Black Rock Coffee Bar, Inc. (BRCB) Business

Item 1. Business

Our Company

Our Mission: To Fuel People Forward – One Connection, One Moment, One Cup at a Time

We are a high-growth operator of guest-centric, drive-thru coffee bars offering premium caffeinated beverages and an elevated in-store experience crafted by our engaging baristas. Black Rock Coffee Bar was founded in 2008 in Beaverton, Oregon, by our co-founders Daniel Brand and Jeff Hernandez. What started as a single 160 square foot coffee bar in 2008 is now one of the fastest growing beverage companies in the United States by revenue and the largest fully company-owned coffee retailer in the country, with 181 locations spanning seven states as of December 31, 2025, from the Pacific Northwest to Texas.

We were founded as a drive-thru only concept and evolved to include engaging seating areas, which we call “lobbies.” All of our locations include efficient drive-thrus and approximately 73% of our locations include lobbies as of December 31, 2025. We expect most of our new locations to include both drive-thrus and lobbies as we continue to grow. Our modern, inviting store formats—paired with a robust digital platform—allow us to deliver a dynamic and multi-faceted guest experience.

Driven by a passion for Connection, Caffeine, and Community, Black Rock is a platform to do well by our baristas, guests, and the communities we serve. With a relentless focus on people and excellence, our culture has been key to our success.

Connection

We are a people first organization and we win with authentic connections. Our success is fueled by the personal connections between our store teams and our diverse range of guests that are cultivated while serving premium, caffeinated beverages with speed and consistency. These daily interactions, whether over a drink hand-off at a drive-thru window or a longer visit in one of our inviting lobbies, create “moments that matter” with our guests.

We invest in making meaningful internal connections with our team members through a combination of extensive on-the-job training and career advancement opportunities. Black Rock offers more than a job—it is a platform for long-term development. Providing our team members with the tools and opportunities to advance fuels a more engaged, high-performing workforce. This commitment to professional growth leads to stronger guest relationships, excellent retention, and lasting brand loyalty.

Caffeine

Our approach to coffee and handcrafted beverages reflects the same attention to detail and care that we show every guest. Our team members are passionate about delivering high-quality, premium coffee and caffeinated beverages. That commitment starts with our exclusive use of premium beans that we roast in small batches in one of our two roasting facilities, promoting consistency, flavor integrity, and freshness. Coffee beans are delivered to our stores weekly and consumed within 14 days of roasting to maintain optimal taste and quality. We offer a broad range of premium coffee beverages, from our deliciously refreshing Nitro Cold Brew to our unapologetically indulgent Caramel Blondie. We also offer competitively priced, premium classics, including the Americano and customizable Lattes, providing a high perceived value offering to our guests. The breadth and flexibility of our menu supports long-term guest engagement, allowing individuals to evolve their drink choices over time without compromising on quality. This consistency strengthens brand trust and enhances overall guest experience.

Our proprietary Iced and Frozen Fuel energy drinks further broaden our appeal, offering a customizable, flavor-forward option that resonates with a wide demographic. With a simplified menu and a wide variety of flavor combinations, Fuel provides an energizing and refreshing alternative that is suitable any time of day. Fuel showcases our ability to innovate while aligning with guest demand for bold, flexible options. Fuel has quickly grown into a popular product category, helping drive increased transaction volume and guest frequency.

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Community

At Black Rock, we build genuine connections with our guests, support their daily lives, and foster a sense of community. These relationships—formed through shared moments and premium beverages—enable us to create a highly engaged guest base. Many of our guests refer to our stores as “my Black Rock,” reflecting a sense of ownership and belonging that is uncommon in our category.

Our modern, purposefully designed stores serve as welcoming hubs where people come together. This environment is powered by our baristas, whose friendly, attentive service ensures guests feel recognized, welcomed and respected. Whether hosting a business meeting, a study group, a casual catch-up, or a first date, our locations offer a space where people connect and return regularly.

Our commitment to the communities we serve is further reflected in our Give Back Days—localized events where we donate a portion of the day’s proceeds to individuals experiencing significant challenges such as illness, loss, or personal hardship. Our giveback days are an additional way for our store teams to deepen their connection within the community. It’s important for us to always support our guests in their time of need, to stay true to who we are as a brand.

