Heritage Distilling Holding Company, Inc. (IPST) Income Statement
IPST 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsIPST revenue and net income
Where IPST's revenue goes
2025Each bar shows an amount and its share of revenue. IPST kept −1,360.9% of revenue as net income.
IPST profit margins
IPST growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +20.4% | +6.8% | — | — |
| Gross profit | +119.3% | +28.2% | — | — |
| Operating income | — | — | — | — |
| Net income | −19,484.0% | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
IPST quarterly EPS vs estimates
Heritage Distilling beat the analyst EPS estimate in 0 of the last 5 quarters.
IPST income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | $10.1M | $8.4M | $8.0M | $8.3M | $8.3M |
| Cost of revenue | $5.5M | $6.3M | $5.8M | $6.1M | $6.0M |
| Gross profit | $4.7M | $2.1M | $2.2M | $2.2M | $2.2M |
| Sales, general & admin | $12.4M | $13.8M | $10.0M | $12.8M | $9.3M |
| Total operating expenses | $17.0M | $17.0M | $13.4M | $14.0M | $10.2M |
| Operating income | −$12.4M | −$14.9M | −$11.3M | −$11.8M | −$7.9M |
| Interest expense | $1.6M | $2.5M | $2.5M | $2.6M | $2.7M |
| Income before taxes | −$137.7M | $719,608 | −$36.8M | −$12.3M | −$7.2M |
| Income taxes | −$8,490 | $9,150 | $7,000 | $8,101 | $9,030 |
| Net income | −$137.7M | $710,458 | −$36.8M | −$12.3M | −$7.2M |
| EBITDA | −$134.6M | $5.0M | −$32.3M | −$7.8M | −$3.3M |
| EPS (diluted) | −$637.60 | −$405.35 | −$158.61 | — | — |
| Gross margin | 46.1% | 25.3% | 27.0% | 26.6% | 27.0% |
| Operating margin | −122.1% | −177.6% | −141.3% | −142.3% | −95.7% |
| Net margin | −1,360.9% | 8.5% | −461.6% | −147.6% | −87.1% |
| Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.7M | $4.7M | $3.0M | $1.3M | $1.1M | $3.1M | $1.8M | $1.8M | $1.7M | $2.4M |
| Cost of revenue | $543,146 | $1.5M | $1.2M | $1.1M | $820,098 | $2.8M | $1.1M | $1.1M | $1.6M | $1.9M |
| Gross profit | $1.2M | $3.2M | $1.8M | $227,088 | $271,885 | $339,771 | $629,743 | $747,797 | $149,537 | $504,453 |
| Sales, general & admin | $3.1M | $5.1M | $2.8M | $5.4M | $2.4M | $7.5M | $2.7M | $2.3M | $1.4M | — |
| Total operating expenses | $67.6M | $6.8M | $3.0M | $6.9M | $2.7M | $8.7M | $2.7M | $3.0M | $2.4M | $2.6M |
| Operating income | −$66.4M | −$2.1M | −$1.2M | −$6.6M | −$2.5M | −$8.3M | −$2.1M | −$2.3M | −$2.2M | −$2.1M |
| Interest expense | $12,497 | $25,736 | $497,975 | $595,309 | $523,214 | $638,402 | $661,643 | $634,650 | $601,006 | $634,177 |
| Income before taxes | −$66.7M | −$373.1M | $245.7M | −$7.3M | −$3.0M | −$4.7M | −$3.4M | $8.4M | $452,839 | −$5.1M |
| Income taxes | −$49.4M | — | $49.4M | $3,122 | — | — | — | $9,150 | — | $7,000 |
| Net income | −$66.7M | −$323.7M | $196.3M | −$7.3M | −$3.0M | −$4.7M | −$3.4M | $8.4M | $452,839 | −$5.2M |
| EBITDA | −$66.6M | −$372.7M | $246.6M | −$6.3M | −$2.1M | −$3.6M | −$2.3M | $9.5M | $1.5M | −$4.1M |
| EPS (diluted) | −$637.80 | −$637.80 | $16.97 | −$15.41 | −$1.36 | −$397.33 | −$8.02 | — | — | — |
| Gross margin | 68.3% | 68.5% | 61.3% | 17.2% | 24.9% | 11.0% | 35.8% | 40.6% | 8.8% | 20.6% |
| Operating margin | −3,877.6% | −44.1% | −39.6% | −503.0% | −224.5% | −268.8% | −118.1% | −124.7% | −130.5% | −85.4% |
| Net margin | −3,898.1% | −6,862.0% | 6,566.2% | −551.9% | −277.8% | −152.5% | −194.9% | 456.3% | 26.5% | −210.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in IPST's financial statements (latest annual report filed April 14, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
IPST financial results
In fiscal year 2025 (ended December 31, 2025), Heritage Distilling reported revenue of $10.1 million, up 20.4% from the year before. It had a net loss of $137.7 million, a net profit margin of −1,360.9%. Diluted earnings per share came to −$637.60.
See the IPST stock overview for the latest quote and news, or the IPST chart for price history and technical indicators.
IPST income statement FAQ
What is Heritage Distilling's annual revenue?
Heritage Distilling reported total revenue of $10.1 million for fiscal year 2025, which ended on December 31, 2025. That was up 20.4% from $8.4 million the previous year.
Is Heritage Distilling profitable?
No. Heritage Distilling reported a net loss of $137.7 million in fiscal 2025, a net profit margin of −1,360.9%; its operating margin was −122.1%.
What is Heritage Distilling's gross margin?
Heritage Distilling's gross margin was 46.1% in fiscal 2025: for every $100 of revenue, Heritage Distilling kept $46 after the direct cost of its products and services.
What are Heritage Distilling's earnings per share?
Heritage Distilling earned $-637.60 per diluted share in fiscal 2025, compared with $-405.35 a year earlier.
When does Heritage Distilling's fiscal year end?
Heritage Distilling's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 14, 2026.