Highlights
- Net Revenue increased 18% in Q1 2024 to $98.4 million,
driven by Wholesale growth of 51% compared to Q1 2023
- Net Income of $1.9 million and Adjusted EBITDA of $14.1
million, an increase of $19.2 million and $19.3 million, compared
to a Net Loss of $17.3 million and Adjusted EBITDA Loss of $5.2
million compared to Q1 2023
- Increased 2024 guidance to Adjusted EBITDA of $32.0 million
to $42.0 million with Free Cash Flow conversion of ~80% of Adjusted
EBITDA
- 2024 Gross Margin now expected to be at the high end of the
range of guidance of 37% - 40%
- Enters into strategic partnership with Keurig Dr Pepper for
K-Cup pod manufacturing and distribution
BRC Inc. (NYSE: BRCC, the "Company"), the
rapidly-growing, mission-driven premium coffee company creating
long-term shareholder value through innovative brand strategy that
elevates the service community, today announced financial results
for the first quarter of fiscal year 2024.
“I am pleased with BRCC's holistic Q1 performance. It
illustrates our team's balance of market growth and disciplined
execution. The Black Rifle brand is stronger than ever, and our
mission continues to resonate in the minds of American consumers.
Our commitment to brand, mission, and disciplined execution is
evident in our Q1 financial results. I am incredibly excited to
announce our partnership with Keurig Dr Pepper. We look forward to
a strong strategic relationship, with the K-Cup pod distribution
agreement set to immediately enhance the quality and availability
of our coffee offerings,” said BRCC Chief Executive Officer Chris
Mondzelewski. “At Black Rifle, our mission and our business work
symbiotically. A bigger, stronger business allows us greater
opportunities to extend our support of the Veteran and first
responder community.”
“As we have said for three quarters now, our goal is to drive
shareholder value by following through on our commitments on a
daily basis. We are delighted that our focus on operational
excellence is paying off with a dramatic improvement in
profitability at gross margin, adjusted EBITDA margin, Net Income
and Free Cash Flow,” said BRCC Chief Financial Officer Steve
Kadenacy. “Further, our strategic partnership with KDP will not
only accelerate our top line growth over time, but will also allow
us to drive additional operational efficiencies within our business
including sales and marketing, supply chain and distribution."
First Quarter 2024 Financial Highlights
(in millions, except % data)
Quarter To Date
Comparisons
2024
2023
$ Change
% Change
Net Revenue
$
98.4
$
83.5
$
14.9
18
%
Gross Profit
$
42.2
$
27.5
$
14.7
53
%
Gross Margin
42.9
%
33.0
%
Net Income (Loss)
$
1.9
$
(17.3
)
$
19.2
Adjusted EBITDA
$
14.1
$
(5.2
)
$
19.3
First Quarter 2024
Results
First quarter 2024 revenue increased 17.8% to $98.4 million from
$83.5 million in the first quarter of 2023. Wholesale revenue
increased 51.0% to $60.4 million in the first quarter of 2024 from
$40.0 million in the first quarter of 2023. Direct-to-Consumer
("DTC") revenue decreased 11.4% to $32.6 million in the first
quarter of 2024 from $36.8 million during the first quarter of
2023. Revenue from Black Rifle Coffee shops ("Outposts") decreased
19.4% to $5.4 million in the first quarter of 2024 from $6.7
million in the first quarter of 2023. The Wholesale channel
performance was primarily driven by entry into the Food, Drug and
Mass (“FDM”) market and growth in our Ready-to-Drink (“RTD”)
product. In addition, RTD product sales increased through national
distributors and retail accounts as our All Commodity Volume
percentage increased 360 basis points to 42.9% and our total doors
increased 37.7% versus the first quarter of 2023. The decrease in
DTC performance was primarily due to lower customer acquisition as
we strategically shifted advertising spend to other areas of the
business with higher returns. As discussed previously regarding
Outposts, we have paused expansion and have shifted our efforts to
work on store fundamentals in preparation for our longer-term
strategic growth plan.
Gross profit increased to $42.2 million in the first quarter of
2024 from $27.5 million in the first quarter of 2023, an increase
of 53.5% year over year, with gross margin increasing 990 basis
points to 42.9% from 33.0% for the first quarter of 2023, driven by
product mix shift, productivity improvements in our RTD products,
decreasing warehousing costs, and lower green coffee costs.
Marketing expenses increased 7.0% to $7.6 million in the first
quarter of 2024 from $7.1 million in the first quarter of 2023. As
a percentage of revenue, marketing expenses decreased 80 basis
points to 7.7% in the first quarter of 2024 as compared to 8.5% in
the first quarter of 2023 as marketing and advertising spend has
been favorably impacted by channel mix with revenue more heavily
weighted to the Wholesale channel, partly offset by our expansion
of partnerships, including our engagement with UFC.
