IP Strategy (IPST)
Market Price (1/21/2026): $1.59 | Market Cap: $0.9 MilSector: Financials | Industry: Diversified Capital Markets
IP Strategy (IPST)
Market Price (1/21/2026): $1.59Market Cap: $0.9 MilSector: FinancialsIndustry: Diversified Capital Markets
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 19361%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 19357% | Weak multi-year price returns2Y Excs Rtn is -140%, 3Y Excs Rtn is -168% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -18 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -212% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, and E-commerce & Digital Retail. Themes include Experiential Retail, Luxury Consumer Goods, Show more. | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 463% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 57% | ||
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -151%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -400% | ||
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 77% | ||
| High stock price volatilityVol 12M is 1588% | ||
| Key risksIPST key risks include [1] sustained operating losses challenging its financial viability, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 19361%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 19357% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, and E-commerce & Digital Retail. Themes include Experiential Retail, Luxury Consumer Goods, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -140%, 3Y Excs Rtn is -168% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -18 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -212% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 463% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 57% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -151%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -400% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 77% |
| High stock price volatilityVol 12M is 1588% |
| Key risksIPST key risks include [1] sustained operating losses challenging its financial viability, Show more. |
Why The Stock Moved
Qualitative Assessment
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IP Strategy (IPST) stock has lost about 90% since 9/30/2025 because of the following key factors:
1. Significant Devaluation of Primary Digital Asset Holdings. The substantial decline in IPST's stock price reflects a likely significant decrease in the fair value of its primary reserve asset, the $IP token, to which its stock performance is highly correlated. The company's 52-week high of $28.40 plummeted to approximately $1.62 by January 20, 2026, indicating a severe loss in the value of its underlying digital asset treasury.
2. Negative Investor Reaction to Investor Day Announcement. On November 5, 2025, IP Strategy announced its first Investor Day, resulting in a 16.18% drop in its stock price on that day, wiping out approximately $22 million from its market capitalization. This suggests a pre-existing bearish sentiment or skepticism among investors regarding the company's outlook.
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1. Significant Devaluation of Primary Digital Asset Holdings. The substantial decline in IPST's stock price reflects a likely significant decrease in the fair value of its primary reserve asset, the $IP token, to which its stock performance is highly correlated. The company's 52-week high of $28.40 plummeted to approximately $1.62 by January 20, 2026, indicating a severe loss in the value of its underlying digital asset treasury.
2. Negative Investor Reaction to Investor Day Announcement. On November 5, 2025, IP Strategy announced its first Investor Day, resulting in a 16.18% drop in its stock price on that day, wiping out approximately $22 million from its market capitalization. This suggests a pre-existing bearish sentiment or skepticism among investors regarding the company's outlook.
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Stock Movement Drivers
Fundamental Drivers
The 177.4% change in IPST stock from 10/31/2025 to 1/20/2026 was primarily driven by a 149.3% change in the company's P/S Multiple.| 10312025 | 1202026 | Change | |
|---|---|---|---|
| Stock Price ($) | 0.58 | 1.62 | 177.40% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 7.27 | 8.50 | 16.89% |
| P/S Multiple | 0.04 | 0.11 | 149.28% |
| Shares Outstanding (Mil) | 0.55 | 0.58 | -5.04% |
| Cumulative Contribution | 176.69% |
Market Drivers
10/31/2025 to 1/20/2026| Return | Correlation | |
|---|---|---|
| IPST | 177.4% | |
| Market (SPY) | -0.7% | 6.7% |
| Sector (XLF) | 1.6% | 5.3% |
Fundamental Drivers
The -85.2% change in IPST stock from 7/31/2025 to 1/20/2026 was primarily driven by a -83.8% change in the company's P/S Multiple.| 7312025 | 1202026 | Change | |
|---|---|---|---|
| Stock Price ($) | 10.98 | 1.62 | -85.25% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 7.79 | 8.50 | 9.08% |
| P/S Multiple | 0.68 | 0.11 | -83.82% |
| Shares Outstanding (Mil) | 0.48 | 0.58 | -19.59% |
| Cumulative Contribution | -85.81% |