As we expand into new and existing markets, our emphasis on building strong local ties remains central to our growth strategy. Our consistent, people-first approach helps ensure that each Black Rock location continues to function not just as a coffee bar, but as a trusted part of the communities we serve.

Our Menu

Our menu is designed to deliver a premium, customizable experience that resonates with a wide range of guest preferences while maintaining operational simplicity. We offer a curated selection of handcrafted beverages and food items that balance approachability with innovation, ensuring that every guest can find something they love.

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Our beverage platform is anchored by our coffee-forward culture. We source high-quality arabica beans from Brazil, Ethiopia, Uganda, Mexico, and Honduras roasted in small batches at our two company-owned facilities and delivered weekly to stores to preserve flavor integrity and freshness. Guests can choose from classic espresso-based drinks such as Lattes, Americanos, and Cappuccinos, as well as signature creations like the Caramel Blondie, Mexican Mocha, and Blackout. Nitro Cold Brew and Cold Brew options cater to guests seeking smooth, refreshing alternatives.

Customization is central to our offering. Guests can personalize their drinks by adjusting espresso strength, sweetness level, milk type, and flavor combinations. With dozens of syrups and toppings, the possibilities are nearly endless, allowing guests to create beverages that reflect their unique preferences.

Fuel, our proprietary energy drink line, represents a major growth driver and differentiator. Available in Iced and Frozen formats, Fuel offers Original and Sugar-Free varieties, complemented by a wide array of flavor combinations and add-ons such as Dried Fruit and Make it Sour. Fuel appeals to a broad demographic, particularly younger guests, and creates incremental occasions for visits throughout the day. For the year ended December 31, 2025, Fuel and Frozen Fuel accounted for approximately 24% of total revenue.

Our food platform, branded as “All-Day Breakfast,” enhances guest convenience and drives check growth. We offer a variety of savory and sweet items, including breakfast burritos, sausage cheddar sandwiches, banana bread, and glazed donut holes. Regional menu variations and seasonal offerings provide additional opportunities for engagement.

Seasonal and limited-time offerings play a critical role in keeping our menu fresh and exciting. These campaigns are designed to align with guest moods and seasonal trends, featuring exclusive flavors and toppings that encourage repeat visits.

Loyalty Rewards

Our loyalty program is a cornerstone of our guest engagement strategy, designed to deepen connections and drive repeat visits. Since its launch in June 2024, the program has grown rapidly, reflecting strong adoption and enthusiasm among our guests. As of December 31, 2025, loyalty transactions accounted for approximately 63% of total sales. Loyalty members consistently demonstrate higher frequency and larger average check sizes compared to non-members, reinforcing the value of the program.

The program is fully integrated into our mobile app and POS system, enabling seamless enrollment, order-ahead functionality, and personalized offers. Members earn points, known as Bolts, for every dollar spent, which can be redeemed for free beverages, food items, and exclusive perks. We regularly introduce limited-time promotions and bonus point events to encourage engagement and reward loyalty. These initiatives have proven effective in driving incremental visits and increasing overall spend per guest.

Our loyalty platform also serves as a powerful data engine, providing insights into guest preferences and purchasing behavior. These insights inform menu innovation, targeted marketing campaigns, and operational strategies. By leveraging data analytics, we can deliver personalized recommendations and offers that resonate with individual guests, enhancing their experience and strengthening brand affinity.

The loyalty program is not only a driver of sales but also a key component of our digital ecosystem. It integrates with our marketing automation tools, enabling push notifications, email campaigns, and in-app messaging tailored to guest behavior. This omnichannel approach ensures that our most engaged guests receive timely and relevant communications, reinforcing their connection to the brand.

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As we scale, loyalty will remain central to our growth strategy. By fostering deeper relationships with our guests and rewarding their commitment, we aim to build a community of advocates who fuel long-term success.

Growth Strategies

We believe we are well-positioned to take advantage of significant growth opportunities due to our clear and consistent focus on creating authentic connections between baristas and guests, delivered through premium caffeinated beverages in modern, welcoming environments. We plan to expand our business by executing on the following growth strategies:

•Expanding Our Store Footprint in New and Existing Markets – We are in the early stages of our long-term growth journey, with significant whitespace in both existing and new markets. We have a robust pipeline for development to support future anticipated growth. We expect to open 36 stores in 2026 and expect our future average annual store growth to be consistent with our approximately 20% historical average annual store growth from 2020 through 2025.

