BRC Inc.(NYSE:BRCC) 
BRC, Inc. engages in the business of sourcing, processing, manufacturing, packaging, distributing, marketing and selling coffee and other food and beverage products. The company was founded by Evan Hafer and Mat Best in 2014 and is headquartered in Salt Lake City, UT.
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At a glance:
Bull Thesis:
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Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 |
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revenue | 109,227,000 | 112,739,000 | 100,712,000 | 94,837,000 | 89,974,000 | 105,877,000 | 98,204,000 | 89,017,000 | 98,392,000 | 119,649,000 | 100,536,000 | 91,947,000 | 83,490,000 | 93,618,000 | 75,494,000 | 66,365,000 | 65,836,000 | |
yoy | 21.40% | 6.48% | 2.55% | 6.54% | -8.56% | -11.51% | -2.32% | -3.19% | 17.85% | 27.81% | 33.17% | 38.55% | 26.82% | |||||
qoq | -3.12% | 11.94% | 6.19% | 5.40% | -15.02% | 7.81% | 10.32% | -9.53% | -17.77% | 19.01% | 9.34% | 10.13% | -10.82% | 24.01% | 13.76% | 0.80% | ||
cost of goods sold | 73,139,000 | 76,588,000 | 63,563,000 | 62,664,000 | 57,502,000 | 65,494,000 | 56,856,000 | 51,758,000 | 56,207,000 | 87,978,000 | 66,477,000 | 59,741,000 | 55,979,000 | 64,153,000 | 51,549,000 | 43,809,000 | 42,623,000 | |
gross profit | 36,088,000 | 36,151,000 | 37,149,000 | 32,173,000 | 32,472,000 | 40,383,000 | 41,348,000 | 37,259,000 | 42,185,000 | 31,671,000 | 34,059,000 | 32,206,000 | 27,511,000 | 29,465,000 | 23,945,000 | 22,556,000 | 23,213,000 | |
yoy | 11.14% | -10.48% | -10.16% | -13.65% | -23.02% | 27.51% | 21.40% | 15.69% | 53.34% | 7.49% | 42.24% | 42.78% | 18.52% | |||||
qoq | -0.17% | -2.69% | 15.47% | -0.92% | -19.59% | -2.33% | 10.97% | -11.68% | 33.20% | -7.01% | 5.75% | 17.07% | -6.63% | 23.05% | 6.16% | -2.83% | ||
gross margin % | 33.04% | 32.07% | 36.89% | 33.92% | 36.09% | 38.14% | 42.10% | 41.86% | 42.87% | 26.47% | 33.88% | 35.03% | 32.95% | 31.47% | 31.72% | 33.99% | 35.26% | |
operating expenses | ||||||||||||||||||
marketing and advertising | 10,180,000 | 9,415,000 | 8,707,000 | 9,770,000 | 11,322,000 | 10,502,000 | 10,109,000 | 7,411,000 | 7,609,000 | 8,376,000 | 8,260,000 | 7,013,000 | 7,144,000 | 13,578,000 | 7,414,000 | 9,026,000 | 8,151,000 | |
salaries, wages and benefits | 14,109,000 | 13,001,000 | 14,389,000 | 15,791,000 | 13,563,000 | 12,996,000 | 16,548,000 | 17,610,000 | 15,261,000 | 18,967,000 | 13,907,000 | 18,356,000 | 19,824,000 | 16,881,000 | 15,848,000 | 15,539,000 | 16,018,000 | |
general and administrative | 10,098,000 | 15,690,000 | 12,947,000 | 14,311,000 | 11,786,000 | 12,208,000 | 12,324,000 | 10,949,000 | 15,346,000 | 15,084,000 | 19,474,000 | 19,296,000 | 17,758,000 | 18,467,000 | 16,301,000 | 14,831,000 | 14,887,000 | |
other operating expense | 382,000 | 5,104,000 | 588,000 | 4,925,000 | 1,233,000 | 6,869,000 | 1,261,000 | 311,000 | 14,000 | 1,464,000 | -596,000 | |||||||
total operating expenses | 34,769,000 | 43,210,000 | 36,631,000 | 44,797,000 | 37,904,000 | 42,575,000 | 40,242,000 | 36,281,000 | 38,230,000 | 43,891,000 | 41,045,000 | 45,867,000 | 44,726,000 | 48,926,000 | 39,563,000 | 39,396,000 | 39,056,000 | |
operating income | 1,319,000 | -7,059,000 | 518,000 | -12,624,000 | -5,432,000 | -2,192,000 | 1,106,000 | 978,000 | 3,955,000 | -12,220,000 | -6,986,000 | -13,661,000 | -17,215,000 | -19,461,000 | -15,618,000 | -16,840,000 | -15,843,000 | |
yoy | -124.28% | 222.03% | -53.16% | -1390.80% | -237.35% | -82.06% | -115.83% | -107.16% | -122.97% | -37.21% | -55.27% | -18.88% | 8.66% | |||||
qoq | -118.69% | -1462.74% | -104.10% | 132.40% | 147.81% | -298.19% | 13.09% | -75.27% | -132.36% | 74.92% | -48.86% | -20.64% | -11.54% | 24.61% | -7.26% | 6.29% | ||
