.

Financial information for the Company’s reportable segment is as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Segment revenue	$	200,321	$	160,917	$	133,162
Less:
Beverage, food and packaging costs	56,323		46,491		41,923
Labor and related expenses	42,006		35,132		30,236
Occupancy and related expenses	16,087		13,107		10,832
Other store operating expenses(1)	27,178		21,172		17,286
Selling, general and administrative expenses	41,324		25,261		20,313
Depreciation and amortization	12,199		10,364		8,523
Pre-opening costs	4,303		3,357		2,007
Interest expense, net	9,350		11,115		10,949
Other expense (income), net	7,615		1,835		(566)
Income tax expense	475		270		357
Segment loss	(16,539)		(7,187)		(8,698)
Reconciliation of profit or loss
Adjustments and reconciling items	—		—		—
Consolidated net loss	$	(16,539)	$	(7,187)	$	(8,698)

(1)Other store operating expenses consists of credit card fees, repairs and maintenance, utilities, software subscriptions, property taxes, and other operating expenses, incidental to operating the Company’s stores, such as store supplies, insurance, business permits, and travel expense.

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Black Rock Coffee Bar, Inc. Segments Disclosure

About Segments Disclosures

Other Available Disclosures