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what it is
Black Rifle sells coffee, energy drinks, subscriptions, and branded lifestyle gear to a veteran-heavy audience.
how it gets paid
Last year Brc made $398M in revenue. Wholesale was the main engine at $214.2M, or 54% of sales.
why it's growing
Revenue grew 1.7% last year. The number that mattered was 35.7% gross margin.
what just happened
Black Rifle printed $286M in the latest quarter, but EPS stayed negative at -$0.10.
At a glance
C++ balance sheet — some cracks in the foundation
0.1x trailing p/e — the market's not buying it — or you found a deal
3.6% return on capital — nothing to write home about
-$0.04 fy2024 eps est
$392M fy2024 rev est
xvary composite: 41/100 — below average
What they do
Black Rifle sells coffee, energy drinks, subscriptions, and branded lifestyle gear to a veteran-heavy audience.
The moat is the audience, not the bean. Black Rifle had about 190,400 active Coffee Club subscribers at December 31, 2024, and direct-to-consumer sales were $123.8 million in 2024. Subscription revenue (recurring sales → repeat orders that come automatically → steadier demand) matters because your customer has to remember you less often.
How they make money
$398M
annual revenue · their business grew +1.7% last year
Wholesale
$214.2M
up
Direct-to-consumer
$123.8M
flat
Outposts
$60.0M
dn
The products that matter
bagged and packaged coffee
Packaged Coffee
31% last-quarter growth
sales grew 31% last quarter. that's the clearest proof the wholesale shelf strategy can still work.
growth engine
energy drink expansion
Black Rifle Energy
$23B category
it's aiming at a $23B energy drink market, but this snapshot gives you no sales base yet. translation: concept stage, not proven engine.
execution test
company-owned retail cafes
Outpost Cafes
$35M · 8.9% of revenue
this $35M segment grew 3%. it adds physical brand presence, but it's still a small part of a nearly $400M business.
brand theater
Key numbers
$58M
long-term debt
Debt equals 20% of capital, which is tolerable if profit shows up and awkward if losses keep hanging around.
6.2%
operating margin
Operating margin means profit after running the business → what the core machine earns → this machine is still losing money.
190,400
active subscribers
Subscribers are recurring buyers → people on autopilot orders → they make demand less random.
$398M
annual revenue
The company has real scale already, so the debate is no longer demand. It is execution.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 3 — safer than 50% of stocks
- price stability 10 / 100
- long-term debt $58M (20% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for BRCC right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Black Rifle printed $286M in the latest quarter, but EPS stayed negative at -$0.10.
Revenue growth looked huge because of the comparison base, but profitability still lagged. Gross margin was 35.7%, which is decent for coffee and still not enough to fix the income statement.
$286M
revenue
$0.10
eps
35.7%
gross margin
the number that mattered
The number that mattered was 35.7% gross margin, because margin is the bridge between a real brand and a permanent stock market apology.
source: company earnings report, 2026
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What could go wrong
the top risk is gross margin staying below management's 34–36% target.
high
gross margin miss
Q4 gross margin was 32.1%. if the business stays there instead of returning to 34–36%, the turnaround math gets thinner fast.
on $398.3M of revenue, every 1 percentage point of margin is roughly $4M of gross profit.
med
direct-to-consumer erosion
direct-to-consumer fell 5% to $98M. that's nearly one-quarter of revenue moving backward in the channel the company controls most directly.
if DTC keeps shrinking, wholesale has to do even more of the heavy lifting.
med
new product execution risk
Black Rifle Energy is pointed at a $23B market, but this page gives you no revenue proof yet. new categories look exciting right up until shelf velocity disappoints.
without traction outside coffee, BRCC stays a narrow brand story in a crowded aisle.
a company valued at $226M on $398.3M of revenue looks cheap only if margin recovery is real. if 32.1% is the new normal, the low valuation is the point, not the opportunity.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
gross margin versus 34–36%
this is the scoreboard. 32.1% was the latest reading. if you don't see progress, the bull case gets smaller every quarter.
trend
wholesale carrying the load
wholesale already drives 66.5% of revenue and grew 8%. you want to see packaged coffee momentum keep offsetting weaker DTC trends.
calendar
next earnings checkpoint
the next report needs to show whether the company is moving toward 7% revenue growth and 30% EBITDA growth targets, not just repeating them.
risk
energy launch proof
the energy line targets a $23B category. until you get real sales evidence, treat it as optional upside, not a base-case assumption.
Analyst rankings
average street target
$2.50
roughly double the current $1.21 price. in human-speak, analysts think the turnaround has more credibility than the market price does.
coverage depth
thin
small-cap consumer names don't get the same analyst bench as megacaps. treat price targets as inputs, not proof.
source: institutional data
Institutional activity
institutional ownership data for BRCC is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
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