operating margin % | 1.21% | -6.26% | 0.51% | -13.31% | -6.04% | -2.07% | 1.13% | 1.10% | 4.02% | -10.21% | -6.95% | -14.86% | -20.62% | -20.79% | -20.69% | -25.37% | -24.06% | |
non-operating expenses | ||||||||||||||||||
interest expense | -1,240,000 | -1,581,000 | -1,712,000 | -1,844,000 | -2,370,000 | -4,520,000 | -2,453,000 | -2,301,000 | -2,051,000 | -1,672,000 | -3,544,000 | -791,000 | -323,000 | -457,000 | -470,000 | -176,000 | -490,000 | |
total non-operating expenses | -1,240,000 | -1,581,000 | -1,712,000 | -1,844,000 | -2,370,000 | -4,520,000 | -2,453,000 | -2,301,000 | -2,051,000 | -1,800,000 | -3,652,000 | -947,000 | -50,000 | -67,361,750 | -413,000 | -28,178,000 | -240,856,000 | |
income before income taxes | 79,000 | -8,640,000 | -1,194,000 | -14,468,000 | -7,802,000 | -6,712,000 | -1,347,000 | -1,323,000 | 1,904,000 | -14,020,000 | -10,638,000 | -14,608,000 | -17,265,000 | -79,437,000 | -16,031,000 | -45,018,000 | -256,699,000 | |
income tax expense | 33,000 | 44,000 | 44,000 | 44,000 | 21,000 | 50,000 | 51,000 | 49,000 | 16,000 | 56,000 | 57,000 | 56,000 | 101,000 | 71,000 | 67,000 | 128,000 | ||
net income | 46,000 | -8,640,000 | -1,238,000 | -14,512,000 | -7,846,000 | -6,733,000 | -1,397,000 | -1,374,000 | 1,855,000 | -14,036,000 | -10,694,000 | -14,665,000 | -17,321,000 | -20,030,000 | -16,102,000 | -45,085,000 | -256,827,000 | |
yoy | -100.59% | 28.32% | -11.38% | 956.19% | -522.96% | -52.03% | -86.94% | -90.63% | -110.71% | -29.93% | -33.59% | -67.47% | -93.26% | |||||
qoq | -100.53% | 597.90% | -91.47% | 84.96% | 16.53% | 381.96% | 1.67% | -174.07% | -113.22% | 31.25% | -27.08% | -15.33% | -13.52% | 24.39% | -64.29% | -82.45% | ||
net income margin % | 0.04% | -7.66% | -1.23% | -15.30% | -8.72% | -6.36% | -1.42% | -1.54% | 1.89% | -11.73% | -10.64% | -15.95% | -20.75% | -21.40% | -21.33% | -67.93% | -390.10% | |
less: net income attributable to non-controlling interest | 61,000 | -9,183,000 | -4,958,000 | -892,000 | 1,307,000 | |||||||||||||
net loss attributable to brc inc. | -15,000 | -3,212,000 | -486,000 | -2,482,000 | -535,000 | -4,485,000 | -3,232,000 | -4,228,000 | -4,800,000 | -5,187,000 | -4,043,000 | -10,755,000 | -62,921,000 | |||||
net income per share | ||||||||||||||||||
basic and diluted | -0.03 | -0.07 | -0.04 | -0.03 | -0.01 | -0.01 | 0.01 | -0.06 | -0.05 | -0.07 | -0.08 | -0.08 | -0.08 | -0.22 | -1.36 | |||
weighted-average shares of class a common stock outstanding | ||||||||||||||||||
basic and diluted | 115,397,311 | 95,207,206 | 107,994,798 | 71,107,562 | 72,154,931 | 60,932,225 | 61,964,157 | 58,741,717 | 58,159,223 | 51,246,632 | 53,013,720 | 49,771,104 | 44,254,837 | |||||
less: net loss attributable to non-controlling interest | -5,428,000 | -752,000 | -4,251,000 | -862,000 | -9,551,000 | -7,462,000 | -10,437,000 | -12,521,000 | -14,843,000 | -12,059,000 | -34,330,000 | -193,906,000 | ||||||
net income attributable to brc inc. | -5,329,000 | -2,888,000 | -482,000 | 548,000 | ||||||||||||||
weighted-average shares of class a common stock outstanding | ||||||||||||||||||
basic | 79,146,003 | 78,411,354 | 68,209,081 | 66,312,366 | ||||||||||||||
diluted | 79,146,003 | 78,411,354 | 68,209,081 | 66,597,626 | ||||||||||||||
other income | -128,000 | -108,000 | -156,000 | 273,000 | -11,000 | 57,000 | -56,000 | 348,000 | ||||||||||
non-operating income | ||||||||||||||||||
change in fair value of earn-out liability | -52,412,750 | -38,553,000 | -171,098,000 | |||||||||||||||
change in fair value of warrant liability | -14,168,750 | 5,435,000 | -62,109,000 | |||||||||||||||
change in fair value of derivative liability | -583,750 | 5,172,000 | -7,507,000 | |||||||||||||||
