#1LOYALTY ROAST BLACK BEYOND BLACK 12 JUST BLACK BOUNDS OF SINGLE SERVE CONFIT Ⓡ BR BLACK RIFLE PICCOFFEE COMPANY 8R KODIAK ATTACK NEW! +) or fad ch BLACK RIFLE COFFEE COMPANY BLAC COFFEE ESPRE 30 TRIPLE SHOT BLACK RIF COFFEE COMPA AMERICA'S COFFEE BLACK RIFLE PIS COFFEE COMPANY BLACK RIFLE 300 300 BLACK RIFLE COFFEE COMPANY LOYALTY ROAST 22 sarg LIGHT FIVE ALARM WT 13 44 TACTISQUATCH DARK Read WILE WOOKS LACK RIFLE FEEMPANY ESPRESSO 300 PLET BLACK RIFLE COFFEE COMPANY LOYALTY ROAST WT 122540 BLACK RIFLE COFFEE COMPANY ESPRESSO SALTED CARAMEL R ESPRESSO MOCHA FREEDOM FUEL AMERICA'S COFFEE RBLACK RIFLE PIC COFFEE COMPANY OUR DARK BLACK RIFLE COFFEE COMPANY BLACK RIFLE COFFEE COMPANY NET WT 12 2 (349) SPIRIT 76 22 MEDIUM JB JUST BLACK 44 ROOF SINGLE SERVE CON COFFEE TACTISQUATCH MEDIUM NET WT 12 oz (3-40g) 22 FIVE ALARM MEDIUM SBLACK RIFLE COFFEE COMPANY NATURAL CAFFO AM RBL JB COFT ESPRESSO 300 TRIPLE HOT JUST BLACK NAURAL CAFFCHE NET WT 106 (300.5 g) BLACK RIFLE SIS COFFEE COMPANY ROUND MEDIUM BLACK RIFLE COFFEE COMPANY AMERICA'S COFFEE RBLACK RIFLE COFFEE COMPANY 2193 FOUNDLY SINGLE SERVE COFFE AMERICA'S COFFEE BLACK RIFLE COFFEE COMPANY GROUND DARK BLACK RIFLE COFFEE COMPANY BLACK RIFLE COFFEE T BLACK RIFLE PRESSO WITH CREAM RM NET WT 140 g) ICR Investor Presentation KODIAK ATTACK BLACK NET WT 12 (344 g January 2024 NATURAL CAFFEINE JUST BLACK 1) 12 ROUNDS OF SINGLE SERVE COFFEE 2 CAFFEINE BLACK RIFLE 300 ESPRESSO BLACK RIFLE COFFEE COMPANY TACTISQUATCH 22 as a SNGLE S DARK 00000 22 GUNSH EVE CONFE BLACK RIFLE GROUND MEDIUM BLACK RIFLE COMPANY ESPRESS ED CARAMEL 76#2DISCLAIMER Disclaimer This investor presentation (this "Presentation") is for informational purposes only. The information contained herein does not purport to be all-inclusive and none of BRC Inc. ("the Company") or its respective affiliates makes any representation or warranty, express or implied, as to the accuracy, completeness or reliability of the information contained in this Presentation. The Company has not verified, and will not verify, any part of this Presentation. The recipient should make its own independent investigations and analyses of the Company and its own assessment of all information and material provided, or made available, by the Company or any of its respective directors, officers, employees, affiliates, agents, advisors or representatives. This Presentation does not constitute a solicitation of a proxy, consent or authorization with respect to any securities. This Presentation shall also not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase any securities. You should consult your own counsel and tax and financial advisors as to legal and related matters concerning the matters described herein, and, by accepting this Presentation, you confirm that you are not relying upon the information contained herein to make any decision. Forward-Looking Statements Certain statements in this Presentation may be considered forward-looking statements. Forward-looking statements generally relate to future events or the Company's future financial or operating performance. For example, projections of future Revenue, Gross Margins and Adjusted EBITDA and other metrics are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expect", "intend", "will", "estimate", "anticipate", "believe", "predict", "potential", "could", "might", "plan, "possible", "project", "would" or "continue", or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain and are inherently subject to risks, variability and contingencies, many of which are beyond the Company's control. Some factors that could cause actual results to differ include: competition and our ability to grow and manage growth sustainably and retain our key employees; failure to achieve sustained profitability; negative publicity affecting our brand and reputation, or the reputation of key employees, which may adversely affect our operating results; failure to manager our debt obligations; failure to effectively make use of assets received under bartering transactions; failure by us to maintain our message as a supportive member of the veteran and military communities and any other factors which may negatively affect the perception of our brand; our limited operating history, which may make it difficult to successfully execute our strategic initiatives and accurately evaluate future