The fast-growing Starbucks rival beat expectations on sales and revenue and recently opened its 1,000th store. Dutch Bros Inc. shares surged more than 27% in premarket trading Thursday after the coffee chain posted better-than-expected fourth-quarter results and announced plans to expand mobile ordering and food offerings.

Fast growing Oregon-based drive-thru coffee chain Dutch Bros ended its fiscal year on a high, beating expected earnings and revenue and has just opened its 1,000th store.

Dutch Bros ( BROS 0.81%) is one of the fastest-growing coffee chains in America. The drive-thru coffee chain was founded in 1994, it started to franchise its locations in 1999, and it went public in 2021. Its store count grew from 254 shops in 2015 to 950 in the third quarter of 2024, and it plans to keep expanding for the foreseeable future.