impairment on assets held for sale | 1,202,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||
current assets: | ||||||||||||||||||
cash and cash equivalents | 9,971,000 | 4,330,000 | 9,482,000 | 4,304,000 | 3,902,000 | 6,810,000 | 7,336,000 | 9,642,000 | 3,997,000 | 12,448,000 | 6,667,000 | 19,782,000 | 25,966,000 | 38,990,000 | 71,211,000 | 93,085,000 | 110,102,000 | 18,334,000 |
accounts receivable | 36,277,000 | 35,057,000 | 30,449,000 | 29,554,000 | 27,005,000 | 33,604,000 | 28,884,000 | 25,923,000 | 24,774,000 | 25,207,000 | 24,621,000 | 24,395,000 | 19,282,000 | 22,337,000 | 22,748,000 | 13,685,000 | 13,418,000 | 7,442,000 |
inventories | 50,807,000 | 49,703,000 | 53,021,000 | 48,582,000 | 50,498,000 | 42,647,000 | 50,210,000 | 44,793,000 | 50,383,000 | 56,465,000 | 91,373,000 | 109,720,000 | 102,907,000 | 77,183,000 | 40,933,000 | 26,583,000 | 25,857,000 | 20,872,000 |
prepaid expenses and other current assets | 14,663,000 | 11,235,000 | 11,349,000 | 19,508,000 | 13,657,000 | 12,410,000 | 16,243,000 | 18,696,000 | 16,279,000 | 12,153,000 | 13,959,000 | 8,848,000 | 7,857,000 | 6,783,000 | 8,996,000 | 11,219,000 | 11,473,000 | 6,377,000 |
total current assets | 111,718,000 | 100,325,000 | 108,595,000 | 106,242,000 | 95,062,000 | 95,471,000 | 102,988,000 | 99,369,000 | 96,898,000 | 107,738,000 | 138,085,000 | 166,788,000 | 156,012,000 | 145,293,000 | 143,888,000 | 144,572,000 | 160,850,000 | 53,025,000 |
property, plant and equipment | 41,298,000 | 42,855,000 | 46,582,000 | 49,351,000 | 56,645,000 | 59,204,000 | 64,670,000 | 65,384,000 | 66,169,000 | 68,326,000 | 64,883,000 | 63,533,000 | 63,615,000 | 48,037,000 | 38,516,000 | 34,341,000 | ||
operating lease, right-of-use asset | 20,691,000 | 21,205,000 | 23,356,000 | 25,572,000 | 26,111,000 | 26,703,000 | 29,293,000 | 31,680,000 | 33,686,000 | 36,214,000 | 35,963,000 | 33,969,000 | 25,836,000 | 20,050,000 | 14,915,000 | 10,392,000 | 7,340,000 | |
non-current prepaid marketing expenses | 42,922,000 | 44,432,000 | 43,431,000 | 43,621,000 | 44,590,000 | 45,506,000 | ||||||||||||
identifiable intangibles | 285,000 | 300,000 | 314,000 | 329,000 | 344,000 | 359,000 | 373,000 | 388,000 | 403,000 | 418,000 | 382,000 | 397,000 | 271,000 | 225,000 | 234,000 | 242,000 | 251,000 | 167,000 |
other | 126,000 | 126,000 | 123,000 | 138,000 | 138,000 | 139,000 | 36,340,000 | 33,061,000 | 30,025,000 | 23,080,000 | 313,000 | 298,000 | 299,000 | 315,000 | 1,026,000 | 785,000 | 795,000 | 2,776,000 |
total assets | 217,040,000 | 209,243,000 | 222,401,000 | 225,253,000 | 222,890,000 | 227,382,000 | 233,664,000 | 229,882,000 | 227,181,000 | 235,776,000 | 239,626,000 | 264,985,000 | 246,033,000 | 225,334,000 | 208,100,000 | 194,507,000 | 211,842,000 | 87,082,000 |
liabilities and stockholders' equity | ||||||||||||||||||
current liabilities: | ||||||||||||||||||
accounts payable | 40,762,000 | 34,721,000 | 35,303,000 | 34,919,000 | 34,134,000 | 38,817,000 | 31,227,000 | 34,162,000 | 39,593,000 | 33,564,000 | 26,128,000 | 37,497,000 | 41,226,000 | 12,429,000 | 4,576,000 | 8,465,000 | 6,427,000 | 17,387,000 |
accrued liabilities | 33,567,000 | 32,455,000 | 36,755,000 | 38,348,000 | 30,661,000 | 27,900,000 | 36,412,000 | 37,072,000 | 31,425,000 | 34,911,000 | 33,437,000 | 31,617,000 | 30,197,000 | 36,660,000 | 30,624,000 | 16,478,000 | 25,387,000 | 22,233,000 |
deferred revenue and gift card liability | 3,285,000 | 4,033,000 | 4,669,000 | 3,770,000 | 3,814,000 | 3,918,000 | 4,869,000 | 5,592,000 | 7,562,000 | 11,030,000 | 10,160,000 | 10,075,000 | 9,345,000 | 9,505,000 | 8,620,000 | 8,010,000 | 7,768,000 | 7,334,000 |
current maturities of long-term debt | 2,000,000 | 2,400,000 | 2,150,000 | 2,547,000 | 2,297,000 | 2,047,000 | 15,866,000 | 14,037,000 | 9,779,000 | 2,297,000 | 1,896,000 | 2,083,000 | 2,165,000 | 2,143,000 | 16,163,000 | 3,282,000 | 2,867,000 | 11,979,000 |
