Heritage Distilling Holding Company, Inc. (IPST) Balance Sheet
IPST balance sheet, 2025
December 31, 2025 · U.S. dollars$108.8M assets = $10.5M liabilities + $98.2M equity
Both columns are drawn to the same scale: what IPST owns equals what it owes plus shareholders’ equity. Hover a block for its value.
IPST financial health
Descriptive bands, not a rating. Fiscal 2025.
IPST balance sheet trends, 2021–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $24.9M2021 | $108.8M2025 | +44.6%/yr | |
| Total liabilities | $19.7M2021 | $10.5M2025 | −14.5%/yr | |
| Shareholders’ equity | $5.2M2021 | $98.2M2025 | +108.4%/yr | |
| Cash & short-term investments | $205,2782021 | $245,2822025 | +4.6%/yr | |
| Total debt | $14.3M2021 | $4.7M2025 | −24.1%/yr | |
| Net cash (debt) | −$14.1M2021 | −$4.5M2025 | +$9.6M | |
| Working capital | −$2.3M2021 | −$6.1M2025 | −$3.8M | |
| Book value per share | $22.452021 | $227.882025 | +78.5%/yr | |
| Current ratio | 0.712021 | 0.312025 | −0.40 | |
| Debt / equity | 2.742021 | 0.052025 | −2.69 | |
| Shares outstanding | 232K2021 | 431K2025 | +16.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
IPST assets
IPST liabilities and equity
IPST debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
IPST balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Assets | |||||
| Cash & short-term investments | $245,282 | $453,162 | $76,878 | $223,034 | $205,278 |
| Cash & equivalents | $245,282 | $453,162 | $76,878 | $223,034 | $205,278 |
| Receivables | $347,763 | $638,890 | $721,932 | $494,714 | $224,471 |
| Inventory | $1.6M | $2.5M | $2.8M | $3.6M | $4.3M |
| Other current assets | $510,440 | $355,928 | $1.7M | $1.1M | $956,232 |
| Total current assets | $2.7M | $3.9M | $5.3M | $5.4M | $5.7M |
| Property, plant & equipment (net) | $3.4M | $8.8M | $10.1M | $11.5M | $8.2M |
| Goodwill & intangible assets | $91.7M | $1.0M | $0 | $0 | $0 |
| Long-term investments | $10.9M | $14.3M | $10.9M | $10.9M | $10.9M |
| Other non-current assets | $17,965 | $31,666 | $44,817 | $121,087 | $121,087 |
| Total assets | $108.8M | $28.0M | $26.3M | $28.0M | $24.9M |
| Liabilities | |||||
| Accounts payable | $2.0M | $5.0M | $5.2M | $3.2M | $1.8M |
| Short-term debt | $3.1M | $4.9M | $51.8M | $15.3M | $3.0M |
| Total current liabilities | $8.9M | $13.8M | $62.8M | $21.9M | $8.0M |
| Long-term debt | $220,842 | $9.5M | $1.5M | $8.0M | $11.2M |
| Lease obligations | $2.2M | $3.9M | $4.4M | $4.7M | $66,097 |
| Other long-term liabilities | $1.4M | $3.9M | $5.4M | $4.7M | $435,535 |
| Total liabilities | $10.5M | $27.2M | $69.7M | $34.6M | $19.7M |
| Shareholders' equity | |||||
| Common stock & paid-in capital | $962 | $556 | $67 | $67 | $67 |
| Retained earnings (deficit) | −$211.8M | −$74.1M | −$74.8M | −$38.0M | −$25.8M |
| Total shareholders' equity | $98.2M | $791,767 | −$43.4M | −$6.6M | $5.2M |
| Key figures | |||||
| Total debt | $4.7M | $17.2M | $56.4M | $26.7M | $14.3M |
