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Heritage Distilling (IPST) Financials

Heritage Distilling logo
$9.65 -0.66 (-6.40%)
As of 08/21/2026 04:00 PM Eastern
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Annual Income Statements for Heritage Distilling

Annual Income Statements for Heritage Distilling

This table shows Heritage Distilling's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -37 0.71 -138
Consolidated Net Income / (Loss)		 -37 0.71 -138
Net Income / (Loss) Continuing Operations		 -37 0.71 -138
Total Pre-Tax Income 		-37 0.72 -138
Total Operating Income		 -11 -15 -134
Total Gross Profit		 2.15 2.13 5.56
Total Revenue		 7.97 8.40 10
Operating Revenue		 7.97 8.40 10
Total Cost of Revenue		 5.82 6.28 4.56
Operating Cost of Revenue		 5.82 6.28 4.56
Total Operating Expenses		 13 17 140
Selling, General & Admin Expense		 7.48 11 12
Marketing Expense		 5.94 6.04 5.50
Other Operating Expenses / (Income)		 - 0.00 118
Restructuring Charge		 - 0.00 3.39
Total Other Income / (Expense), net		 -26 16 -3.78
Interest Expense		 2.53 2.54 -0.03
Interest & Investment Income		 0.00 3.42 -3.36
Other Income / (Expense), net		 -23 15 -0.45
Income Tax Expense		 0.01 0.01 -0.01
Basic Earnings per Share		 ($96.45) $0.98 ($16.03)
Weighted Average Basic Shares Outstanding		 381.54K 64.07K 8.62M
Diluted Earnings per Share		 ($96.45) ($39.46) ($16.03)
Weighted Average Diluted Shares Outstanding		 381.54K 353.89K 8.62M
Weighted Average Basic & Diluted Shares Outstanding		 - - 10.28M
Cash Dividends to Common per Share		 - $0.00 $0.00

Quarterly Income Statements for Heritage Distilling

This table shows Heritage Distilling's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -3.43 0.45 8.41 -3.43 -4.72 -3.03 -7.30 196 -324 -67
Consolidated Net Income / (Loss)		 -3.43 0.45 8.41 -3.43 -4.72 -3.03 -7.30 196 -324 -67
Net Income / (Loss) Continuing Operations		 -3.43 0.45 8.41 -3.43 -4.72 -3.03 -7.30 196 -324 -67
Total Pre-Tax Income 		-3.43 0.45 8.42 -3.43 -4.72 -3.03 -7.29 246 -373 -67
Total Operating Income		 -2.06 -2.23 -2.30 -2.08 -8.31 -2.45 -6.65 -1.15 -124 -66
Total Gross Profit		 0.72 0.41 0.75 0.63 0.34 0.27 0.23 1.83 3.23 1.17
Total Revenue		 2.09 1.71 1.84 1.76 3.09 1.09 1.32 2.99 4.72 1.71
Operating Revenue		 2.09 1.71 1.84 1.76 3.09 1.09 1.32 2.99 4.72 1.71
Total Cost of Revenue		 1.37 1.30 1.09 1.13 2.75 0.82 1.09 1.16 1.49 0.54
Operating Cost of Revenue		 1.37 1.30 1.09 1.13 2.75 0.82 1.09 1.16 1.49 0.54
Total Operating Expenses		 2.77 2.64 3.05 2.71 8.65 2.72 6.88 2.98 127 68
Selling, General & Admin Expense		 1.30 1.45 1.75 1.44 6.37 1.41 4.90 1.96 4.15 2.65
Marketing Expense		 1.47 1.19 1.30 1.27 2.28 1.32 1.97 1.02 1.19 0.44
Other Operating Expenses / (Income)		 - - - - - 0.00 - - - 62
Other Special Charges / (Income)		 - - - - - 0.00 - - - 2.36
Total Other Income / (Expense), net		 -1.37 2.68 11 -1.35 3.60 -0.58 -0.64 247 -249 -0.35
Interest Expense		 - 0.60 0.63 0.00 1.30 0.52 0.60 -1.67 0.52 0.01
Other Income / (Expense), net		 -0.69 -0.14 11 -0.69 4.24 -0.06 -0.05 246 -246 -0.34
Income Tax Expense		 0.00 0.00 0.01 0.00 - 0.00 0.00 49 -49 0.00
Basic Earnings per Share		 ($8.99) $1.12 $19.90 ($160.41) ($73.61) ($135.34) ($0.77) $16.97 ($37.55) ($134.70)
Weighted Average Basic Shares Outstanding		 381.52K 403.33K 421.80K 22.10K 64.07K 24.06K 11.00M 11.56M 8.62M 496.23K
Diluted Earnings per Share		 ($8.99) $0.13 $1.29 ($160.41) ($73.61) ($135.34) ($0.77) $16.97 ($37.55) ($134.70)
Weighted Average Diluted Shares Outstanding		 381.52K 3.47M 4.57M 22.10K 353.89K 24.06K 11.00M 11.56M 8.62M 496.23K
Weighted Average Basic & Diluted Shares Outstanding		 - - - - 0.00 8.15M 26.24M 9.17M 10.28M 686.08K