current operating lease liability | 2,504,000 | 2,481,000 | 2,462,000 | 2,515,000 | 2,433,000 | 2,523,000 | 2,195,000 | 2,198,000 | 2,212,000 | 2,249,000 | 2,402,000 | 1,964,000 | 1,627,000 | 1,360,000 | 1,118,000 | 959,000 | 432,000 | |
current maturities of finance lease obligations | 4,000 | 4,000 | 4,000 | 7,000 | 12,000 | 13,000 | 19,000 | 29,000 | 56,000 | 58,000 | 82,000 | 95,000 | 94,000 | 95,000 | 98,000 | 92,000 | 100,000 | |
total current liabilities | 82,122,000 | 76,094,000 | 81,343,000 | 82,106,000 | 73,351,000 | 75,218,000 | 90,588,000 | 93,090,000 | 90,627,000 | 84,109,000 | 74,105,000 | 85,482,000 | 84,654,000 | 62,192,000 | 61,199,000 | 37,286,000 | 42,981,000 | 59,018,000 |
non-current liabilities: | ||||||||||||||||||
long-term debt | 32,586,000 | 32,313,000 | 32,859,000 | 70,118,000 | 66,472,000 | 63,027,000 | 49,034,000 | 52,450,000 | 51,728,000 | 68,683,000 | 70,094,000 | 75,795,000 | 54,020,000 | 47,017,000 | 17,481,000 | 17,249,000 | 15,777,000 | 22,712,000 |
finance lease obligations, net of current maturities | 14,000 | 15,000 | 16,000 | 17,000 | 18,000 | 25,000 | 45,000 | 23,000 | 99,000 | 171,000 | 197,000 | 221,000 | 246,000 | 234,000 | 273,000 | |||
operating lease liability | 24,192,000 | 24,822,000 | 25,440,000 | 27,810,000 | 28,456,000 | 29,087,000 | 29,336,000 | 31,743,000 | 33,751,000 | 35,929,000 | 35,252,000 | 33,631,000 | 25,204,000 | 19,466,000 | 14,222,000 | 9,690,000 | 7,037,000 | |
other non-current liabilities | 7,420,000 | 7,982,000 | 8,549,000 | 9,552,000 | 10,408,000 | 10,554,000 | 11,141,000 | 420,000 | 494,000 | 524,000 | 623,000 | 602,000 | 532,000 | 502,000 | 482,000 | 478,000 | 482,000 | 334,000 |
total non-current liabilities | 64,212,000 | 65,132,000 | 66,864,000 | 107,497,000 | 105,354,000 | 102,668,000 | 89,511,000 | 84,638,000 | 86,018,000 | 105,159,000 | 106,068,000 | 110,199,000 | 79,953,000 | 67,206,000 | 32,431,000 | 27,651,000 | 356,814,000 | 23,274,000 |
total liabilities | 146,334,000 | 141,226,000 | 148,207,000 | 189,603,000 | 178,705,000 | 177,886,000 | 180,099,000 | 177,728,000 | 176,645,000 | 189,268,000 | 180,173,000 | 195,681,000 | 164,607,000 | 129,398,000 | 93,630,000 | 64,937,000 | 399,795,000 | 82,292,000 |
commitments and contingencies | ||||||||||||||||||
stockholders' equity: | ||||||||||||||||||
preferred stock, 0.0001 par value... | ||||||||||||||||||
class a common stock, 0.0001 par value... | 12,000 | 11,000 | 11,000 | 8,000 | 8,000 | 8,000 | 8,000 | 7,000 | 6,000 | 6,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | ||
class b common stock, 0.0001 par value... | 13,000 | 13,000 | 13,000 | 13,000 | 13,000 | 13,000 | 14,000 | 14,000 | 15,000 | 15,000 | 16,000 | 16,000 | 16,000 | 16,000 | 16,000 | 16,000 | ||
class c common stock, 0.0001 par value... | ||||||||||||||||||
additional paid in capital | 182,138,000 | 180,973,000 | 180,100,000 | 141,727,000 | 137,470,000 | 136,583,000 | 135,453,000 | 135,288,000 | 134,519,000 | 133,728,000 | 137,457,000 | 134,953,000 | 132,399,000 | 129,508,000 | 128,850,000 | 128,245,000 | ||
accumulated deficit | -135,359,000 | -135,344,000 | -132,133,000 | -131,647,000 | -126,318,000 | -123,430,000 | -120,947,000 | -120,412,000 | -119,930,000 | -120,478,000 | -115,993,000 | -112,761,000 | -108,533,000 | -103,733,000 | -98,546,000 | -94,503,000 | ||
total brc inc.'s stockholders' equity | 46,804,000 | 47,991,000 | 10,101,000 | 11,173,000 | 14,528,000 | 14,897,000 | 14,610,000 | 21,485,000 | 22,213,000 | 23,887,000 | ||||||||