risks and challenges; failed marketing campaigns, which may cause us to incur costs without attracting new customers or realizing higher revenue; failure to attract new customers or retain existing customers; risks related to the use of social media platforms, including dependence on third-party platforms; failure to provide high-quality customer experience to retail partners and end users, including as a result of production defaults, or issues, including due to failures by one or more of our co-manufacturers, affecting the quality of our products, which may adversely affect our brand; decrease in success of the direct to consumer revenue channel; loss of one or more co-manufacturers, or delays, quality, or other production issues, including labor-related production issues at any of our co-manufacturers; failure to effectively manage or distribute our products through our wholesale business partners; failure by third parties involved in the supply chain of coffee, store supplies or merchandise to produce or deliver products, including as a result of ongoing supply chain disruptions, or our failure to effectively manage such third parties; changes in the market for high-quality coffee beans and other commodities; fluctuations in costs and availability of real estate, labor, raw materials, equipment, transportation or shipping; loss of confidential data from customers and employees, which may subject us to litigation, liability or reputational damage; failure to successfully compete with other producers and retailers of coffee; failure to successfully open new Black Rifle Coffee Outposts, including failure to timely proceed through permitting and other development processes, or the failure of any new or existing Outposts to generate sufficient sales; failure to properly manage our rapid growth and relationships with various business partners; failure to protect against software or hardware vulnerabilities; failure to build brand recognition using our intellectual properties or otherwise; shifts in consumer spending, lack of interest in new products or changes in brand perception upon evolving consumer preferences and tastes; failure to adequately maintain food safety or quality and comply with food safety regulations; failure to successfully integrate into new domestic and international markets; risks related to leasing space subject to long-term non-cancelable leases and with respect to real property; failure of our franchise partners to successfully manage their franchises; failure to raise additional capital to develop the business; risks related to supply chain disruptions; risks related to unionization of employees; failure to comply with federal state and local laws and regulations; inability to maintain the listing of our Class A Common Stock on the New York Stock Exchange; and other risks and uncertainties indicated in our annual report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission (the "SEC") on March 15, 2023 including those set forth under "Item 1A. Risk Factors" included therein, as well as in our other filings with the SEC. The forward-looking statements contained in this Presentation are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. For additional information about the factors that could cause actual results to differ materially from forward-looking statements, please see the Company's documents filed or to be filed with the SEC, including the annual report on Form 10-K and the quarterly reports on Form 10-Q filed by the Company with the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date of this Presentation. The recipient agrees that it shall not seek to sue or otherwise hold the Company or any of its respective directors, officers, employees, affiliates, agents, advisors or representatives liable in any respect for the provision of this Presentation, the information contained in this Presentation, or the omission of any information from this Presentation. Black Rifle Coffee 2 Company#3DISCLAIMER (CONT'D) Non-GAAP Financial Measures This Presentation includes projections of certain financial measures not presented in accordance with generally accepted accounting principles ("GAAP") including, but not limited to, EBITDA, Adjusted EBITDA, and Adjusted Gross Margin. