Net Revenue Increases 27% in Q1 2023 to
$83.5 million, Led by Wholesale Growth of 82%
Reaffirms 2023 Guidance For Revenue, Gross
Margin, and Adjusted EBITDA
Appoints Chris Mondzelewski as Chief
Marketing Officer, Former Chief Growth Officer for Mars' $12B+
Global Petcare Business
BRC Inc. (NYSE: BRCC), a rapidly growing and
mission-driven premium coffee company founded to support veterans,
active-duty military, first responders and serve a broad customer
base by connecting consumers with great coffee and a unique brand
experience, today announced financial results for the first quarter
of fiscal year 2023.
"This was a transformational quarter in the evolution of Black
Rifle Coffee Company,” said BRCC Founder and Chief Executive
Officer Evan Hafer. “Less than four years ago, we generated 100% of
our revenue from our Direct-to-Consumer (DTC) channel. This is the
first quarter in our company's history that the Wholesale channel
led the way. Due to this evolution in our business model, we are
excited to announce the appointment of Chris Mondzelewski as our
new Chief Marketing Officer. Chris comes to Black Rifle with more
than 28 years of consumer marketing, business and leadership
experience. For the past 13 years, he was the Chief Growth Officer
for Mars' $12B+ Global Pet Care business and, more importantly,
started his career in the United States Marine Corps."
"While having our bagged coffee and rounds in over 4,400 Walmart
stores and our Ready-to-Drink (RTD) beverages in 63,000 doors can
get candidates like Chris to take the initial meeting, the mission
of Black Rifle Coffee Company and our unique connection to the
veteran, active duty military and first responder communities
allows us to seal the deal with candidates usually thought to be
out of reach for a $400M+ revenue business. As our business
continues to scale, we can give back more to those who have served.
When we launched our coffee into the Food Drug & Mass (FDM)
channel late last year, we committed to donate a portion of the
proceeds from each bag of coffee or box of rounds sold to donate to
veteran and first responder causes and after only 6 months in
store, we were able to donate over $500,000 to help fund the
preschool program for the Special Operations Warrior Foundation.
The program ensures complete educational support for the children
of fallen special operations personnel and children of all medal of
honor recipients."
First Quarter 2023 Financial
Details
- Net revenue of $83.5 million was an increase of 27%
year-over-year.
- Gross profit increased year-over-year to $27.5 million
representing a 33% gross margin.
- Net loss of $17.3 million
- Adjusted EBITDA (non-GAAP) of $(5.1) million, a sequential
improvement from $(11.4) million in the fourth quarter 2022
First Quarter 2023
Results
First quarter 2023 revenue increased 27% to $83.5 million from
$65.8 million in the first quarter of 2022. Wholesale revenue
increased 82% to $40.0 million in the first quarter of 2023 from
$22.0 million in the first quarter of 2022. Direct-to-Consumer
("DTC") revenue decreased 4% to $36.8 million in the first quarter
of 2023 from $38.3 million during the first quarter of 2022.
Outpost revenue increased 21% to $6.7 million in the first quarter
of 2023 from $5.5 million in the first quarter of 2022. The
Wholesale channel performance was primarily driven by entry into
FDM and growth in our RTD product. In addition, RTD product sales
increased through national distributors and retail accounts from
47,000 doors to 63,000 doors in the first quarter 2023. The DTC
performance was primarily due to decreased marketing spend and the
decision to redirect investments to other faster growing areas of
the business as we continue to experience elevated DTC customer
acquisition costs. The Outpost channel performance was driven by an
increase in our company-owned store count, which increased to
sixteen in the first quarter of 2023 from nine company-owned
outposts in the first quarter of 2022.
Gross profit increased to $27.5 million in the first quarter of
2023 from $23.2 million in the first quarter of 2022, an increase
of 19% year to year. The increase in gross profit was driven
primarily by higher sales volume. Gross margin decreased 230 basis
points to 33.0% from 35.3% for the first quarter of 2022. Gross
margin decreased due to product costs increase from the increased
price of raw coffee beans and RTD raw materials from adding
capacity to new co-manufacturing locations leading to higher
transportation and carrying cost. Additionally, we incurred $1.8
million in expense related to the start-up of new RTD products and
co-manufacturers, impacting gross margin by 215 basis points.
