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- **Revenue Growth**: 24% YoY to $51.5M, fueled by 10.8% same-store sales and 11 new stores.
- **Digital Success**: 10% digital sales growth, Egg Bites launch boosts food sales 210 basis points.
- **Expansion Momentum**: 2025 store openings exceed projections, Southern California drive-thru model replicable.
- **Financial Health**: 35.1% EBITDA growth, 29.6% store-level margin, $13.7M net cash for 2026 expansion.
- **Strategic Initiatives**: Regional food optimization, loyalty segmentation, and influencer marketing to sustain 20%+ revenue growth.

**【CEO Summary Section】**
- Black Rock Coffee Bar reported 24% year-over-year revenue growth to $51.5 million in Q3 2025, driven by 10.8% same-store sales growth and 11 new store openings.
- The company achieved 6.1% transaction growth and 3.9% price increase, with digital sales contributing 10% of total revenue.
- Key initiatives included the launch of Egg Bites, which contributed to 12.6% food sales growth, and a loyalty program with 64% of transactions from members.
- Management reiterated the long-term goal of 1,000 stores by 2035 and emphasized disciplined expansion into Southern California, where the first drive-thru store with a lobby exceeded expectations.

**【CFO Financial Commentary】**
- Adjusted EBITDA rose 35.1% to $6.9 million, with store-level profit margin improving 150 basis points to 29.6%.
- Beverage, food, and packaging costs were 27.8% of revenue, down 40 basis points year-over-year, while labor costs decreased 120 basis points to 21% of revenue.
- The company maintained a net cash position of $13.7 million and guided for 30 new stores, $199-$200 million in revenue, and $26.5-$27 million in EBITDA for FY2025.

**【Q&A Highlights】**
- New stores in 2025 outperformed expectations, with Southern California stores driving brand awareness through menu innovation and digital marketing.
- Management plans to accelerate regional food optimization, with Texas stores leading in food sales growth and savory offerings.
- Pricing strategy focuses on offsetting inflation through strategic procurement, with no material tariff impact despite coffee bean tariffs.
- Loyalty program segmentation and influencer partnerships (e.g., Avery Woods) will drive 2026 engagement and sales cadence.

Black Rock Coffee Bar Ltd (BRCB) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Loss on Bad Debts

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Loss on Disposal of Assets

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Net Interest Expense

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Net Income

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Net Income Attributable to Owners of the Company

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

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Diluted EPS from Discontinued Operations

BRCB

BRCB fundamentals

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