Market Drivers
7/31/2025 to 1/20/2026| Return | Correlation | |
|---|---|---|
| IPST | -85.2% | |
| Market (SPY) | 7.5% | 5.0% |
| Sector (XLF) | 1.9% | 5.1% |
Fundamental Drivers
The -93.2% change in IPST stock from 1/31/2025 to 1/20/2026 was primarily driven by a -136.3% change in the company's Shares Outstanding (Mil).| 1312025 | 1202026 | Change | |
|---|---|---|---|
| Stock Price ($) | 23.80 | 1.62 | -93.19% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 7.76 | 8.50 | 9.54% |
| Net Income Margin (%) | 3.48% | 2133.16% | 61235.76% |
| P/E Multiple | 21.58 | 0.01 | -99.98% |
| Shares Outstanding (Mil) | 0.24 | 0.58 | -136.26% |
| Cumulative Contribution | -105.83% |
Market Drivers
1/31/2025 to 1/20/2026| Return | Correlation | |
|---|---|---|
| IPST | -93.2% | |
| Market (SPY) | 13.6% | 3.0% |
| Sector (XLF) | 4.4% | 3.7% |
Fundamental Drivers
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Market Drivers
1/31/2023 to 1/20/2026| Return | Correlation | |
|---|---|---|
| IPST | ||
| Market (SPY) | 72.9% | 3.2% |
| Sector (XLF) | 52.2% | 3.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| IPST Return | - | - | - | -49% | -95% | 9% | -98% |
| Peers Return | � | � | � | � | -25% | 23% | � |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 1% | 85% |
Monthly Win Rates [3] | |||||||
| IPST Win Rate | - | - | - | 0% | 42% | 100% | |
| Peers Win Rate | � | � | � | � | 47% | 100% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 100% | |
Max Drawdowns [4] | |||||||
| IPST Max Drawdown | - | - | - | -49% | -99% | -13% | |
| Peers Max Drawdown | � | � | � | � | -50% | 0% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | 0% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: DVLT, COIN, MSTR, MARA, RIOT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 1/20/2026 (YTD)
How Low Can It Go
IPST has limited trading history. Below is the Financials sector ETF (XLF) in its place.
| Event | XLF | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -26.9% | -25.4% |
| % Gain to Breakeven | 36.7% | 34.1% |
| Time to Breakeven | 525 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -43.3% | -33.9% |
| % Gain to Breakeven | 76.5% | 51.3% |
| Time to Breakeven | 295 days | 148 days |
| 2018 Correction | ||
| % Loss | -26.1% | -19.8% |
| % Gain to Breakeven | 35.2% | 24.7% |
| Time to Breakeven | 338 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -83.7% | -56.8% |
| % Gain to Breakeven | 515.2% | 131.3% |
| Time to Breakeven | 4,470 days | 1,480 days |
Compare to DVLT, COIN, MSTR, MARA, RIOT
In The Past
SPDR Select Sector Fund's stock fell -26.9% during the 2022 Inflation Shock from a high on 1/12/2022. A -26.9% loss requires a 36.7% gain to breakeven.
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We are a craft distillery producing, marketing, and selling a diverse line of award-winning craft spirits, including whiskeys, vodkas, gins, rums, and “ready-to-drink” canned cocktails. We recognize that taste and innovation are key criteria for consumer choices in spirits and innovate new products for trial in our company-owned distilleries and tasting rooms. We have developed differentiated products that are responsive to consumer desires for rewarding and novel taste experiences. We compete in the craft spirits segment, which is the most rapidly-growing segment of the overall $288 billion spirits market. According to the American Craft Spirits Association, a craft distillery is defined generally as a distillery that produces fewer than 750,000 gallons annually and holds an ownership interest of 51% or more of a distilled spirits plant that is licensed by the Alcohol and Tobacco Tax and Trade Bureau of the U.S. Department of the Treasury. According to the Craft Spirits Global Market Report 2023 of Grand View Research, the craft spirits segment had revenues of more than $21.4 billion in 2023, an increase of 20.9% from 2021, and is estimated to grow at a compound annual growth rate (“CAGR”) of 29.4% between 2024 and 2030. We believe we are well positioned to grow in excess of the growth rate of the market by increasing our marketing efforts, increasing the size of our sales teams, and broadening our wholesale distribution. Out of the more than 2,600 craft producers in North America, we have been recognized with more awards for our products from the American Distilling Institute, the leading independent spirits association in the U.S., than any other North American craft distiller for each of the last ten years, plus numerous other Best of Class, Double Gold, and Gold medals from multiple national and international spirits competitions. We are one of the largest craft spirits producers on the West Coast based on revenues and are developing a national reach in the U.S. through traditional sales channels (wholesale, on-premises, and e-commerce) and our unique and recently-developed Tribal Beverage Network (“TBN”) sales channel. Based upon our revenues and our continued track record of winning industry awards in an increasingly competitive environment, we believe we are one of the leading