Marketing expenses decreased 12% to $7.1 million in the first
quarter of 2023 from $8.2 million in the first quarter of 2022. As
a percentage of revenue, marketing expenses decreased 380 basis
points to 8.6% in the first quarter of 2023 versus 12.4% in the
first quarter of 2022. This decrease was due to reductions in
lower-returning advertising platforms, partially offset by
increased costs incurred in connection with the expansion of
existing partnerships. In addition, marketing and advertising spend
has been impacted by channel mix with revenue growth primarily
coming from the Wholesale channel, which requires lower marketing
spend than DTC.
Salaries, wages and benefits increased 24% to $19.8 million in
the first quarter of 2023 from $16.0 million in the first quarter
of 2022. As a percentage of revenue, salaries, wages and benefits
decreased 60 basis points to 23.7% in the first quarter of 2023 as
compared to 24.3% for the first quarter of 2022. The increase in
salaries, wages and benefits was due to an increase in employee
headcount to support our significant sales growth and investment in
new stores opened and existing channels as we continue to build out
additional revenue streams and expand product lines, as well as,
$0.7 million in severance payments related to some reductions in
headcount across the company.
General and administrative (G&A) expenses increased 19% to
$17.8 million in the first quarter of 2023 from $14.9 million in
the first quarter of 2022. As a percentage of revenue, G&A
decreased 130 basis points to 21.3% in the first quarter of 2023
compared to 22.6% in the first quarter of 2022. The increase in
G&A expenses was due to growth of corporate infrastructure
primarily in information technology, as well as professional
services to support the expansion of new and existing sales
channels and product lines.
Net loss for the first quarter of 2023 was $17.3 million and
Adjusted EBITDA was $(5.1) million. This compares to net loss of
$256.8 million and Adjusted EBITDA of $(6.3) million in the first
quarter of 2022.
Financial Outlook
BRC Inc. provides guidance based on current market conditions
and expectations for revenue, gross margin and adjusted EBITDA,
which is a non-GAAP financial measure.
For the full-year fiscal 2023, the Company reaffirms:
- Net revenue of $400-$440 million
- Gross Margin Target of 36% - 37.5%
- $5M - $20M of Adjusted EBITDA
The guidance provided above constitutes forward-looking
statements and actual results may differ materially. Refer to the
“Forward-Looking Statements” safe harbor section below for
information on the factors that could cause our actual results to
differ materially from these forward-looking statements.
We have not reconciled forward-looking Adjusted EBITDA to its
most directly comparable GAAP measure, net income (loss), because
we cannot predict with reasonable certainty the ultimate outcome of
certain components of such reconciliations, including
market-related assumptions that are not within our control, or
others that may arise, without unreasonable effort. For these
reasons, we are unable to assess the probable significance of the
unavailable information, which could materially impact the amount
of future net loss. See “Non-GAAP Financial Measures” for
additional important information regarding Adjusted EBITDA.
Conference Call
A conference call to discuss the Company’s first quarter results
is scheduled for May 11, 2023, at 4:30 p.m. ET. Those who wish to
participate in the call may do so by dialing (877) 407-0609 or
(201) 689-8541 for international callers. A webcast of the call
will be available on the investor relations page of the Company’s
website at ir.blackriflecoffee.com. For those unable to participate
in the conference call, a replay will be available after the
conclusion of the call on May 11, 2023 through May 18, 2023. The
U.S. toll-free replay dial-in number is (877) 660-6853, and the
international replay dial-in number is (201) 612-7415. The replay
passcode is 13738316.
About BRC Inc.
Black Rifle Coffee Company (BRCC) is a veteran-founded coffee
company serving premium coffee to people who love America. Founded
in 2014 by Green Beret Evan Hafer, Black Rifle develops their
explosive roast profiles with the same mission focus they learned
while serving in the military. BRCC is committed to supporting
veterans, active-duty military, first responders and the American
way of life.
To learn more about BRCC, visit www.blackriflecoffee.com, follow
BRCC on social media, or subscribe to Coffee or Die Magazine's
daily newsletter at https://coffeeordie.com/presscheck-signup.
