Latest news with #SaluteSeries
Yahoo
29-04-2025
- Business
- Yahoo
Heritage Distilling moves into black in 2024
Heritage Distilling Company achieved profitability for the first time in 2024, the US spirits producer has announced. The company generated a net income of $710,458 last year, versus a net loss of $36.8m in 2023. Net sales rose 5.4% to $8.4m. The growth was driven by a 28.8% increase in product sales, which Heritage Distilling said was largely due to the launch of the Special Operations Services product line in 2023. Gross profit dipped by 1.4% year-on-year to $2.2m. The company also achieved positive EBITDA for the first time, with that metric reaching $4.5m, compared to a loss of $32.8m in 2023. Heritage Distilling co-founder and CEO Justin Stiefel said: '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.' Alongside achieving profitability last year, Heritage also entered Colorado, Kentucky, and Oklahoma and introduced new products. Looking ahead, the spirits maker said it anticipates incurring operating losses and increased operating expenses as it invests in inventory, digital marketing. The investment is intended to support the online direct-to-consumer sales of its 'high-margin' Salute Series line of 'super premium' whiskeys and overall business growth, the statement added. In February, the company secured a $15m equity line of credit, gaining 'access to more capital to help sustain and accelerate its growth'. Additionally, management identified over $1m in annualised expense reductions for this year, following more than $1m in cost savings already achieved in 2024, as part of its efforts to become 'more efficient, preserve cash and focus on products and activities leading to sustained profitability'. Stiefel added: '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.' In December, Heritage Distilling appointed two drinks industry stalwarts to board roles. Former Starbucks COO Troy Alstead joined the company's board of directors while Andrew Varga transitioned from his role as chief revenue officer to become director. "Heritage Distilling moves into black in 2024" was originally created and published by Just Drinks, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Associated Press
06-03-2025
- Business
- Associated Press
Heritage Distilling Co. Announces Recent Achievements and Key Milestones for Salute Series Line of Premium Whiskeys
- First half of Q1 2025 ecommerce sales to date have surpassed all Q4 2024 - Battle of Iwo Jima 80th Anniversary limited edition bottle sold out in less than 3 weeks and is on backorder - Company projected to be aggressive and acquire high value bourbon inventory as it comes to market GIG HARBOR, Wash., March 06, 2025 (GLOBE NEWSWIRE) -- Heritage Distilling Company, Inc. ('HDC' or 'Heritage' or the 'Company') (Nasdaq: CASK), a leading craft distiller of innovative premium brands, today announced recent achievements and key milestones for its Salute Series line of products. The Company also announced that projected revenue for fiscal year 2024 is expected to be its highest since 2021. The Company will file full year 2024 financial results on Form 10-K at the end of March 2025. 'With a successful 2024 completed, we are excited about first quarter 2025 sales momentum, especially for our new Salute Series line of specialty whiskeys and premium bourbons,' said Justin Stiefel, CEO and co-founder of Heritage Distilling Co. 'We are seeing tremendous response and growing loyalty to our Salute Series brand, which is designed to honor and support active duty and retired military personnel, as well as first responders and their families. Since its launch in fourth quarter 2023, the Salute Series has sold nearly 2,000 cases overall, the majority of which were sold direct to consumer (DTC) at the highest margin we have ever achieved. Online sales of the Salute Series since launch are more than $2.4 million in just 15 months, a remarkable achieve for a new brand out of the gate. In addition, those purchases by loyal consumers have raised more than $200,000 for Heritage's military and first responder charity partners.' Through the first half of Q1 2025 to date, eCommerce revenues from online sales surpassed fourth quarter 2024 eCommerce revenue. Normally the fourth quarter is the strongest period of the year for most spirits brands, but Heritage's first quarter 2025 eCommerce revenue has already outpaced fourth quarter sales results. 'Our pace of sales is practically unheard of in the spirits world for a new to consumer brand, but it's a good indication that consumers are responding well to the Salute Series line of spirits online,' Stiefel added. 