0001628280-25-051288 | 10-Q | XBRL Viewer | Black Rock Coffee BAR INC

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Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Less current portion	$ (1,250)	$ (925)
Less debt issuance costs	(1,135)	(769)
Less capitalized modification fees	0	(1,651)
Total long-term debt	17,615	89,269
Note payable to RCS SBIC Fund II, L.P and TCW Asset Management Company, LLC
Debt Instrument [Line Items]
Long-term debt, gross	0	92,614
New Credit Agreement \| Term loan \| The Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 20,000	$ 0

Equity-Based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

Pre-IPO Incentive Plan

Prior to the IPO, certain employees and directors were granted profits interests units ("PI Units") in Black Rock OpCo which generally vested immediately upon a sale of the Company or an IPO. In connection with the Transactions, all outstanding PI Units were converted into LLC Units of Black Rock OpCo. The Company evaluated the conversion and exchange of PI Units as part of the Transactions and concluded the conversion and exchange was not a modification of the original PI Unit. Accordingly, the Company recognized equity-based compensation using the grant date fair value as measured on the original grant date of the PI Units which was determined to be immaterial. The unrecognized equity-based compensation for the restricted LLC Units still subject to time-based vesting requirement is immaterial.

2025 Incentive Award Plan

In September 2025, the Company's Board of Directors adopted the 2025 Incentive Award Plan (the "2025 Plan"), and the shareholders approved the 2025 Plan, effective in connection with the Company's IPO. The 2025 Plan provides for potential grants of the following awards with respect to shares of the Company's Class A common stock: (i) incentive stock options ("ISOs") qualified as such under U.S. federal income tax laws; (ii) non-qualified stock options ("NSOs"); (iii) stock appreciation rights; (iv) restricted stock awards; (v) dividend equivalents; (vi) RSUs, and (vii) other stock or cash-based awards as determined by the Board, the compensation committee of the Board or any properly delegated subcommittee.

The initial maximum aggregate number of shares of the Company's Class A common stock that may be issued pursuant to awards under the 2025 Plan shall not exceed 4,354,880 shares. In addition, the number of shares of our Class A common stock available for issuance under the 2025 Plan will be subject to an annual increase on the first day of each calendar year beginning on and including January 1, 2026 and ending on and including January 1, 2035, equal to (i) 3% of the aggregate number of shares of Class A common stock, Class B common stock and Class C common stock outstanding on the final day of the immediately preceding calendar year or (ii) such smaller number of shares of our Class A common stock as is determined by the Board. The maximum number of shares of the Company's Class A common stock that may be issued pursuant to the exercise of ISOs, granted under the 2025 Plan, is 10 million.

As of September 30, 2025, the Company had equity-based compensation awards outstanding consisting of RSUs and stock options.

Stock Options

In connection with the IPO, the Company granted employees stock options under the 2025 Plan to purchase shares of Class A common stock at an exercise price equal to the IPO price. The stock options will vest on September 15, 2028, subject to continued service through such date, which is the third anniversary of the date of the closing of the IPO. In addition, 381,097 stock options awarded to our Chief Executive Officer ("CEO") provide for accelerated vesting upon a qualified retirement event.

The following table summarizes the stock option activity for the nine months ended September 30, 2025:


	Stock Options Outstanding	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2024	—
Granted	647,862	$	20.00
Forfeited or cancelled	—
Outstanding as of September 30, 2025	647,862	$	20.00	10.0	$	2,501

As of September 30, 2025, no options were vested or exercisable. The total unrecognized equity-based compensation related to the stock options was approximately $6.3 million which is expected to be recognized over a weighted-average period of 2.7 years.

The grant date fair value of the stock options was determined using the Black-Scholes model with the following assumptions:



Dividend yield(1)			None
Volatility(2)			48.3%
Risk-free interest rate(3)			4.03%
Expected term (years)(4)			5.5
Weighted-average grant date fair value per share			$9.84

(1) The Company utilized a dividend yield of zero, as it had no history or plan of declaring dividends on its common stock in the foreseeable future.

(2) Volatility was based on a group of industry peers with sufficient history.

(3) The risk-free interest rate is based on the implied yield currently available on U.S. Treasury issues with terms approximately equal to the expected life of the options.

(4) Because the Company does not yet have sufficient historical exercise data to provide a reasonable basis for estimating future exercise patterns, the expected term was based on an analysis of exercise behavior of peer companies and management's judgment.

RSUs

The Company has granted RSUs to employees and directors under the 2025 Plan. RSUs represent the right to receive shares of the Company's Class A common stock at a specified future date. RSUs under the 2025 Plan are generally subject to a service condition. The service condition for employees is generally satisfied over 4 years, whereby 25% of the RSUs vest on each annual anniversary of the closing the Company's IPO, subject to continued service through the applicable vesting date. The service condition for directors is generally satisfied on the date of the annual meeting of shareholders to be held in 2026, or, if earlier, the first anniversary of the closing of the IPO, subject to continued service through the applicable vesting date. In addition, 187,500 RSUs awarded to our CEO provide for accelerated vesting upon a qualified retirement event. The unrecognized equity-based compensation expense related to the RSUs will be recognized over the remaining requisite service period, using the straight-line attribution method.

The activity for RSUs for the nine months ended September 30, 2025 was as follows:


	Number of RSUs	Weighted-Average Grant Date Fair Value
Nonvested at December 31, 2024	—
Granted	341,246	$	20.00
Forfeited or cancelled	—
Nonvested at September 30, 2025	341,246	$	20.00

As of September 30, 2025, unrecognized compensation cost related to RSUs, was approximately $6.7 million, which is expected to be recognized over a weighted-average period of 3.0 years.

Equity-Based Compensation


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Selling, general and administrative expenses	$	868	$	—	$	868	$	—

As of September 30, 2025, total unrecognized equity-based compensation related to unvested stock awards will be recognized as follows for the periods presented:


(in thousands)
Remainder of 2025	$	1,213
2026	4,676
2027	4,362
2028	2,254
2029	457
Total unrecognized equity-based compensation	$	12,962

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 32,646	$ 10,227
Receivables, net	4,834	4,304
Inventories	2,786	2,055
Prepaid expenses and deposits	3,807	2,860
Total current assets	44,073	19,446
Property and equipment, net	87,721	69,989
Operating lease right-of-use assets, net	122,700	101,591
Note receivable from related party	0	5,184
Other assets	277	0
Goodwill	9,360	9,360
Deferred income tax asset	52,947	0
Intangible assets, net	6,118	7,342
Total assets	323,196	212,912
Current liabilities:
Accounts payable	10,660	6,621
Accrued expenses	4,706	3,400
Accrued payroll and benefits	6,281	6,984
Deferred compensation	0	5,778
Gift card and loyalty program liability	1,316	1,186
Current portion of long-term debt	1,250	925
Current portion of operating lease liabilities	7,873	8,410
Total current liabilities	32,086	33,304
Tax receivable agreement liability	40,641	0
Long-term debt, net of current portion	17,615	89,269
Operating lease liabilities, net of current portion	132,496	107,000
Total liabilities	222,838	229,573
Commitments and Contingencies (Note 15)
Temporary equity
Total temporary equity		241,175
Shareholders equity/members' deficit
Members’ deficit (4,000,000 Class A Common Units authorized as of December 31, 2024; 2,646,087 units issued and outstanding as of December 31, 2024)		(257,836)
Preferred stock, par value $0.00001 per share; 20,000,000 shares authorized, no shares issued or outstanding as of September 30, 2025	0
Additional paid-in capital	43,757
Accumulated deficit	(712)
Total shareholders' equity attributable to Black Rock Coffee Bar, Inc./members' deficit	43,045
Total shareholders' equity attributable to Black Rock Coffee Bar, Inc./members' deficit		(257,836)
Noncontrolling interest	57,313
Noncontrolling interest		0
Total shareholders' equity/members' deficit	100,358
Total shareholders' equity/members' deficit		(257,836)
Total liabilities, temporary equity and shareholders' equity/members' deficit	323,196	212,912
Series A
Temporary equity
Total temporary equity		3,429
Series A-1
Temporary equity
Total temporary equity		206,973
Series A-2
Temporary equity
Total temporary equity		$ 30,773
Class A Common stock
Shareholders equity/members' deficit
Common stock, value, issued	0
Class B Common stock
Shareholders equity/members' deficit
Common stock, value, issued	0
Class C Common stock
Shareholders equity/members' deficit
Common stock, value, issued	$ 0

Leases- Schedule of Components of Net Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Leases [Abstract]
Operating lease cost	$ 4,421	$ 3,361	$ 12,418	$ 9,723
Variable lease cost	274	227	804	765
Less sublease income	(27)	(27)	(81)	(81)
Total lease cost	$ 4,668	$ 3,561	$ 13,141	$ 10,407

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Sep. 30, 2025	Dec. 31, 2024
Common unit, authorized (in shares)		4,000,000
Common units, issued (in shares)		2,646,087
Common units, outstanding (in shares)		2,646,087
Preferred stock, par value (in dollars per share)	$ 0.00001
Preferred stock, shares authorized (in shares)	20,000,000
Series A
Temporary equity par value (in dollars per share)		$ 1.00
Temporary equity, units authorized (in shares)		20,000,000
Temporary equity, units issued (in shares)		3,804,698
Temporary equity, units outstanding (in shares)		3,804,698
Series A-1
Temporary equity, units authorized (in shares)		2,000,000
Temporary equity, units issued (in shares)		1,468,058
Temporary equity, units outstanding (in shares)		1,468,058
Series A-2
Temporary equity, units authorized (in shares)		900,000
Temporary equity, units issued (in shares)		893,835
Temporary equity, units outstanding (in shares)		893,835
Temporary equity, liquidation preference		$ 168,785,545
Class A Common stock
Common stock, par value (in dollars per share)	$ 0.00001
Common stock, shares authorized (in shares)	500,000,000
Common stock, shares, issued (in shares)	17,478,452
Common stock, shares, outstanding (in shares)	17,478,452
Class B Common stock
Common stock, par value (in dollars per share)	$ 0.00001
Common stock, shares authorized (in shares)	200,000,000
Common stock, shares, issued (in shares)	10,377,136
Common stock, shares, outstanding (in shares)	10,377,136
Class C Common stock
Common stock, par value (in dollars per share)	$ 0.00001
Common stock, shares authorized (in shares)	50,000,000
Common stock, shares, issued (in shares)	22,200,219
Common stock, shares, outstanding (in shares)	22,200,219

Equity-Based Compensation - Schedule of Fair Value Assumptions (Details) - Options	9 Months Ended
	Sep. 30, 2025 $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividend yield	0.00%
Volatility	48.30%
Risk-free interest rate	4.03%
Expected term (years)	5 years 6 months
Weighted-average grant date fair value per share	$ 9.84

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Long-Term Debt



(in thousands)	September 30, 2025		December 31, 2024
Note payable to RCS SBIC Fund II, L.P and TCW Asset Management Company, LLC	$	—	$	92,614
Term loan with JPMorgan Chase Bank, N.A.	20,000		—
Less current portion	(1,250)		(925)
Less debt issuance costs	(1,135)		(769)
Less capitalized modification fees	—		(1,651)
Total long-term debt	$	17,615	$	89,269

Schedule of Future Principal Maturities of Long-term Debt

Future principal maturities of long-term debt as of September 30, 2025 are as follows:



(in thousands)
Remainder of 2025	$	313
2026	1,563
2027	2,500
2028	2,812
2029	4,062
2030	8,750
Total	$	20,000

Schedule of Interest Expense, Net

Interest expense, net in the condensed consolidated statements of operations was as follows:


	Three Months Ended September 30, 2025				Nine Months Ended September 30, 2025
(in thousands)	2025		2024		2025		2024
Interest expense	$	2,655	$	2,947	$	8,320	$	7,724
Amortization of debt issuance costs and capitalized modification fees	319		348		1,047		977
Interest income	(103)		(222)		(339)		(513)
Interest expense, net	$	2,871	$	3,073	$	9,028	$	8,188

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Equity-Based Compensation - Schedule of RSU Activity (Details) - RSUs	9 Months Ended
	Sep. 30, 2025 $ / shares shares
Number of RSUs
Beginning balance (in shares)	0
Granted (in shares)	341,246
Forfeited (in shares)	0
Ending balance (in shares)	341,246
Weighted-Average Grant Date Fair Value
Granted (in usd per share) \| $ / shares	$ 20.00
Ending balance (in usd per share) \| $ / shares	$ 20.00

