What Black Rock Coffee Bar, Inc. told the SEC could break it.

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.”

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”

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.”