| Net cash (debt) | −$4.5M | −$16.7M | −$56.3M | −$26.4M | −$14.1M |
| Working capital | −$6.1M | −$9.9M | −$57.6M | −$16.4M | −$2.3M |
| Tangible book value | $6.5M | −$219,254 | −$43.4M | −$6.6M | $5.2M |
| Book value per share | $227.88 | $3.00 | −$187.13 | −$28.58 | $22.45 |
| Shares outstanding | 431K | 264K | 232K | 232K | 232K |
| Current ratio | 0.31 | 0.28 | 0.08 | 0.25 | 0.71 |
| Quick ratio | 0.07 | 0.08 | 0.01 | 0.03 | 0.05 |
| Debt / equity | 0.05 | 21.70 | — | — | 2.74 |
| Equity / assets | 90.3% | 2.8% | −165.3% | −23.7% | 20.9% |
| Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $92,703 | $245,282 | $1.7M | $185,953 | $99,542 | $453,162 | $31,845 | $151,613 | $453,552 | $76,878 |
| Cash & equivalents | $92,703 | $245,282 | $1.7M | $185,953 | $99,542 | $453,162 | $31,845 | $151,613 | $453,552 | $76,878 |
| Receivables | $1.7M | $347,763 | $202,775 | $210,708 | $199,279 | $638,890 | $300,488 | $467,351 | $425,063 | $721,932 |
| Inventory | $1.6M | $1.6M | $2.3M | $2.3M | $2.5M | $2.5M | $3.6M | $3.4M | $2.7M | $2.8M |
| Other current assets | $497,084 | $510,440 | $777,623 | $391,899 | $445,458 | $355,928 | $2.0M | $1.9M | $2.1M | $1.7M |
| Total current assets | $3.8M | $2.7M | $4.9M | $3.1M | $3.2M | $3.9M | $5.9M | $5.9M | $5.6M | $5.3M |
| Property, plant & equipment (net) | $3.2M | $3.4M | $6.9M | $8.1M | $8.5M | $8.8M | $9.4M | $9.6M | $9.7M | $10.1M |
| Goodwill & intangible assets | $24.8M | $91.7M | $984,041 | $993,035 | $993,735 | $1.0M | $1.5M | $1.5M | $1.5M | $0 |
| Long-term investments | $10.9M | $10.9M | $14.3M | $14.3M | $14.3M | $14.3M | $14.3M | $14.3M | $0 | $0 |
| Other non-current assets | $11,964 | $17,965 | $455.7M | $38,565 | $38,566 | $31,666 | $44,816 | $44,818 | $14.3M | $10.9M |
| Total assets | $42.8M | $108.8M | $482.8M | $26.5M | $27.1M | $28.0M | $31.1M | $31.3M | $31.2M | $26.3M |
| Liabilities | ||||||||||
| Accounts payable | $2.0M | $2.0M | $3.1M | $6.9M | $5.5M | $5.0M | $5.8M | $5.6M | $5.5M | $5.2M |
| Short-term debt | $3.1M | — | $3.4M | $5.2M | $4.7M | $4.9M | $34.1M | $34.0M | $35.6M | $51.8M |
| Deferred revenue | — | — | $91,310 | — | — | — | — | — | $518,823 | $1.0M |
| Total current liabilities | $8.8M | $8.9M | $10.4M | $16.4M | $13.9M | $13.8M | $46.5M | $45.7M | $46.9M | $62.8M |
| Long-term debt | $203,355 | $220,842 | $238,053 | $9.0M | $9.5M | $9.5M | $14.7M | $14.4M | $0 | $0 |
| Lease obligations | $2.1M | $2.2M | $3.4M | $3.9M | $4.0M | $3.9M | $4.1M | $4.1M | — | — |
| Other long-term liabilities | $1.4M | $1.4M | $51.8M | $4.0M | $4.0M | $3.9M | $3.9M | $3.9M | $27.2M | $6.8M |
| Total liabilities | $10.4M | $10.5M | $62.3M | $29.4M | $27.4M | $27.2M | $65.1M | $64.0M | $74.2M | $69.7M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $51 | — | $18,323 | $1,299 | $721 | $556 | $72 | $72 | $72 | $67 |
| Retained earnings (deficit) | −$278.6M | −$211.8M | $111.8M | −$84.5M | −$77.2M | −$74.1M | −$69.4M | −$66.0M | −$74.4M | −$74.8M |
