# EDGAR Filing Document

**Accession Number:** 0002068577
**File Stem:** 0000000000-25-006268
**Filing Date:** 2025-6
**Character Count:** 9578
**Document Hash:** 4a8ad9c3099916f775045c7c0af4452a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-006268.hdr.sgml**: 20260116

**ACCESSION NUMBER**: 0000000000-25-006268

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250613

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Black Rock Coffee Bar, Inc.
- **CENTRAL INDEX KEY:** 0002068577
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-EATING & DRINKING PLACES [5810]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 377-08026

**BUSINESS ADDRESS:**
- **STREET 1:** 9170 E. BAHLA DRIVE, SUITE 101
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85260
- **BUSINESS PHONE:** (458) 256-9668

**MAIL ADDRESS:**
- **STREET 1:** 9170 E. BAHLA DRIVE, SUITE 101
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85260
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001628279-25-000263

## Text-Extract

```

                                                             June 13, 2025

Mark Davis
Chief Executive Officer
Black Rock Coffee Bar, Inc.
9170 E. Bahia Drive
Suite 101
Scottsdale, AZ 85260

       Re: Black Rock Coffee Bar, Inc.
           Draft Registration Statement on Form S-1
           Submitted May 19, 2025
           CIK No. 0002068577
Dear Mark Davis:

     We have reviewed your draft registration statement and have the following
comment(s).

       Please respond to this letter by providing the requested information and
either
submitting an amended draft registration statement or publicly filing your
registration
statement on EDGAR. If you do not believe a comment applies to your facts and
circumstances or do not believe an amendment is appropriate, please tell us why
in your
response.

      After reviewing the information you provide in response to this letter
and your
amended draft registration statement or filed registration statement, we may
have additional
comments.

Draft Registration Statement on Form S-1
Cover Page

1.     We note the disclosure that following the offering, the Co-Founders will
carry a
       majority of the voting power and that the company will be a "controlled
company."
       Please revise the cover page to disclose, if true, that the Co-Founders
will also have
       the ability to determine all matters requiring approval by stockholders.
 June 13, 2025
Page 2
Market and Industry Data, page 2

2.     Please file the consent of White Label Strategy LLC as an exhibit to
your registration
       statement or tell us why you do not believe you are required to do so.
Refer to Rule
       436 of the Securities Act of 1933.
Prospectus Summary
Our Company
Rapid Growth, page 8

3.     Please revise the graphic on page 8 and elsewhere throughout the filing
as applicable
       to include bar graphs for GAAP measures income from operations and net
loss. Refer
       to Item 10(e)(1)(i)(A) of Regulation S-K and Non-GAAP C&DI 102.10.
Organizational Structure, page 20

4.     We note your disclosure that the company will enter into a Tax
Receivable Agreement
       with the TRA Parties, that such agreement will require the company to
make cash
       payments to the TRA Parties in respect of certain tax benefits to which
the
       company may become entitled, and that the company expects that such
payments will
       be substantial. Please revise to discuss the Tax Receivable Agreement in
greater
       detail to include who exactly receives the future tax benefits to
include quantification
       of the allocation of future tax benefits and the potential size of any
payments under
       this agreement.
5.     Please include in this section the diagram illustrating the
post-offering structure, as
       you have on page 80.
Risk Factors, page 29

6.     We note your disclosure on page 34 that your management team has no or
limited
       experience managing a publicly traded company. Please disclose the risks
associated
       with having relatively limited experience managing a public company.
Risks Related to this Offering and Ownership of Our Class A Common Stock, page
62

7.     We note the offering will be conducted through an Up-C structure and the
LLC Units
       held by the Continuing Equity Owners will be exchanged into Class A
common stock,
       Class B common stock, and Class C common stock in the manner described
in your
       prospectus. Please disclose, if material, any economic differences or
potential
       economic differences between the common stock and the LLC Units and the
risks that
       such differences pose to potential investors.
Capitalization, page 85

8.     Please revise the amount presented in the total capitalization line item
