• The Starbucks for the military and veteran community, also selling tactical lifestyle gear and apparel.
• A Yeti-style lifestyle brand, but focused on coffee and supporting first responders and veterans.

• Coffee: The company purchases, roasts, and sells various coffee products.
• Coffee Accessories: A range of items designed to complement coffee consumption.
• Branded Apparel: Clothing and other merchandise featuring the company's brand.
• Media Content: Production of podcasts, and digital and print journals.
• Coffee Brewing Equipment: Various devices used for preparing coffee.
• Outdoor and Lifestyle Gear: Products related to outdoor activities and a specific lifestyle.

BRC Inc. (BRCC) serves a diverse customer base through both direct-to-consumer channels (e-commerce, company-operated, and franchised coffee shops) and wholesale distribution to various retailers. Given the company's strong brand identity, mission, and direct sales channels, it primarily serves individual customers.

The major categories of individual customers that BRC Inc. serves include:

1. Active Military, Veterans, and First Responders: This group is central to Black Rifle Coffee Company's mission and brand identity. The company explicitly states its support for these individuals, and they represent a core demographic for its products, particularly through its direct-to-consumer channels.
2. Patriotic and Pro-Military Consumers: Beyond active service members and veterans, a significant portion of BRC's customer base consists of individuals who align with the company's patriotic values, conservative ethos, and pro-military stance. These consumers are often drawn to the brand's messaging and support its mission.
3. General Coffee Enthusiasts and Lifestyle Consumers: BRC also appeals to a broader audience of coffee drinkers who appreciate its coffee products, branded apparel, and lifestyle gear. This category includes individuals interested in outdoor activities and a rugged lifestyle, often encountering the brand through its retail partnerships or general market appeal.

Chris Mondzelewski Chief Executive Officer

Chris Mondzelewski has served as Chief Executive Officer of BRC Inc. since January 2024. Prior to joining Black Rifle Coffee, he spent 13 years at Mars Inc., holding multiple leadership positions including Chief Growth Officer, Senior VP North America Customer Development, and VP of Marketing. Before Mars Inc., he spent 12 years at Kraft Foods, where he led businesses in North America and China. Chris served five years as a Marine.

Matthew Amigh Chief Financial Officer

Matthew Amigh was appointed Chief Financial Officer of BRC Inc. effective July 7, 2025. Before joining BRCC, he was Chief Financial Officer of Ethos Pet Nutrition. He previously served as CFO and Interim CEO of Bulletproof 360, Inc., where he led the company's return to profitability and its eventual sale. He also held executive leadership roles at Lenny & Larry's and Raybern Foods, overseeing a comprehensive transformation and guiding Raybern Foods through a successful strategic exit. Earlier in his career, he held senior finance roles at Mars, Del Monte Foods, and Kraft Heinz. He is a Certified Public Accountant and a U.S. Army veteran.

Evan Hafer Executive Chairman

Evan Hafer is the founder of Black Rifle Coffee Company and served as its CEO from inception through December 2023. He currently serves as Executive Chairman. He founded Black Rifle Coffee Company in 2014, starting by roasting coffee in his garage. Prior to founding the company, Mr. Hafer served in the U.S. Army for twenty years, with fifteen years in special forces as a Green Beret. He also worked as a contractor to the Central Intelligence Agency.

Mat Best Chief Branding Officer

Mat Best co-founded Black Rifle Coffee Company with Evan Hafer and has served as the Company's Chief Branding Officer since its inception. Before co-founding BRCC, he founded Article 15 Clothing and created several other brands, including Leadslingers Spirits and the Drinkin' Bros Podcast. Mr. Best served in the U.S. military, deploying five times to Iraq and Afghanistan with the 2nd Ranger Battalion, 75th Ranger Regiment. After his military service, he performed contract work for the CIA for five years.

Chris Clark Chief Technology & Operating Officer

Chris Clark serves as the Chief Technology & Operating Officer of BRC Inc., having joined as Chief Technology Officer in May 2022. Prior to BRCC, he was Chief Information Officer (CIO) of Levi Strauss & Co. He also served as VP of Supply Chain Solutions at Lululemon Athletica and held multiple senior leadership positions at GAP Inc., where he focused on technology related to global supply chain systems. Mr. Clark's private sector experience followed five years of military service as an aviation officer in the United States Army.

