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Our Company Our Mission: To Fuel People Forward One Connection, One Moment, One Cup at a Time We are a high-growth operator of guest-centric, drive-thru coffee bars offering premium caffeinated beverages and an elevated in-store experience crafted by our engaging baristas. Black Rock Coffee Bar was founded in 2008 in Beaverton, Oregon, by our co-founders Daniel Brand and Jeff Hernandez.
Operating margin is thin at 0.45%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 24.5%, still solid. Margins contracted 3.3pp, which offsets some of the top-line progress.
ROIC dropped from 2.80% to 0.34%, capital efficiency is deteriorating. Negative free cash flow of -$33M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (FY)
$200M
▲ +24.5% YoY
Net Income (TTM)
$318K
▲ +99.2% YoY
Op. Margin
0.45%
▼ -3.3pp YoY
ROIC
0.34%
▼ -2.5pp YoY
Cash Flow & Balance Sheet
FCF (FY)
-$33M
▼ -268.6% YoY
Op. Cash Flow (FY)
$2M
▼ -83.5% YoY
Net Debt
$152M
Cash & Equiv.
$20M
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