Heritage Distilling Holding Company, Inc Financials
This page shows Heritage Distilling Holding Company, Inc (CASK) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
A balance-sheet reset lowered debt, but the dominant mechanic is still operating cash burn consuming newly raised capital.
A brief accounting profit did not mean healthier economics: net income reached$710K while operating cash flow was-$11.2M , so reported earnings were not funding the business. Even after gross margin rose to54.9% , operating cash flow worsened to-$15.3M , which implies the bottleneck sits in overhead and working capital, not in heavy capital spending or weak product-level margin alone.
The balance-sheet reset was substantial: liabilities fell from
This is not a capital-intensity story: capital spending was just
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Heritage Distilling Holding Company, Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Heritage Distilling Holding Company, Inc has an operating margin of -1323.6%, meaning the company retains $-1324 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -177.6% the prior year.
Heritage Distilling Holding Company, Inc's revenue surged 20.4% year-over-year to $10.1M, reflecting rapid business expansion. This strong growth earns a score of 54/100.
Heritage Distilling Holding Company, Inc carries a low D/E ratio of 0.03, meaning only $0.03 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
Heritage Distilling Holding Company, Inc's current ratio of 0.31 is below the typical benchmark, resulting in a score of 0/100. This tight liquidity could limit financial flexibility if cash inflows slow.
While Heritage Distilling Holding Company, Inc generated -$15.3M in operating cash flow, capex of $75K consumed most of it, leaving -$15.4M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Heritage Distilling Holding Company, Inc generates a -140.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from 89.7% the prior year.
Heritage Distilling Holding Company, Inc passes 5 of 9 financial strength tests. 1 of 4 profitability signals pass, all 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Heritage Distilling Holding Company, Inc generates $0.11 in operating cash flow (-$15.3M OCF vs -$137.7M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Heritage Distilling Holding Company, Inc earns $-81.6 in operating income for every $1 of interest expense (-$133.9M vs $1.6M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Heritage Distilling Holding Company, Inc generated $10.1M in revenue in fiscal year 2025. This represents an increase of 20.4% from the prior year.
Heritage Distilling Holding Company, Inc's EBITDA was -$132.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 874.6% from the prior year.
Heritage Distilling Holding Company, Inc reported -$137.7M in net income in fiscal year 2025. This represents a decrease of 19484.0% from the prior year.
Heritage Distilling Holding Company, Inc earned $-16.03 per diluted share (EPS) in fiscal year 2025. This represents an increase of 59.4% from the prior year.
Cash & Balance Sheet
Heritage Distilling Holding Company, Inc generated -$15.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 36.0% from the prior year.
Heritage Distilling Holding Company, Inc held $453K in cash against $2.6M in long-term debt as of fiscal year 2025.
Heritage Distilling Holding Company, Inc paid $0.00 per share in dividends in fiscal year 2025.
Heritage Distilling Holding Company, Inc had 482,554 shares outstanding in fiscal year 2025. This represents a decrease of 89.6% from the prior year.
Margins & Returns
Heritage Distilling Holding Company, Inc's gross margin was 54.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 29.6 percentage points from the prior year.
Heritage Distilling Holding Company, Inc's operating margin was -1323.6% in fiscal year 2025, reflecting core business profitability. This is down 1146.1 percentage points from the prior year.
Heritage Distilling Holding Company, Inc's net profit margin was -1360.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1369.4 percentage points from the prior year.
Heritage Distilling Holding Company, Inc's ROE was -140.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 230.0 percentage points from the prior year.
Capital Allocation
Heritage Distilling Holding Company, Inc spent $2K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 45.8% from the prior year.
Heritage Distilling Holding Company, Inc invested $75K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 29.8% from the prior year.
