Heritage Distilling reports FY24 EPS ($1.97) vs. ($96.45) last year

Reports FY24 revenue $8.4M vs. $7.97M last year. “2024 was a transformative year for Heritage. We successfully transitioned from a private company to a publicly traded company with our IPO in November, marking our debut on Nasdaq. This move strengthened our balance sheet, significantly reduced our liabilities, and put us in a position to grow significantly. I’m proud to report that we achieved positive EBITDA and net income for the first time in the Company’s history and increased our revenue year-over-year,” said Heritage Distilling (CASK) co-founder and CEO, Justin Stiefel. “We operate in the rapidly growing craft spirits segment of the $288 billion spirits market. In addition to our financial progress, we expanded into new markets last year including Colorado, Kentucky, and Oklahoma, launched new products, and continued our support for non-profits and charities. With a reach in 47 states, we plan to keep extending our growth through online direct-to-consumer sales and via Company-owned and co-located tasting rooms, as well as through our Tribal Beverage Network. With a solid financial foundation from which to build, Heritage is poised for continued expansion in 2025, with preliminary first quarter 2025 results already looking promising. We have also identified more than $1 million in annualized cost reductions already being put into place in 2025 as we work to get more efficient and preserve cash while focusing our resources on profitable growth.”