| Total shareholders' equity | $32.4M | $98.2M | $420.4M | −$2.9M | −$328,976 | $791,767 | −$34.0M | −$32.7M | −$43.0M | −$43.4M |
| Key figures | ||||||||||
| Total debt | $4.6M | $220,842 | $6.0M | $16.9M | $17.0M | $17.2M | $51.7M | $51.3M | $60.1M | $56.4M |
| Net cash (debt) | −$4.5M | $24,440 | −$4.3M | −$16.7M | −$16.9M | −$16.7M | −$51.6M | −$51.1M | −$59.6M | −$56.3M |
| Working capital | −$5.0M | −$6.1M | −$5.4M | −$13.3M | −$10.7M | −$9.9M | −$40.6M | −$39.8M | −$41.3M | −$57.6M |
| Tangible book value | $7.6M | $6.5M | $419.4M | −$3.9M | −$1.3M | −$219,254 | −$35.4M | −$34.2M | −$44.5M | −$43.4M |
| Book value per share | $65.32 | $203.53 | $727.68 | −$5.25 | −$0.95 | $3.00 | −$146.48 | −$141.08 | −$185.18 | −$187.13 |
| Shares outstanding | 496K | 483K | 578K | 550K | 346K | 264K | 232K | 232K | 232K | 232K |
| Current ratio | 0.43 | 0.31 | 0.48 | 0.19 | 0.23 | 0.28 | 0.13 | 0.13 | 0.12 | 0.08 |
| Quick ratio | 0.20 | 0.07 | 0.18 | 0.02 | 0.02 | 0.08 | 0.01 | 0.01 | 0.02 | 0.01 |
| Debt / equity | 0.14 | 0.00 | 0.01 | — | — | 21.70 | — | — | — | — |
| Equity / assets | 75.8% | 90.3% | 87.1% | −10.9% | −1.2% | 2.8% | −109.3% | −104.6% | −137.8% | −165.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed April 14, 2026); data from EODHD.
IPST financial position
At the end of fiscal 2025 (December 31, 2025), Heritage Distilling had total assets of $108.8 million (up 288.4% from a year earlier), total liabilities of $10.5 million and shareholders' equity of $98.2 million. It held $0.2 million in cash and short-term investments against $4.7 million of debt, net debt of $4.5 million. Its current ratio was 0.31. In the latest quarter (ended March 31, 2026) total assets were $42.8 million and equity $32.4 million.
Related: IPST income statement, IPST cash flow statement, IPST key metrics. See the IPST stock overview for the latest quote and news.
IPST balance sheet FAQ
What are Heritage Distilling's total assets?
Heritage Distilling reported total assets of $108.8 million at the end of fiscal 2025 (December 31, 2025), compared with $28.0 million a year earlier.
How much debt does Heritage Distilling have?
Heritage Distilling had $4.7 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.05.
How much cash does Heritage Distilling have?
Heritage Distilling held $0.2 million in cash and short-term investments at the end of fiscal 2025; with $4.7 million of debt that is net debt of $4.5 million.
What is Heritage Distilling's book value?
Heritage Distilling's shareholders' equity (book value) was $98.2 million at the end of fiscal 2025, or $227.88 per share.
What is Heritage Distilling's current ratio?
Heritage Distilling had current assets of $2.7 million and current liabilities of $8.9 million, a current ratio of 0.31 (current liabilities exceed current assets).
How much goodwill does Heritage Distilling have?
Heritage Distilling carried $91.7 million of goodwill and intangible assets, 84.3% of total assets, at the end of fiscal 2025.