craft spirits producers in the United States. We sell our products through wholesale distribution, directly to consumers through our five owned and operated distilleries and tasting rooms located in Washington and Oregon, and by shipping directly to consumers on-line where legal. Currently, we sell products primarily in the Pacific Northwest with limited distribution in other states throughout the U.S. In addition, in collaboration with Native American tribes, we have recently developed a new sales, manufacturing, and distribution channel on tribal lands that we expect will increase and broaden the recognition of our brand as that network expands nationally. Our growth strategy is based on three primary areas. First, we are focused on growing our direct-to-consumer (“DtC”) sales by shipping to legal purchasers to their homes where allowed. We currently use a three-tier compliant, third-party platform to conduct these sales and deliveries in 46 states in which approximately 96.8% of the U.S. population reside. This allows us to develop a relationship directly with the consumer through higher-margin sales while collecting valuable data about our best performing products. We can then use this data to target the consumer based on location, age, key demographics, and product types. With the data collected, we can also retarget and resell to these customers thereby generating more revenue. We are also focused on growing our wholesale volume and revenue, which is supported by our DtC strategy. Our distributors resell our products through local, regional and key national accounts both on-premises and off-premises. By building brand recognition for key products in selected regions or states through DtC sales, we can better support the wholesale launch, marketing, and product pull-through of those products in partnership with wholesalers in those targeted states. While DtC sales result in singular high-margin sales, growing volume through wholesale distribution is the most efficient way to drive large-scale growth across retail chains. Third, we are focused on expanded growth of our collaboration with Native American tribes through the TBN model we created. In concert with tribal partners, this sales channel includes Heritage-branded micro production hubs, Heritage-branded stores and tasting rooms, and the sale of our products and new tribally-branded products. In the typical TBN collaboration, the tribes will own these businesses and we will receive a royalty on gross sales through licenses we grant to use our brands, products, recipes, programs, IP, new product development, on-going compliance support, and the other support we provide. The TBN is expected to form a network of regional production hubs that will support product trials and sampling and will generate sales of finished, intermediate, and bulk spirits depending on location, equipment, and market. Importantly, because these premium spirits will be produced locally, we believe the TBN will promote the positioning of our brands as local and regional. We expect that, as the brands grow and the TBN footprint expands, there will be an important synergy with increased adoption and growth through our wholesale channels in the regions where the TBN locations are driving trial and awareness. Similarly, as demand for our products grows through our wholesale channels, there should be a positive effect on the demand for our products through the tribal distilleries. We were incorporated in the State of Delaware on April 25, 2019. Heritage Distilling Company, Inc. (“HDC”) was incorporated in the State of Washington on July 19, 2011 to own and operate a network of craft distilleries for the purpose of creating products and services around craft distilling, blending, bottling, and marketing premium distilled spirits. HDC’s first distillery began production in late 2012 in Gig Harbor, WA. On March 4, 2019, as part of a corporate restructuring, HDC became our wholly-owned subsidiary. As a result of the restructuring, we are a holding company and HDC and Thinking Tree Spirits are our operating subsidiaries through which all of our business is conducted. Our principal executive offices are located at 9668 Bujacich Road, Gig Harbor, Washington.
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Here are 1-3 brief analogies for IP Strategy (IPST):
- McKinsey for intellectual property strategy.
- Salesforce for intellectual property management.
- Sotheby's for high-value intellectual property assets.
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Based on the name "IP Strategy," this hypothetical public company (IPST) would primarily offer the following intellectual property services:
- IP Portfolio Management & Strategy Consulting: Provides expert advice on developing, managing, and optimizing a company's intellectual property portfolio to align with overall business goals.
- Patent & Trademark Services: Offers strategic guidance for securing and maintaining patents and trademarks, encompassing application strategy, portfolio growth, and global protection.
