IP战略控股有限公司2026年季度报告

FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended March 31, 2026 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from __________ to __________ IP STRATEGY HOLDINGS, INC. (Exact name of registrant as specified in its charter)_________________________ Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the ExchangeAct. Table of Contents IP STRATEGY HOLDINGS, INC.CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Index to Condensed Consolidated Financial Statements Unaudited Interim Condensed Consolidated Financial Statements for the Three Month Periods ended March 31, 2026and 2025PageCondensed Consolidated Balance Sheets as of March 31, 2026 and December31, 20255Condensed Consolidated Statements of Operations for the Three Months ended March 31, 2026 and 20256Condensed Consolidated Statements of Stockholders’ Equity for the Three Months ended March 31, 2026 and 20257Condensed Consolidated Statements of Cash Flows for the Three Months ended March 31, 2026 and 20258Notes to Unaudited Condensed Consolidated Financial Statements9 IP Strategy Holdings, Inc.Condensed Consolidated Balance Sheets IP Strategy Holdings, Inc.Notes to Condensed Consolidated Financial Statements NOTE 1 — DESCRIPTION OF OPERATIONS AND BASIS OF PRESENTATION Description of operations— IP Strategy Holdings, Inc., formerly Heritage Distilling Holding Company, Inc. (the “Company”) is aDelaware corporation engaged in the businesses of: investing in. managing, and/or operating cryptocurrency activities, including ecosystemvalidator services; and investing in, managing, and/or operating businesses that are engaged in the production, sale, or distribution ofalcoholic beverages. The Company is headquartered in Gig Harbor, Washington and has two wholly owned subsidiaries that are included inthe condensed consolidated financial statements: Heritage Distilling Company, Inc., a Washington corporation (“HDC”); and IP Strategy, On February 17, 2026, the Company filed a Third Amended and Restated Certificate of Incorporation, as amended (the “Certificate ofIncorporation”) to change its name from Heritage Distilling Holding Company, Inc. to IP Strategy Holdings, Inc. The names of the HDC has operated since 2011 as a craft distillery making a variety of whiskeys, vodkas, gins and rums as well as Ready-to-Drink(“RTD”) beverages. HDC also operated distillery tasting rooms in Washington and Oregon. On October 23, 2025, in response to cominglease increases, recently-enacted state tax increases on small businesses and pending wage increases, the Company closed its five ownedand operated tasting rooms in Washington and Oregon effective December 31, 2025, along with the transition of production to third-partycontract producers beginning in the first quarter of 2026 (the “Restructuring”) (See Note 14 - Restructuring). These actions, along with asignificant reduction in headcount and overhead, are expected to result in significant reductions in net expenses with a resulting positiveimpact to net income. The elimination of in-house production and the eventual termination of leases associated with operations is also IP Strategy LLC was formed in September 2025 as a subsidiary of the Company to accumulate and hold $IP Tokens, the nativecryptocurrency of the Story Network, and to house validator and related cryptocurrency operations. Under the digital currency treasury Initial Public Offering—On November25, 2024, the Company closed an initial public offering (“IPO”) of 4,218 shares of commonstock at $1,600 per share. Concurrently, the Company also closed a private offering of 955 common warrants to purchase shares of common Rebranding and Change in Ticker Symbol— In September 2025, the Company rebranded as “IP Strategy,” reflecting its evolutioninto a public-market vehicle focused on the accumulation of $IP Tokens. In connection with the rebranding, the Company’s Nasdaq ticker Registration of Common Stock— On January 24, 2025, the Company filed a Form S-1 Registration Statement under the SecuritiesAct of 1933 to register up to a maximum of 12,500 shares of common stock and 167 shares of common stock issuable upon the exercise ofthe Commitment Warrants, described below, of the up to $15,000,000 aggregate gross purchase price of shares of common stock (the“ELOC Shares”) that have been or may be issued b