Annual Cash Flow Statements for Heritage Distilling

This table details how cash moves in and out of Heritage Distilling's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -0.15 0.38 -0.21
Net Cash From Operating Activities		 -8.48 -11 -15
Net Cash From Continuing Operating Activities		 -8.48 -11 -15
Net Income / (Loss) Continuing Operations		 -37 0.71 -138
Consolidated Net Income / (Loss)		 -37 0.71 -138
Depreciation Expense		 1.43 1.28 1.06
Amortization Expense		 0.49 0.51 0.42
Non-Cash Adjustments To Reconcile Net Income		 23 -13 124
Changes in Operating Assets and Liabilities, net		 3.57 -0.43 -3.02
Net Cash From Investing Activities		 -0.02 -0.10 -17
Net Cash From Continuing Investing Activities		 -0.02 -0.10 -17
Purchase of Property, Plant & Equipment		 -0.03 -0.11 -0.07
Acquisitions		 - 0.00 -21
Sale of Property, Plant & Equipment		 0.00 0.00 0.12
Divestitures		 0.00 0.01 0.00
Other Investing Activities, net		 - 0.00 4.46
Net Cash From Financing Activities		 8.36 12 32
Net Cash From Continuing Financing Activities		 8.36 12 32
Repayment of Debt		 -0.18 -1.72 -6.17
Repurchase of Common Equity		 -0.27 -0.00 -0.00
Issuance of Debt		 5.84 0.69 0.00
Issuance of Preferred Equity		 0.00 2.03 2.92
Issuance of Common Equity		 0.00 7.36 4.82
Other Financing Activities, net		 2.98 3.34 30
Cash Interest Paid		 2.09 2.19 3.62
Cash Income Taxes Paid		 0.01 0.00 0.00

Quarterly Cash Flow Statements for Heritage Distilling

This table details how cash moves in and out of Heritage Distilling's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 0.05 0.38 -0.30 -0.12 0.42 -0.35 0.09 1.49 -1.43 -0.15
Net Cash From Operating Activities		 -2.41 -2.66 -2.72 -0.85 -4.99 -2.03 -1.51 -4.28 -7.51 -2.45
Net Cash From Continuing Operating Activities		 -2.41 -2.66 -2.72 -0.85 -4.99 -2.03 -1.51 -4.28 -7.51 -2.45
Net Income / (Loss) Continuing Operations		 -5.16 0.45 8.41 -3.43 -4.72 -3.03 -7.30 196 -324 -67
Consolidated Net Income / (Loss)		 -5.16 0.45 8.41 -3.43 -4.72 -3.03 -7.30 196 -324 -67
Depreciation Expense		 0.32 0.32 0.33 0.33 0.30 0.30 0.27 0.26 0.23 0.03
Amortization Expense		 0.13 0.14 0.11 0.11 0.14 0.10 0.11 0.10 0.12 0.12
Non-Cash Adjustments To Reconcile Net Income		 1.92 -3.36 -11 1.19 0.27 -0.04 3.17 -246 367 64
Changes in Operating Assets and Liabilities, net		 0.38 -0.22 -0.19 0.96 -0.99 0.65 2.23 45 -51 0.19
Net Cash From Investing Activities		 0.15 0.01 -0.29 0.26 -0.07 0.07 -0.01 -21 4.43 2.31
Net Cash From Continuing Investing Activities		 0.15 0.01 -0.29 0.26 -0.07 0.07 -0.01 -21 4.43 2.31
Purchase of Property, Plant & Equipment		 0.18 0.00 -0.29 0.26 -0.07 -0.02 -0.01 -0.05 - 0.00
Sale of Property, Plant & Equipment		 -0.03 0.00 - - - 0.08 0.00 0.04 -0.01 0.04
Other Investing Activities, net		 - - - - - 0.00 - - - 2.27
Net Cash From Financing Activities		 2.31 3.03 2.71 0.47 5.48 1.61 1.61 27 1.65 -0.01
Net Cash From Continuing Financing Activities		 2.31 3.03 2.71 0.47 5.48 1.61 1.61 27 1.65 -0.01
Repayment of Debt		 -0.04 -0.04 -0.04 -0.05 -1.58 -0.30 - -7.52 1.65 -0.01
Issuance of Preferred Equity		 - 0.00 1.83 0.20 - 1.68 1.11 0.13 - 0.00
Issuance of Common Equity		 - 0.00 - - 7.36 0.23 0.50 4.09 -0.00 0.00
Other Financing Activities, net		 - 0.00 - - 3.34 0.00 - 30 0.00 0.00
Cash Interest Paid		 0.52 0.52 0.56 0.51 0.60 0.47 0.44 - 2.71 0.01

