BRC Inc. Earnings Per Share Disclosure
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Numerator: | |||||||||||||||||
| Net loss | $ | (32,235) | $ | (7,649) | $ | (56,716) | |||||||||||
| Less: Net loss attributable to non-controlling interests | (20,321) | (4,697) | (39,971) | ||||||||||||||
| Net loss attributable to Class A Common Stock - basic and diluted | $ | (11,914) | $ | (2,952) | $ | (16,745) | |||||||||||
| Denominator: | |||||||||||||||||
| Weighted-average shares of Class A Common Stock outstanding | 95,207,206 | 71,107,562 | 60,932,225 | ||||||||||||||
| Net loss per share attributable to Class A common stockholders, basic and diluted | $ | (0.13) | $ | (0.04) | $ | (0.27) | |||||||||||
| December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Stock Options | 8,684,387 | 5,424,411 | 3,413,340 | ||||||||||||||
| Common Units | 133,694,869 | 134,536,464 | 146,484,989 | ||||||||||||||
| RSUs | 4,629,764 | 2,232,952 | 1,684,955 | ||||||||||||||
| PSUs | 8,462,412 | 8,462,412 | 8,462,412 | ||||||||||||||
Incentive Units (Share Equivalents) | 1,221,857 | 1,221,857 | 1,237,892 | ||||||||||||||
| ESPP | 71,816 | 69,661 | 77,841 | ||||||||||||||
| Total units excluded from computation of diluted net loss per share | 156,765,105 | 151,947,757 | 161,361,429 | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
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.