'A similar example of success was the launch of the Battle of Iwo Jima 80th Anniversary limited edition bottle in January, which sold out 2,200 bottles in less than three weeks. We have generated a waiting list due to the demand for the second release of that specialty whiskey, which will be back in stock soon.' The Company is focused on repeat orders as a measure of growing brand loyalty. So far, Heritage's data shows that for online eCommerce orders, almost 30% of the online Salute Series revenue comes from repeat buyers. Not only are the repeat customers buying more bottles, but they are also spending more when they return to shop online. The Company believes that the large number of repeat buyers for its new brand in just over a year is a significant accomplishment and a testament to the quality of the product and the importance of the mission behind the brand. Speaking about the Company's growth plan for the Salute Series, Stiefel provided context on current dynamics in the bourbon and whiskey industry. 'Just as we are seeing broader adoption for our Salute Series line, with increasing purchases and reorders, the cost of high-quality bourbon in bulk is falling fast. More than 14 million barrels of aged bourbon are sitting in Kentucky (the most ever), with reports of a projected 3 million more barrels being laid down this year in Kentucky alone. That growing sea of bourbon must find a home. A significant number of those barrels are owned by speculators, investors and high-net-worth parties and institutions who have no brands, no labels, no distribution, no path to market, no relationship with the consumer, and no viable way to use the product for its highest and best use, which is in the bottle. Like many speculators, when the music stops, they all start scrambling for chairs.' He continued, 'Now that many of those parties are looking for exits, we have entered a bourbon arbitrage period in our favor that we could not have forecast even a year ago. Just as sales and prospects for our Salute Series are growing, the most important and expensive part of our inputs are dropping in price—high-quality bourbon carrying the premium Kentucky moniker. We believe this could allow us to get more aggressive in acquiring high value inventory as it comes to market, such as bulk deals for distributors who want to bring our premium spirits into their states, or potentially increasing our donations to partner charities if margins increase. In short, we do not see a supply shortage for premium bulk bourbon in the near term. 'As always, we thank our customers, vendors, suppliers, partners and stockholders for the faith and support they have given us as we execute on our plans,' Stiefel concluded. About Heritage Distilling Company, Inc. Heritage is among the premier independent craft distilleries in the United States offering a variety of whiskeys, vodkas, gins, rums and ready-to-drink canned cocktails. Heritage has been North America's most awarded craft distillery by the American Distilling Institute for ten consecutive years out of the more than 2,600 craft producers. Beyond this remarkable achievement, Heritage has also garnered numerous Best of Class, Double Gold, and Gold medals at esteemed national and international spirits competitions. As one of the largest craft spirits producers on the West Coast by revenue, the company is expanding its presence nationwide through a diverse range of sales channels, including wholesale, on-premises venues, e-commerce and the innovative Tribal Beverage Network (TBN). The TBN initiative, a groundbreaking collaboration with Native American tribes, focuses on developing Heritage-branded distilleries, unique tribal brands and tasting rooms tailored to tribal communities. By serving patrons of tribal casinos and entertainment venues, the TBN creates meaningful economic and social benefits for participating tribes, while providing an additional avenue for tribes to exercise and strengthen their sovereignty. This unique partnership reflects Heritage's commitment to innovation, community engagement and sustainable growth. Forward-Looking Statements This press release contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as 'aims,' 'anticipates,' 'believes,' 'could,' 'estimates,' 'expects,' 'forecasts,' 'goal,' 'intends,' 'may,' 'plans,' 'possible,' 'potential,' 'seeks,' 'will,' and variations of these words or similar expressions that are intended to identify forward-looking statements. Any such statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. These forward-looking statements include, without limitation, statements regarding anticipated results or benefits anticipated from awards or accolades received for Heritage's products and the implications that may come from it. Any forward-looking statements in this press release are based on Heritage's current expectations, estimates and projections only as of the date of this release and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the risks of slowing growth for its online eCommerce sales, interruptions in that market segment, or the availability and pricing of bulk bourbon for its products. These and other risks concerning Heritage's programs and operations are described in additional detail in its registration statement on Form S-1, and its quarterly 10-Q filings, which are on file with the SEC. Heritage explicitly disclaims any obligation to update any forward-looking statements except to the extent required by law.
