Key Highlights

  • Third quarter 2026 Revenue rose 29.7% to USD 66.8 million from USD 51.5 million, with same store sales growth of 5.8% and 11 new stores opened, bringing the system to 211 stores.
  • Net income was USD 2.7 million against a net loss of USD 16.2 million a year earlier, and diluted Earnings per Class A share were USD 0.05 versus a loss of USD 0.05.
  • Adjusted EBITDA was USD 8.5 million, up 22.1%, while store-level profit grew 26.5% to USD 19.3 million at a Margin of 28.9%, according to management on the call.
  • Management now expects 40 new store openings in 2026, up from 38, and reaffirmed full-year revenue guidance of USD 255 million to USD 257 million and adjusted EBITDA of USD 34 million to USD 35 million.

Store Growth and Traffic Drive a 29.7% Revenue Increase

Black Rock Coffee Bar (NASDAQ:BRCB) filed its Quarterly Report on November 10, 2026 and held its results call the same day. Total revenue was USD 66.8 million, up 29.7% from USD 51.5 million, as the company opened 11 stores across California, Arizona, Colorado and Texas. The company operates drive-through and lobby coffee stores that it owns itself. Same store sales rose 5.8%, supported by menu price increases, transaction growth and check growth, and management said transactions grew 2.4% and pricing added 2.4%. Management said loyalty members made up about 69% of transactions. Nine-month revenue reached USD 185.2 million, compared with USD 146.7 million a year earlier.

Operating Income Turns Positive but Store Margin Slips

Income from operations was USD 2.8 million against a loss of USD 6.4 million, and Net Income was USD 2.7 million (GAAP), of which USD 1.5 million was attributable to the company. Last year's quarter carried USD 6.9 million of Capital restructuring fees in other expense. Store-level profit margin was 28.9%, down from 29.6%, because labor rose to 22.1% of revenue on new stores and extended afternoon and evening hours, and occupancy also increased. Beverage, food and packaging costs fell 100 basis points to 26.8% of revenue. Pre-opening costs were USD 1.9 million, up from USD 1.5 million, on travel, wages and openings running ahead of plan.

Guidance, Cash and the Path to More Openings

On the call, management said full-year same store sales growth should be in the mid single digits and capital expenditures should be USD 47 million to USD 48 million including tenant improvement allowances. It implied fourth quarter adjusted EBITDA growth above 30%. The company ended the quarter with USD 13.6 million of cash, USD 21 million of undrawn revolver capacity, a USD 19.5 million term Loan and a USD 4 million revolver draw to bridge allowances. Risks include wage and Commodity inflation, consumer spending caution and the cost of faster expansion. Management reiterated a long-term goal of 1,000 stores by 2035, with 15 to 20 California openings planned for 2027.

Where Things Stand

Mostly through new stores, with real traffic help. Black Rock Coffee Bar (NASDAQ:BRCB) grew revenue 29.7% because it added units quickly while same store sales rose 5.8% and transactions grew 2.4%. Profit improved sharply from a year ago, though store margin slipped on labor and occupancy, and management itself said revenue growth outpaced adjusted EBITDA growth. Next markers are the delivery of the 40-store target, fourth quarter adjusted EBITDA growth above 30%, the effect of extended hours on labor productivity, and the 2027 California openings.