•Continuous Menu Innovation – Menu innovation is core to our brand. We regularly develop new offerings in partnership with our team and community in an effort to ensure our menu is relevant and exciting. Each seasonal marketing window provides innovative coffee-based and Fuel offerings that highlights our commitment to premium and thoughtfully crafted products.

•Building Loyalty Through Our Differentiated Tech-Enabled Approach – We continue to invest in technology that supports human connection. Our mobile application and loyalty program streamline service while enabling personalized marketing and data-driven insights.

◦Digital – At approximately 16% of store revenue for the three months ended December 31, 2025, our digital strategy is still in its early stages. Mobile orders reduce wait times, increase throughput, and showcase trending items in-store and in-app. In addition to our investments into in-store technology, we also utilize third-party delivery to serve our guests off-premise.

◦Loyalty – Since launching in June 2024, we have seen guests visit more often following their enrollment into our loyalty program (based on a review of the transaction history of approximately 1,200 loyalty members in the 90 days before and after joining the loyalty program). This behavior drives higher frequency and larger check sizes.

•Fueling Brand Growth – Every new Black Rock location deepens brand visibility and introduces more guests to our Fuel Your Story philosophy. Our consistent, friendly barista interactions, premium beverages, and fast service turn each store into a medium for future connections.

◦Local Community Engagement – As we expand, we tailor our outreach efforts to local markets. Our baristas actively engage in their communities, helping to build trust and familiarity. In 2025, we provided support to over 450 local businesses and high schools through donations, including gift cards and drinks, continuing our commitment to strengthening the communities we serve.

◦Growing Our Social Community – Our enthusiastic, growing fan base engages with Black Rock across social channels, and we meet them with timely content, branded moments, and community storytelling.

◦Exclusive Products – Our in-house Fuel line and other branded items, such as our K-Cup pods, custom blend roasted beans, and cold brew bags offer powerful brand touchpoints. This keeps Black Rock top of mind whether guests are in-store or on the go.

•Leverage Infrastructure – Our investments in people, facilities, and technology have built a strong foundation for scalable growth.

◦People-First Organization – With strong internal promotion practices and new key hires across functions, we are building a leadership bench ready to support expansion. Our team-first culture keeps us aligned as we grow.

◦Roasting Facilities – Our two roasting centers ensure freshness, consistency, and capacity to support national growth.

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◦Supply Chain – A robust distribution network supports multi-state operations and helps us deliver high-quality products at scale.

◦Technology Infrastructure – We have built an integrated digital platform that supports everything from inventory control to real-time sales tracking and predictive scheduling. These systems help to reduce waste, control prime costs, and streamline daily operations.

◦Product Innovation – Our exclusive Fuel energy drinks were developed in-house, allowing us to capture greater margins and offer unique products that differentiate us in the market.

Operations

Store Model and Guest Experience

We operate a differentiated store model designed to balance speed, quality, and authentic connection. Every location features a drive-thru, and approximately 73% include modern lobbies that provide comfortable seating and brand-forward design. Our dual-format approach allows us to meet guests wherever they are—whether they need a quick stop or a place to linger. We target service times of approximately 90 seconds from order to handoff, supported by optimized layouts and line-busting technology such as tablet ordering.

Drive-Thru Efficiency

Our drive-thru experience is engineered for throughput without sacrificing hospitality. Many locations feature dual-lane configurations and speaker boxes, complemented by baristas equipped with tablets to take orders in line. This approach reduces congestion and enhances speed during peak periods. We paired our dual-lane drive-thru format with an optimized site plan and a high-efficiency dual-bar layout, which is capable of supporting annual volumes exceeding $3 million at a single store.

Lobby Design

Where present, our lobbies serve as community hubs, offering an inviting atmosphere for guests to connect, work, or relax. These spaces feature modern industrial design elements, comfortable seating, and curated music playlists that reflect our brand personality. Lobbies also provide additional opportunities for baristas to engage guests face-to-face, reinforcing our core values of Connection, Caffeine, and Community.