- IP Commercialization & Transactions: Assists clients in monetizing their intellectual property assets through licensing agreements, sales, joint ventures, and other strategic transactions.
- IP Due Diligence & Valuation: Conducts comprehensive assessments of intellectual property assets for mergers, acquisitions, investments, and determines their fair market value.
- IP Enforcement & Litigation Support: Delivers strategic advice and expert services to support clients in protecting their IP rights against infringement and navigating legal disputes.
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I am unable to find a public company with the stock symbol IPST, nor a public company named "IP Strategy" in my database of public companies.
It is possible that the company name or symbol is incorrect, or it is a private or hypothetical entity. Therefore, I cannot identify its major customers or customer categories as requested.
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Justin Stiefel, Chief Executive Officer & Board Chairman
Mr. Stiefel is the CEO and co-founder of Heritage Distilling, which operates as IP Strategy. He was the driving force behind Heritage's focus on consumer-friendly products and experiences and created the Tribal Beverage Network (TBN) concept, advocating for the repeal of an 1834 statute prohibiting distilling in Indian country. Prior to co-founding Heritage, Mr. Stiefel spent 13 years in Washington D.C., primarily working in the United States Senate on taxation, economic development, banking, and oil and gas policy. He also previously served as Of Counsel at the international law firm of Dorsey and Whitney LLP.
Michael Carrosino, Executive Vice President of Finance & Chief Financial Officer
Mr. Carrosino was appointed Chief Financial Officer of Heritage Distilling (IP Strategy) in December 2024, having served as Acting Chief Financial Officer since June 2023. He is a veteran finance and operations executive with over 40 years of experience across multiple public and private industries. His expertise includes accounting, financial planning & analysis (FP&A), human resources, operations, mergers and acquisitions (M&A), divestitures, fundraisings, and restructurings. He has held CFO positions at companies such as Pacific Biometrics Inc., Experticity, Conversay, Helix BioMedix, and Tatoosh, and has consulted for CFO Selections.
Jennifer Stiefel, Co-Founder, President & Director
Mrs. Stiefel is a co-founder of Heritage Distilling (IP Strategy) and has served as President of the company since 2011. She is responsible for overseeing the Heritage brand preservation and consumer experience and plays an instrumental role in growing the Tribal Beverage Network (TBN). Before co-founding Heritage, Mrs. Stiefel worked as a staff assistant for the United States Senate Committee on Appropriations and was a teacher at Fairfax County Public Schools.
Troy Alstead, Director
Mr. Alstead joined the Heritage Distilling (IP Strategy) Board of Directors following the company's IPO in November 2024. He brings over two decades of executive leadership experience, including more than 24 years at Starbucks Corporation, where he served as Chief Operating Officer, Chief Financial Officer, Chief Administrative Officer, and Group President. During his tenure at Starbucks, he spent a decade in international business, overseeing operations in Europe, the Middle East, Africa, and Greater China. Since 2017, Mr. Alstead has also been the founder and proprietor of Ocean5 and Table.
Christopher (Toby) Smith, Director
Mr. Smith has been a director of Heritage Distilling (IP Strategy) since 2022. An attorney, he was a partner at Whitman & Ransom (now Winston & Strawn LLP) and later served as Counsel at Foley & Lardner LLP. Since February 1986, he has been an attorney at Alexander, Smith & Company, Inc., a Connecticut-based legal and financial advisory firm, which he founded. Mr. Smith has a broad executive background, having served numerous public and private enterprises nationally and internationally as Executive Chairman of the Board, Lead Director, Chief Executive Officer, Chief Financial Officer, and General Counsel.
AI Analysis | Feedback
The key risks to IP Strategy's (IPST) business primarily stem from its strategic pivot to a digital asset-focused model, alongside inherent financial challenges and execution risks associated with its new operations.
- Volatility and Regulatory Uncertainty of Digital Assets: The most significant risk is tied to IP Strategy's digital asset treasury strategy and validator operations, particularly concerning the value and price volatility of its primary reserve asset, $IP tokens. This includes legal, commercial, regulatory, and technical uncertainties surrounding digital assets in general, as well as their tax treatment in the U.S. and abroad. The company's financial health shows signs of stress, with a high volatility of 143.07%, directly reflecting its exposure to these fluctuating digital assets. Furthermore, there is a risk that the company's stock price may be highly correlated to the price of the $IP tokens it holds. Management has also cautioned about a significant deferred tax liability linked to unrealized gains on these tokens.
