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Side-by-side financial comparison of BRC Inc. (BRCC) and H2O AMERICA (HTO). Click either name above to swap in a different company.
H2O AMERICA is the larger business by last-quarter revenue ($199.4M vs $112.7M, roughly 1.8× BRC Inc.). H2O AMERICA runs the higher net margin — 8.1% vs -2.8%, a 11.0% gap on every dollar of revenue. On growth, BRC Inc. posted the faster year-over-year revenue change (6.5% vs 1.5%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs 7.0%).
BRC Inc., operating under the Black Rifle Coffee brand, is a U.S.-headquartered premium coffee and lifestyle brand. It sells roasted coffee beans, ready-to-drink coffee products, branded apparel, and outdoor gear, targeting primarily veteran, first responder, and outdoor enthusiast consumer segments across North America, via both e-commerce and physical retail channels.
H2O Wireless is a United States-based prepaid cell phone service, that utilizes the AT&T network. It is a brand of the mobile virtual network operator (MVNO) Locus Telecommunications, a subsidiary of Telrite Holdings, Inc., since 2019. Locus was formerly a subsidiary of KDDI America corporation, starting in 2010. H2O Wireless is primarily advertised as a non-restrictive phone service for customers to bring or buy unlocked smartphones, although AT&T contract/locked phones may be accepted as well.
BRCC vs HTO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $112.7M | $199.4M |
| Net Profit | $-3.2M | $16.2M |
| Gross Margin | 32.1% | — |
| Operating Margin | -6.3% | 16.6% |
| Net Margin | -2.8% | 8.1% |
| Revenue YoY | 6.5% | 1.5% |
| Net Profit YoY | -29.3% | -29.2% |
| EPS (diluted) | $-0.02 | $0.45 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $112.7M | $199.4M | ||
| Q3 25 | $100.7M | $243.5M | ||
| Q2 25 | $94.8M | $197.8M | ||
| Q1 25 | $90.0M | $164.9M | ||
| Q4 24 | $105.9M | $196.5M | ||
| Q3 24 | $98.2M | $216.7M | ||
| Q2 24 | $89.0M | $173.1M | ||
| Q1 24 | $98.4M | $150.0M |
| Q4 25 | $-3.2M | $16.2M | ||
| Q3 25 | $-486.0K | $45.1M | ||
| Q2 25 | $-5.3M | $24.7M | ||
| Q1 25 | $-2.9M | $16.6M | ||
| Q4 24 | $-2.5M | $22.9M | ||
| Q3 24 | $-535.0K | $38.7M | ||
| Q2 24 | $-482.0K | $20.7M | ||
| Q1 24 | $548.0K | $11.7M |
| Q4 25 | 32.1% | — | ||
| Q3 25 | 36.9% | — | ||
| Q2 25 | 33.9% | — | ||
| Q1 25 | 36.1% | — | ||
| Q4 24 | 38.1% | — | ||
| Q3 24 | 42.1% | — | ||
| Q2 24 | 41.9% | — | ||
| Q1 24 | 42.9% | — |
| Q4 25 | -6.3% | 16.6% | ||
| Q3 25 | 0.5% | 26.5% | ||
| Q2 25 | -13.3% | 22.2% | ||
| Q1 25 | -6.0% | 21.8% | ||
| Q4 24 | -2.1% | 22.2% | ||
| Q3 24 | 1.1% | 26.9% | ||
| Q2 24 | 1.1% | 23.4% | ||
| Q1 24 | 4.0% | 18.6% |
| Q4 25 | -2.8% | 8.1% | ||
| Q3 25 | -0.5% | 18.5% | ||
| Q2 25 | -5.6% | 12.5% | ||
| Q1 25 | -3.2% | 10.0% | ||
| Q4 24 | -2.3% | 11.7% | ||
| Q3 24 | -0.5% | 17.8% | ||
| Q2 24 | -0.5% | 12.0% | ||
| Q1 24 | 0.6% | 7.8% |
| Q4 25 | $-0.02 | $0.45 | ||
| Q3 25 | $0.00 | $1.27 | ||
| Q2 25 | $-0.07 | $0.71 | ||
| Q1 25 | $-0.04 | $0.49 | ||
| Q4 24 | $-0.03 | $0.70 | ||
| Q3 24 | $-0.01 | $1.17 | ||