Here are the key risks to BRC Inc. (BRCC):

1. Intense Competition and Path to Profitability: BRC Inc. operates in highly competitive coffee and energy drink markets dominated by larger, more established players. Despite an aggressive multi-channel growth strategy, the company has faced challenges in achieving consistent GAAP profitability, reporting negative operating margins and net losses. Its current "investment mode" approach requires significant capital, making the path to profitable scale a key concern.
2. Inflationary Pressures and Supply Chain Vulnerabilities: The company is significantly exposed to rising costs of key inputs, particularly coffee beans, as well as increasing transportation and labor expenses, which directly impact its gross margins. Furthermore, BRC Inc. relies heavily on co-manufacturers and third-party logistics providers, making it vulnerable to supply chain disruptions and commodity price volatility.
3. Brand and Reputational Risks: BRC Inc.'s brand identity is strongly rooted in its pro-veteran and patriotic messaging, which while cultivating a loyal customer base, also carries inherent risks. The company faces potential negative publicity from polarizing marketing or social media engagement, and its reliance on the veteran community as a core customer segment could potentially limit its broader growth. Additionally, a federal class-action lawsuit has been filed, alleging deceptive "Made in USA" branding.

BRC Inc. (BRCC) operates in several significant addressable markets for its main products and services:

• Coffee: The global coffee market was estimated at USD 249.34 billion in 2025 and is projected to reach USD 380.28 billion by 2033. In the U.S. alone, the coffee market was valued at USD 90.97 billion in 2025 and is anticipated to reach USD 150.88 billion by 2034.
• Branded Apparel: The global apparel market was estimated at USD 1.84 trillion in 2025 and is expected to reach USD 2.54 trillion by 2033. The U.S. apparel market was valued at USD 365.70 billion in 2025 and is projected to grow to USD 458.48 billion by 2035.
• Media Content (Podcasts): The global podcasting market size was estimated at USD 31.29 billion in 2024 and is expected to reach USD 217.63 billion by 2032. The U.S. podcasting market was valued at USD 8.76 billion in 2024 and is projected to hit USD 60.48 billion by 2032.
• Coffee Brewing Equipment: The global coffee machines market size was valued at USD 12.41 billion in 2025 and is projected to grow to USD 19.06 billion by 2034. The United States coffee machine market size was estimated at USD 8.4 billion in 2024 and is expected to reach USD 10.8 billion by 2035.
• Outdoor and Lifestyle Gear: The global outdoor gear market was valued at USD 57.61 billion in 2024 and is projected to reach USD 77.55 billion by 2032. The U.S. outdoor recreation products market is valued at USD 103.5 billion.

1. Expanded Retail Distribution and SKU Productivity: BRC Inc. anticipates revenue growth through expanding its retail distribution and improving SKU (stock-keeping unit) productivity. The company's "land and expand strategy" has led to an increase in the average number of SKUs per retail door, enhancing its retail presence. This is particularly evident in the strong performance and growth of its packaged coffee products within the wholesale channel, driven by increased distribution and velocity.
2. Growth in Packaged Coffee and Ready-to-Drink (RTD) Beverages, including Energy Drinks: The packaged coffee segment is a significant economic driver for BRC Inc., demonstrating substantial growth. The company expects continued revenue expansion from this core segment, alongside growth in new product categories such as energy drinks and sustained performance in its existing RTD coffee portfolio.
3. Wholesale Channel Expansion: The wholesale segment has been a primary driver of overall revenue performance, with strong year-over-year growth. BRC Inc. aims to continue leveraging this channel, particularly through expanded distribution within Food, Drug, and Mass (FDM) retailers, to drive future revenue.
4. Strategic Pricing Actions and Operational Efficiencies: While not directly increasing volume, strategic pricing actions combined with ongoing productivity initiatives and operational enhancements across the supply chain are expected to contribute to higher gross profit dollars and overall revenue expansion. These efforts aim to optimize profitability and support top-line growth.

Capital Allocation Decisions (Last 3-5 Years)

• No significant share repurchases have been identified; instead, the company has experienced an increase in outstanding shares over the last few years.

• BRC Inc. went public via a SPAC merger with SilverBox Engaged Merger Corp I in November 2021, a transaction that involved significant share issuance.
• The SPAC merger secured up to $545 million in total capital for the company, including $300 million in common equity commitments at $10 per share.
• The number of outstanding shares has increased, with approximately 107.99 million shares outstanding as of March 2026, compared to 44 million in 2021.

• In November 2021, Black Rifle Coffee Company's SPAC merger included $300 million in common equity commitments at $10 per share, notably with a $100 million commitment from Engaged Capital.
• The company also raised growth equity from Sterling Partners, a private equity and venture capital firm, prior to its public listing.

• No information is available regarding significant outbound investments or acquisitions made by BRC Inc. within the last 3-5 years.

• Annual capital expenditures were reported as $7.71 million in 2021, $22 million in 2022, $30 million in 2023, and $19 million in 2024.
• BRC Inc. invested $696,000 in capital expenditures in Q4 2025, a 14.8% decrease from the prior quarter.
• The company plans to continue investing capital in building its brand and wholesale distribution, with a strategy for its "Outpost" coffee shop channel expected in the future.