Black Rock Coffee Bar, Inc.

Second-quarter total revenue was $63 million, up 25% year over year. Same-store sales increased 4.2% on top of 10.9% growth in the prior-year quarter, or 15.1% on a two-year basis; price contributed 2.4%, check grew 3.8%, and transactions declined 2%. Store-level profit was $19 million, up 28.1%, and store-level margin expanded 70 basis points to 30.2%. Adjusted SG&A was $8.4 million, or 13.4% of revenue, versus $6 million last year, and adjusted EBITDA was $9.4 million, up 17%. In the quarter the company opened 10 stores and ended with 200 locations system-wide. Full-year guidance now calls for at least 38 new store openings, revenue of $255 million to $257 million, same-store sales growth in the mid-single digits, adjusted EBITDA of $34 million to $35 million, and capex of $42 million to $43 million inclusive of tenant improvement allowances, or $57 million to $59 million excluding them.

Mark Davis framed the quarter as proof that Black Rock’s company-owned model, premium beverages, and product innovation are still driving durable growth. He emphasized customer engagement initiatives such as seasonal drinks, fuel beverages, food expansion, loyalty segmentation, and extended hours as ways to broaden occasions and deepen frequency. His tone was confident and expansionary, repeatedly pointing to white space, California opportunity, and a path toward 1,000 stores by 2035.

Rodd Booth focused on the financial leverage in the model and the near-term guide raise. He cited $63 million of revenue, $19 million of store-level profit, 30.2% store-level margin, $9.4 million of adjusted EBITDA, $16 million of cash, full access to a $25 million revolver, and $19.6 million of term loan balance. He said public-company costs are holding back near-term EBITDA growth versus revenue, but those costs are largely fixed and should become easier to leverage as the company laps them. He also noted $1.3 million of pre-opening costs, capex of $42 million to $43 million inclusive of TIs, and that about $13 million to $14 million, or 30% of total capital, is being used to support the 2027 pipeline.

Analysts pressed on whether July’s positive transaction trend implies upside to Q3 comps, but management declined to give a specific Q3 comp outlook and instead reiterated confidence in the mid-single-digit full-year same-store sales guide. They also asked about sales transfer in Phoenix; Mark Davis said the Q2 headwind was modest and smaller than Q1, and that most of the prior openings will lap in Q3 with no future impact. Other questions focused on California development, where management confirmed all California stores have drive-thrus, pricing is at the highest tier, and conversions are being used to manage build costs; they also said extended hours are still early and any same-store sales impact is too soon to quantify.