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202 ANNUAL REPORT BLACK RIFLE COFFEE COMPANY
Dear Fellow Shareholders, 2025 was a year of focused execution and continued progress in strengthening Black Rifle Coffee Company. We remained focused on what drives long-term value: expanding high-return distribution, reinforcing our premium brand, and operating with greater simplicity and efficiency. As you review this year s proxy statement ahead of our Annual Meeting of Shareholders, the Board of Directors unanimously recommends you vote FOR each proposal. Your vote is important regardless of the number of shares you own and helps ensure your shares are represented and that a quorum is achieved. For the year, net revenue was $398.3 million, with our Wholesale channel growing to $258.0 million, reinforcing its role as our primary growth engine. Growth in Wholesale was driven by expanded distribution, improved in-store execution, and continued demand for our core coffee products. These gains, along with improving velocity in key accounts, reflect the strength of our brand and our competitive positioning in the category. We operated in a more challenging cost environment driven by commodity inflation, tariffs, and supply chain dynamics. In response, we maintained pricing discipline, improved productivity, and simplified the business actions that support margin stability and position us to improve profitability over time. During the year, we further aligned the organization around a focused set of priorities: building brand engagement through content, delivering super-premium coffee with disciplined innovation, and increasing customer lifetime value through expanded distribution and stronger execution. This approach reflects a clear emphasis on returns, simplicity, and operational rigor, and it is contributing to a more efficient and scalable operating model. As we prioritize execution and profitability, we continue to invest in what differentiates our brand and strengthens long-term customer loyalty. Our mission remains at the core of who we are. As a Veteran-founded company and public benefit corporation, we are committed to supporting those who serve veterans, active-duty military, first responders, and their families through initiatives focused on wellness, resilience, and community. Approximately one-third of our employees are veterans, military spouses, first responders, or active service members, reinforcing the authenticity of our brand and our connection to the communities we serve. One of our most impactful efforts was Operation Debt of Gratitude, which helped eliminate more than $34 million in medical debt for approximately 15,000 veterans. We also supported more than 1,000 military families during the holiday season and responded to natural disasters, including flooding in Texas, by providing direct support to affected communities. These efforts reinforce the authenticity of our brand, deepen customer loyalty, and support premium positioning and retail velocity. Looking ahead, our priorities are clear: expand distribution while improving velocity and in-store productivity; stabilize and improve gross margins through pricing, mix, and productivity; and optimize DTC for profitability and retention. We will also continue to allocate capital toward the highest-return opportunities to support sustainable growth and long-term shareholder value. Thank you for your continued support and investment in Black Rifle Coffee Company. Please vote today by internet, telephone, or mail so your shares are represented at the Annual Meeting. We appreciate your support, and we encourage you to vote FOR each proposal. Sincerely, Evan Hafer Founder and Executive Chairman
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 • Benford's Law Stocks icon BRCC Benford's Law Stock Score = 72


BRCC Shareholder/Stockholder Letter Transcript:

202 
ANNUAL
REPORT
BLACK RIFLE COFFEE COMPANY

Dear Fellow Shareholders,
2025 was a year of focused execution and continued progress in strengthening Black Rifle Coffee Company. We
remained focused on what drives long-term value: expanding high-return distribution, reinforcing our premium
brand, and operating with greater simplicity and efficiency.
As you review this year   s proxy statement ahead of our Annual Meeting of Shareholders, the Board of Directors
unanimously recommends you vote FOR each proposal. Your vote is important regardless of the number of
shares you own and helps ensure your shares are represented and that a quorum is achieved.
For the year, net revenue was $398.3 million, with our Wholesale channel growing to $258.0 million, reinforcing its
role as our primary growth engine. Growth in Wholesale was driven by expanded distribution, improved in-store
execution, and continued demand for our core coffee products. These gains, along with improving velocity in key
accounts, reflect the strength of our brand and our competitive positioning in the category.
We operated in a more challenging cost environment driven by commodity inflation, tariffs, and supply chain
dynamics. In response, we maintained pricing discipline, improved productivity, and simplified the business   
actions that support margin stability and position us to improve profitability over time.
During the year, we further aligned the organization around a focused set of priorities: building brand engagement
through content, delivering super-premium coffee with disciplined innovation, and increasing customer lifetime
value through expanded distribution and stronger execution. This approach reflects a clear emphasis on returns,
simplicity, and operational rigor, and it is contributing to a more efficient and scalable operating model.
As we prioritize execution and profitability, we continue to invest in what differentiates our brand and strengthens
long-term customer loyalty.
Our mission remains at the core of who we are. As a Veteran-founded company and public benefit corporation,
we are committed to supporting those who serve   veterans, active-duty military, first responders, and their
families   through initiatives focused on wellness, resilience, and community. Approximately one-third of our
employees are veterans, military spouses, first responders, or active service members, reinforcing the authenticity
of our brand and our connection to the communities we serve.
One of our most impactful efforts was Operation Debt of Gratitude, which helped eliminate more than $34 million
in medical debt for approximately 15,000 veterans. We also supported more than 1,000 military families during the
holiday season and responded to natural disasters, including flooding in Texas, by providing direct support to
affected communities.
These efforts reinforce the authenticity of our brand, deepen customer loyalty, and support premium positioning
and retail velocity.
Looking ahead, our priorities are clear: expand distribution while improving velocity and in-store productivity;
stabilize and improve gross margins through pricing, mix, and productivity; and optimize DTC for profitability and
retention. We will also continue to allocate capital toward the highest-return opportunities to support sustainable
growth and long-term shareholder value.
Thank you for your continued support and investment in Black Rifle Coffee Company. Please vote today   by
internet, telephone, or mail   so your shares are represented at the Annual Meeting. We appreciate your support,
and we encourage you to vote FOR each proposal.
Sincerely,
Evan Hafer
Founder and Executive Chairman


shareholder letter icon 4/10/2026 Letter Continued (Full PDF)
 

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