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing the Company's financial results. Accordingly, the non-GAAP financial measures we use and refer to should not be viewed as a substitute for performance measures derived in accordance with GAAP or as a substitute for a measure of liquidity. Our definitions of EBITDA and Adjusted EBITDA described below are specific to our business and you should not assume that they are comparable to similarly titled financial measures of other companies. We define EBITDA as net income (loss) before interest, state income taxes, depreciation and amortization expense. We define Adjusted EBITDA as EBITDA excluding non-cash fair value adjustments, as adjusted for equity-based compensation, system implementation costs, transaction expenses, write-off of site development costs, strategic initiative related costs, non-routine legal expenses, RTD start-up production issue, (gain) loss on assets held for sale, contract termination costs, restructuring advisory fees and other costs, and RTD transformation costs. When used in conjunction with GAAP financial measures, we believe that EBITDA and Adjusted EBITDA are useful supplemental measures of operating performance because these measures facilitate comparisons of historical performance by excluding non-cash items such as equity-based payments and other amounts not directly attributable to our primary operations, such as the impact of system implementation, acquisitions, disposals, litigation and settlements. Adjusted EBITDA is also a key metric used internally by our management to evaluate performance and develop internal budgets and forecasts. EBITDA and Adjusted EBITDA have limitations as an analytical tool and should not be considered in isolation or as a substitute for analyzing our results as reported under GAAP and may not provide a complete understanding of our operating results as a whole. Some of these limitations are (i) they do not reflect changes in, or cash requirements for, our working capital needs, (ii) they not reflect our interest expense or the cash requirements necessary to service interest or principal payments on our debt, (iii) they do not reflect our tax expense or the cash requirements to pay our taxes, (iv) they do not reflect historical capital expenditures or future requirements for capital expenditures or contractual commitments, (v) although equity-based compensation expenses are non-cash charges, we rely on equity compensation to compensate and incentivize employees, directors and certain consultants, and we may continue to do so in the future and (vi) although depreciation, amortization and impairments are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and these non-GAAP measures do not reflect any cash requirements for such replacements. Preliminary Estimates The estimated results in this Investor Presentation represent the Company's preliminary estimates of certain financial results for the year ended December 31, 2023, based on currently available information. The Company has not yet finalized its results for this period and its consolidated financial statements as of and for the year ended December 31, 2023 are not currently available. The Company's actual results remain subject to the completion of the quarter-end closing process as well as a review by management and the Company's board of directors, including the audit committee. While carrying out such procedures, the Company may identify items that require it to make adjustments to the preliminary estimates of its results set forth herein. As a result, the Company's actual results could be different from those set forth herein and the differences could be material. Therefore, a reader should not place undue reliance on these preliminary estimates of the Company's results. The preliminary estimates of the Company's results included herein have been prepared by, and are the responsibility of, the Company's management. The Company's independent auditors have not audited, reviewed or compiled such preliminary estimates of the Company's results. The preliminary estimates of certain financial results presented herein should not be considered a substitute for the information to be filed with the Securities and Exchange Commission in the Company's Annual Report on Form 10-K for the year ended December 31,2023 once it becomes available. Use of Projections This Presentation contains financial forecasts with respect to the Company's projected