Forward-Looking Statements
This press release contains forward-looking statements about BRC
Inc. and its industry that involve substantial risks and
uncertainties. All statements other than statements of historical
fact contained in this press release, including statement’s
regarding the Company’s intentions, beliefs or current expectations
concerning, among other things, the Company’s financial condition,
liquidity, prospects, growth, strategies, future market conditions,
developments in the capital and credit markets and expected future
financial performance, as well as any information concerning
possible or assumed future results of operations, are
forward-looking statements. In some cases, you can identify
forward-looking statements because they contain words such as
“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”
“intends,” “may,” “might,” “plan,” “possible,” “potential,”
“predict,” “project,” “should,” “will,” “would” and similar
expressions, but the absence of these words does not mean that a
statement is not forward-looking. The events and circumstances
reflected in the Company’s forward-looking statements may not be
achieved or occur and actual results could differ materially from
those projected in the forward-looking statements. Factors that may
cause such forward-looking statements to differ from actual results
include, but are not limited to: competition and our ability to
grow and manage growth sustainably and retain our key employees;
failure to achieve profitability; negative publicity affecting our
brand and reputation, or the reputation of key employees, which may
adversely affect our operating results; failure by us to maintain
our message as a supportive member of the veteran and military
communities and any other factors which may negatively affect the
perception of our brand; our limited operating history, which may
make it difficult to successfully execute our strategic initiatives
and accurately evaluate future risks and challenges; failed
marketing campaigns, which may cause us to incur costs without
attracting new customers or realizing higher revenue; failure to
attract new customers or retain existing customers; risks related
to the use of social media platforms, including dependence on
third-party platforms; failure to provide high-quality customer
experience to retail partners and end users, including as a result
of production defaults, or issues, including due to failures by one
or more of our co-manufacturers, affecting the quality of our
products, which may adversely affect our brand; decrease in success
of the direct to consumer revenue channel; loss of one or more
co-manufacturers, or delays, quality, or other production issues,
including labor-related production issues at any of our
co-manufacturers; failure to effectively manage or distribute our
products through our wholesale business partners; failure by third
parties involved in the supply chain of coffee, store supplies or
merchandise to produce or deliver products, including as a result
of ongoing supply chain disruptions, or our failure to effectively
manage such third parties; changes in the market for high-quality
coffee beans and other commodities; fluctuations in costs and
availability of real estate, labor, raw materials, equipment,
transportation or shipping; loss of confidential data from
customers and employees, which may subject us to litigation,
liability or reputational damage; failure to successfully compete
with other producers and retailers of coffee; failure to
successfully open new Black Rifle Coffee Outposts, including
failure to timely proceed through permitting and other development
processes, or the failure of any new or existing Outposts to
generate sufficient sales; failure to properly manage our rapid
growth and relationships with various business partners; failure to
protect against software or hardware vulnerabilities; failure to
build brand recognition using our intellectual properties or
otherwise; shifts in consumer spending, lack of interest in new
products or changes in brand perception upon evolving consumer
preferences and tastes; failure to adequately maintain food safety
or quality and comply with food safety regulations; failure to
successfully integrate into new domestic and international markets;
risks related to leasing space subject to long-term non-cancelable
leases and with respect to real property; failure of our franchise
partners to successfully manage their franchises; failure to raise
additional capital to develop the business; risks related to supply
chain disruptions; risks related to unionization of employees;
failure to comply with federal state and local laws and
regulations; inability to maintain the listing of our Class A
Common Stock on the New York Stock Exchange; and other risks and
uncertainties indicated in our Annual Report on Form 10-K for the
year ended December 31, 2022 filed with the Securities and Exchange
Commission (the “SEC”) on March 15, 2023 including those set forth
under “Item 1A. Risk Factors” included therein, as well as in our
other filings with the SEC. Such forward-looking statements are
based on information available as of the date of this press release
and the Company’s current beliefs and expectations concerning
future developments and their effects on the Company. Because
forward-looking statements are inherently subject to risks and
uncertainties, some of which cannot be predicted or quantified, you
should not place undue reliance on these forward-looking statements
as predications of future events. Although the Company believes
that it has a reasonable basis for each forward-looking statement
contained in this press release, the Company cannot guarantee that
the future results, growth, performance or events or circumstances
reflected in these forward-looking statements will be achieved or
occur at all. These forward-looking statement speak only as of the
date of this press release. The Company does not undertake any
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws.
