Black Rock Coffee Bar (BRCB) Q1 2026 earnings summary

Executive summary

• Achieved 23.7% year-over-year revenue growth to $55.5 million for Q1 2026, with same-store sales up 5.2% and nine new stores opened, bringing the total to 190.

• Net income improved to $1.8 million from a net loss of $0.9 million in Q1 2025, reflecting operational efficiency and lower interest expense.

• Store-level profit margin increased to 29.6%, up from 28.3% last year, driven by cost management and improved unit economics.

• Strategic focus on company-operated stores, customer engagement, people-oriented culture, and market expansion.

• Adjusted EBITDA reached $7.4 million, up 23.5% year-over-year, with a margin of 13.4%.

Financial highlights

• Q1 2026 revenue reached $55.5 million, up 23.7% year-over-year, with $7.5 million from new stores and $2.2 million from same-store sales growth.

• Store-level profit was $16.4 million, up from $12.7 million in Q1 2025, with a margin of 29.6%.

• Net income margin was 3.2%, up from -2.0% in the prior year.

• Adjusted SG&A expenses were $7.9 million (14.3% of revenue).

• Cash and cash equivalents stood at $20 million as of March 31, 2026.

Outlook and guidance

• Reaffirmed full-year 2026 guidance: 36 new store openings, $255–$257 million in revenue, mid-single-digit same-store sales growth, and $33.5–$34.5 million in adjusted EBITDA.

• Capital expenditures expected at $40–$41 million (inclusive of TI allowances).

• Long-term targets: 20% annual unit and revenue growth, mid-single-digit same-store sales growth, and adjusted EBITDA growth outpacing revenue.

• Confident in reaching 1,000 units by 2035.

• Cash flow and liquidity expected to be sufficient for the next twelve months and foreseeable future.