| Q2 24 | $-0.01 | $0.64 | ||
| Q1 24 | $0.01 | $0.36 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $4.3M | $20.7M |
| Total DebtLower is stronger | $34.7M | $1.9B |
| Stockholders' EquityBook value | $45.7M | $1.5B |
| Total Assets | $209.2M | $5.1B |
| Debt / EquityLower = less leverage | 0.76× | 1.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.3M | $20.7M | ||
| Q3 25 | $9.5M | $11.3M | ||
| Q2 25 | $4.3M | $19.8M | ||
| Q1 25 | $3.9M | $23.7M | ||
| Q4 24 | $6.8M | $11.1M | ||
| Q3 24 | $7.3M | $4.0M | ||
| Q2 24 | $9.6M | $22.8M | ||
| Q1 24 | $4.0M | $4.5M |
| Q4 25 | $34.7M | $1.9B | ||
| Q3 25 | $35.0M | — | ||
| Q2 25 | $72.7M | — | ||
| Q1 25 | $68.8M | — | ||
| Q4 24 | $65.1M | $1.7B | ||
| Q3 24 | $64.9M | — | ||
| Q2 24 | $66.5M | — | ||
| Q1 24 | $61.5M | — |
| Q4 25 | $45.7M | $1.5B | ||
| Q3 25 | $48.0M | $1.5B | ||
| Q2 25 | $10.1M | $1.5B | ||
| Q1 25 | $11.2M | $1.4B | ||
| Q4 24 | $13.2M | $1.4B | ||
| Q3 24 | $14.5M | $1.3B | ||
| Q2 24 | $14.9M | $1.3B | ||
| Q1 24 | $14.6M | $1.2B |
| Q4 25 | $209.2M | $5.1B | ||
| Q3 25 | $222.4M | $5.0B | ||
| Q2 25 | $225.3M | $4.8B | ||
| Q1 25 | $222.9M | $4.7B | ||
| Q4 24 | $227.4M | $4.7B | ||
| Q3 24 | $233.7M | $4.6B | ||
| Q2 24 | $229.9M | $4.4B | ||
| Q1 24 | $227.2M | $4.4B |
| Q4 25 | 0.76× | 1.23× | ||
| Q3 25 | 0.73× | — | ||
| Q2 25 | 7.19× | — | ||
| Q1 25 | 6.15× | — | ||
| Q4 24 | 4.94× | 1.26× | ||
| Q3 24 | 4.47× | — | ||
| Q2 24 | 4.46× | — | ||
| Q1 24 | 4.21× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-8.7M | $63.5M |
| Free Cash FlowOCF − Capex | $-9.4M | — |
| FCF MarginFCF / Revenue | -8.3% | — |
| Capex IntensityCapex / Revenue | 0.6% | — |
| Cash ConversionOCF / Net Profit | — | 3.92× |
| TTM Free Cash FlowTrailing 4 quarters | $-13.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-8.7M | $63.5M | ||
| Q3 25 | $6.4M | $77.3M | ||
| Q2 25 | $-3.3M | $60.8M | ||
| Q1 25 | $-4.1M | $43.2M | ||
| Q4 24 | $2.2M | $41.5M | ||
| Q3 24 | $1.9M | $53.5M | ||
| Q2 24 | $2.3M | $49.3M | ||
| Q1 24 | $4.9M | $51.2M |
| Q4 25 | $-9.4M | — | ||
| Q3 25 | $5.6M | — | ||
| Q2 25 | $-4.3M | — | ||
| Q1 25 | $-5.3M | — | ||
| Q4 24 | $504.0K | — | ||
| Q3 24 | $-205.0K | — | ||
| Q2 24 | $147.0K | — | ||
| Q1 24 | $2.2M | — |
| Q4 25 | -8.3% | — | ||
| Q3 25 | 5.5% | — | ||
| Q2 25 | -4.5% | — | ||
| Q1 25 | -5.9% | — | ||
| Q4 24 | 0.5% | — | ||
| Q3 24 | -0.2% | — | ||
| Q2 24 | 0.2% | — | ||
| Q1 24 | 2.2% | — |
| Q4 25 | 0.6% | — | ||
| Q3 25 | 0.8% | — | ||
| Q2 25 | 1.0% | — | ||
| Q1 25 | 1.3% | — | ||
| Q4 24 | 1.6% | — | ||
| Q3 24 | 2.2% | — | ||
| Q2 24 | 2.4% | — | ||
| Q1 24 | 2.8% | — |
| Q4 25 | — | 3.92× | ||
| Q3 25 | — | 1.71× | ||
| Q2 25 | — | 2.47× | ||
| Q1 25 | — | 2.61× | ||
| Q4 24 | — | 1.81× | ||
| Q3 24 | — | 1.39× | ||
| Q2 24 | — | 2.38× | ||
| Q1 24 | 8.97× | 4.38× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BRCC
| Sales Channel Through Intermediary | $72.9M | 65% |
| Sales Channel Directly To Consumer | $34.4M | 31% |
| Outpost | $5.4M | 5% |
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