Supply Chain and Roasting

We maintain centralized roasting operations in Tempe, Arizona and Vancouver, Washington, ensuring consistent quality and freshness across our store footprint. Coffee beans are sourced from Brazil, Ethiopia, Uganda, Mexico, and Honduras roasted in small batches, and shipped weekly to stores. Both facilities utilize Probat G120 roasters, as well as smaller batch roasters for testing and specialty blends, and have excess capacity to support future growth. Our supply chain team partners with national and regional distributors to deliver dairy, syrups, packaging, and proprietary Fuel energy drink components efficiently and cost effectively. Our supply chain was engineered for market adaptability. We generally maintain around a six-month supply of green coffee beans, held in combination at our importer's warehouse and our roasting facilities. Should a supply interruption occur in any of our coffee growing regions that we source from, we have identified and can integrate alternative coffee beans with very similar flavor characteristics to create our blend.

Quality Assurance and Food Safety

We prioritize a safe and healthy environment across all our stores through rigorous employee training, close supervision, and adherence to strict quality standards. Each location undergoes regular internal inspections to ensure compliance, and we monitor and report on both internal and external standards at every store.

Our commitment to beverage and food safety is reinforced by a close collaboration among our supply chain and distributor/supplier partners. We carefully review our supply partners’ ingredient decisions and reserve the right to conduct independent audits. We also assess each supplier’s safety and quality records and confirm insurance coverage.

Our coffee roasting facilities are specifically designed with the goal to mitigate the risk of contamination and foodborne illness and comply with relevant food safety regulations. These facilities are subject to routine safety inspections.

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Technology Integration

Technology plays a critical role in operational excellence. Our POS system (Revel) along with loyalty (Paytronix), inventory (R365), and labor scheduling (7shifts) platforms, enable real-time data visibility and predictive analytics. These tools help optimize staffing, reduce waste, and streamline menu management. Our mobile app supports order-ahead functionality and personalized marketing, while third-party delivery expands off-premises access.

People and Training

Our operations are powered by a people-first culture. We invest heavily in training and career development, offering clear pathways from barista to multi-store leadership roles. Beginning at the Assistant Store Lead level, team members are eligible for profit-sharing, aligning incentives with performance. We also provide ongoing education in business acumen, enabling store leaders to manage profit and loss responsibilities effectively.

Growth and Scalability

Operational scalability is central to our growth strategy. We employ a disciplined, data-driven approach to site selection, leveraging traffic patterns, demographic indicators, and mobility data. Our stores are 100% company-operated, and our development model includes Build-to-Suit, Reverse Build-to-Suit, and ground lease structures. In 2025, the average new store investment cost was approximately $860 thousand, or approximately $650 thousand net of tenant improvement allowances received from our landlords.

We do not own the land for any of our stores. When we enter into a Build-to-Suit arrangement, the developer has secured the land, prepped the site, constructs the building and retains ownership of the property; we purchase equipment directly and pay the developer rent. With Reverse Build-to-Suit, we act as developer and manage construction of the building, while the landlord retains legal ownership of the land and resulting building. In a ground lease, we manage the entire project from site prep to construction and equipment install, leasing the land only.

We continue to see strong performance across both drive-thru-only stores and locations with lobbies. While we generally prefer to include lobbies to enhance the guest experience, our primary focus remains on securing high-quality real estate in attractive locations with a high return on investment. Drive-thru only formats are typically pursued in high-traffic commuter corridors.

Sustainability and Community Engagement

We are committed to minimizing environmental impact through initiatives such as reducing packaging waste and exploring sustainable sourcing practices. As part of our community engagement, we support local schools, youth programs, nonprofits, first responders, and organizations focused on community wellbeing. Our community engagement programs, including Give Back Days, strengthen local ties and reinforce our brand purpose.

People

People First Culture

Our people are our foundation. As we have scaled, we have intentionally built a culture that stands apart from “corporate coffee”—where service often takes a backseat to transactions. Instead, we invest in hiring and developing skilled individuals who deliver memorable experiences. We operate with a merit-based approach that values performance, hard work, and advancement. By taking care of our team, we foster a culture that translates directly into consistent, high-quality guest interactions.

