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
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 | $353.9K | $381.5K | — |
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.
Others in SIC 2080
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| KO | COCA COLA CO | $378.92B | 29.0x | 1.9% |
| PEP | PEPSICO INC | $187.85B | 22.9x | 2.3% |
| KDP | Keurig Dr Pepper Inc. | $44.35B | 21.3x | 8.2% |
| BF-B | BROWN FORMAN CORP | $12.26B | 17.5x | -1.2% |
| PRMB | Primo Brands Corp | $7.97B | 137.5x | 29.3% |
| COCO | Vita Coco Company, Inc. | $3.16B | 46.3x | 18.2% |
| BRCC | BRC Inc. | $1.03B | — | 1.7% |
| WEST | Westrock Coffee Co | $756.6M | — | 39.8% |