SALT LAKE CITY, USA – BRC Inc., 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 coffee and a unique brand experience, today announced financial results for the second quarter of fiscal year 2023.
Second Quarter 2023 Financial Details:
- Net revenue of $91.9 million was an increase of 39% year-over-year.
- Gross profit increased year-over-year to $32.2 million representing a 35.0% gross margin.
- Net loss of $14.7 million
- Adjusted EBITDA (non-GAAP) of $0.1 million, a sequential improvement from $(5.1) million in the first quarter of 2023 and a year over year improvement from $(10.5) million for the three months ending June 2022.
BRC Inc.: Year-to-Date 2023 Financial Details:
- Net revenue of $175.4 million was an increase of 33% year-over-year.
- Gross profit increased year-over-year to $59.7 million representing a 34.0% gross margin.
- Net loss of $32.0 million
- Adjusted EBITDA (non-GAAP) of $(5.1) million, a year over year improvement from $(16.8) million for the six months ending June 2022.
Refinancing of Credit Facility
After the end of the quarter, BRCC refinanced the Company’s credit facility to provide expanded liquidity to continue to support the growth of the business. The facility consists of an ABL Credit Agreement and a Term Loan Credit Agreement, which collectively provide aggregate borrowing capacity of up to $125 million through 2028.
These facilities have allowed us to repay most of our existing indebtedness and will provide us with additional liquidity and a long term capital structure.
A detailed summary, as well as the full text of the ABL Credit Agreement and Term Loan Credit Agreement are filed as Exhibits 10.1 and 10.2 to our Current Report on Form 8-K filed concurrently with this release, and the foregoing summary is qualified in all respects by the full text of such documents.