BRC Inc. CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except share
and per share amounts)
(unaudited)
Three Months Ended March
31,
2023
2022
Revenue, net
$
83,490
$
65,836
Cost of goods sold
55,979
42,623
Gross profit
27,511
23,213
Operating expenses
Marketing and advertising
7,144
8,151
Salaries, wages and benefits
19,824
16,018
General and administrative
17,758
14,887
Total operating expenses
44,726
39,056
Operating loss
(17,215
)
(15,843
)
Non-operating income (expense)
Interest expense, net
(323
)
(490
)
Other income, net
273
348
Change in fair value of earn-out
liability
—
(171,098
)
Change in fair value of warrant
liability
—
(62,109
)
Change in fair value of derivative
liability
—
(7,507
)
Total non-operating expenses
(50
)
(240,856
)
Loss before income taxes
(17,265
)
(256,699
)
Income tax expense
56
128
Net loss
$
(17,321
)
$
(256,827
)
Less: Net loss attributable to
non-controlling interest
(12,521
)
(193,906
)
Net loss attributable to BRC
Inc.
$
(4,800
)
$
(62,921
)
Net loss per share attributable to
Class A Common Stock(1)
Basic and diluted
$
(0.08
)
$
(1.36
)
Weighted-average shares of Class A
common stock outstanding(1)
Basic and diluted
58,159,223
44,254,837
(1) For the three months ended March 31, 2022, net loss per
share of Class A Common Stock and weighted-average shares of Class
A Common Stock outstanding is representative of the period from
February 9, 2022 through March 31, 2022, the period following the
Business Combination. Shares of Class B Common Stock do not
participate in the earnings or losses of the Company and are
therefore not participating securities. As such, separate
presentation of basic and diluted loss per share of Class B Common
Stock under the two-class method has not been presented.
BRC Inc. CONSOLIDATED
BALANCE SHEETS
(in thousands, except share
and par value amounts)
March 31,
December 31,
2023
2022
(unaudited)
(audited)
Assets
Current assets:
Cash and cash equivalents
$
25,966
$
38,990
Accounts receivable, net
19,282
22,337
Inventories, net
102,907
77,183
Prepaid expenses and other current
assets
7,857
6,783
Total current assets
156,012
145,293
Property, plant and equipment, net
63,615
59,451
Operating lease, right-of-use asset
25,836
20,050
Identifiable intangibles, net
271
225
Other
299
315
Total assets
246,033
225,334
Liabilities and stockholders'
equity
Current liabilities:
Accounts payable
41,226
12,429
Accrued liabilities
30,197
36,660
Deferred revenue and gift card
liability
9,345
9,505
Current maturities of long-term debt,
net
2,165
2,143
Current operating lease liability
1,627
1,360
Current maturities of finance lease
obligations
94
95
Total current liabilities
84,654
62,192
Non-current liabilities:
Long-term debt, net
54,020
47,017
Finance lease obligations, net of current
maturities
197
221
Operating lease liability
25,204
19,466
Other non-current liabilities
532
502
Total non-current liabilities
79,953
67,206
Total liabilities
164,607
129,398
Commitments and Contingencies
Stockholders' equity:
Preferred stock, $0.0001 par value,
1,000,000 shares authorized; no shares issued and outstanding
—
—
Class A common stock, $0.0001 par value,
2,500,000,000 shares authorized; 58,463,378 shares issued and
outstanding as of March 31, 2023
5
5
Class B common stock, $0.0001 par value,
300,000,000 shares authorized; 153,156,442 shares issued and
outstanding as of March 31, 2023
16
16
Class C common stock, $0.0001 par value,
1,500,000 shares authorized; no shares issued or outstanding as of
March 31, 2023
—
—
Additional paid in capital
132,399
129,508
Accumulated deficit
(108,533
)
(103,733
)
Total BRC Inc.'s stockholders' equity
23,887
25,796
Non-controlling interests
57,539
70,140
Total stockholders' equity
81,426
95,936
Total liabilities and stockholders'
equity
$
246,033
$
225,334
BRC Inc. CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in thousands,
unaudited)
Three Months Ended March
31,
2023
2022
Operating activities
Net loss
$
(17,321
)
$
(256,827
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
1,719
989
Equity-based compensation
2,506
2,259
Non-employee equity-based compensation
—
355
Amortization of debt issuance costs
33
243
Change in fair value of earn-out
liability
—
171,098
Change in fair value of warrant
liability
—
62,109
Change in fair value of derivative
liability
—
7,507
Changes in operating assets and
liabilities:
Accounts receivable, net
3,055
(5,976
)
Inventories, net
(25,724
)
(4,985
)
Prepaid expenses and other assets
(1,118
)
(5,193
)
Accounts payable
27,830
(10,960
)
Accrued liabilities
(6,463
)
6,174
Deferred revenue and gift card
liability
(160
)
434
Operating lease liability