Annual Balance Sheets for Heritage Distilling

This table presents Heritage Distilling's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Total Assets		 26 28 109
Total Current Assets		 5.27 3.92 2.75
Cash & Equivalents		 0.08 0.45 0.25
Accounts Receivable		 0.72 0.64 0.35
Inventories, net		 2.76 2.47 1.64
Other Current Assets		 1.72 0.36 0.51
Plant, Property, & Equipment, net		 6.43 5.45 1.24
Total Noncurrent Assets		 15 19 105
Intangible Assets		 0.00 0.42 92
Other Noncurrent Operating Assets		 3.70 3.33 13
Total Liabilities & Shareholders' Equity		 26 28 109
Total Liabilities		 70 27 11
Total Current Liabilities		 63 14 8.89
Short-Term Debt		 51 3.76 2.35
Accounts Payable		 5.23 4.98 1.98
Current Deferred & Payable Income Tax Liabilities		 1.47 1.54 1.56
Current Employee Benefit Liabilities		 1.32 0.95 1.59
Other Current Liabilities		 3.12 2.38 1.27
Other Current Nonoperating Liabilities		 1.15 0.20 0.14
Total Noncurrent Liabilities		 6.84 13 1.66
Long-Term Debt		 1.45 9.48 0.22
Capital Lease Obligations		 - - 1.44
Commitments & Contingencies		 - - 0.00
Total Equity & Noncontrolling Interests		 -43 0.79 98
Total Preferred & Common Equity		 -43 0.79 98
Preferred Stock		 0.00 0.00 0.00
Total Common Equity		 -43 0.79 98
Common Stock		 31 75 310
Retained Earnings		 -75 -74 -212

Quarterly Balance Sheets for Heritage Distilling

This table presents Heritage Distilling's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 31 27 27 483 43
Total Current Assets		 5.91 3.25 3.10 4.94 3.82
Cash & Equivalents		 0.03 0.10 0.19 1.67 0.09
Accounts Receivable		 0.30 0.20 0.21 0.20 0.18
Inventories, net		 3.59 2.51 2.32 2.28 1.57
Other Current Assets		 1.99 0.45 0.39 0.78 1.98
Plant, Property, & Equipment, net		 9.39 5.11 4.83 4.11 1.16
Total Noncurrent Assets		 16 19 19 474 38
Long-Term Investments		 - 14 14 14 11
Intangible Assets		 0.82 0.40 0.40 456 25
Other Noncurrent Operating Assets		 14 3.43 3.32 2.82 2.01
Total Liabilities & Shareholders' Equity		 31 27 27 483 43
Total Liabilities		 65 27 29 62 10
Total Current Liabilities		 46 14 16 10 8.79
Short-Term Debt		 33 3.47 3.99 2.36 2.36
Accounts Payable		 5.80 5.52 6.88 3.07 2.03
Current Deferred & Payable Income Tax Liabilities		 - 1.48 1.61 1.45 1.41
Current Employee Benefit Liabilities		 1.62 0.92 1.81 1.57 0.90
Other Current Liabilities		 3.34 2.37 1.97 1.77 1.94
Other Current Nonoperating Liabilities		 - 0.17 0.18 0.13 0.15
Total Noncurrent Liabilities		 19 13 13 52 1.56
Long-Term Debt		 15 9.49 8.99 0.24 0.20
Capital Lease Obligations		 2.90 - - - 1.36
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -34 -0.33 -2.89 420 32
Total Preferred & Common Equity		 -34 -0.33 -2.89 420 32
Preferred Stock		 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -34 -0.33 -2.89 420 32
Common Stock		 35 77 82 309 311
Retained Earnings		 -69 -77 -84 112 -279

