Customer SatisfactionThe appeal of Black Rock Coffee Bar's formula is evident in 10 straight quarters of positive comps, 96% customer satisfaction, and high customer frequency, with 50% visiting over five times per month and about 25% visiting more than 10 times per month.
Expansion PotentialThere is ample opportunity for Black Rock Coffee Bar to capture its fair share, with the goal of 1,000 units by 2035 representing a 20% expansion CAGR from 158 locations across seven states today.
Revenue GrowthAnnual revenue growth of 20%-plus is projected, yielding an approximate doubling in adjusted EBITDA between 2024 and 2027, with coverage initiated with an Outperform rating.