Net Loss Per Share - Schedule of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended		8 Months Ended	9 Months Ended
	Sep. 30, 2025	Sep. 10, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 14, 2025	Sep. 30, 2025	Sep. 30, 2024
Earnings Per Share [Abstract]
Net loss	$ (1,743)		$ (16,175)	$ (722)		$ (18,120)	$ (2,957)
Less: net loss attributable to Black Rock OpCo prior to the Transactions			(14,432)	0		(16,377)	0
Less: net loss attributable to noncontrolling interests			(1,031)	0		(1,031)	20
Net loss attributable to Black Rock Coffee Bar, Inc.		$ (14,432)	$ (712)	$ (722)	$ (16,377)	$ (712)	$ (2,977)

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+ Details

Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 15, 2025	Sep. 12, 2025
Product Information [Line Items]
TRA benefit percent	0.85		0.85		0.85	0.85
Stock issued, issuance costs			$ 2,700
Unpaid offering costs	$ 563		563
Advertising expense	$ 621	$ 341	$ 1,700	$ 1,200
Suppliers \| Suppliers \| Major Supplier Two
Product Information [Line Items]
Concentration risk (as a percent)	77.00%	77.00%	85.00%	85.00%
Suppliers \| Suppliers \| Major Supplier Three
Product Information [Line Items]
Concentration risk (as a percent)	84.00%	84.00%	88.00%	88.00%
Black Rock OpCo
Product Information [Line Items]
Ownership (as a percent)	65.00%		65.00%

Noncontrolling Interest - Schedule of Ownership Interest (Details) - Black Rock OpCo	9 Months Ended
	Sep. 30, 2025 shares
Noncontrolling Interest [Line Items]
OpCo Units	49,975,000
Ownership %	100.00%
LLC Units held by Black Rock Coffee Bar, Inc.
Noncontrolling Interest [Line Items]
OpCo Units	17,478,000
Ownership %	35.00%
Continuing Equity Owners
Noncontrolling Interest [Line Items]
OpCo Units	32,497,000
Ownership %	65.00%
Common stock units subject to time based requirements (in shares)	80,500

Intangible Assets - Narrative (Details)	Sep. 30, 2025
Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets amortization period	3 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets amortization period	15 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Supplemental Balance Sheet Information

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Balance Sheet Information

The components of Receivables, net were as follows:



(in thousands)	September 30, 2025		December 31, 2024
Tenant improvement allowance receivables	$	4,710	$	4,103
Trade receivables	21		97
Other receivables	103		104
Receivables, net	$	4,834	$	4,304

The components of Inventories were as follows:


(in thousands)	September 30, 2025		December 31, 2024
Coffee beans and product inventory	$	2,326	$	1,613
Merchandise and supplies	182		207
Other	278		235
Inventories	$	2,786	$	2,055

The components of Property and equipment, net were as follows:


(in thousands)	Estimated Useful Lives	September 30, 2025		December 31, 2024
Manufacturing equipment	3-7 years	$	32,652	$	27,476
Leasehold improvements	7-15 years	54,780		46,100
Buildings	15-39 years	9,997		7,267
Furniture and fixtures	5-7 years	10,255		8,210
Vehicles	5-7 years	482		482
Software	5 years	237		232
Construction in progress		11,306		4,834
Property and equipment, gross		119,709		94,601
Less accumulated depreciation		(31,988)		(24,612)
Property and equipment, net		$	87,721	$	69,989

Depreciation expense was approximately $2.5 million and $2.1 million for the three months ended September 30, 2025 and 2024, respectively, and was approximately $7.4 million and $5.8 million for the nine months ended September 30, 2025 and 2024, respectively, and is included in operating expenses in the condensed consolidated statements of operations.

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Reconciliations of the Numerators and Denominators Used to Compute Basic and Diluted and Basic and Diluted Net Income (Loss) Per Share

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 three and nine months ended September 30, 2025. The basic and diluted loss per share period for the three and nine months ended September 30, 2025 reflects only the period from September 12, 2025, to September 30, 2025, which represents the period from the IPO date during which the Company had outstanding Class A common stock.


(in thousands)	Three months ended September 30, 2025		Nine months ended September 30, 2025
Numerator:
Net loss	$	(16,175)	$	(18,120)
Less: net loss attributable to Black Rock OpCo prior to the Transactions	(14,432)		(16,377)
Less: net loss attributable to noncontrolling interests	(1,031)		(1,031)
Net loss attributable to Black Rock Coffee Bar, Inc.	$	(712)	$	(712)


(in thousands, except share and per share amounts)	Three months ended September 30, 2025		Nine months ended September 30, 2025
Basic net loss per share attributable to Class A common shareholders
Numerator:
Net loss attributable to Black Rock Coffee Bar, Inc.	$	(712)	$	(712)
Denominator:
Weighted-average number of shares of Class A common stock outstanding	14,808,173		14,808,173
Basic net loss per share attributable to Class A common shareholders	$	(0.05)	$	(0.05)

Diluted net loss per share attributable to Class A common shareholders
Numerator:
Net loss attributable to Black Rock Coffee Bar, Inc.	$	(712)	$	(712)
Diluted net loss attributable to Black Rock Coffee Bar, Inc.	$	(712)	$	(712)
Denominator:
Weighted-average number of shares of Class A common stock outstanding used to calculated diluted net loss per share	14,808,173		14,808,173
Diluted net loss per share attributable to Class A common shareholders	$	(0.05)	$	(0.05)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following Class A common share equivalents were excluded from diluted net loss per share in the periods presented because they were anti-dilutive:


	Three months ended September 30, 2025	Nine months ended September 30, 2025
Stock options	647,862	647,862
RSUs	341,246	341,246
LLC Units	32,577,355	32,577,355
Total anti-dilutive securities	33,566,463	33,566,463

Series A Preferred Units	9 Months Ended
Series A Preferred Units	Sep. 30, 2025
Equity [Abstract]
Series A Preferred Units	Series A Preferred Units On May 31, 2024, in conjunction with the execution of the Sixth Amended and Restated LLC Agreement (the “LLC Agreement”) the Company entered into a redemption agreement (the “Series A Redemption Agreement”) with the holders (“Series A Unitholders”) of the Company’s Series A Preferred Units (the “Series A Units”) to purchase all of the 19,974,660 outstanding Series A Units for an aggregate purchase price of $18.0 million, as soon as such purchase and redemption of the Series A Units is permitted by the Prior Credit Facility. Under the Series A Redemption Agreement 16,169,962 Series A Units were purchased for approximately $14.6 million in 2024. In April 2025, the Company purchased the remaining outstanding Series A Units for $3.4 million. For the three and nine months ended September 30, 2024 the Company recognized approximately $714 thousand in fees associated with the purchase. For the nine months ended September 30, 2025, the Company recognized approximately $1.1 million in fees associated with the purchase. Both amounts are reported within other income (expense), net in the condensed consolidated statement of operations.

Income Taxes and Tax Receivable Agreement	9 Months Ended
Income Taxes and Tax Receivable Agreement	Sep. 30, 2025
Income Tax Disclosure [Abstract]
Income Taxes and Tax Receivable Agreement	Income Taxes and Tax Receivable Agreement Black Rock Coffee Bar, Inc. is a Subchapter C corporation and is subject to federal and state income taxes. Black Rock Coffee Bar, Inc.'s sole material asset is its ownership interest in Black Rock OpCo, which is a limited liability company that is treated as a partnership for U.S. federal and certain state and local income tax purposes. Black Rock OpCo's net taxable income and related tax credits, if any, are passed through to its members and included in the members' tax returns. The income tax burden on the earnings taxed to the noncontrolling interest holders is not reported by the Company in its condensed consolidated financial statements under U.S. GAAP. The Company's effective tax rate was (0.2)% and (1.4)% for the three and nine months ended September 30, 2025, respectively. The effective tax rate differs from our statutory rate in both periods due to the effect of flow-through entity income and losses for which the taxable income or loss is allocated to the noncontrolling interests. As of September 30, 2025, the Company recorded a deferred tax asset of $52.9 million. The deferred tax assets are due to the tax effects of temporary differences in the book basis as compared to the tax basis of Black Rock Coffee Bar, Inc.'s investment in Black Rock OpCo as a result of the IPO, reorganization transactions, the TRA and equity-based compensation. The Company recognizes deferred tax assets to the extent it believes these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent results of operations. As each of the Continuing Equity Owners elects to convert their LLC Units into Class A common stock, Black Rock Coffee Bar, Inc. will assume their aggregate historical tax basis, which will create a net tax benefit for the Company. The Company will only recognize a deferred tax asset for financial reporting purposes when it is more-likely-than-not that the tax benefit will be realized. In connection with Transactions, the Company entered into a TRA with Black Rock OpCo and Continuing Equity Owners that provides for the payment by Black Rock Coffee Bar, Inc. to the Continuing Equity Owners of 85% of the amount of tax benefits, if any, that Black Rock Coffee Bar, Inc. realizes (or in some circumstances is deemed to realize) related to the tax basis adjustments. The purchase of 13,054,122 LLC Units from the Continuing Equity Owners triggered a tax basis increase subject to the provisions of the TRA. On September 15, 2025, the date of the purchase, the Company recognized (i) a deferred tax asset in the amount of $52.6 million, (ii) a corresponding estimated tax receivable agreement liability of $40.6 million to the Continuing Equity Owners representing 85% of the projected tax benefits, and (iii) $12.0 million of additional paid-in capital.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Shareholders' Equity - Schedule of Stock by Class (Details)	Sep. 30, 2025 $ / shares shares	Sep. 11, 2025 class $ / shares shares
Class of Stock [Line Items]
Number of classes of stock, designated \| class		4
Preferred stock, shares authorized (in shares) \| shares	20,000,000	20,000,000
Preferred stock, par value per share (in dollars per share) \| $ / shares	$ 0.00001	$ 0.00001
Class A Common stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares) \| shares	500,000,000	500,000,000
Common stock, par value per share (in dollars per share) \| $ / shares	$ 0.00001	$ 0.00001
Class B Common stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares) \| shares	200,000,000	200,000,000
Common stock, par value per share (in dollars per share) \| $ / shares	$ 0.00001	$ 0.00001
Class C Common stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares) \| shares	50,000,000	50,000,000
Common stock, par value per share (in dollars per share) \| $ / shares	$ 0.00001	$ 0.00001

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Leases - Narrative (Details)	Sep. 30, 2025
Minimum
Lessee, Lease, Description [Line Items]
Operating lease initial terms	10 years
Maximum
Lessee, Lease, Description [Line Items]
Operating lease initial terms	15 years

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2024
Related Party Transaction [Line Items]
Note receivable and carrying value	$ 0		$ 0			$ 5,184
Related Party \| Viking Cake BR, LLC
Related Party Transaction [Line Items]
Note receivable					$ 4,900	$ 5,200
Interest rate					3.57%
Related Party \| Too Sweet Cakes, LLC
Related Party Transaction [Line Items]
Purchases	$ 1,600	$ 1,300	$ 4,900	$ 3,800

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Revenue Recognition - Schedule of Company Gift Card and Loyalty Program Liability Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Deferred Income [Roll Forward]
Beginning balance	$ 1,186	$ 778
Revenue deferred - card activations and rewards earned	11,505	9,959
Revenue recognized - card and rewards redemptions and breakage	(11,375)	(9,920)
Ending balance	$ 1,316	$ 817

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Less accumulated amortization	$ (10,601)	$ (9,121)
Total intangible assets, net	6,118	7,342
Reacquired franchise rights
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	13,504	13,504
Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 3,215	$ 2,959

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Revenue Recognition - Schedule For Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Total revenue	$ 51,468	$ 41,455	$ 146,682	$ 118,105
Store revenue
Disaggregation of Revenue [Line Items]
Total revenue	51,410	41,399	146,520	117,941
Other
Disaggregation of Revenue [Line Items]
Total revenue	$ 58	$ 56	$ 162	$ 164

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Noncontrolling Interest (Tables)

9 Months Ended

Sep. 30, 2025

Noncontrolling Interest [Abstract]

Schedule of Ownership Interest

The following table summarizes the ownership interest in Black Rock OpCo as of September 30, 2025:


	September 30, 2025
(in thousands)	OpCo Units	Ownership %
LLC Units held by Black Rock Coffee Bar, Inc.	17,478	35.0	%
LLC Units owned by Continuing Equity Owners(1)	32,497	65.0	%
Total LLC Units outstanding(1)	49,975	100	%

(1)Excludes approximately 80.5 thousand restricted LLC Units still subject to time-based requirements.

Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 8,706	$ 8,286
Operating lease right-of use-assets obtained in exchange for lease obligations	$ 29,383	$ 19,062

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net loss	$ (18,120)	$ (2,957)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	8,856	7,334
Forgiveness of Related Party Note Receivable	5,273	0
Loss on disposal of property and equipment	0	314
Amortization of debt issuance costs and loan fees	1,047	977
Accrued paid-in-kind interest	133	291
Interest income from related party	(88)	(138)
Loss on extinguishment of debt	1,593	0
Equity-based compensation	868	0
Deferred income taxes	(91)	0
Non-cash operating lease costs	7,092	5,855
Changes in operating assets and liabilities:
Receivables, net	(530)	(3,626)
Inventories	(731)	(265)
Prepaid expenses and deposits	(946)	(1,239)
Other assets	(277)	0
Accounts payable	2,475	(307)
Accrued payroll and benefits	(703)	569
Deferred compensation	(5,778)	2,600
Accrued expenses	126	421
Gift card and loyalty program liability	130	39
Operating lease liabilities	(3,243)	(721)
Net cash provided by (used in) operating activities	(2,914)	9,147
Cash flows from investing activities:
Purchases of property and equipment	(22,928)	(18,247)
Purchase of intangible assets	(256)	(397)
Net cash used in investing activities	(23,184)	(18,644)
Cash flows from financing activities:
Proceeds from initial public offering, net of underwriting discounts and commissions	314,559	0
Payments of costs related to initial public offering	(7,484)	0
Purchase of LLC Units from Continuing Equity Owners	(242,807)	0
Proceeds from long-term debt	71,000	12,500
Payments on long-term debt	(143,747)	(662)
Payments of debt issuance costs and loan fees	(1,354)	(2,201)
Purchase of noncontrolling interest position	0	(1,567)
Payments for redemption of outstanding Series A units	(3,429)	(12,286)
Unitholder contributions	62,379	10,000
Unitholder distributions	(600)	(624)
Net cash provided by financing activities	48,517	5,160
Net increase (decrease) in cash and cash equivalents	22,419	(4,337)
Cash and cash equivalents, beginning of period	10,227	17,200
Cash and cash equivalents, end of period	32,646	12,863
Supplemental disclosure of cash flow information:
Cash paid during the year for interest, net of capitalized interest	8,959	7,488
Income taxes paid, net of refunds	240	174
Supplemental disclosure of noncash investing and financing activities:
Deferred offering costs not yet paid	563	0
Additions of property and equipment accrued in accounts payable and accrued expenses	$ 3,902	$ 168

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2025
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation In accordance with accounting principles generally accepted in the United States of America ("GAAP"), since the Continuing Equity Owners control the Company after the Transactions (i.e., there was no change in control of Black Rock OpCo), the financial statements of the combined entity represent a continuation of the financial position and results of operations of Black Rock OpCo. Accordingly, the historical cost basis of assets, liabilities, and equity of Black Rock OpCo are carried over to the condensed consolidated financial statements of the combined company as a common control transaction. The accompanying unaudited condensed consolidated financial statements for the period prior to the Transactions have been presented to combine the previously separate entities. These unaudited condensed and consolidated financial statements have been prepared in accordance with GAAP and the applicable rules and regulations of the United States Securities and Exchange Commission ("SEC") for interim financial information. Certain information and footnote disclosures normally included in annual financial statements presented in accordance with GAAP have been omitted pursuant to rules and regulations of the SEC. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the results for the interim periods presented have been included. The unaudited interim financial information should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2024 for Black Rock OpCo and as of May 2, 2025 for Black Rock Coffee Bar, Inc., included in the prospectus dated September 15, 2025 (No. 333-289685), as filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended ("Prospectus"). Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Black Rock Coffee Bar, Inc. and Black Rock OpCo. Black Rock OpCo is a variable interest entity and Black Rock Coffee Bar, Inc. is the primary beneficiary and sole managing member of Black Rock OpCo and has decision making authority that significantly affects the performance of the entity. Accordingly, the Company consolidates Black Rock OpCo and reports noncontrolling interest representing the economic interest in Black Rock OpCo held by the Continuing Equity Owners. All intercompany balances and transactions have been eliminated in consolidation. The noncontrolling interests in the condensed consolidated statement of operations for the three and nine months ended September 30, 2025 represents the portion of earnings attributable to the economic interest in Black Rock OpCo held by the Continuing Equity Owners. The noncontrolling interest in the condensed consolidated balance sheets as of September 30, 2025 represents the portion of the net assets of the Company attributable to the Continuing Equity Owners, based on the portion of the LLC Units owned by such unit holders. As of September 30, 2025, the noncontrolling interest holders' economic ownership percentage was 65.0%. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions, primarily related to leases, temporary equity, equity-based compensation, impairment of long-lived assets including right-of-use assets, goodwill impairment, tax receivable agreement liability, income taxes, and gift card and loyalty program liability that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses for the reporting period. Although management bases its estimates on historical experience and assumptions that are believed to be reasonable under the circumstances, actual results could differ from those estimates. Fair Value Measurements Fair value is the price the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. For assets and liabilities recorded or disclosed at fair value on a recurring basis, the Company determined fair value based on the following: •Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities. •Level 2: Observable inputs other than quoted prices in active markets for identical assets or liabilities, quoted prices for identical assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. •Level 3: Inputs that are both unobservable and significant to the overall fair value measurements reflecting an entity’s estimates of assumptions that market participants would use in pricing the asset or liability. The Company’s condensed consolidated financial statements include cash and cash equivalents, accounts receivable, prepaid expenses and deposits, other current assets, accounts payable, accrued expenses and other current liabilities, for which the carrying amounts approximate fair value due to their short-term nature. The fair value of the Company’s variable-rate credit facilities approximates the carrying amounts as the cost of borrowing is variable and approximates current market prices, which is considered Level 2 in the fair value hierarchy. Equity-Based Compensation In connection with the IPO, the Company granted Class A common stock options and restricted stock units ("RSUs") to certain employees and directors. Equity-based compensation expense for Class A common stock options granted to employees is recognized based on the fair value of the awards granted, determined using the Black-Scholes-Merton (“Black-Scholes”) option-pricing model. The fair value of RSUs is based on the fair value of Class A common stock at the time of grant. Equity-based compensation expense is recognized as expense on a straight-line basis over the requisite service period. The Company accounts for forfeitures when they occur, and any compensation expense previously recognized on unvested equity-based awards will be reversed when forfeited. Income Taxes After the consummation of the IPO, Black Rock Coffee Bar, Inc. became subject to U.S. federal, state and local income taxes with respect to its allocable share of taxable income of Black Rock OpCo assessed at the prevailing corporate tax rates. Black Rock OpCo operates as a limited liability company and is treated as a partnership for income tax purposes. Accordingly, it incurs no significant liability for federal, or state income taxes since the taxable income or loss is passed through to its members. Black Rock OpCo incurs liabilities for certain state taxes payable directly by it. The Company accounts for income taxes using the asset and liability method. Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws expected to be in effect when such differences are expected to reverse. Such temporary differences are reflected as deferred income tax assets on the condensed consolidated balance sheets. A deferred tax asset is recognized if it is more likely than not that a tax benefit will be realized. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some or all of the deferred tax assets will be realized and, when necessary, a valuation allowance is established. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authority, based on the technical merits of the position. The Company does not believe it has any significant uncertain tax positions and therefore has no unrecognized tax benefits as of September 30, 2025, that if recognized, would affect the annual effective tax rate. Tax Receivable Agreement In connection with Transactions, the Company entered into a Tax Receivable Agreement ("TRA") with Black Rock OpCo and certain Continuing Equity Owners that will provide for the payment by Black Rock Coffee Bar, Inc. to the Continuing Equity Owners of 85% of the amount of tax benefits, if any, that Black Rock Coffee Bar, Inc. realizes (or in some circumstances is deemed to realize) related to the tax basis adjustments described in Note 11 as such savings are realized. In addition to tax expenses, the Company will also make payments under the TRA, which could be material. The Company will account for the income tax effects and corresponding TRA's effect resulting from future taxable purchases or redemptions of LLC Units of the Continuing Equity Owners by recognizing an increase in deferred tax assets, based on enacted tax rates at the date of the purchase or redemptions. Further, the Company will evaluate the likelihood that it will realize the benefit represented by the deferred tax assets and, to the extent that management estimates that it is more-likely-than-not that the Company will not realize the benefit, the Company will reduce the carrying amount of the deferred tax asset with a valuation allowance. The amounts to be recorded for both the deferred tax assets and the liability for obligations under the TRA will be estimated at the time of any purchase or redemption as a change to shareholders' equity, and effects of changes in any estimates after this date will be included in net income (loss). Similarly, the effect of subsequent changes in the enacted tax rates will be included in net income (loss). Judgment is required in assessing the future tax consequences of events that have been recognized in the Company's financial statements. Deferred Offering Costs Deferred offering costs are capitalized and consist of legal, accounting, and other costs directly attributable to the IPO. During the three and nine months ended September 30, 2025, the Company reclassified approximately $2.7 million of offering costs into shareholders' equity as a reduction of the net proceeds received from the IPO. As of September 30, 2025, there is approximately $563 thousand of unpaid offering costs. Advertising Expense The Company expenses advertising costs as they are incurred. Advertising expenses were approximately $621 thousand and $341 thousand for the three months ended September 30, 2025 and September 30, 2024, respectively, and $1.7 million and $1.2 million for the nine months ended September 30, 2025 and 2024, respectively. Concentrations For the three months ended September 30, 2025 and 2024, three and two suppliers accounted for approximately 84% and 77% of purchases respectively, and for the nine months ended September 30, 2025 and 2024, three and two suppliers accounted for approximately 88% and 85% of purchases, respectively. Noncontrolling Interest The noncontrolling interest balance represents the economic interests of LLC Units of Black Rock OpCo held by Continuing Equity Owners, based on the portion of LLC Units owned by the Continuing Equity Owners. Income or loss is attributed to the noncontrolling interest based on the weighted-average LLC Units outstanding during the period. Net Loss Per Share Basic net loss per share is computed by dividing net loss attributable to Black Rock Coffee Bar, Inc. for the period following the IPO by the weighted-average number of shares of Class A common stock outstanding during the same period. Diluted net loss per share is computed giving effect to all potential weighted-average dilutive shares for the period following the Transactions including LLC Units held by Continuing Equity Owners that are convertible into Class A common stock, stock options and RSUs for the period after the Transactions. The dilutive effect of outstanding awards, if any, is reflected in diluted earnings per share by application of the treasury stock method or if-converted method, as applicable. Recent Accounting Pronouncements Under the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"), the Company meets the definition of an emerging growth company. Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the Company is no longer an emerging growth company or until the Company affirmatively and irrevocably opts out of the extended transition period. As a result, the Company's financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates. Recently Issued Accounting Standards In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in the update are intended to enhance the transparency and decision usefulness of income tax disclosures, primarily through improvements to the rate reconciliation and income taxes paid information, specifically requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation, and (2) income taxes paid disaggregated by jurisdiction. These amendments are effective for public business entities’ annual periods beginning after December 15, 2024 and interim periods within fiscal years beginning after December 15, 2025, and should be applied on a prospective basis. Early adoption is permitted for annual financial statements that have not yet been issued. The Company is currently assessing the potential impacts of this standard on its income taxes disclosures and expects to provide additional detail and disclosures under the new guidance. In November 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40). The intent of this ASU is to improve public entity financial footnote disclosures around types of expenses in commonly presented expense categories (i.e. cost of sales, selling, general and administrative expenses, and research and development). The amendments in this ASU do not change or remove current expense disclosure requirements, but rather 1) impact where this information appears in the notes to the consolidated financial statements and 2) add additional disclosure requirements for certain expense line items appearing on the face of the consolidated statement of operations. ASU 2024-03, as amended, is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company will assess potential impacts of this standard on its disclosures in future periods.

