Mat Best
About Mat Best
Mat Best, age 38, is Black Rifle Coffee’s co-founder and Chief Branding Officer, serving in this executive role since the company’s inception in 2014. He deployed five times to Iraq and Afghanistan with the U.S. Army’s 2nd Ranger Battalion, 75th Ranger Regiment, later contracting for the CIA for five years, and holds a B.L.A. from Ashford University . Company performance during his tenure includes multi-year revenue scale and margin expansion: FY2022 revenue of $301.3 million, FY2023 revenue of $395.6 million, and FY2024 revenue of $391.5 million; gross margin reached 41.2% in FY2024, up 950 bps year-over-year . BRCC is a controlled company led by founder Evan Hafer, which affects governance structure and compensation committee independence .
Company performance (context)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenue ($USD Millions) | $301.3 | $395.6 | $391.5 |
- FY2024 gross margin: 41.2% (+950 bps YoY) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Black Rifle Coffee Company | Co-founder; Chief Branding Officer | Since 2014 | Built and led brand strategy across coffee, RTD, energy and media; expanded distribution and loyalty |
| U.S. Army (2nd Ranger Battalion, 75th Ranger Regiment) | Ranger (combat deployments) | Not disclosed | Operational leadership; veteran credentials central to BRCC brand ethos |
| Central Intelligence Agency (contractor) | Contractor | Not disclosed | Post-service contracting; experience informs veteran-focused media narrative |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Article 15 Clothing | Founder | Not disclosed | Entrepreneurial brand building beyond coffee |
| Leadslingers Spirits | Co-creator | Not disclosed | Lifestyle brand extension and audience development |
| Drinkin’ Bros Podcast | Co-creator | Not disclosed | Media platform driving community engagement |
Fixed Compensation
- The company does not disclose Mat Best’s base salary, target bonus, or actual bonus in proxy statements; he is not listed as a Named Executive Officer (NEO) in FY2024 or FY2025 filings .
- Stock ownership guidelines apply to C-suite executives generally (4x base salary within five years), but individual compliance status for Mat Best is not disclosed .
Performance Compensation
- Company-wide program design (context for executives): FY2024 cash bonus plan based on revenue, adjusted EBITDA, and individual performance goals; long-term incentives granted as ~75% stock options and ~25% RSUs with multi-year vesting .
- Mat Best’s specific incentive metrics, grant values, and vesting schedules are not disclosed in the proxies .
Equity Ownership & Alignment
Total beneficial ownership and alignment
| Metric | As of Mar 8, 2023 | As of Mar 4, 2024 | As of Mar 15, 2025 |
|---|---|---|---|
| Class B Common Stock (units) | 29,176,726 | 29,176,726 | 29,176,726 |
| Total Class A Common Stock Beneficially Owned (as defined in proxy table) | 29,176,726 | 29,176,726 | 29,176,726 |
| % of Class A Common Stock | 33.3% | 30.6% | 27.1% |
| % of Total Voting Power | 13.8% | 13.8% | 13.7% |
- Class B shares correspond one-for-one to Common Units of Authentic Brands; units are redeemable/exchangeable into Class A Common Stock, with corresponding Class B cancellation upon exchange .
- Insider Trading Policy prohibits hedging, margin accounts, pledging, short sales, and certain options transactions absent specified approval; no pledging by Mat Best is disclosed (Board approved exception noted for Steven Taslitz in 2022) .
- Stock ownership guidelines: CEO 6x salary; C-suite 4x salary within five years; specific compliance by Mat Best not disclosed .
Vesting and overhang context (company-wide)
- Equity plan capacity: As of Dec 31, 2024, equity plans had 17.35 million outstanding awards and 18.24 million remaining available across plans; weighted average option exercise price $4.41, indicating meaningful equity overhang company-wide .
- No period-specific vesting breakdowns for Mat Best’s holdings are disclosed in the proxies .
Employment Terms
- No employment agreement, severance or change-in-control terms for Mat Best are disclosed in FY2024 or FY2025 proxies; agreements are detailed only for the NEOs (CEO, CTO/Operations, GC, CFO) .
- Company employment agreements include customary non-competition, non-solicitation, and confidentiality provisions for NEOs; applicability to Mat Best is not disclosed .
Investment Implications
- Significant insider alignment: Mat Best’s 29.18 million Class B units and ~13.7% voting power confer durable alignment, with potential future liquidity via one-for-one exchange into Class A; exchange mechanics could create episodic selling pressure when exchanges occur, subject to company policies and trading windows .
- Brand execution leverage: As co-founder and Chief Branding Officer, Best’s stewardship of media and brand community is core to BRCC’s differentiation across Wholesale, DTC, and new energy offerings; FY2024 revenue of $391.5 million and gross margin at 41.2% reflect scale and efficiency, supporting equity value creation if sustained .
- Governance considerations: BRCC’s controlled company status centralizes director election influence with founder Evan Hafer, which can stabilize long-term strategy but reduces traditional board independence; compensation design and ownership guidelines indicate a pay-for-performance orientation, though Mat Best’s specific pay disclosure is absent .
- Risk flags not observed for Best in filings: No disclosed pledging/hedging by Mat Best and no related-party transactions; continue monitoring Forms 4 and future proxies for exchanges/sales that could signal near-term trading dynamics .