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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 business is unprofitable at the operating level (-1323.64% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 20.4%, still solid. Margins contracted 1146.1pp, which offsets some of the top-line progress.
ROIC dropped from -43.13% to -166.58%, capital efficiency is deteriorating. Negative free cash flow of -$15M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$11M
▲ +20.4% YoY
Net Income (TTM)
-$201M
▼ -19484.0% YoY
Op. Margin
-1842.58%
▼ -1146.1pp YoY
ROIC
-105.21%
▼ -123.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$16M
▼ -36.0% YoY
Op. Cash Flow (TTM)
-$16M
▼ -36.7% YoY
Net Debt
$7M
Cash & Equiv.
$93K
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