Leases (Tables)

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Schedule of Components of Net Lease Costs

The components of net lease costs, included in occupancy and related expenses, pre-opening costs as well as selling, general and administrative expenses in the condensed consolidated statement of operations, were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Operating lease cost	$	4,421	$	3,361	$	12,418	$	9,723
Variable lease cost	274		227		804		765
Less sublease income	(27)		(27)		(81)		(81)
Total lease cost	$	4,668	$	3,561	$	13,141	$	10,407

Supplemental cash flow information related to leases is as follows for the periods presented:


	Nine Months Ended September 30,
(in thousands)	2025		2024
Cash paid for amounts included in the measurement of operating lease liabilities	$	8,706	$	8,286
Operating lease right-of use-assets obtained in exchange for lease obligations	29,383		19,062

Schedule of Future Minimum Lease Payments for Operating Leases

As of September 30, 2025, future minimum lease payments for operating leases consisted of the following:



Remainder of 2025	$	5,246
2026	15,328
2027	17,947
2028	17,516
2029	16,949
Thereafter	128,607
Total lease payments	201,593
Less imputed interest	(61,224)
Total operating lease liabilities	140,369
Less current portion	(7,873)
Total operating lease liability, net of current portion	$	132,496

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Information

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


	Three Months Ended September 30, 2025				Nine Months Ended September 30,
	2025		2024		2025		2024
Segment revenue	$	51,468	$	41,455	$	146,682	$	118,105
Less:
Beverage, food and packaging costs	14,286		11,719		41,641		33,977
Labor and related expenses	10,785		9,220		30,588		25,722
Occupancy and related expenses	4,034		3,229		11,641		9,644
Other store operating expenses(1)	7,079		5,578		19,883		15,398
Selling, general and administrative expenses	17,158		4,894		31,898		17,457
Depreciation and amortization	3,030		2,533		8,856		7,334
Pre-opening costs	1,503		1,144		3,064		2,428
Interest expense, net	2,871		3,073		9,028		8,188
Other expense (income), net	6,866		716		7,950		717
Income tax expense	31		71		253		197
Segment loss	(16,175)		(722)		(18,120)		(2,957)
Reconciliation of profit or loss
Adjustments and reconciling items	—		—		—		—
Consolidated net loss	$	(16,175)	$	(722)	$	(18,120)	$	(2,957)

(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.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is subject to various legal actions in the ordinary course of business. In determining loss contingencies, the Company considers the likelihood of loss as well as the ability to reasonably estimate the amount of such loss or liability. An estimated loss is recognized when it is considered probable that the liability has been incurred and when the amount of loss can be reasonably estimated. While any claim, proceeding or litigation has an element of uncertainty, the Company believes the outcome of any of these matters that are pending or threatened will not have a material adverse effect on its financial condition, results or operations, or cash flows as of September 30, 2025.

Equity-Based Compensation - Narrative (Details) - USD ($) $ in Millions		9 Months Ended
	Sep. 15, 2025	Sep. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of number of shares outstanding		3.00%
Granted (in shares)		647,862
Unrecognized compensation		$ 6.3
CEO
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)	381,097
Class A Common stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares issue (in shares)		4,354,880
Class A Common stock \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares issue (in shares)		10,000,000
Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Recognition period		2 years 8 months 12 days
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Recognition period		3 years
Vesting period		4 years
Granted (in shares)		341,246
Unrecognized compensation cost		$ 6.7
RSUs \| Vesting period one
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage		25.00%
RSUs \| Vesting period two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage		25.00%
RSUs \| Vesting period three
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage		25.00%
RSUs \| Vesting period four
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage		25.00%
RSUs \| CEO
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)		187,500

Income Taxes and Tax Receivable Agreement (Details) $ in Thousands		1 Months Ended	3 Months Ended	9 Months Ended
	Sep. 15, 2025 USD ($) shares	Sep. 30, 2025 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2025 USD ($)	Sep. 12, 2025
Effective Income Tax Rate Reconciliation [Line Items]
Effective tax rate			(0.20%)	(1.40%)
Deferred tax asset	$ 52,600	$ 52,900	$ 52,900	$ 52,900
TRA benefit percent	0.85	0.85	0.85	0.85	0.85
TRA liability	$ 40,600
Impact of Tax Receivable Agreement	$ 12,000	$ 11,973
LLC Units \| Continuing Equity Owners
Effective Income Tax Rate Reconciliation [Line Items]
Sale of stock (in shares) \| shares	13,054,122

Noncontrolling Interest

9 Months Ended

Sep. 30, 2025

Noncontrolling Interest [Abstract]

Noncontrolling Interest

In connection with the completion of the Transactions, Black Rock Coffee Bar, Inc. became the sole managing member of Black Rock OpCo and as a result consolidated the results of operations of Black Rock OpCo. The noncontrolling interest balance represents the LLC Units held by the Continuing Equity Owners.

The following table summarizes the ownership interest in Black Rock OpCo as of September 30, 2025:


	September 30, 2025
(in thousands)	OpCo Units	Ownership %
LLC Units held by Black Rock Coffee Bar, Inc.	17,478	35.0	%
LLC Units owned by Continuing Equity Owners(1)	32,497	65.0	%
Total LLC Units outstanding(1)	49,975	100	%

(1)Excludes approximately 80.5 thousand restricted LLC Units still subject to time-based requirements.

The weighted-average ownership percentage for the applicable reporting period is used to attribute net income (loss) to Black Rock Coffee Bar, Inc. and the noncontrolling interest holders starting from the IPO close date. Net income (loss) prior to IPO close was allocated based on the respective ownership percentages at that time. The noncontrolling interest holders' weighted-average ownership percentage for the period from IPO close to September 30, 2025 was 65.0%.

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Schedule For Revenue Recognition


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Store revenue	$	51,410	$	41,399	$	146,520	$	117,941
Other	58		56		162		164
Total revenue	$	51,468	$	41,455	$	146,682	$	118,105

Schedule of Company Gift Card and Loyalty Program Liability Activity

The Company’s gift card and loyalty program liability activity was as follows:


	Nine Months Ended September 30,
(in thousands)	2025		2024
Beginning balance	$	1,186	$	778
Revenue deferred - card activations and rewards earned	11,505		9,959
Revenue recognized - card and rewards redemptions and breakage	(11,375)		(9,920)
Ending balance	$	1,316	$	817

Supplemental Balance Sheet Information - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation expense	$ 2.5	$ 2.1	$ 7.4	$ 5.8

Supplemental Balance Sheet Information (Tables)

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Components of Receivables Net and Inventories

The components of Receivables, net were as follows:



(in thousands)	September 30, 2025		December 31, 2024
Tenant improvement allowance receivables	$	4,710	$	4,103
Trade receivables	21		97
Other receivables	103		104
Receivables, net	$	4,834	$	4,304

Schedule of Components of Inventories

The components of Inventories were as follows:


(in thousands)	September 30, 2025		December 31, 2024
Coffee beans and product inventory	$	2,326	$	1,613
Merchandise and supplies	182		207
Other	278		235
Inventories	$	2,786	$	2,055

Schedule of Components of Property and Equipment, Net

The components of Property and equipment, net were as follows:


(in thousands)	Estimated Useful Lives	September 30, 2025		December 31, 2024
Manufacturing equipment	3-7 years	$	32,652	$	27,476
Leasehold improvements	7-15 years	54,780		46,100
Buildings	15-39 years	9,997		7,267
Furniture and fixtures	5-7 years	10,255		8,210
Vehicles	5-7 years	482		482
Software	5 years	237		232
Construction in progress		11,306		4,834
Property and equipment, gross		119,709		94,601
Less accumulated depreciation		(31,988)		(24,612)
Property and equipment, net		$	87,721	$	69,989

Net Loss Per Share - Schedule of Reconciliations of the Numerators and Denominators Used to Compute Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	2 Months Ended	3 Months Ended		8 Months Ended	9 Months Ended
	Sep. 10, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 14, 2025	Sep. 30, 2025	Sep. 30, 2024
Earnings Per Share [Abstract]
Net loss attributable to Black Rock Coffee Bar, Inc.	$ (14,432)	$ (712)	$ (722)	$ (16,377)	$ (712)	$ (2,977)
Weighted-average number of shares of Class A common stock outstanding		14,808,173			14,808,173
Basic net loss per share attributable to Class A common shareholders		$ (0.05)			$ (0.05)
Diluted net loss attributable to Black Rock Coffee Bar, Inc.		$ (712)			$ (712)
Weighted-average number of shares of Class A common stock outstanding used to calculated diluted net loss per share		14,808,173			14,808,173
Diluted net loss per share attributable to Class A common shareholders		$ (0.05)			$ (0.05)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Long-Term Debt - Narrative (Details) - New Credit Agreement	9 Months Ended
	Sep. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)
The Credit Facility
Debt Instrument [Line Items]
Maximum net rent adjusted leverage ratio	4.75
Minimum fixed coverage ratio	1.20
The Credit Facility \| Overnight Rate
Debt Instrument [Line Items]
Variable rate	0.50%
The Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable rate	1.00%
The Credit Facility \| Adjusted Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable rate	0.10%
The Credit Facility \| Alternate Base Rate (ABR) \| Minimum
Debt Instrument [Line Items]
Variable rate	0.50%
The Credit Facility \| Alternate Base Rate (ABR) \| Maximum
Debt Instrument [Line Items]
Variable rate	1.75%
The Credit Facility \| Term Benchmark Rate \| Minimum
Debt Instrument [Line Items]
Variable rate	1.50%
The Credit Facility \| Term Benchmark Rate \| Maximum
Debt Instrument [Line Items]
Variable rate	2.75%
Previous Credit Facility
Debt Instrument [Line Items]
Debt issuance costs and capitalized modification fees	$ 1,600,000
Interest rate		11.82%
Previous Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable rate	6.00%
Previous Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Variable rate	2.50%
Previous Credit Facility \| Federal Funds Rate
Debt Instrument [Line Items]
Variable rate	0.50%
Previous Credit Facility \| SOFR spread
Debt Instrument [Line Items]
Variable rate	0.50%
Previous Credit Facility \| Adjusted Term SOFR Rate
Debt Instrument [Line Items]
Variable rate	1.00%
Previous Credit Facility \| Adjusted Term Secured Overnight Financing Rate
Debt Instrument [Line Items]
Variable rate	5.00%
Previous Credit Facility \| Adjusted Term Secured Overnight Financing Rate Spread
Debt Instrument [Line Items]
Variable rate	0.50%
Revolving Credit Facility \| The Credit Facility
Debt Instrument [Line Items]
Borrowing capacity	$ 25,000,000
Obligated fixed fronting fee	0.125%
Revolving Credit Facility \| The Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage	0.25%
Revolving Credit Facility \| The Credit Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage	0.35%
Term loan \| The Credit Facility
Debt Instrument [Line Items]
Debt amount	$ 50,000,000
Proceeds from long-term debt	50,000,000
Principal payment	30,000,000.0
Long-term debt, gross	$ 20,000,000	$ 0
Weighted average interest rate	6.75%

Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Schedule of Stock by Class

On September 11, 2025, the Company amended and restated its certificate of formation to, among other things, provide for the authorization to issue four classes of stock, designated as follows:



Class of Stock	Authorized Shares	Par Value Per Share
Class A common stock	500,000,000	$0.00001
Class B common stock	200,000,000	$0.00001
Class C common stock	50,000,000	$0.00001
Preferred stock	20,000,000	$0.00001

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

Segment Reporting

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

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 condensed consolidated balance sheets.

No changes have been made to the Company’s segment during the nine months ended September 30, 2025. In addition, no customer represented 10% or more of total revenue for the three or nine months ended September 30, 2025 and 2024.

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


	Three Months Ended September 30, 2025				Nine Months Ended September 30,
	2025		2024		2025		2024
Segment revenue	$	51,468	$	41,455	$	146,682	$	118,105
Less:
Beverage, food and packaging costs	14,286		11,719		41,641		33,977
Labor and related expenses	10,785		9,220		30,588		25,722
Occupancy and related expenses	4,034		3,229		11,641		9,644
Other store operating expenses(1)	7,079		5,578		19,883		15,398
Selling, general and administrative expenses	17,158		4,894		31,898		17,457
Depreciation and amortization	3,030		2,533		8,856		7,334
Pre-opening costs	1,503		1,144		3,064		2,428
Interest expense, net	2,871		3,073		9,028		8,188
Other expense (income), net	6,866		716		7,950		717
Income tax expense	31		71		253		197
Segment loss	(16,175)		(722)		(18,120)		(2,957)
Reconciliation of profit or loss
Adjustments and reconciling items	—		—		—		—
Consolidated net loss	$	(16,175)	$	(722)	$	(18,120)	$	(2,957)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Leases - Schedule of Future Minimum Lease Payments for Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Leases [Abstract]
Remainder of 2025	$ 5,246
2026	15,328
2027	17,947
2028	17,516
2029	16,949
Thereafter	128,607
Total lease payments	201,593
Less imputed interest	(61,224)
Total operating lease liabilities	140,369
Less current portion	(7,873)	$ (8,410)
Operating lease liabilities, net of current portion	$ 132,496	$ 107,000

Intangible Assets

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

The Company has intangible assets that are being amortized over 3 to 15 years consisting of the following:


(in thousands)	September 30, 2025		December 31, 2024
Reacquired franchise rights	$	13,504	$	13,504
Other intangible assets	3,215		2,959
Less accumulated amortization	(10,601)		(9,121)
Total intangible assets, net	$	6,118	$	7,342

Amortization expense in the condensed consolidated statements of operations was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Reacquired franchise rights	$	401	$	407	$	1,211	$	1,271
Other intangible assets	90		72		269		209

Noncontrolling Interest - Narrative (Details)	1 Months Ended
Noncontrolling Interest - Narrative (Details)	Sep. 30, 2025
Noncontrolling Interest [Abstract]
Weighted average ownership percentage	0.650

Equity-Based Compensation - Schedule of Equity-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Selling, general and administrative expenses	$ 868	$ 0	$ 868	$ 0