Workforce Overview

As of December 31, 2025, we employed approximately 2,800 team members across our stores, roasting facilities, and corporate office. None of our employees are represented by a labor union. We maintain competitive compensation and benefits programs designed to attract and retain top talent in a highly competitive labor market.

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Talent Acquisition and Development

We recruit individuals who embody our brand ethos and demonstrate a passion for hospitality. Our hiring strategy leverages local community engagement, digital platforms, and referral programs to attract high-quality candidates. Once hired, team members participate in structured onboarding and training programs focused on operational excellence, guest engagement, and leadership development.

At the foundation of our People First Flywheel, we teach our store leaders “Business Acumen,” equipping them with the skills to understand, manage, and grow their store’s performance. As team members demonstrate business acumen across defined performance metrics, they can advance rapidly through our internal Career Path pipeline—from Barista to Shift Lead, Assistant Store Lead, Store Lead, and then to Multi-Store Lead.

Above the store level, high-performing leaders may progress into senior management roles such as Area Manager and then to Director of Operations, overseeing between 20 and 55 stores. From the Assistant Store Lead level onward, team members are eligible for Profit Sharing, creating alignment between their personal growth and company success. We believe the metrics for Profit Sharing eligibility, along with transparent store ranking and healthy, objective internal competition, yields a dynamic Performance Culture that is ultimately recognized, rewarded and celebrated by exclusive invitations into the Top Quartile Meeting for the top performing 25% individuals at each operational level.

This disciplined approach to team development has fueled our strong retention and allowed our best operators to lead new markets as we grow. By continuously investing in our people and preparing them for larger roles, we focus on ensuring our culture scales with our footprint.

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Total Rewards

At Black Rock Coffee Bar, we believe that rewarding our team members is essential to sustaining a high-performance culture and delivering exceptional guest experiences. Our Total Rewards program is designed to provide competitive compensation, comprehensive benefits, and meaningful incentives that align with our values of Grit, Growth, Gratitude, and Grace.

We offer competitive base pay for all roles, benchmarked against industry standards and adjusted for local market conditions. Our compensation framework includes hourly and salaried wages aligned with role and experience, performance-based merit increases, and profit-sharing eligibility beginning at the Assistant Store Lead level, creating alignment between individual performance and company success. To recognize and reward operational excellence, we provide quarterly performance bonuses for Assistant Store Leads, Store Leads, Multi-Store Leads, Area Managers, and Directors of Operations, and recognition programs for top-performing baristas and store teams.

We prioritize team member well-being through a comprehensive benefits package, including medical, dental, and vision insurance for eligible team members and health savings accounts, mental health resources and Employee Assistance Program, and wellness initiatives such as fitness reimbursements and mindfulness programs. We support long-term financial planning through a 401(k) retirement savings plan with company match and provide financial education resources and planning tools.

Our PTO and leave programs provide flexibility and support for life events, including paid time off for vacation, sick leave, and personal days. We also offer unique perks that enhance the team member experience, such as free beverages during shifts, discounts on merchandise, branded apparel and gear, and access to company events. We regularly review and enhance our Total Rewards offerings based on team member feedback, market trends, and business performance to ensure competitiveness and relevance.

Community and Culture

Our people strategy extends beyond the workplace. We encourage team members to participate in community engagement initiatives, including Give Back Days and local partnerships. These programs strengthen our connection to the communities we serve and reinforce our mission to Fuel People Forward.

Competition

The beverage and food service industry is highly competitive and fragmented, and our stores compete on a variety of factors, including convenience, taste preferences, price, quality, service, location, brand reputation, digital engagement and the ambience and condition of each shop. We believe our primary competitors include national and regional coffee chains, local specialty coffee shops, regional drive-thru beverage chains, and drive-thru quick service restaurants with coffee and other beverage programs. Our competitors operate both company-operated, franchised and mixed business models. Many of our competitors have existed longer than we have and have a more established market presence with substantially greater financial, marketing, personnel, and other resources than we do, and as a result, these competitors may be better positioned to succeed in the highly competitive beverage and food service industry. Because of our proprietary Fuel energy beverages, we also compete with companies outside of the coffee shop industry, such as convenience food shops.