non-controlling interests | 23,902,000 | 22,364,000 | 26,203,000 | 25,549,000 | 33,012,000 | 36,322,000 | 39,037,000 | 37,257,000 | 35,926,000 | 33,237,000 | 37,968,000 | 47,091,000 | 57,539,000 | 70,140,000 | 84,145,000 | 95,807,000 | ||
total stockholders' equity | 70,706,000 | 74,194,000 | 35,650,000 | 44,185,000 | 53,565,000 | 52,154,000 | 50,536,000 | 59,453,000 | 69,304,000 | 81,426,000 | ||||||||
total liabilities and stockholders' equity | 217,040,000 | 209,243,000 | 222,401,000 | 225,253,000 | 222,890,000 | 227,382,000 | 233,664,000 | 229,882,000 | 227,181,000 | 235,776,000 | 239,626,000 | 264,985,000 | 246,033,000 | |||||
stockholders’ equity: | ||||||||||||||||||
total brc inc.’s stockholders’ equity | 45,653,000 | 13,174,000 | 13,271,000 | |||||||||||||||
total stockholders’ equity | 68,017,000 | 49,496,000 | 46,508,000 | |||||||||||||||
assets held for sale | 4,294,000 | 4,294,000 | 4,043,000 | |||||||||||||||
restricted cash | 315,000 | 315,000 | 1,465,000 | 1,465,000 | 1,465,000 | 8,265,000 | ||||||||||||
liabilities and shareholders’ equity | ||||||||||||||||||
liabilities and shareholders’ equity/ | ||||||||||||||||||
stockholders’ equity/members’ deficit: | ||||||||||||||||||
current liabilities related to assets held for sale | 2,151,000 | |||||||||||||||||
property and equipment | 59,451,000 | 31,114,000 | ||||||||||||||||
liabilities and stockholders’ equity/members’ deficit | ||||||||||||||||||
series a preferred equity, less issuance costs | 154,281,000 | |||||||||||||||||
members’ deficit | -149,491,000 | |||||||||||||||||
total brc inc.’s stockholders’ equity/members’ deficit | 25,796,000 | |||||||||||||||||
total stockholders’ equity/members’ deficit | 95,936,000 | |||||||||||||||||
total liabilities, series a preferred, and stockholders' equity/members' deficit | 225,334,000 | 208,100,000 | 194,507,000 | |||||||||||||||
liabilities and stockholders' equity/members’ deficit | ||||||||||||||||||
stockholders' equity/members' deficit: | ||||||||||||||||||
members' deficit | ||||||||||||||||||
total brc inc.'s stockholders' equity/members' deficit | 30,325,000 | 33,763,000 | ||||||||||||||||
total stockholders' equity/members' deficit | 114,470,000 | 129,570,000 | ||||||||||||||||
liabilities and stockholders' deficit/members’ deficit | ||||||||||||||||||
earn-out liability | 217,404,000 | |||||||||||||||||
warrant liability | 98,593,000 | |||||||||||||||||
derivative liability | 17,248,000 | |||||||||||||||||
| ||||||||||||||||||
liabilities and members’ deficit | ||||||||||||||||||
current maturities of capital lease obligations | 85,000 | |||||||||||||||||
capital lease obligations, net of current maturities | 228,000 | |||||||||||||||||
total liabilities, series a preferred units and members’ deficit | 87,082,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating activities | |||||||||||||||||
net income | 46,000 | -14,511,000 | -7,846,000 | -1,373,000 | 1,855,000 | -256,827,000 | |||||||||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||
depreciation and amortization | 2,162,000 | 2,607,000 | 3,055,000 | 3,960,000 | 2,576,000 | 2,599,000 | 2,661,000 | 2,384,000 | 2,413,000 | 1,909,000 | 2,002,000 | 1,633,000 | 1,719,000 | 1,328,000 | 1,040,000 | 1,026,000 | 989,000 |
equity-based compensation | 2,734,000 | 2,622,000 | 2,354,000 | 2,740,000 | 2,591,000 | 2,745,000 | 2,605,000 | 3,305,000 | 1,952,000 | 1,329,000 | 596,000 | 2,543,000 | 2,506,000 | 1,495,000 | 1,346,000 | 979,000 | 2,259,000 |
amortization of debt issuance costs | 273,000 | 273,000 | 273,000 | 270,000 | 266,000 | 285,000 | 303,000 | 304,000 | 301,000 | 289,000 | 208,000 | 19,000 | 33,000 | 36,000 | 20,000 | 18,000 | 243,000 |
loss on disposal of assets | 23,000 | -675,000 | 557,000 | 0 | 839,000 | 612,000 | 355,000 | 370,000 | 511,000 | ||||||||