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation In accordance with accounting principles generally accepted in the United States of America ("GAAP"), since the Continuing Equity Owners control the Company after the Transactions (i.e., there was no change in control of Black Rock OpCo), the financial statements of the combined entity represent a continuation of the financial position and results of operations of Black Rock OpCo. Accordingly, the historical cost basis of assets, liabilities, and equity of Black Rock OpCo are carried over to the condensed consolidated financial statements of the combined company as a common control transaction. The accompanying unaudited condensed consolidated financial statements for the period prior to the Transactions have been presented to combine the previously separate entities. These unaudited condensed and consolidated financial statements have been prepared in accordance with GAAP and the applicable rules and regulations of the United States Securities and Exchange Commission ("SEC") for interim financial information. Certain information and footnote disclosures normally included in annual financial statements presented in accordance with GAAP have been omitted pursuant to rules and regulations of the SEC. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the results for the interim periods presented have been included. The unaudited interim financial information should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2024 for Black Rock OpCo and as of May 2, 2025 for Black Rock Coffee Bar, Inc., included in the prospectus dated September 15, 2025 (No. 333-289685), as filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended ("Prospectus").
Principles of Consolidation	Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Black Rock Coffee Bar, Inc. and Black Rock OpCo. Black Rock OpCo is a variable interest entity and Black Rock Coffee Bar, Inc. is the primary beneficiary and sole managing member of Black Rock OpCo and has decision making authority that significantly affects the performance of the entity. Accordingly, the Company consolidates Black Rock OpCo and reports noncontrolling interest representing the economic interest in Black Rock OpCo held by the Continuing Equity Owners. All intercompany balances and transactions have been eliminated in consolidation. The noncontrolling interests in the condensed consolidated statement of operations for the three and nine months ended September 30, 2025 represents the portion of earnings attributable to the economic interest in Black Rock OpCo held by the Continuing Equity Owners. The noncontrolling interest in the condensed consolidated balance sheets as of September 30, 2025 represents the portion of the net assets of the Company attributable to the Continuing Equity Owners, based on the portion of the LLC Units owned by such unit holders. As of September 30, 2025, the noncontrolling interest holders' economic ownership percentage was 65.0%.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions, primarily related to leases, temporary equity, equity-based compensation, impairment of long-lived assets including right-of-use assets, goodwill impairment, tax receivable agreement liability, income taxes, and gift card and loyalty program liability that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses for the reporting period. Although management bases its estimates on historical experience and assumptions that are believed to be reasonable under the circumstances, actual results could differ from those estimates.
Fair Value Measurements	Fair Value Measurements Fair value is the price the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. For assets and liabilities recorded or disclosed at fair value on a recurring basis, the Company determined fair value based on the following: •Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities. •Level 2: Observable inputs other than quoted prices in active markets for identical assets or liabilities, quoted prices for identical assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. •Level 3: Inputs that are both unobservable and significant to the overall fair value measurements reflecting an entity’s estimates of assumptions that market participants would use in pricing the asset or liability. The Company’s condensed consolidated financial statements include cash and cash equivalents, accounts receivable, prepaid expenses and deposits, other current assets, accounts payable, accrued expenses and other current liabilities, for which the carrying amounts approximate fair value due to their short-term nature. The fair value of the Company’s variable-rate credit facilities approximates the carrying amounts as the cost of borrowing is variable and approximates current market prices, which is considered Level 2 in the fair value hierarchy.
Equity-Based Compensation	Equity-Based Compensation In connection with the IPO, the Company granted Class A common stock options and restricted stock units ("RSUs") to certain employees and directors. Equity-based compensation expense for Class A common stock options granted to employees is recognized based on the fair value of the awards granted, determined using the Black-Scholes-Merton (“Black-Scholes”) option-pricing model. The fair value of RSUs is based on the fair value of Class A common stock at the time of grant. Equity-based compensation expense is recognized as expense on a straight-line basis over the requisite service period. The Company accounts for forfeitures when they occur, and any compensation expense previously recognized on unvested equity-based awards will be reversed when forfeited.
Income Taxes	Income Taxes After the consummation of the IPO, Black Rock Coffee Bar, Inc. became subject to U.S. federal, state and local income taxes with respect to its allocable share of taxable income of Black Rock OpCo assessed at the prevailing corporate tax rates. Black Rock OpCo operates as a limited liability company and is treated as a partnership for income tax purposes. Accordingly, it incurs no significant liability for federal, or state income taxes since the taxable income or loss is passed through to its members. Black Rock OpCo incurs liabilities for certain state taxes payable directly by it. The Company accounts for income taxes using the asset and liability method. Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws expected to be in effect when such differences are expected to reverse. Such temporary differences are reflected as deferred income tax assets on the condensed consolidated balance sheets. A deferred tax asset is recognized if it is more likely than not that a tax benefit will be realized. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some or all of the deferred tax assets will be realized and, when necessary, a valuation allowance is established. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authority, based on the technical merits of the position. The Company does not believe it has any significant uncertain tax positions and therefore has no unrecognized tax benefits as of September 30, 2025, that if recognized, would affect the annual effective tax rate.
Tax Receivable Agreement	Tax Receivable Agreement In connection with Transactions, the Company entered into a Tax Receivable Agreement ("TRA") with Black Rock OpCo and certain Continuing Equity Owners that will provide for the payment by Black Rock Coffee Bar, Inc. to the Continuing Equity Owners of 85% of the amount of tax benefits, if any, that Black Rock Coffee Bar, Inc. realizes (or in some circumstances is deemed to realize) related to the tax basis adjustments described in Note 11 as such savings are realized. In addition to tax expenses, the Company will also make payments under the TRA, which could be material. The Company will account for the income tax effects and corresponding TRA's effect resulting from future taxable purchases or redemptions of LLC Units of the Continuing Equity Owners by recognizing an increase in deferred tax assets, based on enacted tax rates at the date of the purchase or redemptions. Further, the Company will evaluate the likelihood that it will realize the benefit represented by the deferred tax assets and, to the extent that management estimates that it is more-likely-than-not that the Company will not realize the benefit, the Company will reduce the carrying amount of the deferred tax asset with a valuation allowance. The amounts to be recorded for both the deferred tax assets and the liability for obligations under the TRA will be estimated at the time of any purchase or redemption as a change to shareholders' equity, and effects of changes in any estimates after this date will be included in net income (loss). Similarly, the effect of subsequent changes in the enacted tax rates will be included in net income (loss). Judgment is required in assessing the future tax consequences of events that have been recognized in the Company's financial statements.
Deferred Offering Costs	Deferred Offering Costs Deferred offering costs are capitalized and consist of legal, accounting, and other costs directly attributable to the IPO. During the three and nine months ended September 30, 2025, the Company reclassified approximately $2.7 million of offering costs into shareholders' equity as a reduction of the net proceeds received from the IPO. As of September 30, 2025, there is approximately $563 thousand of unpaid offering costs.
Advertising Expense	Advertising Expense The Company expenses advertising costs as they are incurred. Advertising expenses were approximately $621 thousand and $341 thousand for the three months ended September 30, 2025 and September 30, 2024, respectively, and $1.7 million and $1.2 million for the nine months ended September 30, 2025 and 2024, respectively.
Noncontrolling Interest	Noncontrolling Interest The noncontrolling interest balance represents the economic interests of LLC Units of Black Rock OpCo held by Continuing Equity Owners, based on the portion of LLC Units owned by the Continuing Equity Owners. Income or loss is attributed to the noncontrolling interest based on the weighted-average LLC Units outstanding during the period.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is computed by dividing net loss attributable to Black Rock Coffee Bar, Inc. for the period following the IPO by the weighted-average number of shares of Class A common stock outstanding during the same period. Diluted net loss per share is computed giving effect to all potential weighted-average dilutive shares for the period following the Transactions including LLC Units held by Continuing Equity Owners that are convertible into Class A common stock, stock options and RSUs for the period after the Transactions. The dilutive effect of outstanding awards, if any, is reflected in diluted earnings per share by application of the treasury stock method or if-converted method, as applicable.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Under the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"), the Company meets the definition of an emerging growth company. Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the Company is no longer an emerging growth company or until the Company affirmatively and irrevocably opts out of the extended transition period. As a result, the Company's financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates. Recently Issued Accounting Standards In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in the update are intended to enhance the transparency and decision usefulness of income tax disclosures, primarily through improvements to the rate reconciliation and income taxes paid information, specifically requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation, and (2) income taxes paid disaggregated by jurisdiction. These amendments are effective for public business entities’ annual periods beginning after December 15, 2024 and interim periods within fiscal years beginning after December 15, 2025, and should be applied on a prospective basis. Early adoption is permitted for annual financial statements that have not yet been issued. The Company is currently assessing the potential impacts of this standard on its income taxes disclosures and expects to provide additional detail and disclosures under the new guidance. In November 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40). The intent of this ASU is to improve public entity financial footnote disclosures around types of expenses in commonly presented expense categories (i.e. cost of sales, selling, general and administrative expenses, and research and development). The amendments in this ASU do not change or remove current expense disclosure requirements, but rather 1) impact where this information appears in the notes to the consolidated financial statements and 2) add additional disclosure requirements for certain expense line items appearing on the face of the consolidated statement of operations. ASU 2024-03, as amended, is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company will assess potential impacts of this standard on its disclosures in future periods.

Supplemental Balance Sheet Information - Components of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 119,709	$ 94,601
Less accumulated depreciation	(31,988)	(24,612)
Property and equipment, net	87,721	69,989
Manufacturing equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 32,652	27,476
Manufacturing equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Manufacturing equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	7 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 54,780	46,100
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	7 years
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	15 years
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 9,997	7,267
Buildings \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	15 years
Buildings \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	39 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 10,255	8,210
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	7 years
Vehicles
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 482	482
Vehicles \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years
Vehicles \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	7 years
Software
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years
Property and equipment, gross	$ 237	232
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 11,306	$ 4,834

Leases

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Leases

The Company leases its stores, roasting and warehouse facilities, and corporate offices under operating leases, typically with initial terms of 10 to 15 years.


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Operating lease cost	$	4,421	$	3,361	$	12,418	$	9,723
Variable lease cost	274		227		804		765
Less sublease income	(27)		(27)		(81)		(81)
Total lease cost	$	4,668	$	3,561	$	13,141	$	10,407

Supplemental cash flow information related to leases is as follows for the periods presented:


	Nine Months Ended September 30,
(in thousands)	2025		2024
Cash paid for amounts included in the measurement of operating lease liabilities	$	8,706	$	8,286
Operating lease right-of use-assets obtained in exchange for lease obligations	29,383		19,062

As of September 30, 2025, future minimum lease payments for operating leases consisted of the following:



Remainder of 2025	$	5,246
2026	15,328
2027	17,947
2028	17,516
2029	16,949
Thereafter	128,607
Total lease payments	201,593
Less imputed interest	(61,224)
Total operating lease liabilities	140,369
Less current portion	(7,873)
Total operating lease liability, net of current portion	$	132,496

Supplemental Balance Sheet Information - Components of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Coffee beans and product inventory	$ 2,326	$ 1,613
Merchandise and supplies	182	207
Other	278	235
Inventories	$ 2,786	$ 2,055

Long-Term Debt - Schedule of Interest Expense, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Debt Disclosure [Abstract]
Interest expense	$ 2,655	$ 2,947	$ 8,320	$ 7,724
Amortization of debt issuance costs and capitalized modification fees	319	348	1,047	977
Interest income	(103)	(222)	(339)	(513)
Interest expense, net	$ 2,871	$ 3,073	$ 9,028	$ 8,188

Series A Preferred Units (Details) - Series A - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended		12 Months Ended
	Apr. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024	May 31, 2024
Class of Stock [Line Items]
Outstanding preferred units (in shares)						19,974,660
Aggregate purchase price						$ 18,000
Shares purchased (in shares)					16,169,962
Shares purchased	$ 3,400				$ 14,600
Purchase fees		$ 714	$ 1,100	$ 714

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Supplemental Balance Sheet Information - Components of Receivables, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Other receivables	$ 103	$ 104
Receivables, net	4,834	4,304
Trade receivables
Property, Plant and Equipment [Line Items]
Receivables	4,710	4,103
Trade receivables
Property, Plant and Equipment [Line Items]
Receivables	$ 21	$ 97

Intangible Assets - Schedule of Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Reacquired franchise rights
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 401	$ 407	$ 1,211	$ 1,271
Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 90	$ 72	$ 269	$ 209

