IP STRATEGY HOLDINGS, INC. IPST
We operate a diversified business centered on digital asset–based infrastructure and intellectual property ("IP") management, supplemented by a legacy craft spirits operating segment. In August 2025, we consummated a $220 million offering of our pre-paid stock purchase warrants in which we acquired 53.2 million $IP Tokens for our digital asset treasury. The $IP Token is the native utility token of the Story Network, a decentralized layer 1 blockchain that allows network participants to register, license and enforce IP assets. Our strategic focus involves the continued growth of our validator services using our $IP Tokens to generate yield and the possible future acquisition, management, and monetization of IP that can add value to our balance sheet and deliver more revenue and yield.
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by segment
- Spirits Business Segment
- Crypto and Related Segment
| Segment | FY2025 |
|---|---|
| Spirits Business Segment | $5.2M |
| Crypto and Related Segment | $5.0M |
As the company reported it, from the “SEGMENT REPORTING - Schedule of Segment Reporting Information, by Segment (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue | $10.1M | $8.4M | $8.0M | — |
| Cost of revenue | $4.6M | $6.3M | $230.2K | — |
| Gross profit | $5.6M | $2.1M | $2.2M | — |
| SG&A | $12.4M | $11.0M | $7.5M | — |
| Total operating expenses | $139.5M | $17.0M | $13.4M | — |
| Operating income | -$133.9M | -$14.9M | -$11.3M | — |
| Interest expense | $1.6M | $2.5M | $2.5M | — |
| Pre-tax income | -$137.7M | $719.6K | -$36.8M | — |
| Income tax | $8.5K | $9.2K | $7.0K | — |
| Net income | -$137.7M | $710.5K | -$36.8M | — |
| EPS, basic | -16.03 | 0.98 | -96.45 | — |
| EPS, diluted | -16.03 | -39.46 | -96.45 | — |
| Shares, diluted (wtd. avg.) | 8.6M | 353,887 | 381,543 | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Cash and equivalents | $245.3K | $453.2K | $76.9K | $223.0K |
| Receivables | $347.8K | $638.9K | $721.9K | — |
| Inventory | $1.6M | $2.5M | $2.8M | — |
| Total current assets | $2.7M | $3.9M | $5.3M | — |
| Property, plant and equipment | $1.2M | $5.4M | $6.4M | — |
| Goodwill | $0 | $589.9K | $0 | — |
| Other intangibles | $0 | $421.2K | $0 | — |
| Total assets | $108.8M | $28.0M | $26.3M | — |
| Accounts payable | $2.0M | $5.0M | $5.2M | — |
| Total current liabilities | $8.9M | $13.8M | $62.8M | — |
| Long-term debt | $2.6M | $13.2M | $14.3M | — |
| Total liabilities | $10.5M | $27.2M | $69.7M | — |
| Retained earnings | -$211.8M | -$74.1M | -$74.8M | — |
| Total equity | $98.2M | $791.8K | -$43.4M | -$6.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Operating cash flow | -$15.3M | -$11.2M | -$8.5M | — |
| Depreciation and amortisation | $1.1M | $1.3M | $1.4M | — |
| Stock-based compensation | $4.5M | $4.9M | $18.6K | — |
| Capital expenditure | $74.8K | $106.4K | $26.5K | — |
| Investing cash flow | -$16.5M | -$101.3K | -$24.1K | — |
| Financing cash flow | $31.6M | $11.7M | $8.4M | — |
| Buybacks | $2.0K | $3.7K | $11.3K | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001788230-26-000046.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Revenue | — | $8.0M | $8.4M | $10.1M |
| Gross profit | — | $2.2M | $2.1M | $5.6M |
| Net income | — | -$36.8M | $710.5K | -$137.7M |
Recent filings and events
- Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Other event Item 8.01
- Officer or director change Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Shareholder vote Item 5.07
- Delisting notice Item 3.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 2080
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| BF-B | BROWN FORMAN CORP | $13.49B | 19.2x | -1.2% |
| PRMB | Primo Brands Corp | $7.13B | 123.1x | 29.3% |
| COCO | Vita Coco Company, Inc. | $3.24B | 47.5x | 18.2% |
| BRCC | BRC Inc. | $1.33B | — | 1.7% |
| WEST | Westrock Coffee Co | $964.1M | — | 39.8% |