Annual Metrics And Ratios for Heritage Distilling

This table displays calculated financial ratios and metrics derived from Heritage Distilling's official financial filings.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 0.00 9,173,955.00
DEI Adjusted Shares Outstanding		 0.00 0.00 458,698.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 0.00 -300.23
Growth Metrics		 - - -
Revenue Growth		 0.00% 5.41% 20.43%
EBITDA Growth		 0.00% 105.03% -8,269.59%
EBIT Growth		 0.00% 99.52% -80,904.91%
NOPAT Growth		 0.00% -86.79% -536.57%
Net Income Growth		 0.00% 101.93% -19,484.02%
EPS Growth		 0.00% 101.93% 59.38%
Operating Cash Flow Growth		 0.00% -32.26% -36.67%
Free Cash Flow Firm Growth		 0.00% 0.00% -1,091.07%
Invested Capital Growth		 0.00% 139.40% 21,444.40%
Revenue Q/Q Growth		 0.00% 0.00% 19.12%
EBITDA Q/Q Growth		 0.00% 0.00% -157.09%
EBIT Q/Q Growth		 0.00% 0.00% -158.12%
NOPAT Q/Q Growth		 0.00% 0.00% -542.86%
Net Income Q/Q Growth		 0.00% 0.00% -175.99%
EPS Q/Q Growth		 0.00% 0.00% -202.23%
Operating Cash Flow Q/Q Growth		 0.00% -29.81% -19.66%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00%
Invested Capital Q/Q Growth		 0.00% 0.00% -74.92%
Profitability Metrics		 - - -
Gross Margin		 26.99% 25.30% 54.94%
EBITDA Margin		 -405.73% 19.36% -1,313.43%
Operating Margin		 -141.32% -177.55% -1,323.64%
EBIT Margin		 -429.85% -1.97% -1,328.12%
Profit (Net Income) Margin		 -461.64% 8.46% -1,360.91%
Tax Burden Percent		 100.02% 98.73% 99.99%
Interest Burden Percent		 107.37% -433.73% 102.47%
Effective Tax Rate		 0.00% 1.27% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% -182.78%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% -2,633.83%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% -95.41%
Return on Equity (ROE)		 84.75% -3.33% -278.19%
Cash Return on Invested Capital (CROIC)		 0.00% -3,461.19% -380.93%
Operating Return on Assets (OROA)		 -130.44% -0.61% -196.55%
Return on Assets (ROA)		 -140.09% 2.62% -201.40%
Return on Common Equity (ROCE)		 84.75% -3.33% -278.19%
Return on Equity Simple (ROE_SIMPLE)		 84.75% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -7.89 -15 -94
NOPAT Margin		 -98.92% -175.29% -926.55%
Net Nonoperating Expense Percent (NNEP)		 68.48% -73.69% 2,451.05%
Return On Investment Capital (ROIC_SIMPLE)		 -91.85% -104.96% -91.72%
Cost of Revenue to Revenue		 73.01% 74.70% 45.06%
SG&A Expenses to Revenue		 93.80% 130.99% 122.68%
R&D to Revenue		 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 168.30% 202.85% 1,378.59%
Earnings before Interest and Taxes (EBIT)		 -34 -0.17 -134
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -32 1.63 -133
Valuation Ratios		 - - -
Price to Book Value (P/BV)		 0.00 15.38 0.14
Price to Tangible Book Value (P/TBV)		 0.00 0.00 2.06
Price to Revenue (P/Rev)		 0.85 1.45 1.33
Price to Earnings (P/E)		 0.00 17.14 0.00
Dividend Yield		 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 5.84% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 22.52 0.17
Enterprise Value to Revenue (EV/Rev)		 6.00 1.27 1.70
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 6.56 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00
Leverage & Solvency		 - - -
Debt to Equity		 -1.20 16.72 0.04
Long-Term Debt to Equity		 -0.03 11.98 0.02
Financial Leverage		 -0.97 -0.98 0.04
Leverage Ratio		 -0.60 -1.27 1.38
Compound Leverage Factor		 -0.65 5.52 1.42
Debt to Total Capital		 605.80% 94.36% 3.92%
Short-Term Debt to Total Capital		 588.88% 26.78% 2.30%
Long-Term Debt to Total Capital		 16.92% 67.57% 1.62%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00%
Common Equity to Total Capital		 -505.80% 5.64% 96.08%
Debt to EBITDA		 -1.61 8.14 -0.03
Net Debt to EBITDA		 -1.27 -0.92 -0.03
Long-Term Debt to EBITDA		 -0.04 5.83 -0.01
Debt to NOPAT		 -6.60 -0.90 -0.04
Net Debt to NOPAT		 -5.21 0.10 -0.04
Long-Term Debt to NOPAT		 -0.18 -0.64 -0.02
Altman Z-Score		 -10.56 -3.58 -6.01
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00%
Liquidity Ratios		 - - -
Current Ratio		 0.08 0.28 0.31
Quick Ratio		 0.01 0.08 0.07
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 0.00 -16 -195
Operating Cash Flow to CapEx		 -35,168.16% -10,538.92% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 -6.47 0.00
Operating Cash Flow to Interest Expense		 -3.36 -4.42 0.00
Operating Cash Flow Less CapEx to Interest Expense		 -3.37 -4.47 0.00
Efficiency Ratios		 - - -
Asset Turnover		 0.30 0.31 0.15
Accounts Receivable Turnover		 11.04 12.35 20.51
Inventory Turnover		 2.11 2.40 2.22
Fixed Asset Turnover		 1.24 1.41 3.03
Accounts Payable Turnover		 1.11 1.23 1.31
Days Sales Outstanding (DSO)		 33.06 29.56 17.79
Days Inventory Outstanding (DIO)		 172.86 152.01 164.70
Days Payable Outstanding (DPO)		 327.91 296.81 278.57
Cash Conversion Cycle (CCC)		 -122.00 -115.25 -96.07
Capital & Investment Metrics		 - - -
Invested Capital		 -1.20 0.47 102
Invested Capital Turnover		 -6.63 -23.05 0.20
Increase / (Decrease) in Invested Capital		 0.00 1.68 102
Enterprise Value (EV)		 48 11 17
Market Capitalization		 6.75 12 13
Book Value per Share		 ($113.81) $12.36 $10.71
Tangible Book Value per Share		 ($113.81) ($3.42) $0.71
Total Capital		 8.58 14 102
Total Debt		 52 13 4.01
Total Long-Term Debt		 1.45 9.48 1.66
Net Debt		 41 -1.50 3.77
Capital Expenditures (CapEx)		 0.02 0.11 -0.04
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -7.10 -6.59 -4.03
Debt-free Net Working Capital (DFNWC)		 -7.02 -6.13 -3.78
Net Working Capital (NWC)		 -58 -9.89 -6.14
Net Nonoperating Expense (NNE)		 29 -15 44
Net Nonoperating Obligations (NNO)		 42 -0.32 3.90
Total Depreciation and Amortization (D&A)		 1.92 1.79 1.49
Debt-free, Cash-free Net Working Capital to Revenue		 -89.04% -78.39% -39.82%
Debt-free Net Working Capital to Revenue		 -88.08% -72.99% -37.40%
Net Working Capital to Revenue		 -722.30% -117.73% -60.66%
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 $0.00 $20.00 ($320.60)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 3.20K 431.00K
Adjusted Diluted Earnings per Share		 $0.00 ($788.00) ($320.60)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 17.69K 431.00K
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 514.17K
Normalized Net Operating Profit after Tax (NOPAT)		 -7.89 -15 -91
Normalized NOPAT Margin		 -98.92% -175.29% -903.08%
Pre Tax Income Margin		 -461.55% 8.56% -1,360.99%
Debt Service Ratios		 - - -
EBIT to Interest Expense		 -13.56 -0.07 0.00
NOPAT to Interest Expense		 -3.12 -5.81 0.00
EBIT Less CapEx to Interest Expense		 -13.57 -0.11 0.00
NOPAT Less CapEx to Interest Expense		 -3.13 -5.85 0.00
Payout Ratios		 - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00%
Augmented Payout Ratio		 -0.75% 0.52% 0.00%