financial results, including Revenue and Adjusted EBITDA, for the Company's fiscal years through 2023. The Company's independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this Presentation, and accordingly, they did not express an opinion or provide any other form of assurance with respect thereto for the purpose of this Presentation. These projections should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of the Company or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this Presentation should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved. Industry and Market Data This Presentation also contains estimates and other statistical data made by independent parties and by the Company relating to market size and growth and other data about the Company's industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. In addition, projections, assumptions, and estimates of the future performance of the markets in which the Company operates are necessarily subject to a high degree of uncertainty and risk. Any trademarks, service marks, trade names and copyrights of the Company and other companies contained in this Presentation are the property of their respective owners. Black Rifle Coffee 3 Company#4TODAY'S PRESENTERS CK DU Chris Mondzelewski Danya Kennedy Chris Clark President and Chief Executive Officer Chief Revenue Officer Chief Operating and Technology Officer UNITED STATES FARINE COM CORPS Kraft Steve Kadenacy Chief Financial Officer reckitt RS Petcare Lethique U.S. ARMY LEVI'S Ω GAP Our Team Has Deep Experience Operating Worldclass CPG Businesses. SILVERBOX CAPITAL AECOM KPMG#5OUR FOUR PILLARS OF BRAND IDENTITY Black Rifle Stands For More Than High-Quality Coffee Veteran Founded Authenticity Matters Premium Positioned Community Focused We carry the culture of those we serve including an unabashed love for America and all that makes her great! Our brand represents and is embraced by those who serve and those that love them! We are emotional and times edgy...bringing visibility to the fun and the fight of the VFR community Curated; Expertly roasted coffee delivered in all formats We stand for the communities we serve as our investor value creation increases, so does our mission... COFFEE, OR DIE Date 2/21/20 Pay to the Order of Boot Campaign $10.000 thsand dollars and %100- We Are a Veteran-Founded Business Operated By Principled Men And Women Who Honor Those Who Protect, Defend, And Support Our Country 5#6TODAY'S CONTENT 1 TOPLINE GROWTH Fastest growing coffee company in the US with significant opportunity still ahead¹ OPTIMIZING GROSS MARGIN 8R 2 Focused on several margin-improving initiatives to align with best-in class CPG businesses ၁ 3 HEALTHY BOTTOM LINE Our SG&A has been realigned for sustainable growth. We are at an inflection point to be cash flow positive and profitable Source: Nielsen Data as of w/e 12/2/2023 6#7BLACK RIFLE TOPLINE GROWTH#8A PROVEN OMNI-CHANNEL BUSINESS MODEL FDM BLACK RIFLE TACTISQUATCH FREEDOM FUR LOYALTY ROAST BLACK RIFLE COMPANY FIVE ALARM LTY ROAST BLACK RIFLE BEYOND BLACK JUST BLACK WHOLESALE Revenue Mix Convenience & Gas 5% 24% BLACK RIFLE BLACK BIELE 2021A BLACK RIFLE + ESPRESSO MOCHA BLACK RIFLE ESPRESSO BLACK RIFLE ESPRESSO ESPRESSO 300 300 WITH CREAM FIVE ALARM TAGISQUATCH Direct to Consumer (DTC) FIND A BLACK RIFLE COFFEE SHOP OR DEALER NEAR YOU WITH THE GROC STORE MY COFFEE LU ACCOUNT BLACK RIFLE SUBSCRIPTIONS COFFEE APPAREL GEAR ABOUT CLEARANCE SEARCH Q CART 0 COFFEE COMPANY GET FREE STEEP BAGS WHEN YOU JOIN THE COFFEE CLUB! BLACK RE COMPANY JOIN THE CLUB COFFEE BAG Outposts 6% 71% 3023 33% 61% Wholesale DTC Outposts Black Rifle Coffee Company 8#9WE HAVE A LARGE ADDRESSABLE MARKET AND RUNWAY FOR GROWTH We are meeting our customers where they shop U.S. POPULATION AGES 18-64: 203 MILLION PEOPLE BRCC ADDRESSABLE MARKET: 57% =EEEEE ⇐⇐⇐ Source: Third Party brand segmentation study (October 2023) 115M+ Total Addressable Market 12.5M+ Owned Audience Yiii لا 2.4M+ Cumulative Customers and Growing, with 231K+ Active Coffee Club Subscribers ack Rifle Coffee Company 9#10WE ARE OUTPACING THE FDM CATEGORY GROWTH AND WE SEE SIGNIFICANT RUNWAY TO GROW FDM MUCH FURTHER Total XAOC Total Grocery BRCC XAOC 64% 103% 2% 3% 2% 3% -1% -1% L4W L13W Source: Nielsen Total xAOC (extended All Outlet Combined), Total Food L52 WK w/e 12/2/2023 L26W Tremendous runway