CASK Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.7M-63.7% | $4.7M+57.8% | $3.0M+126.1% | $1.3M+21.0% | $1.1M-64.7% | $3.1M+75.6% | $1.8M-4.4% | $1.8M |
| Cost of Revenue | $543K-63.5% | $1.5M+28.6% | $1.2M+5.7% | $1.1M+33.5% | $820K-70.2% | $2.8M+143.2% | $1.1M+3.4% | $1.1M |
| Gross Profit | $1.2M-63.8% | $3.2M+76.3% | $1.8M+706.7% | $227K-16.5% | $272K-20.0% | $340K-46.0% | $630K-15.8% | $748K |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $2.7M-36.1% | $4.1M+111.9% | $2.0M-60.1% | $4.9M+248.4% | $1.4M-77.9% | $6.4M+343.0% | $1.4M-17.7% | $1.7M |
| Operating Income | -$66.4M+46.3% | -$123.7M-10667.1% | -$1.1M+82.7% | -$6.6M-171.3% | -$2.5M+70.5% | -$8.3M-299.7% | -$2.1M+9.5% | -$2.3M |
| Interest Expense | $12K | N/A | N/A | $595K+13.8% | $523K | N/A | N/A | $635K |
| Income Tax | $0+100.0% | -$49.4M-200.0% | $49.4M+1583077.3% | $3K | $0 | N/A | $0-100.0% | $9K |
| Net Income | -$66.7M+79.4% | -$323.7M-264.9% | $196.3M+2790.4% | -$7.3M-140.5% | -$3.0M+35.7% | -$4.7M-37.4% | -$3.4M-140.8% | $8.4M |
| EPS (Diluted) | $-134.70 | N/A | $16.97+2303.9% | $-0.77+99.4% | $-135.34 | N/A | $-160.41-12534.9% | $1.29 |
CASK Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $42.8M-60.7% | $108.8M-77.5% | $482.8M+1719.2% | $26.5M-1.9% | $27.1M-3.3% | $28.0M-9.9% | $31.1M | N/A |
| Current Assets | $3.8M+39.1% | $2.7M-44.4% | $4.9M+59.0% | $3.1M-4.5% | $3.2M-17.1% | $3.9M-33.7% | $5.9M | N/A |
| Cash & Equivalents | $93K-79.5% | $453K-72.9% | $1.7M+800.6% | $186K+86.8% | $100K-78.0% | $453K+1323.0% | $32K-79.0% | $152K |
| Inventory | $1.6M-4.2% | $1.6M-27.9% | $2.3M-1.5% | $2.3M-7.6% | $2.5M+1.4% | $2.5M-31.2% | $3.6M | N/A |
| Accounts Receivable | $180K-48.4% | $348K+71.5% | $203K-3.8% | $211K+5.7% | $199K-68.8% | $639K+112.6% | $300K | N/A |
| Goodwill | N/A | $0-100.0% | $590K0.0% | $590K0.0% | $590K0.0% | $590K-7.4% | $637K | N/A |
| Total Liabilities | $10.4M-1.8% | $10.5M-83.1% | $62.3M+111.9% | $29.4M+7.4% | $27.4M+0.7% | $27.2M-58.2% | $65.1M | N/A |
| Current Liabilities | $8.8M-1.1% | $8.9M-14.2% | $10.4M-37.0% | $16.4M+18.0% | $13.9M+0.9% | $13.8M-70.3% | $46.5M | N/A |
| Long-Term Debt | $2.6M-0.4% | $2.6M-0.8% | $2.6M-80.0% | $13.0M+0.1% | $13.0M-2.1% | $13.2M-11.5% | $15.0M | N/A |
| Total Equity | $32.4M-67.0% | $98.2M-76.6% | $420.4M+14665.0% | -$2.9M-777.4% | -$329K-141.5% | $792K+102.3% | -$34.0M-3.8% | -$32.7M |
| Retained Earnings | -$278.6M-31.5% | -$211.8M-289.5% | $111.8M+232.4% | -$84.5M-9.5% | -$77.2M-4.1% | -$74.1M-6.8% | -$69.4M | N/A |
CASK Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.5M+67.3% | -$7.5M-75.5% | -$4.3M-182.7% | -$1.5M+25.5% | -$2.0M+59.3% | -$5.0M-490.1% | -$845K+69.0% | -$2.7M |
| Capital Expenditures | $0 | $0-100.0% | $46K+309.5% | $11K-34.9% | $17K-76.7% | $74K+128.6% | -$260K-189.0% | $292K |
| Free Cash Flow | -$2.5M+67.3% | -$7.5M-73.6% | -$4.3M-183.6% | -$1.5M+25.6% | -$2.0M+59.5% | -$5.1M-358.0% | -$1.1M+63.3% | -$3.0M |
| Investing Cash Flow | $2.3M-47.8% | $4.4M+121.1% | -$21.0M-209211.5% | -$10K-115.4% | $65K+187.9% | -$74K-128.6% | $260K+189.0% | -$292K |
| Financing Cash Flow | -$11K-100.7% | $1.6M-93.8% | $26.8M+1563.0% | $1.6M-0.2% | $1.6M-70.6% | $5.5M+1077.6% | $466K-82.8% | $2.7M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | $2K | $0 | N/A | N/A | $0-100.0% | $1K | N/A |
CASK Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 68.3%-0.2pp | 68.5%+7.2pp | 61.3%+44.1pp | 17.2%-7.7pp | 24.9%+13.9pp | 11.0%-24.8pp | 35.8%-4.8pp | 40.6% |
| Operating Margin | -3877.6%-1255.0pp | -2622.6%-2584.1pp | -38.4%+464.6pp | -503.0%-278.5pp | -224.5%+44.4pp | -268.8%-150.8pp | -118.1%+6.6pp | -124.7% |
| Net Margin | -3898.1%+2963.8pp | -6862.0%-13428.2pp | 6566.2%+7118.1pp | -551.9%-274.1pp | -277.8%-125.3pp | -152.5%+42.4pp | -194.9%-651.2pp | 456.3% |
| Return on Equity | -205.9%+123.6pp | -329.5%-376.2pp | 46.7% | N/A | N/A | -595.6% | N/A | N/A |
| Return on Assets | -156.1%+141.5pp | -297.6%-338.2pp | 40.6%+68.1pp | -27.5%-16.3pp | -11.2%+5.6pp | -16.8%-5.8pp | -11.0% | N/A |
| Current Ratio | 0.43+0.1 | 0.31-0.2 | 0.48+0.3 | 0.19-0.0 | 0.23-0.1 | 0.28+0.2 | 0.13 | N/A |
| Debt-to-Equity | 0.08+0.1 | 0.03+0.0 | 0.01+4.5 | -4.50+34.9 | -39.40-56.1 | 16.72+17.2 | -0.44 | N/A |
| FCF Margin | -143.3%+15.9pp | -159.1%-14.5pp | -144.6%-29.3pp | -115.3%+72.3pp | -187.6%-23.9pp | -163.7%-100.9pp | -62.7%+100.9pp | -163.6% |
Note: The current ratio is below 1.0 (0.31), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Heritage Distilling Holding Company, Inc's annual revenue?
