Edinburgh-based Artisanal Spirits Company (ASC), creator of limited-edition whiskies, said its 2025 revenue fell to £19.9 million from £23.6 million and it made a loss before tax that widened to £7 million.
Artisanal owns The Scotch Malt Whisky Society (SMWS), Single Cask Nation (SCN), J.G. Thomson and Artisan Casks.
“Against a backdrop of subdued consumer demand due to global economic and political uncertainty, ASC continued to make strategic progress and delivered a mixed but resilient year-on-year performance across the Group, notwithstanding the previously announced disruption caused by the US government shut down and the strategic change to Route-To-Market (RTM) in the US in Q4, which directly impacted revenue and EBITDA,” said the firm.
“As a result, the Group delivered an adjusted EBITDA loss of £1.9m.
“This reflects the impact of the US government shutdown and US RTM change which resulted in an inability to complete anticipated US shipments in Q4 2025 equating to around £1.8m of EBITDA and also a provision for US stock expected to be transferred to the SMWS America at the end of March from our current 3-tier partner of £0.8m. Excluding the Americas region, the Group saw a £0.4 million (c2%) decline in revenue.
“From FY26, the US RTM will report in-market depletions as opposed to shipments to the US further aligning revenue and cash and improving efficiency and speed to market for new initiatives. Additionally, this change will generate cost savings of c$1m (£0.75m) over three years.”
Artisanal Spirits Company CEO Andrew Dane said: “Despite persistent macroeconomic and complex geopolitical challenges, as well as the previously announced US operational disruption at the end of the year, ASC continues to manage the factors within its control well.
“We made good strategic progress in 2025, demonstrating the strength of our brands, the depth of our expertise and our ability to pivot and evolve.
“The operational platform we have in place, combined with our cost base efficiency, more direct control over our US operations and increasingly diversified revenue streams, positions us well to benefit as market conditions improve.
“2025 saw us further consolidate our presence in key Asian markets in India and Vietnam, and SMWS continued to progress, underpinned by a loyal, global membership base with around 70% member retention, demonstrating the enduring appeal of our unique single cask and small batch spirits.
“Looking ahead, we continue to focus on delivering exceptional and unique whisky, growing our membership and deepening member engagement.
“We will continue to expand in international markets where the appreciation for premium spirits and experiential brands is growing, as well as diversifying our revenue portfolio, through the likes of Single Cask Nation and the growth in trade cask sales to strengthen our future profit delivery.
“While mindful of near-term uncertainties, we remain confident in the strength of our brands, assets, strategy and medium-term opportunity.”