Salaries, wages and benefits expenses decreased 22.7% to $15.3
million in the first quarter of 2024 from $19.8 million in the
first quarter of 2023. As a percentage of revenue, salaries, wages
and benefits expenses decreased 820 basis points to 15.5% in the
first quarter of 2024 as compared to 23.7% for the first quarter of
2023. The decrease in salaries, wages and benefits expense was
primarily due to lower compensation costs driven by reductions in
headcount during 2023 for which we realized the full benefit in the
first quarter of 2024.
General and administrative ("G&A") expenses decreased 14.0%
to $15.3 million in the first quarter of 2024 from $17.8 million in
the first quarter of 2023. As a percentage of revenue, G&A
decreased 580 basis points to 15.5% in the first quarter of 2024 as
compared to 21.3% in the first quarter of 2023, was due to
reductions in our corporate infrastructure and support that were
inefficient or duplicative, including professional services,
information technology, and office space.
Net income for the first quarter of 2024 was $1.9 million and
Adjusted EBITDA was $14.1 million. This compares to net loss of
$17.3 million and Adjusted EBITDA loss of $5.2 million in the first
quarter of 2023.
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 2024, the Company updated its
previous guidance as follows:
FY2023
FY2024 Guidance (prev.
reported)
FY2024 Guidance
(Updated)
Actual
Low
High
Low
High
Net Revenue(1)
$
395.6
$
430.0
$
460.0
$
430.0
$
460.0
Growth
31
%
9
%
16
%
9
%
16
%
Gross Margin
31.7
%
37
%
40
%
37
%
40
%
Adj. EBITDA
$
13.3
$
27.0
$
40.0
$
32.0
$
42.0
Free Cash Flow
80% Flow Through
80% Flow Through
(1) A barter transaction favorably impacted Net Revenue in 2023
by $28.9 million and projected Net Revenue in 2024 by an estimated
$11.9 million, $8.5 million of which was in Q1 2024. Excluding the
impact of the barter transaction reduces revenue growth from 2022
to 2023 by 10% and increases projected Net Revenue growth in 2024
by 5% - 6%.
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), in
reliance on the unreasonable efforts exception provided under Item
10(e)(1)(i)(B) of Regulation S-K. 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 income (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 9, 2024, at 8:30 a.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 through May 16, 2024. 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
13745520.
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, visit www.blackriflecoffee.com, subscribe to the
BRCC newsletter, or follow along on social media.
Forward-Looking
Statements
This press release contains forward-looking statements about the
Company. 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. Forward-looking statements
include statements regarding the Company’s belief that the
agreement and partnership with KDP will enhance the quality of its
coffee offerings and strengthen its coffee credentials, and the
potential for the Company’s partnership with KDP to accelerate top
line growth over time and give the Company optionality to enter
into new channels.
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 sustained profitability; negative publicity affecting our
brand and reputation, or the reputation of key employees; failure
to manage our debt obligations; failure to effectively make use of
assets received under bartering transactions; 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 manage our supply chain, and
accurately forecast our raw material and co-manufacturing
requirements to support our needs; failure to effectively manage or
distribute our products through our Wholesale business partners,
especially our key 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; 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, inventory
needs, 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, or failure to prevail in civil litigation matters; and
other risks and uncertainties indicated in our Annual Report on
Form 10-K for the year ended December 31, 2023 filed with the
Securities and Exchange Commission (the “SEC”) on March 6, 2024
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 predictions 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)
Three Months Ended March
31,
2024
2023
Revenue, net
$
98,392
$
83,490
Cost of goods sold
56,207
55,979
Gross profit
42,185
27,511
Operating expenses
Marketing and advertising
7,609
7,144
Salaries, wages and benefits
15,261
19,824
General and administrative
15,346
17,758
Other operating expense, net
14
—
Total operating expenses
38,230
44,726
Operating income (loss)
3,955
(17,215
)
Non-operating income (expenses)
Interest expense, net
(2,051
)
(323
)
Other income, net
—
273
Total non-operating expenses
(2,051
)
(50
)
Income (loss) before income
taxes
1,904
(17,265
)
Income tax expense
49
56
Net income (loss)
$
1,855
$
(17,321
)
Less: Net income (loss) attributable to
non-controlling interest
1,307
(12,521
)
Net income (loss) attributable to BRC
Inc.