219
—
Other liabilities
30
148
Net cash used in operating activities
(15,394
)
(32,625
)
Investing activities
Purchases of property, plant and
equipment
(4,902
)
(4,207
)
Net cash used in investing activities
(4,902
)
(4,207
)
Financing activities
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
5,285
Repayment of long-term debt
(79,609
)
(23,174
)
Financing lease obligations
(25
)
60
Repayment of promissory note
(399
)
—
Issuance of shares of stock plans
305
—
Distribution and redemption of Series A
preferred equity
—
(127,853
)
Proceeds from Business Combination,
including PIPE investment
—
337,957
Payment of Business Combination costs
—
(31,638
)
Redemption of Class A and Class B
units
—
(20,145
)
Redemption of incentive units
—
(3,627
)
Net cash provided by financing
activities
7,272
136,865
Net increase (decrease) in cash and cash
equivalents
(13,024
)
100,033
Beginning cash and cash equivalents
38,990
18,334
Ending cash and cash equivalents
$
25,966
$
118,367
BRC Inc. CONSOLIDATED
STATEMENTS OF CASH FLOWS (CONTINUED)
(in thousands,
unaudited)
Three Months Ended March
31,
2023
2022
Non-cash operating activities
Recognition of right-of-use operating
lease assets
$
5,786
$
7,560
Non-cash investing and financing
activities
Accrued capital expenditures
967
1,171
Recognition of earn-out liabilities
—
218,679
Recognition of warrant liabilities
—
36,484
Recognition of derivative liability
—
9,741
Series A preferred exchange for PIPE
shares
—
26,203
Series A preferred equity amortization
—
5,390
Supplemental cash flow
information
Cash paid for income taxes
179
218
Cash paid for interest
$
492
$
377
KEY OPERATING AND FINANCIAL
METRICS
(unaudited)
Revenue by Sales Channel
(in thousands)
Three Months Ended March
31,
2023
2022
Wholesale
$
39,997
$
21,955
Direct to Consumer
36,780
38,332
Outpost
6,713
5,549
Total net sales
$
83,490
$
65,836
Key Operational Metrics
Three Months Ended March
31,
2023
2022
Wholesale Doors
8,936
3,640
RTD Doors
63,039
47,100
DTC Subscribers
255,100
295,900
Outposts
Company-owned stores
16
9
Franchise stores
13
9
Total Outposts
29
18
Non-GAAP Financial Measures
To evaluate the performance of our business, we rely on both our
results of operations recorded in accordance with generally
accepted accounting principles in the United States ("GAAP") and
certain non-GAAP financial measures, including EBITDA and Adjusted
EBITDA. These measures, as defined below, are not defined or
calculated under principles, standards or rules that comprise GAAP.
Accordingly, the non-GAAP financial measures we use and refer to
should not be viewed as a substitute for performance measures
derived in accordance with GAAP or as a substitute for a measure of
liquidity. Our definitions of EBITDA and Adjusted EBITDA described
below are specific to our business and you should not assume that
they are comparable to similarly titled financial measures of other
companies. We define EBITDA as net income (loss) before interest,
state income taxes, depreciation and amortization expense. We also
present EBITDA excluding non-cash fair value adjustments relating
to the remeasurement of earn-out and derivative liabilities upon
vesting events and the remeasurement of a warrant liability upon
redemption of warrants. We define Adjusted EBITDA as EBITDA
excluding non-cash fair value adjustments, as adjusted for
equity-based compensation, system implementation costs, transaction
expenses, executive recruiting, severance, relocation and sign-on
bonus, write-off of site development costs, strategic initiative
related costs, non-routine legal expenses, RTD start-up production
issue, and contract termination costs. Investors should note that,
beginning with results for the quarter ended December 31, 2022, we
have modified the presentation of Adjusted EBITDA to no longer
exclude Outpost pre-opening expenses. To conform to the current
period’s presentation, we have excluded Outpost pre-opening
expenses when presenting Adjusted EBITDA for the three months ended
March 31, 2023 and three months ended March 31, 2022. This change
decreased Adjusted EBITDA for the three months ended March 31, 2022
by $0.1 million. When used in conjunction with GAAP financial
measures, we believe that EBITDA and Adjusted EBITDA are useful
supplemental measures of operating performance because these
measures facilitate comparisons of historical performance by
excluding non-cash items such as equity-based payments and other
amounts not directly attributable to our primary operations, such
as the impact of system implementation, acquisitions, disposals,
executive searches, executive severance, non-routine