paid-in-kind interest | 0 | 69,000 | -79,000 | 1,234,000 | 521,000 | 455,000 | |||||||||||
other | 31,000 | 0 | -340,000 | 73,000 | 350,000 | 143,000 | -121,000 | -164,000 | 315,000 | 794,000 | |||||||
changes in operating assets and liabilities: | |||||||||||||||||
accounts receivable | -1,250,000 | -4,608,000 | -895,000 | -2,619,000 | 6,586,000 | -4,667,000 | -5,996,000 | 1,978,000 | 58,000 | -482,000 | -226,000 | -5,113,000 | 3,055,000 | 411,000 | -9,063,000 | -267,000 | -5,976,000 |
inventories | -1,064,000 | -247,000 | -5,431,000 | 1,510,000 | -7,851,000 | -1,142,000 | -8,733,000 | 2,173,000 | -2,405,000 | 6,007,000 | 18,347,000 | -6,813,000 | -25,724,000 | -36,250,000 | -14,350,000 | -726,000 | -4,985,000 |
prepaid expenses and other assets | -1,445,000 | 3,191,000 | 9,490,000 | -1,570,000 | -25,000 | 3,189,000 | 2,489,000 | -2,886,000 | -1,892,000 | 8,028,000 | -5,126,000 | -1,130,000 | -1,118,000 | 2,926,000 | 1,525,000 | 558,000 | -5,193,000 |
accounts payable | 6,059,000 | -561,000 | 326,000 | 811,000 | -4,401,000 | 7,816,000 | -3,020,000 | -5,254,000 | 7,264,000 | 11,207,000 | -11,762,000 | -5,718,000 | 27,830,000 | 6,665,000 | -3,889,000 | 2,038,000 | -10,960,000 |
accrued liabilities | 1,112,000 | -4,312,000 | -1,691,000 | 7,556,000 | 2,511,000 | -8,971,000 | 2,284,000 | 1,128,000 | -2,331,000 | 1,474,000 | 1,758,000 | 1,420,000 | -6,463,000 | 4,945,000 | 14,146,000 | -9,279,000 | 6,174,000 |
deferred revenue and gift card liability | -748,000 | -636,000 | 899,000 | -44,000 | -104,000 | -951,000 | -723,000 | -1,970,000 | -3,468,000 | 870,000 | 85,000 | 730,000 | -160,000 | 885,000 | 610,000 | 242,000 | 434,000 |
operating lease liability | -607,000 | -599,000 | -2,423,000 | -564,000 | -721,000 | 98,000 | 51,000 | 40,000 | 371,000 | -24,000 | 65,000 | 631,000 | 219,000 | 351,000 | 168,000 | ||
other liabilities | -562,000 | -567,000 | -1,003,000 | -856,000 | -146,000 | -587,000 | 10,721,000 | 704,000 | -30,000 | -100,000 | 22,000 | 70,000 | 30,000 | -3,000 | 148,000 | ||
net cash from operating activities | 6,764,000 | -8,715,000 | 6,369,000 | -3,323,000 | -4,141,000 | 2,163,000 | 1,933,000 | 2,298,000 | 4,914,000 | 22,028,000 | -6,538,000 | -25,063,000 | -15,394,000 | -37,219,000 | -24,435,000 | -21,911,000 | -32,625,000 |
capital expenditures | -630,000 | -696,000 | -817,000 | -974,000 | -1,173,000 | -1,659,000 | -2,138,000 | -2,151,000 | -2,718,000 | -14,984,000 | -2,227,000 | -5,107,000 | -4,902,000 | 0 | -10,550,000 | -5,193,000 | -4,207,000 |
free cash flows | 6,134,000 | -9,411,000 | 5,552,000 | -4,297,000 | -5,314,000 | 504,000 | -205,000 | 147,000 | 2,196,000 | 7,044,000 | -8,765,000 | -30,170,000 | -20,296,000 | -37,219,000 | -34,985,000 | -27,104,000 | -36,832,000 |
investing activities | |||||||||||||||||
purchases of property, plant and equipment | -630,000 | -696,000 | -817,000 | -974,000 | -1,173,000 | -1,659,000 | -2,138,000 | -2,151,000 | -2,718,000 | -14,984,000 | -2,227,000 | -5,107,000 | -4,902,000 | -10,550,000 | -5,193,000 | -4,207,000 | |
net cash from investing activities | -630,000 | 4,280,000 | -715,000 | -974,000 | -1,173,000 | -1,617,000 | -2,119,000 | -1,300,000 | -2,677,000 | -14,848,000 | 3,163,000 | -4,921,000 | -4,902,000 | -10,454,000 | -10,550,000 | -5,193,000 | -4,207,000 |
financing activities | |||||||||||||||||
proceeds from abl facility | 15,000,000 | ||||||||||||||||
debt issuance costs paid | 0 | 0 | -78,000 | -147,000 | -542,000 | 0 | 0 | -164,000 | -457,000 | ||||||||
repayment of long-term debt | -15,000,000 | -17,684,000 | -71,100,000 | -94,770,000 | -96,162,000 | -146,814,000 | -96,279,000 | -86,248,000 | -32,224,000 | -849,000 | -99,598,000 | -88,174,000 | -79,609,000 | -14,294,000 | -850,000 | -443,000 | -23,174,000 |