Intellectual Property

In an effort to establish and protect our brand and other intellectual property rights, we rely on a combination of trademark, and trade secret laws, as well as contractual arrangements.

Our primary trademark, BLACK ROCK COFFEE BAR, and our related logos have been registered in the United States. We believe these marks are of significant value and are very important to the success of our business. We also own other U.S. registered trademarks, including FUEL YOUR STORY. We may consider pursuing trademark registrations for additional marks if and to the extent we believe such registrations would be beneficial to our business and cost-effective. As of December 31, 2025, we have also registered various domain names that we use in the conduct of our business, including br.coffee.

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We enter into, and rely on, confidentiality and proprietary rights agreements with certain of our employees, contractors and business partners to protect our trade secrets and other confidential information. For information regarding risks related to our intellectual property, please see “Risk Factors—Risks Related to Information Technology Systems, Cybersecurity, Data Privacy and Intellectual Property” in Part I, Item 1A.

Government Regulation and Environmental Matters

We are subject to extensive federal, state, local, and foreign laws and regulations, as well as other statutory and regulatory requirements, including those related to, among others, nutritional content labeling and disclosure requirements, food safety regulations, local licensure, building, and zoning regulations, employment regulations, and laws and regulations related to our licensed operations. Failure to obtain or retain licenses and registrations or exemptions would adversely affect the operation of our stores. Although we have not experienced and do not anticipate experiencing any significant problems obtaining required licenses, permits or approvals, any difficulties, delays or failures in obtaining such licenses, permits, registrations, exemptions or approvals could delay or prevent the opening of, or adversely impact the viability of, a store in a particular area. The development and construction of additional stores will be subject to compliance with the applicable zoning, land use and environmental regulations. New laws and regulations or new interpretations of existing laws and regulations may also impact our business. The cost of compliance with these laws and regulation are high, are likely to increase in the future, and any failure on our part to comply with these laws may subject us to significant liabilities and other penalties. We are also subject to the U.S. Occupational Safety and Health Act, which governs worker health and safety, the Fair Labor Standards Act, the Immigration Reform and Control Act of 1986 and various federal and state laws governing such matters such as minimum wage, overtime, employment tax rates, workers compensation rates, citizenship requirements, and other working conditions. A significant number of store-level personnel are paid at rates related to the federal minimum wage. We are also subject to the Americans with Disabilities Act, which prohibits discrimination on the basis of a disability and public accommodations in employment, which may require us to design or modify our shops to make reasonable accommodations for disabled persons. See "Risks Related to Regulation and Litigation" in Part I, Item 1A, Risk Factors for more information.

We are not aware of any federal, state, or local provisions that have been enacted or adopted regulating the discharge of materials into the environment, or otherwise relating to the protection of the environment, that have materially affected, or are reasonably expected to materially affect, our results of operations, competitive position, or capital expenditures.

Seasonality

Our business is subject to seasonal fluctuations in that our sales are typically nominally higher during the spring and fall months affecting the second and third quarters.

Information About our Non-Employee Directors

Our directors of Black Rock Coffee Bar, Inc. as of the filing of this Form 10-K, are as follows:

Jeff Hernandez is a Co-Founder of Black Rock Coffee Bar and serves as the Chairman of the Board. Mr. Hernandez previously served as the Company’s Chief Executive Officer from 2010 to 2020.

Andrew Braithwaite has served as a Managing Director, Principal or Vice President at The Cynosure Group, LLC since July 2017. Prior to his role at The Cynosure Group, LLC, Mr. Braithwaite worked as a senior associate or associate at The Carlyle Group from July 2012 to July 2017. Earlier in his career, Mr. Braithwaite served as an Investment Banker at Barclays Capital, Inc. in its Financial Institutions Group from June 2010 to June 2012. Mr. Braithwaite holds a Bachelor of Arts in Business and Economics from Merrimack College.

Daniel Brand is a Co-Founder of Black Rock Coffee Bar Mr. Brand previously served as the Company’s Chief Operating Officer from January 2017 to January 2025.