Quarterly Metrics And Ratios for Heritage Distilling

This table displays calculated financial ratios and metrics derived from Heritage Distilling's official financial filings.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 0.00 0.00 0.00 0.00 0.00 0.00 8,151,324.00 26,239,027.00 9,173,955.00 10,283,427.00
DEI Adjusted Shares Outstanding		 0.00 0.00 0.00 0.00 0.00 0.00 407,566.00 1,311,951.00 458,698.00 514,171.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 0.00 0.00 0.00 0.00 0.00 -17.90 149.60 -705.59 -129.81
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% -15.64% 0.00% -36.00% -28.25% 69.69% 52.51% 56.80%
EBITDA Growth		 0.00% 0.00% 0.00% 14.89% 0.00% -11.31% -166.51% 10,589.19% -10,063.47% -3,043.97%
EBIT Growth		 0.00% 0.00% 0.00% -1.03% 0.00% -6.02% -173.99% 8,923.17% -8,966.89% -2,558.84%
NOPAT Growth		 0.00% 0.00% 0.00% -1.11% 0.00% 22.95% -102.78% 36.97% -1,387.77% -2,608.61%
Net Income Growth		 0.00% 0.00% 0.00% -0.08% 0.00% -769.78% -186.78% 5,817.09% -6,762.90% -2,100.59%
EPS Growth		 0.00% 0.00% 0.00% -0.08% 0.00% -769.78% -159.69% 5,817.09% 48.99% -2,100.59%
Operating Cash Flow Growth		 0.00% 0.00% 0.00% 0.00% -106.79% 23.64% 44.42% -406.04% -50.50% -20.77%
Free Cash Flow Firm Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -2,086.89% 0.00% -6,082.89%
Invested Capital Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2,374.84% 21,444.40% 4,784.92%
Revenue Q/Q Growth		 0.00% 0.00% 7.98% -4.39% 75.57% -64.69% 21.05% 126.13% 57.80% -63.70%
EBITDA Q/Q Growth		 0.00% 0.00% 599.24% -124.58% -55.66% 41.73% -198.33% 3,976.14% -250.83% 81.97%
EBIT Q/Q Growth		 0.00% 0.00% 482.29% -130.62% -47.14% 38.45% -166.82% 3,751.31% -251.20% 81.95%
NOPAT Q/Q Growth		 0.00% 0.00% -3.07% 36.56% -299.70% 70.52% -171.26% 80.28% -9,335.04% 46.33%
Net Income Q/Q Growth		 0.00% 0.00% 1,756.40% -140.84% -37.37% 35.69% -140.52% 2,790.36% -264.91% 79.38%
EPS Q/Q Growth		 0.00% 0.00% 892.31% -140.84% -37.37% 35.69% -126.47% 2,790.36% -321.27% 79.38%
Operating Cash Flow Q/Q Growth		 0.00% -10.29% -2.35% 68.95% -490.07% 59.27% 25.50% -182.67% -75.49% 67.32%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 100.00% 0.00% -38.57% -24,011.55% 51.94% 61.49%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 0.00% -97.12% -214.67% -457.45% 13,539.62% -74.92% -75.07%
Profitability Metrics		 - - - - - - - - - -
Gross Margin		 34.27% 23.94% 40.59% 35.75% 10.99% 24.90% 17.18% 61.29% 68.46% 68.28%
EBITDA Margin		 -131.37% -111.51% 515.56% -132.54% -117.51% -193.93% -477.95% 8,192.74% -7,831.02% -3,888.40%
Operating Margin		 -98.53% -130.52% -124.72% -118.09% -268.84% -224.47% -503.01% -38.44% -2,622.57% -3,877.58%
EBIT Margin		 -131.37% -138.75% 491.25% -157.33% -131.85% -229.84% -506.62% 8,180.51% -7,838.45% -3,897.41%
Profit (Net Income) Margin		 -164.27% 26.54% 456.30% -194.89% -152.49% -277.76% -551.90% 6,566.20% -6,861.99% -3,898.14%
Tax Burden Percent		 100.00% 100.00% 99.89% 100.00% 100.00% 100.00% 100.04% 79.88% 86.75% 100.00%
Interest Burden Percent		 125.05% -19.13% 92.99% 123.87% 115.66% 120.85% 108.89% 100.48% 100.92% 100.02%
Effective Tax Rate		 0.00% 0.00% 0.11% 0.00% 0.00% 0.00% 0.00% 20.12% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% -3,335.99% 0.00% 0.00% -1.23% -362.15% -2,339.53%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% -3,683.40% 0.00% 0.00% 1,058.48% -13,581.74% -1,773.72%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 1,478.29% 0.00% 0.00% 101.93% -492.00% 396.09%
Return on Equity (ROE)		 0.00% 0.00% 0.00% 0.00% -1,857.70% 843.66% 640.10% 100.70% -854.15% -1,943.43%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% -3,461.19% 0.00% 0.00% 0.00% -380.93% -646.13%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% -40.83% -66.14% -138.75% 270.49% -1,160.01% -1,198.76%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% -47.22% -79.93% -151.14% 217.11% -1,015.50% -1,198.98%
Return on Common Equity (ROCE)		 0.00% 0.00% 0.00% 0.00% -1,857.70% 843.83% 640.12% 100.70% -854.14% -1,943.43%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -1.44 -2.23 -2.30 -1.46 -5.82 -1.72 -4.65 -0.92 -87 -46
