BRCB · CIK 0002068577
What Black Rock Coffee Bar, Inc. told the SEC could break it.
Black Rock Coffee Bar's sharpest risk is supplier concentration: three suppliers — Sysco, Too Sweet and Royal Coffee — provided 89% of its 2025 purchases, and a single third party manufactures its Fuel energy drinks, which were about 24% of total revenue, so losing any of them could cause shortages and higher costs. Its core input is similarly exposed — it sources most of its arabica coffee beans from Mexico, Africa and Central and South America, leaving procurement vulnerable to tariffs or other trade barriers on those origins. And its footprint is geographically concentrated, with all of its stores in the Western United States or Texas, so regional demographic, economic, regulatory or weather shocks have harmed and could continue to harm the business.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Supplier concentration
- 3 suppliers = 89% of purchases + single Fuel manufacturer (24% of revenue)high
Black Rock is highly supplier-concentrated — three suppliers (Sysco, Too Sweet, Royal Coffee) provided 89% of 2025 purchases, and a single third party manufactures its Fuel energy drinks, which were ~24% of total revenue; loss of any could cause shortages and higher costs.
“for the year ended December 31, 2025, 89% of our purchases came from three suppliers Sysco Corporation, Too Sweet and Royal Coffee, and for the year ended December 31, 2024, 78% of our purchases came from two suppliers, Sysco Corporation and Too Sweet. Furthermore, we also rely on a single third party for the manufacturing of our Fuel energy drinks, which accounted for approximately 22% and 24% of total revenue for the years ended December 31, 2024 and 2025, respectively.”
SEC filing →As of 2026
Commodity & input dependence
- arabica coffee beans (imported, tariff-exposed)medium
Black Rock sources most of its coffee beans from Mexico, Africa and Central/South America (Brazil, Ethiopia, Uganda, Honduras); tariffs or trade barriers on those origins could cause shortages and higher procurement costs for its core arabica input.
“Any tariffs or other barriers to trade affecting Mexico, Africa and Central and South America, from where we source most of our coffee beans, could lead to, among other things, shortages and higher cost of proc”
Geographic concentration
- Western United States & Texas storesmedium
All of Black Rock's stores are located in the Western United States or Texas, so demographic, economic, regulatory or weather shocks specific to those regions have harmed and could continue to harm the business.
“As of December 31, 2025, all of our stores are located in the Western United States or Texas. Adverse changes in demographic, unemployment, economic, regulatory or weather conditions in the Western United States or Texas have harmed, and may continue to harm, our business.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
Royal Coffee
“We are highly dependent on a limited number of suppliers. For example, for the year ended December 31, 2025, 89% of our purchases came from three suppliers Sysco Corporation, Too Sweet and Royal Coffee, and for the year ended December 31, 2024, 78% of our purchases came from two suppliers, Sysco Corporation and Too Sweet.”
Cited →Too Sweet
“We are highly dependent on a limited number of suppliers. For example, for the year ended December 31, 2025, 89% of our purchases came from three suppliers Sysco Corporation, Too Sweet and Royal Coffee, and for the year ended December 31, 2024, 78% of our purchases came from two suppliers, Sysco Corporation and Too Sweet.”
Cited →“We are highly dependent on a limited number of suppliers. For example, for the year ended December 31, 2025, 89% of our purchases came from three suppliers Sysco Corporation, Too Sweet and Royal Coffee, and for the year ended December 31, 2024, 78% of our purchases came from two suppliers, Sysco Corporation and Too Sweet.”
Cited →
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