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Shareholders' Equity - Narrative (Details) $ / shares in Units, $ in Millions		9 Months Ended
	Sep. 15, 2025 USD ($) $ / shares shares	Sep. 30, 2025 vote shares	Sep. 11, 2025 shares
Class of Stock [Line Items]
Common stock to LLC unit ratio		1
LLC units outstanding			50,055,807
Offering cost \| $	$ 8.0
Black Rock OpCo
Class of Stock [Line Items]
LLC units outstanding		17,478,452
Economic interest		34.90%
LLC Units held by Black Rock Coffee Bar, Inc.
Class of Stock [Line Items]
LLC units outstanding			17,478,452
Continuing Equity Owners
Class of Stock [Line Items]
LLC units outstanding		32,577,355	32,577,355
Voting Percentage		93.00%
Black Rock OpCo \| LLC Units held by Black Rock Coffee Bar, Inc. \| LLC Units
Class of Stock [Line Items]
Sale of stock (in shares)	3,857,642
Net proceeds from IPO \| $	$ 71.8
Continuing Equity Owners \| Black Rock OpCo
Class of Stock [Line Items]
Economic interest		65.10%
Common stock units subject to time based requirements (in shares)		80,500
Continuing Equity Owners \| LLC Units
Class of Stock [Line Items]
Sale of stock (in shares)	13,054,122
Net proceeds from IPO \| $	$ 242.8
IPO
Class of Stock [Line Items]
Sale of stock (in shares)	16,911,764
Public offering price \| $ / shares	$ 20.00
Issuance of common stock \| $	$ 314.6
Net proceeds from IPO \| $	$ 306.5
Over-Allotment Option
Class of Stock [Line Items]
Sale of stock (in shares)	2,205,882
Class A Common stock
Class of Stock [Line Items]
Number of votes per share \| vote		1
Shares outstanding (in shares)		17,478,452
Voting Percentage		7.00%
Class B Common stock
Class of Stock [Line Items]
Number of votes per share \| vote		1
Shares outstanding (in shares)		10,377,136
Class B Common stock \| Continuing Equity Owners
Class of Stock [Line Items]
Shares outstanding (in shares)			10,377,136
Class C Common stock
Class of Stock [Line Items]
Number of votes per share \| vote		10
Shares outstanding (in shares)		22,200,219
Class C Common stock \| Continuing Equity Owners
Class of Stock [Line Items]
Shares outstanding (in shares)			22,200,219

Equity-Based Compensation - Schedule of Unrecognized Equity-Based Compensation (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Share-Based Payment Arrangement [Abstract]
Remainder of 2025	$ 1,213
2026	4,676
2027	4,362
2028	2,254
2029	457
Total unrecognized equity-based compensation	$ 12,962

Long-Term Debt - Schedule of Future Principal Maturities of Long-term Debt (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Debt Disclosure [Abstract]
Remainder of 2025	$ 313
2026	1,563
2027	2,500
2028	2,812
2029	4,062
2030	8,750
Total	$ 20,000

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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+ Details

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2025
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions During 2023, the Company entered into a note receivable with Viking Cake BR, LLC (“Viking Cake”), which is owned by certain of the Company’s board members and beneficial owners, totaling approximately $4.9 million, including accrued interest at a per annum rate of 3.57%. Payment of this note is due upon the fifth anniversary with an option to pay early at the members’ election. On May 31, 2024, the Company and Viking Cake entered into an amendment to the promissory note pursuant to which the maturity date of the note was amended to the earlier of (a) May 8, 2030, (b) the initial public offering of the Company or a successor company, (c) a Sale Event as defined under the LLC Agreement and (d) the date on which all amounts under the promissory note become due and payable pursuant to an event of default under the note. As of December 31, 2024, the carrying value recorded on the condensed consolidated balance sheets was approximately $5.2 million. In August of 2025, the Company forgave the full amount of the note receivable with Viking Cake and recorded the expense in other income (expense), net in the condensed consolidated statement of operations for the three and nine months ended September 30, 2025. Too Sweet Cakes, LLC (“Too Sweet”), an Oregon bakery, offers a selection of their baked goods exclusively at certain of the Company’s stores. Shelbi Geyer, the wife of Clay Geyer, the Company’s Chief Operating Officer, and Viking Cake and its affiliates, a beneficial owner of the Company, are owners of and investors in Too Sweet. For the three months ended September 30, 2025 and 2024, the Company made purchases from Too Sweet of $1.6 million and $1.3 million, respectively, and made purchases from Too Sweet of approximately $4.9 million and $3.8 million for the nine months ended September 30, 2025 and 2024. On May 31, 2024, the Company entered into the Series A Redemption Agreement to purchase the remaining Series A Preferred Units from certain members of the Company. See Note 13 for further details.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

Condensed Consolidated Statements of Changes in Temporary Equity, Members’ Deficit and Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Series A	Series A-1	Series A-2	Members’ Deficit	Common Stock Class A Common stock	Common Stock Class B Common stock	Common Stock Class C Common stock	Additional Paid-In Capital	Accumulated Deficit	Noncontrolling Interest
Temporary equity, beginning balance at Dec. 31, 2023		$ 25,333	$ 167,258	$ 30,773
Temporary Equity
Deemed distribution for Series A-1 and Series A-2 Preferred Units			21,720
Temporary equity, waiver of unpaid Series A preferred yield		(5,358)
Temporary equity, redemption discount on Series A Preferred Units		(1,975)
Temporary equity, unitholder contributions			10,000
Temporary equity, unitholder distributions			(150)
Temporary equity, unitholder redemptions	$ (12,286)
Temporary equity, ending balance at Sep. 30, 2024		5,714	198,828	30,773
Balance at beginning of period at Dec. 31, 2023	(226,076)				$ (226,512)						$ 436
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(2,977)				(2,977)
Net loss	(2,957)
Less: net loss attributable to noncontrolling interests	20										20
Purchase of noncontrolled ownership interest	(1,567)				(1,111)						(456)
Deemed distribution for Series A-1 Preferred Units	(21,720)				(21,720)
Unitholder distributions	(474)				(474)
Waiver of unpaid Series A preferred yield	5,358				5,358
Redemption discount on Series A Preferred Units	1,975				1,975
Balance at end of period at Sep. 30, 2024	(245,461)				(245,461)						0
Temporary equity, beginning balance at Jun. 30, 2024		8,000	191,660	30,773
Temporary Equity
Deemed distribution for Series A-1 and Series A-2 Preferred Units			7,168
Temporary equity, unitholder redemptions		(2,286)
Temporary equity, ending balance at Sep. 30, 2024		5,714	198,828	30,773
Balance at beginning of period at Jun. 30, 2024	(237,547)				(237,547)						0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(722)				(722)
Net loss	(722)
Less: net loss attributable to noncontrolling interests	0
Deemed distribution for Series A-1 Preferred Units	(7,168)				(7,168)
Unitholder distributions	(24)				(24)
Balance at end of period at Sep. 30, 2024	(245,461)				(245,461)						0
Temporary equity, beginning balance at Dec. 31, 2024	241,175	3,429	206,973	30,773
Balance at beginning of period at Dec. 31, 2024	(257,836)				(257,836)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(712)
Net loss	(18,120)
Less: net loss attributable to noncontrolling interests	(1,031)
Balance at end of period at Sep. 30, 2025	100,358					$ 0	$ 0	$ 0	$ 43,757	$ (712)	57,313
Balance at end of period (in shares) at Sep. 30, 2025						17,479	10,377	22,200
Temporary equity, beginning balance at Jun. 30, 2025		$ 0	$ 223,541	$ 30,773
Balance at beginning of period at Jun. 30, 2025	(276,949)				$ (276,949)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(712)
Net loss	(16,175)
Less: net loss attributable to noncontrolling interests	(1,031)
Balance at end of period at Sep. 30, 2025	$ 100,358					$ 0	$ 0	$ 0	$ 43,757	$ (712)	$ 57,313
Balance at end of period (in shares) at Sep. 30, 2025						17,479	10,377	22,200

Equity-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following table summarizes the stock option activity for the nine months ended September 30, 2025:


	Stock Options Outstanding	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2024	—
Granted	647,862	$	20.00
Forfeited or cancelled	—
Outstanding as of September 30, 2025	647,862	$	20.00	10.0	$	2,501

Schedule of Fair Value Assumptions

The grant date fair value of the stock options was determined using the Black-Scholes model with the following assumptions:



Dividend yield(1)			None
Volatility(2)			48.3%
Risk-free interest rate(3)			4.03%
Expected term (years)(4)			5.5
Weighted-average grant date fair value per share			$9.84

(1) The Company utilized a dividend yield of zero, as it had no history or plan of declaring dividends on its common stock in the foreseeable future.

(2) Volatility was based on a group of industry peers with sufficient history.

(3) The risk-free interest rate is based on the implied yield currently available on U.S. Treasury issues with terms approximately equal to the expected life of the options.

Schedule of RSU Activity

The activity for RSUs for the nine months ended September 30, 2025 was as follows:


	Number of RSUs	Weighted-Average Grant Date Fair Value
Nonvested at December 31, 2024	—
Granted	341,246	$	20.00
Forfeited or cancelled	—
Nonvested at September 30, 2025	341,246	$	20.00

Schedule of Equity-Based Compensation Expense


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Selling, general and administrative expenses	$	868	$	—	$	868	$	—

Schedule of Unrecognized Equity-Based Compensation

As of September 30, 2025, total unrecognized equity-based compensation related to unvested stock awards will be recognized as follows for the periods presented:


(in thousands)
Remainder of 2025	$	1,213
2026	4,676
2027	4,362
2028	2,254
2029	457
Total unrecognized equity-based compensation	$	12,962

Organization and Nature of Operations	9 Months Ended
Organization and Nature of Operations	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Operations	Organization and Nature of Operations Nature of Operations 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 an initial public offering (the "IPO") and other related transactions in order to carry on the business of Black Rock Coffee Holdings, LLC ("Black Rock OpCo") and its consolidated subsidiaries (together with Black Rock Coffee Bar, Inc., the "Company") as a publicly-traded entity. The Company is a high-growth operator of guest-centric, drive-thru and lobby coffee bars offering premium caffeinated beverages and an elevated in-store experience. As of September 30, 2025, there were 169 stores operating in seven U.S. states. Initial Public Offering and Reorganization Transactions Black Rock Coffee Bar, Inc. successfully closed an IPO of 16,911,764 shares of Class A common stock at a public offering price of $20.00 per share on September 15, 2025, which included 2,205,882 shares of Class A common stock issued pursuant to the underwriters' option to purchase additional shares of Class A common stock. The net proceeds from the IPO aggregated to approximately $306.5 million, after deducting underwriting discounts and commissions and expenses payable in connection with the offering. Shares of Class A common stock began trading on the Nasdaq under the ticker symbol "BRCB" on September 12, 2025. In connection with the IPO, Black Rock OpCo amended and restated its existing limited liability company agreement, to among other things, (i) recapitalize all existing ownership interests in Black Rock OpCo into 43,079,227 membership units of Black Rock OpCo (" LLC Units") (before giving effect to the use of proceeds from the IPO, as described below ), (ii) appoint Black Rock Coffee Bar, Inc. as the sole managing member of Black Rock OpCo, and (iii) provide certain redemption rights to the owners of the LLC Units in Black Rock OpCo, exclusive of the Company (the "Continuing Equity Owners"). Simultaneously, Black Rock Coffee Bar, Inc. amended and restated its certificate of formation to, among other things, provide (i) for Class A common stock, with each share of Class A common stock entitling its holder to one vote per share on all matters presented to the shareholders generally; (ii) for Class B common stock, with each share of Class B common stock entitling its holder to one vote per share on all matters presented to the shareholders generally; (iii) for Class C common stock, with each share of Class C common stock entitling its holder to ten votes per share on all matters presented to the shareholders generally, until the earlier of (a) September 15, 2035, and (b) with respect to each Co-Founder ("Co-Founder" refers to each of Daniel Brand, Jeff Hernandez, Jake Spellmeyer or Bryan Pereboom), the date on which the aggregate number of shares of Class C common stock held by such Co-Founder or certain of their affiliates is less than thirty-three percent (33%) of the shares of Class C common stock held by such Co-Founder and certain of their affiliates as of the closing of the IPO, each such holders Class C common stock will convert to fully paid non-assessable shares of Class B common stock; (iv) that shares of Class B and Class C common stock may only be held by the Continuing Equity Owners and their respective permitted transferees; and (v) for preferred stock, which can be issued by the board of directors in one or more series without shareholder approval. As a result, Black Rock Coffee Bar, Inc. became a holding company and the sole managing member of Black Rock OpCo and controls the business affairs of Black Rock OpCo. Concurrently with the consummation of the IPO, an affiliate of the Company's Co-Founders purchased 3,118,938 newly issued LLC Units (and corresponding shares of the Company's Class C common stock) from Black Rock OpCo for approximately $62.4 million at a price per unit equal to $20.00 per share (the "IPO price"). Further, Black Rock Coffee Bar, Inc. used the net proceeds from the IPO to: (i) purchase 3,857,642 newly issued LLC Units for approximately $71.8 million directly from Black Rock OpCo at a price per unit equal to the IPO price of Class A common stock less the underwriting discount; and (ii) purchase 13,054,122 LLC Units from certain Continuing Equity Owners for approximately $242.8 million at a price per unit equal to the IPO price per share of Class A common stock less the underwriting discount.