Yahoo
19-02-2025
- Business
- Yahoo
Heritage Distilling Co. Announces Sell Out of First Run of 80th Anniversary of the Battle of Iwo Jima Bourbon; Announces Passing $200,000 Raised for Military Charities
Heritage to Commence Second Run of Salute Series 'Battle of Iwo Jima: 80th Anniversary Edition' Bourbon in Response to High Demand Heritage Distilling Company GIG HARBOR, Wash., Feb. 19, 2025 (GLOBE NEWSWIRE) -- Heritage Distilling Company, Inc. ("HDC" or "Heritage" or the 'Company') (Nasdaq: CASK), a leading craft distiller of innovative premium brands, announced that in response to its initial release of 2,200 bottles of its Salute Series: 'Battle of Iwo Jima: 80th Anniversary Edition' in partnership with the Marine Raider Foundation (MRF), it will be releasing one final batch of 2,000 bottles commemorating the battle, which took place over five weeks between February 19, 1944 and March 26, 1944. 'The response to our initial release of 2,200 bottles of this 80th Anniversary bourbon commemorating the Battle of Iwo Jima was greater than we anticipated, selling out in a matter of a few weeks. Given the response and request for more, we've elected to complete one final run of bottles to service the expressed requests for our customers,' said Sara Kellerman, military veteran, co-founder and vice president of Heritage Distilling Company's Salute Series line of spirits. In just the first three weeks of sales from the initial bottling run, the product generated nearly $200,000 in retail sales value and nearly $20,000 in donations for the Marine Raider Foundation to support their mission of addressing unmet needs, building resiliency and preserving the legacy of Raiders, past and present. 'This latest release under our Salute Series line of products shows we are able to create compelling products that resonate with active duty and retired military and first responder communities,' said Justin Stiefel, CEO and co-founder of Heritage Distilling. 'The margins on this product line are industry leading, led by our direct-to-consumer route to market, followed by the increasing demand we are seeing from the wholesale distribution channel as word of the product grows. This approach allows us to direct a significant portion of the sales to carefully vetted non-profit charities who do great work every day to support our active duty and retired military and first responders and their families.' The Salute Series is the first-of-its-kind spirits line branded and marketed for the people on the front lines, those who have retired from previous service and their families. The Salute Series brand stands as its own full line of premium whiskies and bourbons in the broader HDC portfolio, and is the fastest growing piece of the Company's volume and revenue. Each label is geared towards specific operators in the military and first responder community, allowing those who have been on the ground, or worn specific badges or insignias, to claim as their own the product that speaks the most to them and tells their story. Each bottle sold raises money for non-profit charities supporting the military and first responder communities. Since the launch of the Salute Series, more than $200,000 has been raised for these worthy charities under HDC's program. The latest 80th Anniversary of Iwo Jima bottle hints at the iconic Pulitzer Prize-winning image of the American flag on Mount Suribachi, a symbol of American resilience and determination, while focusing on the intensity of the warriors who were on the ground executing the mission. Exclusive features of the 'Iwo Jima: 80th Anniversary Edition' include: Bottled at 'Howitzer strength,' this 105-proof straight bourbon whiskey has been aged for 5 years, offering a bold and robust flavor profile. The label features exclusive art by Michael Solovey, whose work helps bring the Salute Series to life. The design reflects the black volcanic ash that covers Iwo Jima, tying the whiskey to the battle's historical context. Customers who purchase two bottles will receive a frameable lithograph by Michael Solovey titled 'GUNG HO,' inspired by the iconic flag-raising and designed to honor the Marine Corps' enduring spirit. For more information and to purchase Heritage's award-winning spirits, visit About Heritage Distilling Company, is among the premier independent craft distilleries in the United States offering a variety of whiskeys, vodkas, gins, rums and ready-to-drink canned cocktails. Heritage has been North America's most awarded craft distillery by the American Distilling Institute for ten consecutive years out of the more than 2,600 craft producers. Beyond this remarkable achievement, Heritage has also garnered numerous Best of Class, Double Gold, and Gold medals at esteemed national and international spirits competitions. As one of the largest craft spirits producers on the West Coast by revenue, the company is expanding its presence nationwide through a diverse range of sales channels, including wholesale, on-premises venues, e-commerce and the innovative Tribal Beverage Network (TBN). The TBN initiative, a groundbreaking collaboration with Native American tribes, focuses on developing Heritage-branded distilleries, unique tribal brands and tasting rooms tailored to tribal communities. By serving patrons of tribal casinos and entertainment venues, the TBN creates meaningful economic and social benefits for participating tribes, while providing an additional avenue for tribes to exercise and strengthen their sovereignty. This unique partnership reflects Heritage's commitment to innovation, community engagement and sustainable growth. Forward-Looking StatementsThis press release contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "aims," "anticipates," "believes," "could," "estimates," "expects," "forecasts," "goal," "intends," "may," "plans," "possible," "potential," "seeks," "will," and variations of these words or similar expressions that are intended to identify forward-looking statements. Any such statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. These forward-looking statements include, without limitation, statements regarding anticipated results or benefits anticipated from Heritage's new product launch and the implications that may come from it. Any forward-looking statements in this press release are based on Heritage's current expectations, estimates and projections only as of the date of this release and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the risks of expanding sales and revenue due to the introduction of new products or the announcement of new partnerships that would be expected to result therefrom. These and other risks concerning Heritage's programs and operations are described in additional detail in its registration statement on Form S-1, and its quarterly 10-Q filings, which are on file with the SEC. Heritage explicitly disclaims any obligation to update any forward-looking statements except to the extent required by law. Contacts: Investors Media Scott Eckstein Francesca DeMauro heritage@ heritage@ (212) 896 1210 (917) 880 9771 A photo accompanying this announcement is available at