financing lease obligations | -1,000 | -1,000 | -4,000 | -6,000 | 17,000 | -6,000 | -35,000 | -47,000 | 20,000 | -100,000 | -23,000 | -25,000 | -25,000 | -28,000 | 18,000 | -47,000 | 60,000 |
repayment of promissory note | -400,000 | 0 | -647,000 | 0 | -400,000 | 0 | -647,000 | 0 | -400,000 | 0 | -647,000 | -1,000 | -399,000 | ||||
tax withholdings on vested restricted stock units | -151,000 | ||||||||||||||||
issuance of stock from the employee stock purchase plan | 59,000 | 0 | 103,000 | 0 | 194,000 | 0 | 260,000 | 7,000 | 251,000 | 0 | 368,000 | ||||||
net cash from financing activities | -493,000 | -717,000 | -476,000 | 4,699,000 | 2,406,000 | -1,387,000 | -2,120,000 | 3,497,000 | -10,688,000 | -1,399,000 | -8,275,000 | 23,800,000 | 7,272,000 | 15,452,000 | 13,111,000 | 1,822,000 | 136,865,000 |
net increase in cash, cash equivalents | 5,641,000 | ||||||||||||||||
cash and cash equivalents, beginning of period | 4,330,000 | 0 | 0 | 0 | 6,810,000 | 0 | 0 | 0 | 12,448,000 | 0 | |||||||
cash and cash equivalents, end of period | 9,971,000 | -5,152,000 | 5,178,000 | 402,000 | 3,902,000 | -526,000 | -2,306,000 | 5,645,000 | 3,997,000 | 5,781,000 | |||||||
net loss | -8,640,000 | -6,733,000 | -14,036,000 | -10,694,000 | -14,665,000 | -17,321,000 | -16,102,000 | ||||||||||
adjustments to reconcile net loss to net cash from operating activities: | |||||||||||||||||
settlement of litigation by issuance of stock | 0 | ||||||||||||||||
loss on impairment of assets | |||||||||||||||||
loss on extinguishment of debt | |||||||||||||||||
proceeds from sale of property and equipment | 4,976,000 | 42,000 | 19,000 | 851,000 | 41,000 | 136,000 | |||||||||||
proceeds from issuance of long-term debt, net of discount | 17,115,000 | 33,749,000 | 98,553,000 | 98,904,000 | 147,015,000 | 94,581,000 | 89,772,000 | 21,829,000 | 7,000 | ||||||||
payments of debt extinguishment costs | |||||||||||||||||
proceeds received for settlement agreement | |||||||||||||||||
proceeds received for public offering, net of issuance costs | -147,000 | ||||||||||||||||
proceeds from exercise of stock options | 0 | 0 | |||||||||||||||
net decrease in cash, cash equivalents, and restricted cash | |||||||||||||||||
restricted cash, beginning of period | 0 | 0 | 0 | 1,465,000 | |||||||||||||
restricted cash, end of period | 0 | -1,150,000 | 1,465,000 | 0 | |||||||||||||
proceeds received for issuance of common stock | |||||||||||||||||
net increase in cash, cash equivalents and restricted cash | 4,495,000 | -8,451,000 | -13,024,000 | ||||||||||||||
net decrease in cash, cash equivalents and restricted cash | 402,000 | -2,908,000 | |||||||||||||||
change in fair value of earn-out liability | 0 | 38,553,000 | 171,098,000 | ||||||||||||||
change in fair value of warrant liability | 0 | -5,434,000 | 62,109,000 | ||||||||||||||
change in fair value of derivative liability | 0 | 0 | -5,172,000 | 7,507,000 | |||||||||||||
distribution and redemption of series a preferred equity | 0 | 0 | 0 | -127,853,000 | |||||||||||||
proceeds from business combination, including pipe investment | 0 | 0 | 0 | 337,957,000 | |||||||||||||
payment of business combination costs | 0 | 0 | 0 | -31,638,000 | |||||||||||||
redemption of class a and class b shares | |||||||||||||||||
redemption of incentive units | 0 | 0 | 0 | -3,627,000 | |||||||||||||
net increase in cash, cash equivalents, and restricted cash | 5,781,000 | 100,033,000 | |||||||||||||||
repayment of and restricted cash for capital lease obligations | |||||||||||||||||
payment of series a preferred dividends | |||||||||||||||||
non-employee equity-based compensation | 0 | 110,000 | 384,000 | 355,000 | |||||||||||||
redemption of class a and class b units | 0 | 0 | -20,145,000 | ||||||||||||||