Kristina Cashman has served as Chief Executive Officer of Guy and Larry Restaurants since July 2024. Ms. Cashman also serves as President and Chief Executive Officer of Cashman Restaurant & Retail Consulting, a position she has held since 2019. Ms. Cashman’s prior experience includes serving as Chief Financial Officer of several restaurant companies including Hopdoddy Burger Bar, Inc., Eddie V’s Restaurants, Inc., and P.F. Chang’s China Bistro. Ms. Cashman currently serves as a director of Vera Bradley, Inc. (Nasdaq: VRA) and of Bassett Furniture Industries, Inc. (Nasdaq: BSET). She previously served as a director for privately held Munchkin, Inc., an infant and toddler lifestyle brand. Ms. Cashman holds a Bachelor of Business Administration degree from the University of Texas at Austin.

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Richard Federico has served as the Company’s lead independent director of the Board since September 2025. Mr. Federico served as Non-Executive Chairman of P.F. Chang’s China Bistro, Inc.(“P.F. Chang’s”) from February 2016 until its acquisition by TriArtisan Capital Advisors and Paulson & Co. Inc. in March 2019. Mr. Federico previously served as Executive Chairman of P.F. Chang’s from March 2015 to February 2016 and as Chairman of the board of directors, Chief Executive Officer or Co-Chief Executive Officer from September 1997 to March 2015. Mr. Federico joined P.F. Chang’s as President in 1996, when he also began his service on its board of directors. Mr. Federico currently serves on the board of directors of Domino’s Pizza, Inc. (NASDAQ: DPZ), as well as the board of directors of Fish Six Restaurant Corp. (d/b/a The Melt) and Boqueria SOHO LLC, a privately held restaurant concept. Mr. Federico also previously served as Chairman of the board of directors of Jamba, Inc. and on the board of trustees of RPT Realty and Tastemaker Acquisition Corp. Mr. Federico is a Founding Director of Chances for Children. Mr. Federico holds a Bachelor of Arts in Sociology from the University of Tennessee.

Sarah Goldsmith-Grover is Principal of Sarah Grover, Inc., a strategic advisory firm focused on growth and transformation within the global hospitality industry. Ms. Goldsmith-Grover brings more than 35 years of executive experience leading brand, marketing, and operational strategy for high-growth consumer and global restaurant companies. Ms. Goldsmith-Grover spent the majority of her career at California Pizza Kitchen, where she held a series of senior leadership roles, including Executive Vice President and Chief Brand & Concept Officer. During her tenure, Ms. Goldsmith-Grover played a key role in scaling the business from a regional 10-unit concept to a $600 million global brand, successfully navigating multiple private equity and public company transactions. Recognized as a thought leader in brand strategy and customer engagement, Ms. Goldsmith-Grover was named to Advertising Age’s Marketing 50 and was recognized in 2020 as one of the Top 25 Executives in Fast Casual Dining. Ms. Goldsmith-Grover is on the board of directors of Shift4 Payments Inc. (NYSE: FOUR), ChowNow Inc. and the non-profit Support and Feed. Ms. Goldsmith-Grover holds a Bachelor of Arts in Communications from DePauw University.

Information About our Executive Officers

Our executive officers of Black Rock Coffee Bar, Inc. as of the filing of this Form 10-K, are as follows:

Mark Davis has served as our Chief Executive Officer and a member of our Board since 2023. Prior to joining Black Rock Coffee, Mr. Davis served as Chief Operating Officer of Coffee & Bagel Brands, a fast casual restaurant company, from July 2019 to April 2023, where he oversaw operations for Einstein Bros., Bruegger’s, Noah’s, and Manhattan Bagels. Before his tenure at Coffee & Bagel Brands, Mr. Davis served as Chief Executive Officer of Tokyo Joe’s from January 2015 to June 2019, where he was a member of the board of directors. Mr. Davis also previously served as Chief Operations Officer at Breckenridge-Wynkoop LLC, or Breckenridge Brewery. Prior to that, Mr. Davis served as Vice President of Operations at Panera Bread Co. Mr. Davis holds a Master of Business Administration from Regis University and a Bachelor of Arts degree from Colorado State University.