for ACV growth ahead 263% BRCC XAOC %ACV .1 28.9 Nov 22-4 w/e 11/26/22 Dec 22 - 5 w/e 12/31/22 Jan 23-4 w/e 01/28/23 Feb 23 - 4 w/e 02/25/23 Mar 23 - 5 w/e 04/01/23 Apr 23 - 4 w/e 04/29/23 May 23 - 4 w/e 05/27/23 BRCC Grocery 36.9 Jun 23-5 w/e 07/01/23 Jul 23-4 w/e 07/29/23 Aug 23 - 4 w/e 08/26/23 Sep 23-5 w/e 09/30/23 Oct 23-4 w/e 10/28/23 Nov 23-4 w/e 11/25/23 Black Rifle Coffee 10 Company 16.9#11IN YEAR ONE, WE'VE BUILT A $100M+ FDM BUSINESS BRCC has a 4.3 Share of coffee in our largest mass partner We are the #4 Brand in bagged coffee at our largest mass partner We've risen to the #6 Brand in 12oz. ground coffee at our largest grocery partner Source: Nielsen 12-2-23 MASS SKUS (35 core) Ground & Whole Bean Coffee 76 euame BLACK RIFLE DELIGHT MAD SCIENCE Coffee Pods BLACKBIELE BLACK RIFLE BLACK RIFLE BLACK RELE BEYOND BLACK BLACKWEL BLACK RIFLE Source: Nielsen w/e 12/2/2023 BLACK RIFLE BLACK BILE IN DELIGHT Cold Brew Concentrate COLD BREN Instant Coffee JUST BLACK GROCERY SKUS (10 core) Bagged Coffee Coffee Pods C BLACK RIFLE COFFRE COMPANY BLA BLACK RIFLE TACTISOUTH JUST BLACK TACTISIN BIST BLACK 76 SPIR 76 BLACK RIFLE BLACK RIFLE LOYALTY ROAST BONG BEYOND BLACK LOYALTY ROAST Black Rifle Coffee Company 11#12RTD IS AN EXPLOSIVE YET STILL NASCENT BUSINESS RTD Represents a Massive Growth Opportunity, And We Have Runway To Improve and Execute In March 2020, we launched RTD coffee products with two 11 oz. SKUs and have since added another 11 oz. SKU and three 15 oz. ones Four of our SKUs have grown to be top-35 products¹ Current RTD Product Portfolio RTD HIGHLIGHTS 4x Fastest-growing RTD coffee brand, outpacing the category by 4x 11 oz. BLACK RIFLE BLACK RIFLE BLACK RIFLE BR C ESPRESSO MOCHA ESPRESSO WITH CREAM ESPRESSO SALTED CARAMEL 15 oz. BLACK RIFLE ESPRESSO 300 BLACK RIFLE ESPRESSO 300 12-ct. Cases BLACK RIFL ESPRESSO RIC 300 BERRY HOCHA BR bic) PUMPKIN SPICE ESPRESSO ESPRES Number 3 Brand Behind Starbucks and Monster in Market Share by Footprint² BLACK RIFLE COFFEE COMPANY 43% ACV In Total U.S. Convenience 1. Top-35 products in the RTD coffee category on a dollar to percent average 2. Nielsen Data w/e 12/2/2023 - Footprint is Sales / (Market Size * ACV %) - measures share of all players based on current market reach 12#13• WE ARE A DIGITALLY NATIVE BRAND We have the largest coffee subscription in the world. It has been a strategic enabler to make BRCC a large and fast-growing beverage brand, and we aim to build from this channel to meet the shifting needs of our coffee consumers The Coffee Club Subscription coffee service allows customers to choose between coffee type and frequency Moving forward, the BRCC subscription will be a holistic subscription to our mission and brand - with opportunities for philanthropy and merchandise beyond coffee Other Coffee Subscriptions . Exclusive Coffee Subscription: Unique, high-demand exotic coffee roasts hand- selected by Evan Hafer and BRCC Development Team Prepaid Coffee Subscription: Prepay and save while enjoying membership status Ready To Drink Subscription: Convenient way to enjoy canned espresso drinks with coffee-forward flavors and premium ingredients KEY PRODUCTS SOLD DTC HIGHLIGHTS 231K+ Active Coffee Club subscribers 2.4M+ Community of DTC consumers 12.5M+ Social media followers across BRCC's, co-founders' and key media personalities' accounts BR C BLACK COFFEE CO Ground Whole Bean Rounds Apparel Accessories 13#14GROWTH ENGINE FOR 2025 AND BEYOND 8 R C BLACK RIFLE COFFEE COMPANY R BLACK RIFLE BLACK RIFLE EA BLACK RIFLE DLACK RIFLE BLACK AFCE BACC BRCC SINCE 2014 PERSUME 18 Company-Operated Outposts 17 Franchised Outposts $22.9M / 91% Sales Generated in FY2022 / YoY Growth We are currently building a plan to accelerate retail growth with strong unit economics and Return on Capital in 2025 and beyond 14#15AMERICA'S COFFEE BLACK RIFLE COFFEE COMPANY- RBLACK RIFLE COFFEE COMPANY OPTIMIZED GROSS MARGIN pit used life USA Net wt 12 oz/340 g#16WE ARE OPTIMIZING GROSS MARGIN Our target long-term margins are in excess of 40% Without non- standard items in Q3 2023 our gross margin was 36.8% 35.7% 36.8% 35.0% 35.1% We are focused on optimizing our gross margins by: Mix between channels and products 33.0% 31.7% 31.5% 33.9% Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Distribution and Logistics Our manufacturing process Sourcing Black Rifle Coffee Company 