see notes to unaudited consolidated financial statements. | |||||||||||||||||
loss on sale of assets | |||||||||||||||||
impairment on assets held for sale | |||||||||||||||||
proceeds from sale of equipment | |||||||||||||||||
proceeds from issuance of long-term debt, net of cash paid for debt issuance costs of 34 as of june 30, 2023 and — as of june 30, 2022 | |||||||||||||||||
net increase in cash and cash equivalents | -21,874,000 | ||||||||||||||||
beginning cash and cash equivalents | 0 | ||||||||||||||||
ending cash and cash equivalents | -21,874,000 | ||||||||||||||||
proceeds from issuance of long-term debt, net of cash paid for debt issuance costs of 0 as of march 31, 2023 and 3 as of march 31, 2022 | 87,000,000 | ||||||||||||||||
issuance of shares for stock plans | 305,000 | ||||||||||||||||
beginning cash, cash equivalents and restricted cash | 38,990,000 | ||||||||||||||||
ending cash, cash equivalents and restricted cash | 25,966,000 | ||||||||||||||||
bad debt expense | |||||||||||||||||
loss from equity method investment | |||||||||||||||||
loss on disposal of property and equipment | |||||||||||||||||
change in fair value of warrant liabilities | |||||||||||||||||
change in fair value of earn-out liabilities | |||||||||||||||||
purchases of property and equipment | |||||||||||||||||
proceeds from issuance of long-term debt, net of cash paid for debt issuance costs of 279, 338 and 591 in 2022, 2021 and 2020, respectively | |||||||||||||||||
repurchase of member units | |||||||||||||||||
repayment of notes receivable from members | |||||||||||||||||
issuance of series a preferred equity, net of cash paid for issuance costs of 4,897 | |||||||||||||||||
beginning cash, cash equivalents, and restricted cash | 18,334,000 | ||||||||||||||||
ending cash, cash equivalents, and restricted cash | 118,367,000 | ||||||||||||||||
bad debt recovery | |||||||||||||||||
other non-current liabilities | |||||||||||||||||
proceeds from issuance of long-term debt, net of cash paid for debt issuance costs of 53 as of september 30, 2022 and 11 as of september 30, 2021 | |||||||||||||||||
proceeds from issuance of long-term debt, net of cash paid for debt issuance costs of — as of june 30, 2022 and 11 as of june 30, 2021 | |||||||||||||||||
proceeds from issuance of long-term debt, net of cash paid for debt issuance costs of 3 as of march 31, 2022 and 338 as of december 31, 2021 | 5,285,000 | ||||||||||||||||
income from equity method investment | |||||||||||||||||
loss on disposal/sale of property and equipment | |||||||||||||||||
accrued sales tax | |||||||||||||||||
cash paid for asset purchases | |||||||||||||||||
proceeds from issuance of long-term debt, net of cash paid for debt issuance costs of 338, 591 and 59 in 2021, 2020 and 2019, respectively | |||||||||||||||||
net cash from provided by financing activities | |||||||||||||||||
| |||||||||||||||||
non-cash operating activities | |||||||||||||||||
accrued other assets | |||||||||||||||||
deferred transaction costs | |||||||||||||||||
non-cash investing and financing activities | |||||||||||||||||
issuance of series a preferred unit dividend | |||||||||||||||||
equity investment of property and equipment | |||||||||||||||||
accrued series a preferred equity distribution and related discount amortization | |||||||||||||||||
issuance of note and other payables for repurchase of member units | |||||||||||||||||
capital expenditures financed through credit facilities and capital leases | |||||||||||||||||
accrued capital expenditures | |||||||||||||||||
supplemental cash flow information | |||||||||||||||||
cash paid for state income taxes | |||||||||||||||||
cash paid for interest |