NOPAT Margin		 -68.97% -130.52% -124.58% -82.66% -188.19% -157.13% -352.11% -30.70% -1,835.80% -2,714.30%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 7.84% 347.41% -1,227.91% -3,686.34% -1,059.71% 13,219.59% -565.81%
Return On Investment Capital (ROIC_SIMPLE)		 - - - -8.83% -41.47% -13.58% -46.11% -0.22% -84.70% -127.89%
Cost of Revenue to Revenue		 65.73% 76.06% 59.41% 64.25% 89.01% 75.10% 82.82% 38.71% 31.54% 31.72%
SG&A Expenses to Revenue		 62.41% 84.73% 94.86% 81.68% 206.11% 128.91% 371.01% 65.47% 87.90% 154.77%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 132.80% 154.46% 165.31% 153.84% 279.83% 249.37% 520.19% 99.73% 2,691.03% 3,945.86%
Earnings before Interest and Taxes (EBIT)		 -2.74 -2.37 9.05 -2.77 -4.08 -2.51 -6.70 245 -370 -67
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -2.74 -1.90 9.50 -2.33 -3.63 -2.12 -6.32 245 -369 -67
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.00 15.38 0.00 0.00 0.45 0.14 0.08
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.06 0.35
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 1.45 0.62 0.62 22.33 1.33 0.24
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 17.14 0.00 0.00 1.05 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 5.84% 0.00% 0.00% 95.53% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 3.48 22.52 0.00 0.00 0.43 0.17 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 1.27 0.44 0.41 20.76 1.70 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 6.56 2.41 0.00 0.76 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.76 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 -1.49 16.72 -39.40 -4.50 0.01 0.04 0.12
Long-Term Debt to Equity		 0.00 0.00 0.00 -0.52 11.98 -28.83 -3.11 0.00 0.02 0.05
Financial Leverage		 0.00 0.00 0.00 -1.48 -0.40 0.65 0.05 0.10 0.04 -0.22
Leverage Ratio		 0.00 0.00 0.00 -0.91 -1.27 -82.27 -9.19 1.33 1.38 2.18
Compound Leverage Factor		 0.00 0.00 0.00 -1.13 -1.47 -99.42 -10.01 1.34 1.39 2.18
Debt to Total Capital		 0.00% 0.00% 0.00% 306.18% 94.36% 102.60% 128.60% 0.61% 3.92% 10.80%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 199.56% 26.78% 27.51% 39.53% 0.56% 2.30% 6.50%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 106.62% 67.57% 75.10% 89.07% 0.06% 1.62% 4.31%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 0.00% 0.00% 0.00% -206.18% 5.64% -2.61% -28.60% 99.39% 96.08% 89.20%
Debt to EBITDA		 0.00 0.00 0.00 0.00 8.14 9.18 -0.90 0.01 -0.03 -0.02
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 -0.92 -1.01 0.10 -0.06 -0.03 0.04
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 5.83 6.72 -0.62 0.00 -0.01 -0.01
Debt to NOPAT		 0.00 0.00 0.00 0.00 -0.90 -1.22 -0.95 -0.18 -0.04 -0.03
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.10 0.13 0.11 0.92 -0.04 0.05
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 -0.64 -0.89 -0.66 -0.02 -0.02 -0.01
Altman Z-Score		 0.00 0.00 0.00 0.00 -4.04 -4.38 -5.53 3.83 -13.15 -14.00
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% -0.02% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - -
Current Ratio		 0.00 0.00 0.00 0.13 0.28 0.23 0.19 0.48 0.31 0.43
Quick Ratio		 0.00 0.00 0.00 0.01 0.08 0.02 0.02 0.18 0.07 0.03
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 0.00 0.00 -18 0.00 -1.17 -1.62 -392 -188 -72
Operating Cash Flow to CapEx		 0.00% 0.00% -932.37% 0.00% -6,713.34% 0.00% -15,080.76% -184,451.83% -85,301.91% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 -2.24 -2.73 0.00 -359.42 -5,799.96
Operating Cash Flow to Interest Expense		 0.00 -4.43 -4.29 0.00 -3.84 -3.88 -2.54 0.00 -14.33 -196.30
Operating Cash Flow Less CapEx to Interest Expense		 0.00 -4.43 -4.75 0.00 -3.89 -3.76 -2.56 0.00 -14.35 -192.75
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.31 0.29 0.27 0.03 0.15 0.31
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 12.35 39.08 34.49 33.76 20.51 56.69
Inventory Turnover		 0.00 0.00 0.00 0.00 2.40 2.31 2.50 1.98 2.22 2.10
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 1.41 1.53 1.50 1.26 3.03 3.43
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 1.23 1.05 0.84 1.31 1.31 1.13