Heritage Distilling Holding Company, Inc (CASK) reported $10.1M in total revenue for fiscal year 2025. This represents a 20.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Heritage Distilling Holding Company, Inc's revenue growing?
Heritage Distilling Holding Company, Inc (CASK) revenue grew by 20.4% year-over-year, from $8.4M to $10.1M in fiscal year 2025.
Is Heritage Distilling Holding Company, Inc profitable?
No, Heritage Distilling Holding Company, Inc (CASK) reported a net income of -$137.7M in fiscal year 2025, with a net profit margin of -1360.9%.
What is Heritage Distilling Holding Company, Inc's EBITDA?
Heritage Distilling Holding Company, Inc (CASK) had EBITDA of -$132.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Heritage Distilling Holding Company, Inc have?
As of fiscal year 2025, Heritage Distilling Holding Company, Inc (CASK) had $453K in cash and equivalents against $2.6M in long-term debt.
What is Heritage Distilling Holding Company, Inc's gross margin?
Heritage Distilling Holding Company, Inc (CASK) had a gross margin of 54.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Heritage Distilling Holding Company, Inc's operating margin?
Heritage Distilling Holding Company, Inc (CASK) had an operating margin of -1323.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Heritage Distilling Holding Company, Inc's net profit margin?
Heritage Distilling Holding Company, Inc (CASK) had a net profit margin of -1360.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Heritage Distilling Holding Company, Inc's return on equity (ROE)?
Heritage Distilling Holding Company, Inc (CASK) has a return on equity of -140.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Heritage Distilling Holding Company, Inc's free cash flow?
Heritage Distilling Holding Company, Inc (CASK) generated -$15.4M in free cash flow during fiscal year 2025. This represents a -36.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Heritage Distilling Holding Company, Inc's operating cash flow?
Heritage Distilling Holding Company, Inc (CASK) generated -$15.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Heritage Distilling Holding Company, Inc's total assets?
Heritage Distilling Holding Company, Inc (CASK) had $108.8M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Heritage Distilling Holding Company, Inc's capital expenditures?
Heritage Distilling Holding Company, Inc (CASK) invested $75K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Heritage Distilling Holding Company, Inc's current ratio?
Heritage Distilling Holding Company, Inc (CASK) had a current ratio of 0.31 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Heritage Distilling Holding Company, Inc's debt-to-equity ratio?
Heritage Distilling Holding Company, Inc (CASK) had a debt-to-equity ratio of 0.03 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Heritage Distilling Holding Company, Inc's return on assets (ROA)?
Heritage Distilling Holding Company, Inc (CASK) had a return on assets of -126.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Heritage Distilling Holding Company, Inc's cash runway?
Based on fiscal year 2025 data, Heritage Distilling Holding Company, Inc (CASK) had $453K in cash against an annual operating cash burn of $15.3M. This gives an estimated cash runway of approximately 0 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Heritage Distilling Holding Company, Inc's Piotroski F-Score?
Heritage Distilling Holding Company, Inc (CASK) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Heritage Distilling Holding Company, Inc's earnings high quality?
Heritage Distilling Holding Company, Inc (CASK) has an earnings quality ratio of 0.11x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Heritage Distilling Holding Company, Inc cover its interest payments?
Heritage Distilling Holding Company, Inc (CASK) has an interest coverage ratio of -81.6x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Heritage Distilling Holding Company, Inc?
Heritage Distilling Holding Company, Inc (CASK) scores 26 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.