- Financial Health and Profitability Challenges: IP Strategy has faced difficulties maintaining profitability, evidenced by a reported operating margin of -211.94%. While the cancellation of a $15 million Equity Line of Credit (ELOC) was intended to limit future shareholder dilution, it also removed a committed financing facility, potentially reducing the company's near-term financial flexibility for growth. The company's valuation metrics suggest a distressed stock, trading at significant discounts relative to historical valuations.
- Execution Risk of Digital Asset Strategy: There is a material risk associated with the company's ability to successfully execute its treasury reserve and validator business plans. While IP Strategy aims to expand high-margin validator services and reduce operational costs, the successful implementation of this new digital asset-centric business model and its ability to generate consistent, recurring revenue remains an ongoing challenge.
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IP Strategy (NASDAQ: IPST) is pivoting its business model, with expected future revenue growth driven primarily by its validator operations within the Story AI-native blockchain network and the broader programmable intellectual property economy. While historically involved in craft distilling, recent strategic shifts highlight a strong focus on high-margin digital asset activities.
Here are 3-5 expected drivers of future revenue growth for IP Strategy over the next 2-3 years:
- Expansion of $IP Token Validator Operations: The launch of IP Strategy's $IP token validator service on September 18, 2025, has been a significant new revenue stream, contributing substantially to Q3 2025 net revenues. The company plans to expand its staking activities significantly in the coming months, anticipating increased validator rewards and commission income from third-party delegations. This expansion is expected to be a highly profitable and scalable income stream, directly tied to the growth and security of the Story Network.
- Growth of the Story AI-native Blockchain Network and Programmable IP Economy: IP Strategy is the first Nasdaq-listed company to adopt a treasury reserve policy centered on the $IP token, providing public market investors with exposure to the programmable intellectual property economy. As the Story network progresses in its ecosystem development, including infrastructure, data, and real-world IP adoption, the value and utility of the $IP token and IP Strategy's role within this ecosystem are expected to grow, thereby driving revenue.
- Commission Income from Third-Party $IP Token Delegations: Beyond self-staking its own $IP tokens, IP Strategy also earns commission income from third-party $IP token holders who delegate their tokens to the company's validator. This creates an additional recurring and scalable revenue stream as more external participants choose to stake their $IP tokens with IP Strategy for secure, institutional-grade staking.
- Transition to an Asset-Light, High-Margin Enterprise and Reduction of Operating Expenses: IP Strategy's CEO, Justin Stiefel, has indicated a strategic transition to becoming an "asset light, high-margin enterprise." This involves focusing on high-margin validator work, reducing long-term operating expenses, and exploring growth opportunities without relying on dilutive financing. This operational efficiency and cost reduction are anticipated to improve profitability and contribute to net revenue growth by enhancing the bottom line.
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Share Issuance
- IP Strategy executed a 1-for-20 reverse stock split effective November 5, 2025, reducing its outstanding shares from approximately 183.5 million to around 9.17 million.
- On September 18, 2025, the company issued 6,477,092 shares of common stock to advisors and facilitated the exercise of Pre-Funded Warrants for 143,616,678 shares.
- A $15 million Equity Line of Credit (ELOC), established on January 23, 2025, was terminated on December 22, 2025, without any draws, with the aim of limiting future dilution.
Inbound Investments
- IP Strategy completed a $223.8 million Private Investment in Public Equity (PIPE) that was used to acquire 53.2 million $IP Tokens, supporting its new digital asset treasury strategy.
- Story Foundation, the entity behind the $IP token, announced its intention to purchase up to $7 million of IP Strategy common stock through open market transactions.
- The company partnered with Crypto.com on November 11, 2025, for execution, custody, OTC trading, and staking services related to its digital-asset treasury reserve, which holds 52.5 million $IP tokens valued at over $230 million.
Outbound Investments
- IP Strategy made a significant strategic investment by acquiring 53.2 million $IP Tokens through a $223.8 million PIPE.
- The company has shifted its primary business focus to an IP Management Infrastructure, centered on holding and staking $IP Tokens on the Story Network.
- As of Q3 2025, the company reported $455.65 million in intangible digital assets, specifically $IP tokens, on its balance sheet.