investigations, litigation and settlements. Adjusted EBITDA is also
a key metric used internally by our management to evaluate
performance and develop internal budgets and forecasts. EBITDA and
Adjusted EBITDA have limitations as an analytical tool and should
not be considered in isolation or as a substitute for analyzing our
results as reported under GAAP and may not provide a complete
understanding of our operating results as a whole. Some of these
limitations are (i) they do not reflect changes in, or cash
requirements for, our working capital needs, (ii) they do not
reflect our interest expense or the cash requirements necessary to
service interest or principal payments on our debt, (iii) they do
not reflect our tax expense or the cash requirements to pay our
taxes, (iv) they do not reflect historical capital expenditures or
future requirements for capital expenditures or contractual
commitments, (v) although equity-based compensation expenses are
non-cash charges, we rely on equity compensation to compensate and
incentivize employees, directors and certain consultants, and we
may continue to do so in the future and (vi) although depreciation,
amortization and impairments are non-cash charges, the assets being
depreciated and amortized will often have to be replaced in the
future, and these non-GAAP measures do not reflect any cash
requirements for such replacements.
A reconciliation of net loss, the most directly comparable GAAP
measure, to EBITDA and Adjusted EBITDA is set forth below:
Reconciliation of Net Loss to Adjusted
EBITDA
(amounts in thousands)
Three Months Ended March
31,
2023
2022
Net loss
$
(17,321
)
$
(256,827
)
Interest expense
323
490
Tax expense
56
128
Depreciation and amortization
1,719
989
EBITDA
$
(15,223
)
$
(255,220
)
Non-cash fair value adjustments
Change in fair value of earn-out liability
expense(1)
—
171,098
Change in fair value of warrant liability
expense(2)
—
62,109
Change in fair value of derivative
liability(3)
—
7,507
EBITDA, excluding non-cash fair value
adjustments
$
(15,223
)
$
(14,506
)
Equity-based compensation(4)
2,506
2,614
System implementation costs(5)
701
252
Transaction expenses(6)
—
983
Executive recruiting, severance,
relocation and sign-on bonus(7)
911
806
Write-off of site development costs(8)
785
—
Strategic initiative related costs(9)
1,753
3,550
Non-routine legal expense(10)
1,113
—
RTD start-up and production issues(11)
1,799
—
Contract termination costs(12)
543
—
Adjusted EBITDA
$
(5,112
)
$
(6,301
)
(1)
Represents the non-cash expense
recognized to remeasure the earn-out liability to fair value upon
vesting events. The change in fair value was a result of the
increase of the closing price of our publicly traded common stock
subsequent to the closing of our business combination.
(2)
Represents non-cash expense
recognized to remeasure the warrant liability to fair value upon
redemption. The change in fair value was a result of the increase
of the closing price of our publicly traded common stock subsequent
to the closing of our business combination.
(3)
Represents non-cash expense
recognized to remeasure the derivative liability to fair value upon
the vesting event. The change in fair value was a result of the
increase of the closing price of our publicly traded common stock
subsequent to the closing of our business combination.
(4)
Represents the non-cash expense
related to our equity-based compensation arrangements for
employees, directors, consultants and wholesale channel
partner.
(5)
Represents non-capitalizable
costs associated with the implementation of our enterprise-wide
resource planning (ERP) system.
(6)
Represents expenses related to
becoming a public company such as public company readiness,
consulting and other fees that are not related to core
operations.
(7)
Represents nonrecurring payments
made for executive recruitment, severance, relocation, and sign-on
bonuses.
(8)
Represents the write-off of
development costs for abandoned retail locations.
(9)
Represents nonrecurring
third-party consulting costs related to the planning and execution
of our growth and productivity strategic initiatives.
(10)
Represents legal costs and fees
incurred in connection with certain non-routine legal disputes.
(11)
Represents nonrecurring costs and
expense incurred as a result of our RTD start-up and production
issue.
(12)
Represents nonrecurring costs
incurred for early termination of software and service
contracts.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230511005802/en/
Investors Tanner Doss: IR@BlackRifleCoffee.com ICR for
BRCC: BlackrifleIR@icrinc.com
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