BRC Inc-A 2025年度报告
Dear Fellow Shareholders, 2025 was a year of focused execution and continued progress in strengthening Black Rifle Coffee Company. Weremained focused on what drives long-term value: expanding high-return distribution, reinforcing our premiumbrand, 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 Directorsunanimously recommends you voteFOReach proposal. Your vote is important regardless of the number ofshares 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 itsrole as our primary growth engine. Growth in Wholesale was driven by expanded distribution, improved in-storeexecution, and continued demand for our core coffee products. These gains, along with improving velocity in keyaccounts, 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 chaindynamics. 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 engagementthrough content, delivering super-premium coffee with disciplined innovation, and increasing customer lifetimevalue 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 strengthenslong-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 theirfamilies—through initiatives focused on wellness, resilience, and community. Approximately one-third of ouremployees are veterans, military spouses, first responders, or active service members, reinforcing the authenticityof 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 millionin medical debt for approximately 15,000 veterans. We also supported more than 1,000 military families during theholiday season and responded to natural disasters, including flooding in Texas, by providing direct support toaffected communities. These efforts reinforce the authenticity of our brand, deepen customer loyalty, and support premium positioningand 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 andretention. We will also continue to allocate capital toward the highest-return opportunities to support sustainablegrowth and long-term shareholder value. Thank you for your continued support and investment in Black Rifle Coffee Company. Please vote today—byinternet, telephone, or mail—so your shares are represented at the Annual Meeting. We appreciate your support,and we encourage you to voteFOReach proposal. Sincerely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
