In the past year, Heritage Distilling Company made $8.1 million in revenue but had a net loss of $31.8 million. The company’s market cap is $40.6 million.
Newbridge Securities underwrote the IPO.
Heritage Distilling states it is a craft distiller offering a variety of award-winning spirits such as whiskeys, vodkas, and canned cocktails. They innovate new products in their distilleries and tasting rooms, focusing on consumer preferences. The craft spirits market is rapidly growing, expected to reach $66 billion by 2026.
Despite competition, Heritage Distilling has received more awards than any other North American craft distiller over the past decade. They produce at least 750,000 gallons annually and have seen success in the Pacific Northwest, with expansion plans through e-commerce and partnerships with Native American tribes.
The company aims to increase direct-to-consumer sales and expand its collaboration with Native American tribes, which includes new sales and production hubs. Heritage Distilling plans to enhance brand recognition and leverage data from direct sales to grow overall revenue.
Note: The financial figures are from the 12 months ending March 31, 2024. Heritage Distilling filed for an IPO with plans to list under the symbol “CASK”. They revised their initial offering to 1.5 million shares priced from $4.50 to $5.50.
Founded in 2011, Heritage Distilling employs 108 people and is based in Gig Harbor, Washington. Contact them at (253) 509-0008 or visit HeritageDistilling.com.
Receive Daily News & Ratings for Heritage Distilling Company: Enter your email to get a daily summary of news and analyst ratings for Heritage Distilling and related companies with MarketBeat.com’s FREE daily email newsletter.
`
