Black Rock Coffee Bar (BRCB)
Company-owned, drive-thru coffee chain built around a proprietary energy-drink line and a controlling founder group.
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Operates a company-owned, drive-thru-anchored coffee chain across seven Western and Sunbelt states, selling coffee alongside a proprietary energy-drink line that has become a meaningful revenue driver. Listed on Nasdaq in 2025 under a multi-class share structure that leaves the co-founders in control.
Grew from a single drive-thru coffee stand in Beaverton, Oregon in 2008 into a fully company-owned chain after reacquiring its franchises, then listed on Nasdaq in 2025.
Coffee anchors the menu alongside teas, smoothies, and food, but a proprietary energy-drink line — including a frozen version and a canned format — has become a signature draw and a material revenue share. A loyalty program tied to mobile ordering drives most transactions.
Stores are concentrated across seven Western and Sunbelt states, with nearly two hundred locations open and a long-term ambition to grow several-fold over the next decade through continued company-owned expansion rather than franchising.
Co-founders retain controlling voting power through a multi-class share structure paired with a tax receivable agreement, and the business still posts net losses as it scales.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 24, 2026 | Robert W. Baird | Target | Target: $32 | Target: $10 |
| Aug 24, 2026 | Baird | Downgrade | ||
| Aug 12, 2026 | Raymond James | Target | Target: $20 | Target: $13 |
| Jul 16, 2026 | Morgan Stanley | Downgrade | ||
| Jul 15, 2026 | Morgan Stanley | Target | Target: $22 | Target: $9 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $16.0M · Total debt $161.7M · Total assets $392.4M · Shareholders' equity $54.6M
- Revenue
- $63.0M
- Operating income
- $4.1M
- Net income
- $1.2M
No dividends on record.
| Institutions | 32.07% | 16.06M shares | |
|---|---|---|---|
| 98 holders · as of Jun 30, 2026 | |||
| Insiders | 19.59% | 9.81M shares | |
| 21 holders · as of May 28, 2026 | |||
| Strategic holders | 55.20% | 27.64M shares | |
| 2 holders · as of May 22, 2026 | |||
| Adds to | 106.86% | ||
50.07M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Two share counts disagree (50.07M in the company's Sep 22, 2026 report, 18.02M elsewhere); stakes use the report.
These groups come from separate filings that can overlap, so they add to 106.86%; nothing is left for Other.
This company has 3 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Cynosure Group, LLCStrategicdirector, 10 percent owner | 43.60% | 21.83M COMPANY | filed May 22, 2026 |
Viking Cake Fuel, LLCStrategic10 percent owner | 11.60% | 5.81M C | filed Mar 23, 2026 |
Demi I. WintersInsider | 7.50% | 3.75M | filed May 19, 2026 |
Bank of New York Mellon CorpInstitution | 5.95% | 2.98M A | as of Jun 30, 2026 |
Tyson SwitzenbergInsider | 4.61% | 2.31M | filed Apr 16, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 22, 2026 | Clay Howard Geyer | officer: Chief Operating Officer | +933 | $6.86 |
| May 21, 2026 | Clay Howard Geyer | officer: Chief Operating Officer | +45,080 | $6.51 |
| May 20, 2026 | Jessica Michele Wegener-Beyer | officer: Chief Marketing Officer | +3,098 | $6.46 |
| May 20, 2026 | Michael Ryan Schmidt | officer: Principal Accounting Officer | +7,100 | $6.98 |
| May 15, 2026 | Viking Cake BR, LLC | other: Former 10% Owner | −11,618,782 |
- Dutch Bros
Closest drive-thru rival — matching concept, energy drinks, Western roots
- Starbucks
Category-defining incumbent, and the 'real competition' per BRCB's own founder
- McDonald's
McCafé's 2026 specialty-drink push targets the same drive-thru occasion
- Celsius
Fast-growing energy-drink peer chasing the same younger, active consumer
- Monster Beverage
Category-leading canned energy-drink competitor for Fuel by the Can
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Black Rock Coffee Bar | $7.16 | −1.78% | $131.4M | 108.3 | 29.4 | 0.6 | — |
| Dutch Bros | $39.06 | −0.23% | $6.76B | 54.4 | 35.6 | 3.6 | +32.5% |
| Starbucks | $95.05 | +0.16% | $108.19B | 54.5 | 31.8 | 2.8 | −1.4% |
| McDonald's | $250.69 | +1.13% | $176.12B | 20.1 | 18.9 | 6.4 | +3.7% |
| Celsius | $29.92 | +6.78% | $7.16B | 133.4 | 19.9 | 2.4 | +10.6% |
| Monster Beverage | $44.69 | +1.56% | $86.06B | 40.6 | 36.5 | 9.3 | +20.2% |
| Median | 54.4 | 31.8 | 3.6 | +10.6% |