The veteran-owned coffee chain significantly narrowed its losses last year and expects a focus on efficiency to deliver its first full-year profit in 2024
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BRCC is forecasting low double-digit sales growth in 2024 to reach $430m-$460m | Photo credit: Black Rifle Coffee Company
Black Rifle Coffee Company (BRCC) has issued its positive first full-year profit guidance after posting strong 2023 revenue growth.
The veteran-owned coffee chain achieved 31% year-on-year sales growth in the 12 months ending 31 December 2023 to reach $395.6m. Fourth quarter sales increased 28% to $119.6m, driven by 78% year-on-year revenue growth in its wholesale channel during the period.
Utah-based BRCC, which operates 36 outlets, also narrowed its losses last year from $338m in 2022 to $56.7m.
The business is forecasting low double-digit sales growth in 2024 to reach full-year revenues of $430m-$460m. BRCC also expects adjusted EBITDA to reach $27m-$40m – compared to $13.3m last year.
“BRCC has reached an inflection point, driven by a renewed focus on efficiency and effectiveness, giving us confidence in our first full-year guidance of positive profit and free cash flow,” said Steve Kadenacy, Chief Financial Officer, BRCC.
2023 also marked a year of leadership transition for BRCC, which bolstered its management team with several key additions.
Chris Mondzelewski joined the business as Chief Marketing Officer in May 2023 before taking on the newly created role of President a month later. Mondzelewski, who previously served as Marketing Director of Kraft Foods’ operations in China, began serving as BRCC CEO in January 2024 after succeeding Founder Evan Hafer, who now holds the position of Executive Chairman.
“Black Rifle continues to build momentum as a brand and as an efficient, well-run company. We continue to find ways to generate efficiency in our business, driving faster decision making and a stronger bottom line,” said Mondzelewski.
Other leadership changes included the appointment of Kadenacy as CFO in April 2023 and sales veteran Danya Kennedy as Chief Revenue Officer in the following September.
