Matthew Amigh
About Matthew Amigh
Matthew Amigh, age 55, was appointed Chief Financial Officer of BRC Inc. (Black Rifle Coffee) effective July 7, 2025. He is a Certified Public Accountant and U.S. Army veteran, with a B.A. in Business Economics from the University of Pittsburgh, an MBA from Robert Morris University, and executive leadership training at Wharton . Company performance during his initial tenure included Q3 2025 net revenue growth of 2.6% year over year and adjusted EBITDA up 18.6%, with comments from Amigh highlighting disciplined cost control, margin improvement, and liquidity strengthening via full retirement of the revolver following a July equity offering . The company’s investor presentation indicates ~30% revenue CAGR since 2019 and outlines the evolution of channel mix, operational efficiency gains, and distribution expansion .
Company Revenue Trend
| Metric | 2019A | 2020A | 2021A | 2022A | 2023A | 2024A | 2025E |
|---|---|---|---|---|---|---|---|
| Net Revenue ($mm) | $82 | $164 | $233 | $301 | $396 | $391 | $395+ |
Q3 2025 Performance (Company)
| Metric | Q3 2024 | Q3 2025 | YoY Change |
|---|---|---|---|
| Net Revenue ($mm) | $98.2 | $100.7 | +2.6% |
| Gross Profit ($mm) | $41.3 | $37.1 | -10.2% |
| Gross Margin (%) | 42.1% | 36.9% | -520 bps |
| Net Loss ($mm) | ($1.4) | ($1.2) | +$0.2 |
| Adjusted EBITDA ($mm) | $7.1 | $8.4 | +18.6% |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ethos Pet Nutrition | Chief Financial Officer | Sep 2024–Jun 2025 | Senior finance leadership |
| Bulletproof 360, Inc. | CFO; Interim CEO | CFO: 2020–Sep 2024; Interim CEO: Nov 2023–Sep 2024 | Led return to profitability and eventual sale |
| Lenny & Larry’s | Chief Financial Officer | 2018–2019 | Executive finance leadership |
| Raybern Foods | CFO & COO | Not disclosed | Guided transformation and sale to a strategic acquirer |
| Mars; Del Monte Foods; Kraft Heinz | Senior finance roles | Not disclosed | Supported global operations; scaling across retail and DTC channels |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Not disclosed in filings reviewed | — | — | No public company directorships or external board roles mentioned in Company disclosures |
Fixed Compensation
| Component | Detail | Effective Date | Terms |
|---|---|---|---|
| Base Salary | $500,000 annually | Jul 7, 2025 | Subject to adjustment per company policies |
| Signing Bonus | $300,000 | Jul 2025 | Clawback if employment ends within 12 months; weekly prorated reimbursement; authorization to withhold from final pay; remainder due within 30 days |
Performance Compensation
Annual Incentive Plan (AIP)
| Metric | Weighting | Target | Actual/Payout | Vesting/Terms |
|---|---|---|---|---|
| Company financial and other metrics; individual performance (Comp Committee discretion) | Not disclosed | Target bonus 75% of base salary | 2025 bonus prorated to reflect start date; payout dependent on FY2025 thresholds approved by Comp Committee | Must remain employed through the bonus payment date |
Equity Ownership & Alignment
Initial Equity Grant (2025)
| Award Type | Grant-Date Fair Value | Grant Timing | Vesting | Term/Exercise |
|---|---|---|---|---|
| Stock Options | $750,000 | As soon as practicable after start date | Vests 1/3 annually over 3 years | 7-year term; exercise price = closing price on grant date |
| RSUs | $250,000 | As soon as practicable after start date | Vests 1/3 annually over 3 years | N/A (settles in shares) |
- Stock ownership guidelines: CEO 6x base salary; C-Suite executives 4x base salary within five years .
- Hedging/pledging: Insider Trading Policy prohibits hedging, margin accounts, pledging, short sales, and certain options; Board granted a specific pledge exception in 2022 to Director Steven Taslitz; no pledges disclosed for Amigh .
- Clawback: Incentive Compensation Recovery Policy adopted in 2023 per NYSE/SEC, requiring recoupment of incentive comp upon restatement .
Employment Terms
| Term | Detail | Source |
|---|---|---|
| Appointment & Start Date | Appointed CFO Jun 18, 2025; effective Jul 7, 2025 | |
| Offer Acceptance | Signed 6/18/2025 | |
| Severance | If terminated without Cause: 12 months’ base salary paid in 12 monthly installments; COBRA reimbursement; ceases upon re-employment; subject to release of claims | |
| Restrictive Covenants | Non-compete: 12 months post-termination; Non-solicit: 24 months post-termination | |
| Equity Plan | Eligible under 2022 Omnibus Incentive Plan; annual grant targeted at $1,000,000 fair value (75% options, 25% RSUs) | |
| Indemnification | Indemnification agreement substantially in form of Exhibit 10.4 (Feb 10, 2022) | |
| Severance Agreement Form | Severance & restrictive covenant agreement substantially in form filed Dec 30, 2022 (Exhibit 10.2) |
Investment Implications
- Strong alignment and retention features: 75% of initial equity grant in stock options with three-year ratable vesting plus RSUs; combined with non-compete/non-solicit and a sign-on bonus clawback if leaving within 12 months, near-term voluntary departure risk is reduced .
- Variable pay structure: AIP target at 75% of salary with metrics set by the Compensation Committee; specifics of metric weighting/targets are not disclosed, introducing discretion; presence of a formal clawback policy mitigates risk of misaligned payouts .
- Ownership guardrails: Prohibitions on hedging/pledging and stock ownership guidelines requiring 4x salary for C-suite within five years support longer-term alignment and reduce forced-selling risk; monitor future proxies for Amigh’s beneficial ownership and guideline compliance status .
- Watch vesting windows for potential selling pressure: RSUs and options vest annually on grant anniversaries over 2026–2028; expect potential 10b5-1 plan filings around vest dates; share counts for the initial grant were not disclosed, so quantify via future Form 4s and proxies .
- Execution focus: Amigh’s prior track record includes leading turnarounds and successful exits; early tenure commentary emphasizes margin improvement and liquidity strengthening (e.g., revolver retirement post equity raise), signaling a disciplined capital and cost approach that can drive equity value if sustained .