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 shares shot up nearly 30% after the fast-growing coffee chain posted financial results for the fourth quarter that beat estimates on both earnings and sales.For the three months ended in December,