What BJ's Restaurants, Inc. told the SEC could break it.

BJ's proprietary craft beer depends on malt and hops from a limited number of suppliers (a majority of malt from a single supplier) and is exposed to the annual barley crop, alongside broader food-commodity cost risk from inflation and tariffs.

“Our major independent third-party brewing partners purchase a substantial portion of brewing raw materials and products, primarily malt and hops, from a limited number of domestic and foreign suppliers.”

BJ's restaurants are concentrated in California (59 of 219), Texas and Florida, with its corporate office in California, making it especially sensitive to economic, regulatory and weather conditions in those states.

“Our corporate office is located in California and a significant number of our restaurants are concentrated in California, Texas and Florida.”

BJ's relies on a single leading foodservice distributor to deliver the majority of its food products and on the largest nationwide fresh-produce distributor for most restaurants, concentrating distribution risk in a few providers.

“We rely on a leading foodservice distributor to deliver the majority of our food products to our restaurants. We also have an agreement with the largest nationwide foodservice distributor of fresh produce in the United States to service most of our restaurants and, where licensed, to distribute our pro”