Rodd Booth has served as our Chief Financial Officer since October 2020. Prior to joining Black Rock Coffee, Mr. Booth worked as an Assurance Senior Manager and Audit Practice Leader at Aldrich CPA+ Advisors LLP from November 2014 to October 2020. Prior to that, Mr. Booth worked as an Audit Manager at Grant Thornton LLP, an international accounting firm from 2011 to 2014. Mr. Booth holds a Bachelor of Science, Accounting from Linfield University and is a Certified Public Accountant (Inactive).

Clay Geyer has served as our Chief Operating Officer since January 2025. Mr. Geyer previously served as our Vice President of Operations from January 2022 to December 2024. Prior to joining Black Rock Coffee as an employee, Mr. Geyer was a franchisee of Black Rock Coffee from 2016 to 2021.

Robert Kaufmann has served as our Chief Development Officer since January 2025. Mr. Kaufmann previously served as our Vice President of Development from January 2015 to January 2025. Mr. Kaufmann holds an Associate of Arts and Sciences from Umpqua Community College and a Bachelor of Applied Science from University of Phoenix.

Jessica Wegener-Beyer has served as our Chief Marketing Officer since April 2024. Prior to joining Black Rock Coffee, Ms. Wegener-Beyer served as Chief Marketing Officer at eegee’s, an Arizona-based sandwich restaurant chain from November 2020 to January 2023. Prior to that, Ms. Wegener-Beyer served as Senior Director of Marketing at True Food Kitchen. Ms. Wegener-Beyer holds a Master of Business Administration and a Bachelor of Arts from Arizona State University.

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Samuel Seiberling has served as our Chief Legal Officer since January 2025. Mr. Seiberling previously practiced law at Davis Graham & Stubbs LLP, where his practice focused on acquisition transactions, public and private placements of securities, securities law disclosure and compliance and corporate governance, including his time as a partner with the firm from January 2021 through January 2025. Mr. Seiberling holds a Juris Doctor from the University of Denver, Sturm College of Law and a Bachelor of Arts degree in Biophysical Chemistry from Dartmouth College.

Will MacIntosh has served as our Chief People and Investor Relations Officer since April 2025. Prior to joining Black Rock Coffee, Mr. MacIntosh served as Vice President of Operations Services at Coffee & Bagel Brands, the parent company of several well-known breakfast brands, from July 2016 to April 2025. Mr. MacIntosh also previously served as Director of Learning and Technology at MOOYAH Burgers, Fries and Shakes from 2011 to 2015. Prior to that, Mr. MacIntosh served as Director of Field Training at Applebee’s from 2001 to 2011.

Derek Tonn has served as our Chief Information Officer since December 2025. Mr. Tonn previously served as our Senior Vice President, IT & Analytics, from January 2021 to December 2025. Prior to joining Black Rock Coffee, Mr. Tonn served as President and Chief Executive officer at Roaster Coffee LLC from June 2020 to January 2021. Mr. Tonn also previously served as a Senior Financial Specialist for Battelle Memorial Institute. Mr. Tonn holds a Master of Business Administration and a Bachelor of Arts in Business Administration and Management from Washington State University.

Corporate Information

Black Rock Coffee Bar, Inc. was organized as a Delaware corporation on May 2, 2025, and in June 2025 re-domiciled to be incorporated in Texas for the purpose of facilitating our IPO and other related transactions in order to carry on the business of Black Rock OpCo and its consolidated subsidiaries as a publicly traded entity. Black Rock Coffee Bar, Inc. is the sole managing member of Black Rock OpCo and, as the sole managing member, it operates and controls all of the business and affairs of Black Rock OpCo. As a result, Black Rock Coffee Bar, Inc. consolidates the financial results of Black Rock OpCo and reports a noncontrolling interest representing the economic interest in Black Rock OpCo held by the other members of Black Rock OpCo.

Available Information

Our website address is https://www.br.coffee. Our Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings with the SEC, and all amendments to these filings, can be obtained free of charge from our Investor Relations website at https://ir.br.coffee or by contacting our Investor Relations department at our office address listed above as soon as reasonably practical following our filing or furnishing of any of these reports with the SEC. The SEC maintains a website that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at www.sec.gov. We also routinely use the Investor Relations page on our website as a channel of distribution for important Company information, including press releases, analyst presentations, and financial corporate governance information. The contents of these websites are not incorporated into this filing. Further, the Company's references to the URLs for these websites are intended to be inactive textual references only.