Board adopts cryptocurrency reserve policy as part of treasury diversification Bitcoin Bourbon™ pre-launch and giveaway contest unveiledFinTech veteran Matt Swann appointed to Board of DirectorsRedefines CPG Sector to “Crypto Product Goods” GIG HARBOR, Wash., June 05, 2025 (GLOBE NEWSWIRE) -- Heritage Distilling Holding Company, Inc. (NASDAQ: CASK), North America's most awarded craft distillery, is pioneering a new category: Crypto Product Goods (CPG). This marks a shift from traditional consumer packaged ...

Core Viewpoint - Heritage Distilling Holding Company aims to lead the craft spirits e-commerce sector by accepting Bitcoin and Dogecoin as payment and holding them as strategic assets [1][2][3] Group 1: Cryptocurrency Policy - The Cryptocurrency Policy allows Heritage to accept Bitcoin and Dogecoin for products and services through its direct-to-consumer e-commerce platform [1][2] - The policy is based on the belief that Bitcoin is a long-term strategic asset, while Dogecoin is gaining popularity for transactions due to its substantial user base [2] - Estimates suggest that between 65 to 86 million Americans hold Bitcoin, and approximately 83 million wallets hold Dogecoin, presenting a growing opportunity for Heritage [2] Group 2: Leadership and Innovation - Matt Swann, chair of the Board's Technology and Cryptocurrency Committee, emphasizes the potential of cryptocurrencies to reduce friction in commerce [3] - CEO Justin Stiefel highlights Heritage's innovative approach in the craft spirits space by preparing to accept cryptocurrencies and leveraging them as assets [3] - The company expects that acceptable margins between retail prices and production costs will mitigate potential volatility in cryptocurrency values [3] Group 3: Company Background - Heritage Distilling is recognized as one of the premier independent craft distilleries in the U.S., offering a diverse range of spirits and has been awarded multiple accolades [4] - The company is expanding its presence nationwide through various sales channels, including e-commerce and a unique collaboration with Native American tribes known as the Tribal Beverage Network [4] - This initiative aims to create economic and social benefits for tribal communities while enhancing Heritage's commitment to innovation and sustainable growth [4]

Compliance with Nasdaq - Heritage Distilling Holding Company has regained compliance with Nasdaq Listing Rule 5250(c)(1) after filing its 2024 Annual Report on Form 10-K on April 28, 2025 [1][2] - Nasdaq staff confirmed that no further action is required from the company regarding this compliance matter [2] Company Overview - Heritage Distilling is a leading independent craft distillery in the United States, offering a variety of spirits including whiskeys, vodkas, gins, rums, and ready-to-drink cocktails [3] - The company has been recognized as North America's most awarded craft distillery for ten consecutive years by the American Distilling Institute [3] - Heritage is one of the largest craft spirits producers on the West Coast by revenue and is expanding its presence nationwide through various sales channels, including wholesale, on-premises venues, e-commerce, and the Tribal Beverage Network (TBN) [3] - The TBN initiative collaborates with Native American tribes to develop Heritage-branded distilleries and unique tribal brands, creating economic and social benefits for participating tribes [3]

Core Insights - Heritage Distilling Company achieved a transformative year in 2024, transitioning to a publicly traded company with an IPO on Nasdaq, resulting in positive EBITDA and net income for the first time in its history [2][4] - The company reported a topline revenue increase of 26.4% in Q4 2024 compared to Q4 2023, reaching over $3 million, and a year-over-year revenue growth of 5.4% for the full year [1][6] Financial Performance - Full year 2024 EBITDA was $4,539,962, a significant improvement from a negative EBITDA of $(32,834,439) in 2023 [6][8] - Net income for 2024 was $710,458, or $0.05 per share, compared to a net loss of $(36,798,419) in 2023 [6][8] - Revenue for 2024 was approximately $8,402,488, up $431,264 or 5.4% from $7,971,224 in 2023, primarily driven by a 28.8% increase in product sales [7][8] Operational Highlights - The company reduced total liabilities by $42,482,429 year over year, significantly improving its balance sheet [10] - Cash-based operating expenses were reduced by $1.1 million in 2024 compared to 2023, with a focus on higher-margin products and services [9][12] - The company expanded its market presence into Colorado, Kentucky, and Oklahoma, and launched new products, including the successful Salute Series brand [3][6] Strategic Initiatives - Heritage Distilling plans to continue its growth trajectory in 2025, with preliminary Q1 results looking promising and additional annualized cost reductions of over $1 million being implemented [4][12] - The company has established a Tribal Beverage Network (TBN) to develop Heritage-branded distilleries and tasting rooms in collaboration with Native American tribes, enhancing its market reach [17]