Latest Trefis Analyses
| Title | Topic | |
|---|---|---|
| DASHBOARDS | ||
| 7-Day Sell-Off Sends Heritage Distilling Stock Down 43% | Notification | |
| Heritage Distilling Stock 8-Day Losing Spree: Stock Falls -58% | Notification | |
| null |
| Title | |
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| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for IP Strategy
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 14.23 |
| Mkt Cap | 5.1 |
| Rev LTM | 556 |
| Op Inc LTM | -42 |
| FCF LTM | -679 |
| FCF 3Y Avg | -378 |
| CFO LTM | -45 |
| CFO 3Y Avg | -27 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 51.1% |
| Rev Chg 3Y Avg | 37.8% |
| Rev Chg Q | 80.7% |
| QoQ Delta Rev Chg LTM | 16.0% |
| Op Mgn LTM | -59.4% |
| Op Mgn 3Y Avg | -69.0% |
| QoQ Delta Op Mgn LTM | 12.9% |
| CFO/Rev LTM | -92.9% |
| CFO/Rev 3Y Avg | -70.6% |
| FCF/Rev LTM | -327.9% |
| FCF/Rev 3Y Avg | -205.2% |
Price Behavior
Price Behavior
| Market Price | $1.62 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 11/22/2024 | |
| Distance from 52W High | -93.8% | |
| 50 Days | 200 Days | |
| DMA Price | $18.82 | $42.29 |
| DMA Trend | down | down |
| Distance from DMA | -91.4% | -96.2% |
| 3M | 1YR | |
| Volatility | 3,221.5% | 1,594.4% |
| Downside Capture | 659.74 | 326.57 |
| Upside Capture | -492.47 | 8.59 |
| Correlation (SPY) | 6.0% | 3.0% |
IPST Betas & Captures as of 12/31/2025
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -4.27 | 24.03 | 14.02 | 10.08 | 2.43 | 0.94 |
| Up Beta | -23.38 | -79.29 | -47.83 | -24.76 | -3.12 | -3.46 |
| Down Beta | -9.36 | -4.58 | -1.08 | 2.80 | 1.00 | -1.16 |
| Up Capture | -1070% | 5958% | -208% | 90% | -2% | -1% |
| Bmk +ve Days | 11 | 23 | 37 | 72 | 143 | 431 |
| Stock +ve Days | 6 | 13 | 22 | 49 | 98 | 106 |
| Down Capture | 1116% | 610% | 504% | 356% | 167% | 110% |
| Bmk -ve Days | 11 | 18 | 27 | 55 | 108 | 320 |
| Stock -ve Days | 15 | 27 | 41 | 77 | 148 | 164 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
nullBased On 5-Year Data
nullBased On 10-Year Data
nullEarnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 11/18/2025 | 10-Q (09/30/2025) |
| 06/30/2025 | 08/14/2025 | 10-Q (06/30/2025) |
| 03/31/2025 | 05/20/2025 | 10-Q (03/31/2025) |
| 12/31/2024 | 04/28/2025 | 10-K (12/31/2024) |
| 09/30/2024 | 12/27/2024 | 10-Q (09/30/2024) |
| 06/30/2024 | 11/25/2024 | 424B4 (06/30/2024) |
| 03/31/2024 | 07/05/2024 | S-1/A (03/31/2024) |
| 09/30/2023 | 12/22/2023 | DRS/A (09/30/2023) |
| 06/30/2023 | 11/13/2023 | DRS (06/30/2023) |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Varga, Andrew M | Direct | Buy | 2182025 | 1.23 | 47,500 | 58,425 | 64,575 | Form | |
| 2 | Marker, Beth A | SVP of Retail Operations | Direct | Buy | 2132025 | 1.17 | 8,500 | 9,933 | 9,939 | Form |
| 3 | Stiefel, Justin B | CEO & Treasurer | Direct | Buy | 2072025 | 1.20 | 2,916 | 3,499 | 52,338 | Form |
| 4 | Stiefel, Justin B | CEO & Treasurer | spouse | Buy | 2072025 | 1.23 | 2,450 | 3,014 | 82,772 | Form |
| 5 | Stiefel, Jennifer D H | President & Secretary | Direct | Buy | 2072025 | 1.23 | 2,450 | 3,014 | 82,772 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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