$
548
$
(4,800
)
Net income (loss) per share
attributable to Class A Common Stock
Basic and diluted
$
0.01
$
(0.08
)
Weighted-average shares of Class A
Common Stock outstanding
Basic
66,312,366
58,159,223
Diluted
66,597,626
58,159,223
BRC Inc.
CONSOLIDATED BALANCE
SHEETS
(in thousands, except share
and par value amounts)
March 31,
December 31,
2024
2023
Assets
Current assets:
Cash and cash equivalents
$
3,997
$
12,448
Restricted cash
1,465
1,465
Accounts receivable, net
24,774
25,207
Inventories, net
50,383
56,465
Prepaid expenses and other current
assets
16,279
12,153
Total current assets
96,898
107,738
Property, plant and equipment, net
66,169
68,326
Operating lease, right-of-use asset
33,686
36,214
Identifiable intangibles, net
403
418
Other
30,025
23,080
Total assets
$
227,181
$
235,776
Liabilities and stockholders'
equity
Current liabilities:
Accounts payable
$
39,593
$
33,564
Accrued liabilities
31,425
34,911
Deferred revenue and gift card
liability
7,562
11,030
Current maturities of long-term debt,
net
9,779
2,297
Current operating lease liability
2,212
2,249
Current maturities of finance lease
obligations
56
58
Total current liabilities
90,627
84,109
Non-current liabilities:
Long-term debt, net
51,728
68,683
Finance lease obligations, net of current
maturities
45
23
Operating lease liability
33,751
35,929
Other non-current liabilities
494
524
Total non-current liabilities
86,018
105,159
Total liabilities
176,645
189,268
Stockholders’ equity:
Preferred Stock, $0.0001 par value,
1,000,000 shares authorized; no shares issued and outstanding as of
March 31, 2024 and December 31, 2023, respectively
—
—
Class A Common Stock, $0.0001 par value,
2,500,000,000 shares authorized; 67,134,997 and 65,637,806 shares
issued and outstanding as of March 31, 2024 and December 31, 2023,
respectively
6
6
Class B Common Stock, $0.0001 par value,
300,000,000 shares authorized; 145,079,865 and 146,484,989 shares
issued and outstanding as of March 31, 2024 and December 31, 2023,
respectively
15
15
Class C Common Stock, $0.0001 par value,
1,500,000 shares authorized; no shares issued or outstanding as of
March 31, 2024 and December 31, 2023, respectively
—
—
Additional paid in capital
134,519
133,728
Accumulated deficit
(119,930
)
(120,478
)
Total BRC Inc.'s stockholders' equity
14,610
13,271
Non-controlling interests
35,926
33,237
Total stockholders' equity
50,536
46,508
Total liabilities and stockholders'
equity
$
227,181
$
235,776
BRC Inc.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(in thousands)
Three Months Ended March
31,
2024
2023
Operating activities
Net income (loss)
$
1,855
$
(17,321
)
Adjustments to reconcile net income (loss)
to net cash provided by (used in) operating activities:
Depreciation and amortization
2,413
1,719
Equity-based compensation
1,952
2,506
Amortization of debt issuance costs
301
33
Loss on disposal of assets
511
—
Other
315
—
Changes in operating assets and
liabilities:
Accounts receivable, net
58
3,055
Inventories, net
(2,405
)
(25,724
)
Prepaid expenses and other assets
(1,892
)
(1,118
)
Accounts payable
7,264
27,830
Accrued liabilities
(2,331
)
(6,463
)
Deferred revenue and gift card
liability
(3,468
)
(160
)
Operating lease liability
371
219
Other liabilities
(30
)
30
Net cash provided by (used in) operating
activities
4,914
(15,394
)
Investing activities
Purchases of property, plant and
equipment
(2,718
)
(4,902
)
Proceeds from sale of property and
equipment
41
—
Net cash used in investing activities
(2,677
)
(4,902
)
Financing activities
Proceeds from issuance of long-term debt,
net of discount
21,829
87,000
Debt issuance costs paid
(164
)
—
Repayment of long-term debt
(32,224
)
(79,609
)
Financing lease obligations
20
(25
)
Repayment of promissory note
(400
)
(399
)
Issuance of stock from the Employee Stock
Purchase Plan
251
305
Net cash (used in) provided by financing
activities
(10,688
)
7,272
Net increase (decrease) in cash, cash
equivalents and restricted cash
(8,451
)
(13,024
)
Cash and cash equivalents, beginning of
period
12,448
38,990
Restricted cash, beginning of period
1,465
—
Cash and cash equivalents, end of
period
$
3,997
$
25,966
Restricted cash, end of period
$
1,465
$
—
BRC Inc.
