Heritage Distilling: Salute Series sales top $2.4M; Q1 ecommerce outpaces Q4; FY2024 revenue to be highest since 2021

IP STRATEGY HOLDINGS, INC.

Salute Series sold nearly 2,000 cases since Q4 2023 launch; online sales >$2.4M, raised >$200K for military/responder charities.
Q1 2025 ecommerce revenues already surpassed full Q4 2024, unusual for Q1 vs. Q4 seasonality.
Battle of Iwo Jima 80th Anniversary limited edition sold out 2,200 bottles in <3 weeks; on backorder.
Repeat buyers account for ~30% of online Salute Series revenue; spending per order increasing.
Company plans to acquire high-value bourbon inventory as bulk prices fall; sees bourbon arbitrage opportunity.

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