to exclude the
       amount presented in the cash and cash equivalents line item.
Management's Discussion and Analysis of Financial Condition and Results of
Operation
Results of Operations, page 103

9.     Please revise to quantify factors to which changes are attributed. For
example, you
       disclose the increase in store revenue was the result of store openings
and increased
 June 13, 2025
Page 3

       sales at existing stores. Please also quantify the extent to which
changes in revenue
       are attributable to changes in prices or to changes in the volume or
amount of goods
       being sold. Refer to Item 303 of Regulation S-K.
Non-GAAP Financial Measures, page 106

10.    We note your disclosure of store-level profit. Given the large degree of
support
       activity for your stores at the corporate level and that profits at the
store level would
       not exist without the corporate costs, please revise to disclose that
the measure is
       not indicative of overall results for the company and that store-level
profit does not
       accrue directly to the benefit of shareholders because of
corporate-level expenses
       excluded from the measure.
Liquidity and Capital Resources
Cash Flows, page 111

11.    Please revise your discussion and analysis of cash flows to analyze the
underlying
       reasons for material changes, as well as on their reasonably likely
impact on future
       cash flows and cash management decisions. Please note that merely citing
changes in
       results, working capital items, and noncash items reported in the
statement of cash
       flows may not provide a sufficient basis to understand changes in
operating cash
       between periods. Refer to section IV.B and B.1 of SEC Release No.
33-8350 for
       guidance.
Business
How We Fuel Our Story, page 119

12.    Please tell us your accounting for team member profit sharing.
Expanding Our Store Footprint in New and Existing Markets, page 126

13.    We note your disclosure that the company hopes to "achieve 1,000 stores
by 2035."
       Please revise to balance your long-term growth goals with near-term
growth
       estimates. Please also revise the prospectus throughout accordingly.
Our Thoughtful Sourcing and Roasting Capabilities, page 135

14.    We note your disclosure describing the sources of your coffee beans.
Please also
       disclose, here or elsewhere in your registration statement, the sources
and availability
       of your Fuel energy drinks. Refer to Item 101(c)(1)(iii) of Regulation
S-K.
Note 3 - Revenue Recognition, page F-15

15.    We note revenues are currently disaggregated by store revenue and other.
Please tell
       us your consideration of further disaggregating revenue, including by
product
       category such as beverage and food. Refer to ASC 606-10-50-5 and ASC
606- 10-55-
       89 through 91. If you believe your current disclosure complies with such
guidance,
       further clarify how your disclosure complies with the requirement in ASC
280-10-50-
       40 to report revenue for each product and service or each group of
similar products
       and services.
 June 13, 2025
Page 4
Note7 - Long-Term Debt, page F-17

16.    We note the terms of your credit facility contain covenants and Delaware
law may
       restrict you from paying distributions to Black Rock Coffee Bar, Inc. to
cover income
       taxes, obligations under the Tax Receivable Agreement and other
administrative
       expenses. Please explain to us your consideration of the guidance in
Rule 4-08(e)(3)
       of Regulation S-X requiring the disclosure of the amount of restricted
net assets.
General

17.    Please supplementally provide us with copies of all written
communications, as
       defined in Rule 405 under the Securities Act, that you, or anyone
authorized to do so
       on your behalf, present to potential investors in reliance on Section
5(d) of the
       Securities Act, whether or not they retain copies of the communications.
Please
       contact the staff member associated with the review of this filing to
discuss how to
       submit the materials, if any, to us for our review.

       Please contact Scott Stringer at 202-551-3272 or Lyn Shenk at
202-551-3380 if you
have questions regarding comments on the financial statements and related
matters. Please
contact Nicholas Nalbantian at 202-551-7470 or Donald Field at 202-551-3680
with any
other questions.

                                                           Sincerely,

                                                           Division of
Corporation Finance
                                                           Office of Trade &
Services
cc:   Ian D. Schuman

```

### Attached PDF Documents

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