8-K
filed May 11, 2023, 7:59 PM ET
ticker BRCC
CIK 0001891101
earnings
confidence high
sentiment neutral
materiality 0.60
BRC Inc. Q1 revenue up 27% to $83.5M, net loss $17.3M; reaffirms FY2023 guidance; appoints new CMO
BRC Inc.
2023-Q1 EPS reported
-$0.08
revenue$83,490,000
- Net revenue $83.5M (+27% YoY); wholesale revenue $40.0M (+82% YoY) led by FDM and RTD expansion.
- Net loss $17.3M; Adjusted EBITDA $(5.1)M, sequential improvement from $(11.4)M in Q4 2022.
- Reaffirms FY2023 guidance: revenue $400-$440M, gross margin 36%-37.5%, adjusted EBITDA $5M-$20M.
- Appoints Chris Mondzelewski as CMO; former Chief Growth Officer for Mars' $12B+ Global Petcare business and US Marine Corps veteran.
- Gross margin 33.0% down 230 bps due to raw coffee costs and $1.8M startup costs for new RTD products.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
BRC Inc. reported first quarter ended March 31, 2023 results: revenue $83.5 million, net income $17.3 million. Guidance reaffirmed.
- Period
- first quarter ended March 31, 2023
- Revenue
- $83.5 million
- Net income
- $17.3 million
- Guidance
- reaffirmed
- Result
- reported results
Exact text from the filing
First Quarter 2023 Financial Details • Net revenue of $83.5 million was an increase of 27% year-over-year. • Gross profit increased year-over-year to $27.5 million representing a 33% gross margin. • Net loss of $17.3 million • Adjusted EBITDA (non-GAAP) of $(5.1) million
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
BRC Inc. shareholders approved Ratification of the Appointment of the Independent Registered Public Accountants at the 2023-05-05 meeting.
- Proposal
- auditor ratification
- Outcome
- passed
- Meeting
- 2023-05-05
Exact text from the filing
The stockholders ratified the appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2023. The voting results were as follows: For Against Abstain 125,212,826 295,318 4,870,386
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
BRC Inc. shareholders approved Election of Directors at the 2023-05-05 meeting.
- Proposal
- director election
- Outcome
- passed
- Meeting
- 2023-05-05
Exact text from the filing
The stockholders elected both of the Class I nominees to serve as directors until the Company’s Annual Meeting of Stockholders in 2026. The voting results were as follows: Nominee For Withheld Broker Non-Votes Kathryn Dickson 106,974,428 12,522,290 10,881,812 Roland Smith 111,492,016 8,004,702 10,881,812
View on SEC.gov
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