Net Loss Per Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

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 condensed consolidated financial statements. Therefore, net income (loss) per unit information has not been presented for the three and nine months ended September 30, 2024.


(in thousands)	Three months ended September 30, 2025		Nine months ended September 30, 2025
Numerator:
Net loss	$	(16,175)	$	(18,120)
Less: net loss attributable to Black Rock OpCo prior to the Transactions	(14,432)		(16,377)
Less: net loss attributable to noncontrolling interests	(1,031)		(1,031)
Net loss attributable to Black Rock Coffee Bar, Inc.	$	(712)	$	(712)


(in thousands, except share and per share amounts)	Three months ended September 30, 2025		Nine months ended September 30, 2025
Basic net loss per share attributable to Class A common shareholders
Numerator:
Net loss attributable to Black Rock Coffee Bar, Inc.	$	(712)	$	(712)
Denominator:
Weighted-average number of shares of Class A common stock outstanding	14,808,173		14,808,173
Basic net loss per share attributable to Class A common shareholders	$	(0.05)	$	(0.05)

Diluted net loss per share attributable to Class A common shareholders
Numerator:
Net loss attributable to Black Rock Coffee Bar, Inc.	$	(712)	$	(712)
Diluted net loss attributable to Black Rock Coffee Bar, Inc.	$	(712)	$	(712)
Denominator:
Weighted-average number of shares of Class A common stock outstanding used to calculated diluted net loss per share	14,808,173		14,808,173
Diluted net loss per share attributable to Class A common shareholders	$	(0.05)	$	(0.05)

The following Class A common share equivalents were excluded from diluted net loss per share in the periods presented because they were anti-dilutive:


	Three months ended September 30, 2025	Nine months ended September 30, 2025
Stock options	647,862	647,862
RSUs	341,246	341,246
LLC Units	32,577,355	32,577,355
Total anti-dilutive securities	33,566,463	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.

Label	Element	Value
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings	us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings	$ 144,939,000
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings	us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings	161,657,000
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	631,000
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	479,000
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	631,000
Reclassifications of Temporary to Permanent Equity	us-gaap_ReclassificationsOfTemporaryToPermanentEquity	399,253,000
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ 306,512,000
Stock Issued During Period, Shares, Purchase Of Units	brcb_StockIssuedDuringPeriodSharesPurchaseOfUnits	(180,427,000)
Stock Issued During Period, Value, Purchase Of Units	brcb_StockIssuedDuringPeriodValuePurchaseOfUnits	$ (180,427,000)
Partners' Capital Account, Distributions	us-gaap_PartnersCapitalAccountDistributions	450,000
Retained Earnings [Member]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	(712,000)
Parent [Member]
Net Income (Loss) Attributable to Parent	us-gaap_NetIncomeLoss	(14,432,000)
Net Income (Loss) Attributable to Parent	us-gaap_NetIncomeLoss	(16,377,000)
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings	us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings	144,939,000
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings	us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings	161,657,000
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	631,000
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	631,000
Reclassifications of Temporary to Permanent Equity	us-gaap_ReclassificationsOfTemporaryToPermanentEquity	435,689,000
Partners' Capital Account, Distributions	us-gaap_PartnersCapitalAccountDistributions	450,000
Additional Paid-in Capital [Member]
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	325,000
Reclassifications of Temporary to Permanent Equity	us-gaap_ReclassificationsOfTemporaryToPermanentEquity	(481,000)
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ 306,512,000
Stock Issued During Period, Shares, Purchase Of Units	brcb_StockIssuedDuringPeriodSharesPurchaseOfUnits	(274,572,000)
Stock Issued During Period, Value, Purchase Of Units	brcb_StockIssuedDuringPeriodValuePurchaseOfUnits	$ (274,572,000)
Adjustment to Additional Paid-in Capital, Impact of Tax Receivable Agreement	brcb_AdjustmentToAdditionalPaidInCapitalImpactOfTaxReceivableAgreement	11,973,000
Noncontrolling Interest [Member]
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	154,000
Reclassifications of Temporary to Permanent Equity	us-gaap_ReclassificationsOfTemporaryToPermanentEquity	$ (35,955,000)
Stock Issued During Period, Shares, Purchase Of Units	brcb_StockIssuedDuringPeriodSharesPurchaseOfUnits	94,145,000
Stock Issued During Period, Value, Purchase Of Units	brcb_StockIssuedDuringPeriodValuePurchaseOfUnits	$ 94,145,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	$ (1,031,000)
Common Class C [Member] \| Common Stock [Member]
Reorganization Transaction Adjustments Shares	brcb_ReorganizationTransactionAdjustmentsShares	19,619,000
Stock Issued During Period, Shares, Purchase Of Units	brcb_StockIssuedDuringPeriodSharesPurchaseOfUnits	2,581,000
Series A [Member]
Temporary Equity, Redemptions	brcb_TemporaryEquityRedemptions	$ 3,429,000
Series A-2 [Member]
Temporary Equity, Accretion of Dividends	us-gaap_TemporaryEquityAccretionOfDividends	138,012,000
Temporary Equity, Accretion of Dividends	us-gaap_TemporaryEquityAccretionOfDividends	138,012,000
Temporary Equity, Elimination as Part of Reorganization	us-gaap_TemporaryEquityEliminationAsPartofReorganization	$ 168,785,000
Common Class A [Member] \| Common Stock [Member]
Reorganization Transaction Adjustments Shares	brcb_ReorganizationTransactionAdjustmentsShares	567,000
Stock Issued During Period, Shares, New Issues	us-gaap_StockIssuedDuringPeriodSharesNewIssues	16,912,000
Common Class B [Member] \| Common Stock [Member]
Reorganization Transaction Adjustments Shares	brcb_ReorganizationTransactionAdjustmentsShares	22,893,000
Stock Issued During Period, Shares, Purchase Of Units	brcb_StockIssuedDuringPeriodSharesPurchaseOfUnits	(12,516,000)
Series A-1 [Member]
Temporary Equity, Accretion of Dividends	us-gaap_TemporaryEquityAccretionOfDividends	$ 6,927,000
Temporary Equity, Accretion of Dividends	us-gaap_TemporaryEquityAccretionOfDividends	23,645,000
Temporary Equity, Elimination as Part of Reorganization	us-gaap_TemporaryEquityEliminationAsPartofReorganization	230,468,000
Temporary Equity, Partners' Capital Account, Distributions	brcb_TemporaryEquityPartnersCapitalAccountDistributions	$ 150,000

Segment Reporting - Schedule of Segment Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting Information [Line Items]
Segment revenue		$ 51,468	$ 41,455	$ 146,682	$ 118,105
Less:
Labor and related expenses		10,785	9,220	30,588	25,722
Occupancy and related expenses		4,034	3,229	11,641	9,644
Other store operating expenses		7,079	5,578	19,883	15,398
Selling, general and administrative expenses		17,158	4,894	31,898	17,457
Depreciation and amortization		3,030	2,533	8,856	7,334
Pre-opening costs		1,503	1,144	3,064	2,428
Other income (expense), net		(6,866)	(716)	(7,950)	(717)
Income tax expense		31	71	253	197
Reconciliation of profit or loss
Net loss	$ (1,743)	(16,175)	(722)	(18,120)	(2,957)
Operating Segments \| Reportable Segment
Segment Reporting Information [Line Items]
Segment revenue		51,468	41,455	146,682	118,105
Less:
Beverage, food and packaging costs		14,286	11,719	41,641	33,977
Labor and related expenses		10,785	9,220	30,588	25,722
Occupancy and related expenses		4,034	3,229	11,641	9,644
Other store operating expenses		7,079	5,578	19,883	15,398
Selling, general and administrative expenses		17,158	4,894	31,898	17,457
Depreciation and amortization		3,030	2,533	8,856	7,334
Pre-opening costs		1,503	1,144	3,064	2,428
Interest expense, net		2,871	3,073	9,028	8,188
Other income (expense), net		6,866	716	7,950	717
Income tax expense		31	71	253	197
Reconciliation of profit or loss
Net loss		(16,175)	(722)	(18,120)	(2,957)
Adjustments and reconciling items
Reconciliation of profit or loss
Adjustments and reconciling items		$ 0	$ 0	$ 0	$ 0

Equity-Based Compensation - Schedule of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2025 USD ($) $ / shares shares
Stock Options Outstanding
Outstanding, beginning balance (in shares)	0
Granted (in shares)	647,862
Forfeited or expired (in shares)	0
Outstanding, ending balance (in shares)	647,862
Weighted-Average Exercise Price
Granted (in dollars per share) \| $ / shares	$ 20.00
Forfeited or expired (in dollars per share) \| $ / shares
Outstanding, ending balance (in dollars per share) \| $ / shares	$ 20.00
Weighted-Average Remaining Contractual Term (in years)
Outstanding, ending balance, Weighted Average Remaining Contractual Term (in years)	10 years
Aggregate Intrinsic Value (in thousands) \| $	$ 2,501

Revenue Recognition

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue Recognition


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Store revenue	$	51,410	$	41,399	$	146,520	$	117,941
Other	58		56		162		164
Total revenue	$	51,468	$	41,455	$	146,682	$	118,105

The Company’s gift card and loyalty program liability activity was as follows:


	Nine Months Ended September 30,
(in thousands)	2025		2024
Beginning balance	$	1,186	$	778
Revenue deferred - card activations and rewards earned	11,505		9,959
Revenue recognized - card and rewards redemptions and breakage	(11,375)		(9,920)
Ending balance	$	1,316	$	817

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	33,566,463	33,566,463
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	647,862	647,862
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	341,246	341,246
LLC Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	32,577,355	32,577,355

Organization and Nature of Operations (Details) $ / shares in Units, $ in Millions		9 Months Ended
	Sep. 15, 2025 USD ($) $ / shares shares	Sep. 30, 2025 store state vote shares
Product Information [Line Items]
Number of Stores \| store		169
Number of states \| state		7
Recapitalized ownership		43,079,227
Black Rock OpCo \| Affiliate Of Co-Founders \| LLC Units
Product Information [Line Items]
Sale of stock (in shares)	3,118,938
Public offering price \| $ / shares	$ 20.00
Net proceeds from IPO \| $	$ 62.4
Black Rock OpCo \| LLC Units held by Black Rock Coffee Bar, Inc. \| LLC Units
Product Information [Line Items]
Sale of stock (in shares)	3,857,642
Net proceeds from IPO \| $	$ 71.8
Continuing Equity Owners \| LLC Units
Product Information [Line Items]
Sale of stock (in shares)	13,054,122
Net proceeds from IPO \| $	$ 242.8
Class A Common stock
Product Information [Line Items]
Number of votes per share \| vote		1
Class B Common stock
Product Information [Line Items]
Number of votes per share \| vote		1
Class C Common stock
Product Information [Line Items]
Number of votes per share \| vote		10
Share ownership threshold		33.00%
IPO
Product Information [Line Items]
Sale of stock (in shares)	16,911,764
Public offering price \| $ / shares	$ 20.00
Net proceeds from IPO \| $	$ 306.5
Over-Allotment Option
Product Information [Line Items]
Sale of stock (in shares)	2,205,882

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Total revenue

$ 51,468

$ 41,455

$ 146,682

$ 118,105

Store operating costs and expenses (exclusive of depreciation and amortization presented separately below):

Beverage, food and packaging costs

14,286

11,719

41,641

33,977

Labor and related expenses

10,785

9,220

30,588

25,722

Occupancy and related expenses

4,034

3,229

11,641

9,644

Other store operating expenses

7,079

5,578

19,883

15,398

Total store operating costs and expenses

36,184

29,746

103,753

84,741

Selling, general and administrative expenses

17,158

4,894

31,898

17,457

Depreciation and amortization

3,030

2,533

8,856

7,334

Pre-opening costs

1,503

1,144

3,064

2,428

Total operating expenses

57,875

38,317

147,571

111,960

Income (loss) from operations

(6,407)

3,138

(889)

6,145

Interest expense, net

(2,871)

(3,073)

(9,028)

(8,188)

Other income (expense), net

(6,866)

(716)

(7,950)

(717)

Loss before income taxes

(16,144)

(651)

(17,867)

(2,760)

Income tax expense

253

197

Net loss

(16,175)

(722)

(18,120)

(2,957)

Less: net loss attributable to Black Rock OpCo prior to the Transactions

(14,432)

(16,377)

Less: net loss attributable to noncontrolling interests

(1,031)

Net loss attributable to Black Rock Coffee Bar, Inc.