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 29.56 9.34 10.58 10.81 17.79 6.44
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 152.01 157.70 145.73 184.07 164.70 173.82
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 296.81 347.39 433.11 277.73 278.57 321.85
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 -115.25 -180.35 -276.80 -82.85 -96.07 -141.59
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 0.00 0.00 0.00 16 0.47 -0.54 -3.03 407 102 25
Invested Capital Turnover		 0.00 0.00 0.00 0.00 17.73 -28.66 -4.80 0.04 0.20 0.86
Increase / (Decrease) in Invested Capital		 0.00 0.00 0.00 16 0.00 -0.54 -3.03 391 102 26
Enterprise Value (EV)		 0.00 0.00 0.00 57 11 3.41 2.99 176 17 -4.48
Market Capitalization		 6.75 6.75 6.75 6.75 12 4.83 4.48 190 13 2.62
Book Value per Share		 $0.00 $0.00 $0.00 ($1,538.18) $12.36 ($13.68) ($0.35) $36.38 $10.71 $3.53
Tangible Book Value per Share		 $0.00 $0.00 $0.00 ($1,604.03) ($3.42) ($54.99) ($0.48) ($3.13) $0.71 $0.83
Total Capital		 0.00 0.00 0.00 16 14 13 10 423 102 36
Total Debt		 0.00 0.00 0.00 50 13 13 13 2.60 4.01 3.93
Total Long-Term Debt		 0.00 0.00 0.00 18 9.48 9.49 8.99 0.24 1.66 1.56
Net Debt		 0.00 0.00 0.00 50 -1.50 -1.42 -1.49 -13 3.77 -7.10
Capital Expenditures (CapEx)		 0.00 0.00 0.29 -0.26 0.07 -0.07 0.01 0.00 0.01 -0.04
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 0.00 0.00 -7.72 -6.59 -7.31 -9.53 -4.74 -4.03 -2.70
Debt-free Net Working Capital (DFNWC)		 0.00 0.00 0.00 -7.68 -6.13 -7.21 -9.35 -3.06 -3.78 -2.61
Net Working Capital (NWC)		 0.00 0.00 0.00 -41 -9.89 -11 -13 -5.42 -6.14 -4.97
Net Nonoperating Expense (NNE)		 1.99 -2.68 -11 1.98 -1.10 1.32 2.64 -197 237 20
Net Nonoperating Obligations (NNO)		 0.00 0.00 0.00 50 -0.32 -0.21 -0.14 -13 3.90 -6.95
Total Depreciation and Amortization (D&A)		 0.00 0.46 0.45 0.44 0.44 0.39 0.38 0.37 0.35 0.15
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% -78.39% -93.87% -131.19% -55.75% -39.82% -25.17%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% -72.99% -92.59% -128.63% -36.04% -37.40% -24.30%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% -117.73% -137.20% -183.53% -63.80% -60.66% -46.28%
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 ($160.40) ($29,444.00) ($136.00) ($0.77) $16.97 ($751.00) ($134.70)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00 22.10K 160.00 24.16K 11.00M 11.56M 431.00K 496.23K
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 ($160.40) ($29,444.00) ($136.00) ($0.77) $16.97 ($751.00) ($134.70)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00 22.10K 885.00 24.16K 11.00M 11.56M 431.00K 496.23K
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 ($29,444.00) $0.00 $0.00 $0.00 ($751.00) $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 0.00 0.00 0.00 20.38K 26.24M 9.17M 514.17K 686.08K
Normalized Net Operating Profit after Tax (NOPAT)		 -1.44 -1.56 -2.30 -1.46 -5.82 -1.72 -4.65 -0.92 -87 -45
Normalized NOPAT Margin		 -68.97% -91.36% -124.58% -82.66% -188.19% -157.13% -352.11% -30.70% -1,835.80% -2,617.83%
Pre Tax Income Margin		 -164.27% 26.54% 456.80% -194.89% -152.49% -277.76% -551.66% 8,219.83% -7,910.17% -3,898.14%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 0.00 -3.94 14.26 0.00 -3.14 -4.80 -11.25 0.00 -705.94 -5,339.88
NOPAT to Interest Expense		 0.00 -3.71 -3.62 0.00 -4.48 -3.28 -7.82 0.00 -165.33 -3,718.89
EBIT Less CapEx to Interest Expense		 0.00 -3.94 13.80 0.00 -3.19 -4.67 -11.27 0.00 -705.95 -5,336.33
NOPAT Less CapEx to Interest Expense		 0.00 -3.71 -4.08 0.00 -4.53 -3.15 -7.84 0.00 -165.35 -3,715.34
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.52% 0.00% 0.49% -0.01% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Heritage Distilling’s Q1 2026 results show a sharp reduction in reported losses and operating cash burn from the prior quarter, but the company remains financially fragile. Revenue was $1.7 million, down from $4.7 million in Q4 2025 and $3.0 million in Q3 2025, while gross profit was $1.2 million, representing a 68.3% gross margin. However, substantial operating charges overwhelmed gross profit and resulted in a $66.7 million net loss.