16#17THE PATHWAY FOR INCREASED GROSS MARGIN IS CLEAR 2023 GROSS MARGIN Channel and Product Mix Distribution and Logistics Inflation Sourcing Manufacturing All Initiatives have been identified and actioned to drive continued gross margin improvement throughout 2024 40+% LONG TERM GROSS MARGINS Black Rifle Coffee 17 Company#18BROT BLACK MARTI COMPAN D AMERICAS COFFEE BLACK RIFLE FEEE COMPA Maguin ACK RIFI COFFEE RIFE COFLE COR HEALTHY BOTTOM LINE AA BRCC Y#19OPERATIONAL EXCELLENCE 1 Consolidated Headcount to Better Reflect Future State of the Business 2 3 4 Reduce Reliance on Consultants & Other Professional Fees Allocate Capital to the Core of our Business: Wholesale Analytical and High-Return Approach to Deployment of Marketing Dollars ~$10 Million -$20 Million SG&A Management $ Capital Allocation میرا Black Rifle Coffee Company 19 19#20BLACK RIFLE BY THE NUMBERS Net Sales ($ in Millions) Adj. EBITDA (S in Millions) 31% CAGR $400 $301 $233 2021A 2022A 2023E ($0) 2021A ($34) 2022A $5-$20 2023E 2023E reflects outlook provided in Q3 2023 earnings call: Revenue low end of $400-$420M range. Adj. EBITDA well within the range of $5M-$20M Achieved Adj. EBITDA profitability in last two fiscal quarters 20 20#21OUR SG&A HAS BEEN REALIGNED FOR SUSTAINABLE GROWTH $100.5 $93.6 $91.9 $83.5 Net Revenue SG&A 52.3% 53.6% 49.9% 40.8% (S in Millions) Q4 2022 Q1 2023 Q2 2023 Q3 2023 $6.2 $0.1 Adjusted EBITDA ($ in Millions) Q4 2022 Q1 2023 Q2 2023 Q3 2023 ($5.2) ($11.4) Realignment initiatives equate to $30M run rate annual savings Our focus is to instill strong execution and discipline within the business and drive profitability, free cash flow and shareholder returns. 21#22AT INFLECTION POINT IN 2023 AND WHAT'S NEXT O . 2023 HIGHLIGHTS Ranked Highest in Brand Loyalty among Top 10 Coffees in Largest Mass Customer #1 NPS in all of Coffee Category Increased Brand Awareness over 70% 2024 AND BEYOND Major Brand Partnerships Continued Growth Rates Well Above Category with Accelerating Profit 1. Retailer A internal database L26W (WE 9/1/23) 2. Third Party Brand Survey (September) Black Rifle Coffee Company 22 22#23APPENDIX CONFIDENTIAL | BLACK RIFLE COFFEE, INC AMERICA'S COFFEE BLACK RIFLE COFFEE COMPANY- ESTABLISHED 2014#24RECONCILIATION OF NON-GAAP FINANCIAL MEASURES: Q3 2023 GAAP Results % of Net Sales Equity-based compensation System implementation costs Executive recruiting, relocation, sign-on bonus Write-off of site development costs Non-routine legal expense (Gain) Loss on assets held for sale Restructuring fees and related costs RTD transformation costs Non-GAAP Results % of Net Sales Three Months Ended September 30, 2023 Net Sales Gross Profit $100,536 $34,059 Operating Expenses $41,045 EBITDA ($5,092) 33.9% 40.8% (5.1%) 596 596 1,195 1,195 477 477 1,430 1,430 3,134 3,134 (1,097) (1,097) 1,911 1,911 2,045 3,649 3,649 $102,581 $37,708 $33,399 $6,203 36.8% 32.6% 6.0% Black Rifle Coffee Company 24#25RECONCILIATION OF NON-GAAP FINANCIAL MEASURES: Q2 2023 GAAP Results % of Net Sales Equity-based compensation System implementation costs Executive recruiting, relocation, sign-on bonus Write-off of site development costs Strategic initiative related costs Non-routine legal expense Impairment for assets held for sale Contract termination costs Restructuring fees and related costs RTD start-up and production issues Non-GAAP Results % of Net Sales Three Months Ended June 30, 2023 Net Sales Gross Profit Operating Expenses EBITDA $91,947 $32,206 $45,867 ($12,184) 35.0% 49.9% (5.1%) 2,543 2,543 1,171 1,171 758 758 . 277 277 282 282 3,240 3,240 1,202 1,202 188 188 2,075 2,075 $91,947 595 $32,801 595 $34,131 $147 35.7% 37.1% 0.2% Black Rifle Coffee Company 25 25#26RECONCILIATION OF NON-GAAP FINANCIAL MEASURES: Q1 2023 Three Months Ended March 31, 2023 Net Sales Gross Profit Operating Expenses EBITDA GAAP Results % of Net Sales Equity-based compensation System implementation costs Executive recruiting, relocation, sign-on bonus Write-off of site development costs Strategic initiative related costs Non-routine legal expense $83,490 $27,511 $44,726 ($15,223) 33.0% 53.6% (18.2%) 2,506 2,506 701 701 . 911 911 785 785 1,753 1,753 1,113 1,113 Contract termination costs 543 543 RTD start-up and production issues Non-GAAP Results $83,490 1,799 $29,310 1,799 $36,414 ($5,112) % of Net Sales 35.1% 43.6% (6.1%) Black Rifle Coffee Company 26 26