CONSOLIDATED STATEMENTS OF
CASH FLOWS (CONTINUED)
(in thousands)
Three Months Ended March
31,
2024
2023
Non-cash operating activities
(Derecognition) Recognition of
right-of-use operating lease assets
$
(1,955
)
$
5,786
Recognition of revenue for inventory
exchanged for prepaid advertising
8,487
—
Non-cash investing and financing
activities
Property and equipment purchased but not
yet paid
622
967
Supplemental cash flow
information
Cash paid for income taxes
$
58
$
179
Cash paid for interest
$
1,816
$
492
KEY OPERATING AND FINANCIAL
METRICS
Revenue by Sales Channel
(in thousands)
Three Months Ended March
31,
2024
2023
Wholesale
$
60,428
$
39,997
Direct to Consumer
32,614
36,780
Outpost
5,350
6,713
Total net sales
$
98,392
$
83,490
Key Operational Metrics
March 31,
2024
2023
Wholesale Doors
13,254
8,936
RTD Doors
86,784
63,039
DTC Subscribers
209,000
255,100
Outposts
Company-owned stores
18
16
Franchise stores
18
13
Total Outposts
36
29
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,
tax expense, depreciation and amortization expense. We define
Adjusted EBITDA, as adjusted for equity-based compensation, system
implementation costs, executive, recruiting, relocation and sign-on
bonus, write-off of site development costs, strategic initiative
related costs, non-routine legal expenses, RTD start-up production
issues, contract termination costs, restructuring fees and related
costs, and RTD transformation 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, and beginning with the
results for the quarter ended June 30, 2023, we have modified the
presentation of Adjusted EBITDA to no longer exclude (i) expenses
associated with certain legal expenses we have determined are no
longer non-routine and (ii) cash expenses associated with RTD
start-up and production issues. To conform to the current period’s
presentation, we have excluded Outpost pre-opening expenses, the
aforementioned legal expenses, and cash expenses associated with
RTD start-up and production issues when presenting Adjusted EBITDA
for the quarter and year ended March 31, 2024 and the quarter and
year ended March 31, 2023. This change decreased Adjusted EBITDA
for the quarter and year ended March 31, 2023 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, 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 income (loss), the most directly
comparable GAAP measure, to EBITDA and Adjusted EBITDA is set forth
below:
Reconciliation of Net Income (Loss) to
Adjusted EBITDA
(amounts in thousands)
Three Months Ended March
31,
2024
2023
Net income (loss)
$
1,855
$
(17,321
)
Interest expense
2,051
323
Tax expense
49
56
Depreciation and amortization
2,413
1,719
EBITDA
$
6,368
$
(15,223
)
Equity-based compensation(1)
1,952
2,506
System implementation costs(2)
380
691
Executive recruiting, relocation and
sign-on bonus(3)
1
309
Write-off of site development costs(4)
1,181
785
Strategic initiative related costs(5)
—
1,223
Non-routine legal expense(6)
2,371
1,006
RTD start-up and production issues(7)
—
1,799
Contract termination costs(8)
—
542
Restructuring fees and related
costs(9)
266
1,134
RTD transformation costs(10)
1,609
—
Adjusted EBITDA
$
14,128
$
(5,228
)
(1)
Represents the non-cash expense related to
our equity-based compensation arrangements for employees,
directors, consultants and a wholesale channel partner.
(2)
Represents non-capitalizable costs
associated with the implementation of our enterprise-wide
systems.
(3)
Represents nonrecurring payments made for
executive recruitment, relocation, and sign-on bonuses.
(4)
Represents the write-off of development
costs for abandoned retail locations.
(5)
Represents nonrecurring third-party
consulting costs related to the planning and execution of our
growth and productivity strategic initiatives.
(6)
Represents legal costs and fees incurred
in connection with certain non-routine legal disputes consisting of
certain claims relating to deSPAC warrants and a commercial dispute
with a former consultant resulting from the Company in-housing
certain activities.
(7)
Represents nonrecurring, non-cash costs
and expense incurred as a result of our RTD start-up and production
issue.
(8)
Represents nonrecurring costs incurred for
early termination of software and service contracts.
(9)
Represents restructuring advisory fees,
severance, and other related costs (previously included in footnote
(3) and footnote (5)).
(10)
Represents non-recurring, non-cash or
non-operational costs associated with the transformation of our RTD
business including loss on write-off of RTD inventory, discounts
recognized on non-cash transactions, and other non-cash costs to
transform our RTD business.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240508205913/en/
Investor Contacts: Tanner Doss: IR@BlackRifleCoffee.com
ICR for BRCC: BlackrifleIR@icrinc.com
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