The latest results should be interpreted cautiously because several prior periods were restated or calculated, and Q1 2026 included unusually large non-cash adjustments. The statements indicate a major restructuring of the balance sheet, including a decline in intangible assets from $456.0 million at September 30, 2025, to $24.8 million at March 31, 2026.

  • Gross margin improved significantly. Q1 2026 gross margin was approximately 68.3%, compared with 17.2% in Q2 2025 and 24.9% in Q1 2025. The margin was broadly similar to Q4 2025, when it was approximately 68.5%.
  • Operating cash burn improved sequentially. Net cash used in operating activities declined to $2.5 million in Q1 2026 from $7.5 million in Q4 2025 and $4.3 million in Q3 2025. Cash flow remained negative, but the direction was favorable.
  • Debt-related obligations were reduced substantially on the reported balance sheet. Total liabilities declined from $62.3 million at September 30, 2025, to $10.4 million at March 31, 2026. Short-term debt also edged lower to $2.4 million, while long-term debt was only $203,000. Investors should verify whether these changes reflect settlements, conversions, reclassifications or other restructuring activity.
  • The company reported positive book equity at the latest quarter-end. Total equity was $32.4 million at March 31, 2026, compared with negative equity of $2.9 million at June 30, 2025 and negative equity of $34.0 million at September 30, 2024.
  • Revenue has been highly volatile. Quarterly revenue increased from $1.1 million in Q1 2025 to $1.3 million in Q2, $3.0 million in Q3 and $4.7 million in Q4, before falling back to $1.7 million in Q1 2026. The recent decline raises questions about the durability of the late-2025 sales increase.
  • Reported earnings are heavily affected by non-operating and non-cash items. Q3 2025’s $196.3 million profit was driven largely by $245.7 million of other income, while Q4 2025’s $323.7 million loss included $246.0 million of other expense. Q1 2026 also included $62.1 million of other operating expense and $2.4 million of special charges.
  • Profitability remains deeply negative. The company posted net losses of $3.0 million in Q1 2025, $7.3 million in Q2, $323.7 million in Q4 and $66.7 million in Q1 2026. Q1 2026 basic and diluted loss per share was reported at $134.70, although per-share figures are distorted by substantial changes in share counts and corporate actions.
  • Core operating expenses continue to exceed gross profit by a wide margin. In Q1 2026, SG&A and marketing expenses totaled approximately $3.1 million, compared with $1.2 million of gross profit, before the company’s $62.1 million of other operating expense. The business therefore has not yet demonstrated sustainable operating leverage.
  • Liquidity is extremely limited. Cash and equivalents were only $92,703 at March 31, 2026, down from $1.7 million at September 30, 2025. With negative operating cash flow of $2.5 million during Q1, the reported cash balance alone would not support ongoing operations without additional cash generation, asset sales or financing.
  • Short-term financial pressure remains high. Current assets of $3.8 million were less than half of current liabilities of $8.8 million, implying a current ratio of approximately 0.43. Retained earnings remained negative at $278.6 million, underscoring the company’s accumulated losses and dependence on balance-sheet restructuring or outside capital.

Investor takeaway: The improved gross margin, lower quarterly cash burn and reported return to positive equity are constructive developments. Nevertheless, Heritage Distilling still faces a combination of volatile revenue, recurring operating losses, minimal cash and a weak current ratio. The key issues to monitor are whether revenue can remain above the recent $1.7 million level, whether operating cash flow can turn positive, and whether the large balance-sheet changes lead to further dilution or additional financing needs.

08/23/26 07:02 AM ETAI Generated. May Contain Errors.

Heritage Distilling Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Heritage Distilling's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Heritage Distilling's net income appears to be on an upward trend, with a most recent value of -$137.72 million in 2025, rising from -$36.80 million in 2023. The previous period was $710.46 thousand in 2024. Find out what analysts predict for Heritage Distilling in the coming months.

Heritage Distilling's total operating income in 2025 was -$133.94 million, based on the following breakdown:
  • Total Gross Profit: $5.56 million
  • Total Operating Expenses: $139.50 million

Over the last 2 years, Heritage Distilling's total revenue changed from $7.97 million in 2023 to $10.12 million in 2025, a change of 26.9%.

Heritage Distilling's total liabilities were at $10.54 million at the end of 2025, a 61.3% decrease from 2024, and a 84.9% decrease since 2023.

In the past 2 years, Heritage Distilling's cash and equivalents has ranged from $76.88 thousand in 2023 to $453.16 thousand in 2024, and is currently $245.28 thousand as of their latest financial filing in 2025.

Over the last 2 years, Heritage Distilling's book value per share changed from -113.81 in 2023 to 10.71 in 2025, a change of -109.4%.


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Financial statements for NASDAQ:IPST last updated on 8/18/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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Trump is launching a new $250 bill - but that may be a distraction. Behind the scenes, Executive Order 14241 i...
Porter & Company | Sponsoredtc pixel
Rickards Predicts: Trump to buy tiny $2 stock?
Jim Rickards believes the Trump administration is about to take a direct stake in a $2 stock sitting on the la...
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