Latest news with #Stiefel
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
Yahoo
31-03-2025
- Business
- Yahoo
‘Whiskey for chocolate lovers' earns this Pierce County distillery another global award
Justin Stiefel has gone over the recipe for his distillery's award-winning chocolate-flavored whiskey so many times he can talk about its flavor profile for a full minute. It starts with the scent, he says. Take your time absorbing the cocoa-rich aroma from the glass. Then, enjoy successive notes of chocolate and a hint of marshmallow hitting your tongue before getting to the 'really deep, deep dark chocolate at the end.' Stiefel compared it to a rainbow or a pumpkin pie — there's these 'cascading layers of additional flavored nuances' that emerge. Heritage Distilling Co.'s Cocoa Bomb Chocolate Whiskey was recently recognized as 'World's Best Flavored Whiskey' by Whisky Magazine, according to a company news release Thursday. The award marks the third time Heritage has won the global title in that World Whiskies Awards category, following two wins for its Brown Sugar Bourbon in 2018 and 2019. 'Team's very excited,' said Stiefel, the distillery's CEO and co-founder with his wife Jennifer. 'It's a testament to how hard we work on really trying to nail the flavor profiles and make sure the overall roundness of the spirit is as pure as possible.' Jennifer Stiefel also credited Heritage's whiskey production team led by Dain Grimmer, marketing team and customers for the award. The Stiefels started Heritage Distilling in 2011, finished up the paperwork and opened their first distillery in Gig Harbor in 2013, according to Justin. They opened a tasting room on the Gig Harbor waterfront in 2014, followed by distillery tasting rooms in Roslyn and Tumwater in Washington state and in Eugene, Oregon. The company recently partnered with the Stillaguamish Tribe to open a Heritage-branded tasting room in Angel of the Winds Casino Resort in Arlington, Washington, The Everett Herald reported. The business has since grown to become the largest craft distillery in Washington state, joining an increasing number of small distilleries across the nation, The News Tribune's Kristine Sherred reported in 2022. Its Cocoa Bomb Chocolate Whiskey is featured in several cocktails on its winter 2025 menu, including Grandpa's Hot Cocoa, with chocolate bitters, cayenne pepper, espresso syrup, brown sugar syrup and cream; Mocha Bomb, with half and half, drip coffee, whipped cream and cocoa powder; and Cosmic Caramel, with Elk Rider Vodka, caramel syrup, espresso, half and half and caramel sauce. Another popular order is the Cocoa Bomb Old Fashioned cocktail made with orange bitters, simple syrup, a dash of cocoa powder and orange peel, according to the online recipe. Jennifer Stiefel said her favorite aspect of Cocoa Bomb is its versatility. 'I actually love it as a summer drink with lemonade and grenadine,' she said. 'It's like a chocolate-covered strawberry on ice.' It's also approachable, she said. It doesn't burn and remains flavorful without letting the chocolate overpower you. She also recommends it in 'boozy baking,' having used it herself to make a chocolate cake with chocolate filling and a dab of whip cream on top, she said. 'We call it whiskey for chocolate lovers and chocolate for whiskey lovers,' Justin said. Asked what's next for the business, he said they're working on a few other recipes for flavored whiskeys and are preparing to release a line of spirits in honor of first responders, including police, firefighters, EMTs and search-and-rescue teams. The public can buy shares in the business after Heritage Distilling listed its stock on the NASDAQ in November under the ticker symbol 'CASK,' according to a company news release. ▪ 3118 Harborview Dr., Gig Harbor, 253-514-8120, ▪ Sunday-Wednesday 11 a.m.-7 p.m., Thursday-Thursday 11 a.m.-8 p.m., Friday-Saturday 11 a.m.-9 p.m. ▪ Tasting rooms in Tumwater, Ballard and Roslyn, as well as two in Oregon
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.