$ (712)

(722)

$ (712)

(2,977)

Net loss per share of Class A common stock:

Basic (in dollars per share)

$ (0.05)

Diluted (in dollars per share)

$ (0.05)

Weighted-average shares of Class A common stock outstanding

Basic (in shares)

14,808,173

Diluted (in shares)

14,808,173

Class A Common stock

Net loss per share of Class A common stock:

Basic (in dollars per share)

^[1]

$ (0.05)

Diluted (in dollars per share)

^[1]

$ (0.05)

Weighted-average shares of Class A common stock outstanding

14,808,173

14,808,173

$ 51,410

41,399

$ 146,520

117,941

Other

Total revenue

$ 58

$ 56

$ 162

$ 164

[1]

(1) Basic and diluted net loss per share of Class A common stock is applicable only for the period September 12, 2025 through September 30, 2025, which is the period effective with and following the IPO and Transactions (as defined in Note 1 to the Condensed Consolidated Financial Statements, unaudited).

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2025	Nov. 10, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	001-42844
Registrant Name	Black Rock Coffee Bar, Inc.
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	33-5053729
Entity Address, Address Line One	9170 E. Bahia Drive
Entity Address, Address Line Two	Suite 101
Entity Address, City or Town	Scottsdale
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85260
City Area Code	458
Local Phone Number	256-9668
Title of 12(b) Security	Class A common stock, par value $0.00001 per share
Trading Symbol	BRCB
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0002068577
Amendment Flag	false
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2025
Current Fiscal Year End Date	--12-31
Class A Common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		17,478,452
Class B Common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		10,377,136
Class C Common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		22,200,219

Long-Term Debt

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Long-Term Debt



(in thousands)	September 30, 2025		December 31, 2024
Note payable to RCS SBIC Fund II, L.P and TCW Asset Management Company, LLC	$	—	$	92,614
Term loan with JPMorgan Chase Bank, N.A.	20,000		—
Less current portion	(1,250)		(925)
Less debt issuance costs	(1,135)		(769)
Less capitalized modification fees	—		(1,651)
Total long-term debt	$	17,615	$	89,269

Concurrently with the closing of the IPO, Black Rock OpCo entered into a new credit agreement (the "New Credit Agreement") with JPMorgan Chase Bank, N.A., as the administrative agent, and other loan parties and lenders party thereto to provide for (i) a $50.0 million term loan (the “New Term Loan”) and (ii) a $25.0 million revolving credit facility (the “New Revolving Credit Facility” and, together with the New Term Loan, the “New Credit Facilities”). As of the closing of the IPO, the aggregate principal amount borrowed under the New Credit Facilities was $50.0 million from the New Term Loan which was used, together with proceeds from the Co-Founder Contribution and net proceeds from the IPO, to repay all amounts outstanding under the Company's amended Senior Credit Facility with RCS SBIC Fund II, L.P. and TCW Asset Management Company, LLC (the "Prior Credit Facility"). The Company expensed the remaining $1.6 million of debt issuance costs and capitalized modification fees within other income (expense), net on the condensed consolidated statement of operations for the three and nine months ended September 30, 2025. Subsequent to the IPO the Company made a principal payment in the amount of $30.0 million, thereby reducing the outstanding balance of the New Term Loan as of September 30, 2025 to $20.0 million.

Pursuant to the New Credit Agreement, certain subsidiaries of Black Rock OpCo are guarantors of the obligations under the New Credit Agreement. Simultaneously with the execution of the New Credit Agreement, Black Rock OpCo and its subsidiaries entered into a pledge and security agreement. Pursuant to the pledge and security agreement, the New Credit Facilities are secured by liens on substantially all of the Company's assets, including the intellectual property of Black Rock OpCo and its subsidiaries and the equity interests of Black Rock OpCo's various subsidiaries.

The New Credit Agreement contains certain affirmative and negative covenants, including, among other things, restrictions on indebtedness, liens on assets, fundamental changes and asset sales, investments, negative pledges, repurchase of stock, dividends and other distributions, and transactions with affiliates. In addition, the New Credit Agreement also contains financial covenants that require the Loan Parties (as defined in the New Credit Agreement) to not exceed a maximum net rent adjusted leverage ratio for any period of four consecutive fiscal quarters ending on the last day of any fiscal quarter, commencing with the fiscal quarter ending December 31, 2025, of 4.75 to 1.00 and to maintain a minimum fixed charge coverage ratio for any period of four consecutive fiscal quarters ending on the last day of any fiscal quarter, commencing with the fiscal quarter ending December 31, 2025, of no less than 1.20 to 1.00.

Borrowings under the New Credit Agreement are available as alternate base rate (“ABR”) or term benchmark loans. ABR loans under the New Credit Agreement accrue interest at an alternate base rate plus an applicable rate, and term benchmark loans accrue interest at an adjusted Secured Overnight Financing Rate ("SOFR") plus an applicable rate. The ABR rate represents the greatest of (i) the prime rate, (ii) the Federal Reserve’s Bank of New York overnight rate plus 0.5%, and (iii) the one-month adjusted term SOFR rate plus 1.0%. The applicable rate for the ABR and term benchmark loans is tied to a pricing grid tied to our net rent adjusted leverage ratio. The adjusted SOFR rate represents the term SOFR rate plus 0.10%. The applicable rate spread for ABR and term benchmark loans ranges from 0.50% to 1.75% and 1.50% to 2.75%, respectively. Interest on the New Credit Agreement is payable at least quarterly and upon maturity. As of September 30, 2025, the weighted-average interest rate on outstanding borrowings under the New Credit Facilities was 6.75%.

Borrowings under the Prior Credit Facility bore interest at either (a) the SOFR, plus 6.00%, plus a 0.50% spread or (b) the greatest of (i) 2.50% per annum, (ii) the Federal Funds Rate plus 0.5%, (iii) the Prime Rate, and (iv) the Adjusted Term SOFR Rate for a one-month tenor in effect on such date plus 1.0%, in each case, plus 5.00% and a 0.5% spread, with the amount of spread in both scenarios based on a pricing grid tied to the Company’s total net leverage ratio. As of December 31, 2024, the interest rate on outstanding borrowings was 11.82%.

The New Revolving Credit Facility also has a variable commitment fee, which is payable quarterly based on Black Rock OpCo's net rent adjusted leverage ratio and ranges from 0.25% to 0.35% per annum. The Company is obligated to pay a fixed fronting fee for letters of credit of 0.125% per annum.

Amounts borrowed under the New Revolving Credit Facility may be repaid and re-borrowed through maturity of the New Credit Facilities in September 2030. The New Term Loan matures in September 2030. The New Term Loan may be repaid or prepaid but may not be re-borrowed. Borrowings under the New Credit Agreement are payable in quarterly principal installments and upon maturity. The Company was in compliance with all financial covenants as of September 30, 2025.

Future principal maturities of long-term debt as of September 30, 2025 are as follows:



(in thousands)
Remainder of 2025	$	313
2026	1,563
2027	2,500
2028	2,812
2029	4,062
2030	8,750
Total	$	20,000

Interest expense, net in the condensed consolidated statements of operations was as follows:


	Three Months Ended September 30, 2025				Nine Months Ended September 30, 2025
(in thousands)	2025		2024		2025		2024
Interest expense	$	2,655	$	2,947	$	8,320	$	7,724
Amortization of debt issuance costs and capitalized modification fees	319		348		1,047		977
Interest income	(103)		(222)		(339)		(513)
Interest expense, net	$	2,871	$	3,073	$	9,028	$	8,188

Segment Reporting - Narrative (Details)	9 Months Ended
Segment Reporting - Narrative (Details)	Sep. 30, 2025 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

The Company has intangible assets that are being amortized over 3 to 15 years consisting of the following:


(in thousands)	September 30, 2025		December 31, 2024
Reacquired franchise rights	$	13,504	$	13,504
Other intangible assets	3,215		2,959
Less accumulated amortization	(10,601)		(9,121)
Total intangible assets, net	$	6,118	$	7,342

Schedule of Amortization Expense

Amortization expense in the condensed consolidated statements of operations was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Reacquired franchise rights	$	401	$	407	$	1,211	$	1,271
Other intangible assets	90		72		269		209

Shareholders' Equity

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Shareholders' Equity

Amendment and Restatement of Certificate of Formation

On September 11, 2025, the Company amended and restated its certificate of formation to, among other things, provide for the authorization to issue four classes of stock, designated as follows:



Class of Stock	Authorized Shares	Par Value Per Share
Class A common stock	500,000,000	$0.00001
Class B common stock	200,000,000	$0.00001
Class C common stock	50,000,000	$0.00001
Preferred stock	20,000,000	$0.00001

Holders of Class A common stock are entitled to one vote per share, holders of Class B common stock are entitled to one vote per share, and holders of Class C common stock are entitled to 10 votes per share. All holders of outstanding shares of common stock will vote together as a single class on all matters on which shareholders are generally entitled to vote, except as otherwise required.

The Company has no current plans to pay dividends on Class A common stock. Holders of Class B and Class C common stock do not have any right to receive dividends (except for certain in-kind dividends), or to receive a distribution upon a liquidation, dissolution or winding up of the Company with respect to their Class B and Class C common stock. The declaration, amount and payment of any future dividends on shares of Class A common stock will be at the sole discretion of the Company's Board of Directors.

The Company must, at all times, maintain a one-to-one ratio between the number of outstanding shares of Class A common stock and the number of Black Rock OpCo LLC Units owned by the Company (subject to certain exceptions for treasury shares and shares underlying certain convertible or exchangeable securities).

LLC Recapitalization

As described in Note 1, on September 11, 2025, the Company entered into the Seventh Amended and Restated Limited Liability Company Agreement of Black Rock Coffee Holdings, LLC (the "Black Rock OpCo Agreement") to, among other things, effect a recapitalization (i) in which Black Rock OpCo recapitalized its capital structure to provide for a single new class of equity, LLC Units, (ii) in which Black Rock Coffee Bar, Inc. was appointed as the sole managing member of Black Rock OpCo and (iii) to provide certain redemption rights to the Continuing Equity Owners. Subsequent to the Transactions, 50,055,807 LLC Units were outstanding, of which 17,478,452 were held by the Company and the remaining 32,577,355 were held by the Continuing Equity Owners.

Pursuant to the Black Rock OpCo Agreement, the Continuing Equity Owners have the right, from time to time and subject to terms of the Black Rock OpCo Agreement, to exchange their LLC Units, along with a corresponding number of shares of Class B common stock or Class C common stock, as applicable, for shares of Class A common stock or cash, at the option of the Company, on a one-for-one basis, subject to customary conversion rate adjustments for stock splits, stock dividends, reclassification and similar transactions. The Company may not effectuate a cash settlement unless the disinterested directors of its Board of Directors have authorized and consummated a qualifying offering by no later than the redemption date for the purpose of satisfying such cash settlement. In connection with any exchange of LLC Units for shares of Class A common stock by a Continuing Equity Owner, the number of LLC Units held by the Company correspondingly increases as it acquires the exchanged LLC Units, and a corresponding number of shares of Class B or Class C common stock are canceled.

Initial Public Offering

As described in Note 1, on September 15, 2025, the Company completed its IPO in which it issued and sold 16,911,764 shares of Class A common stock (including 2,205,882 shares sold pursuant to the full exercise of the underwriters option to purchase additional shares) at an offering price of $20.00 per share, resulting in proceeds of approximately $314.6 million, after deducting underwriting discounts and commissions. The proceeds were used to purchase approximately 3,857,642 newly-issued LLC Units from Black Rock OpCo for approximately $71.8 million, as well as 13,054,122 LLC Units from certain Continuing Equity Owners for $242.8 million. Total offering expenses (other than the underwriting discount and commissions) were approximately $8.0 million, resulting in net proceeds of $306.5 million. All of such offering expenses were paid for or otherwise borne by Black Rock OpCo.

As a result of the above transactions, as of September 30, 2025:

•Holders of the Company's Class A common stock owned 17,478,452 shares, representing a combined 7.0% of the voting power in the Company and, through the Company's corresponding ownership of LLC Units, 17,478,452 LLC Units representing a 34.9% interest in Black Rock OpCo; and

•the Continuing Equity Owners collectively owned 32,577,355 LLC Units, inclusive of 80.5 thousand restricted LLC Units, representing a 65.1% interest in Black Rock OpCo, 10,377,136 shares of the Company's Class B common stock, and 22,200,219 shares of the Company's Class C common stock, representing a combined 93.0% of the voting power in the Company.

- Definition

The entire disclosure for equity.

+ References

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+ Details