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Fast-growing RTD spirits brand Carbliss continues to carefully plot its course beyond the central US. But these days the Wisconsin-born brand founded by a husband and wife team is far from under the radar. It ended 2025 with shipments "right around" 4.25 mil cases and revenue a bit north of $140 mil, president and co-founder Adam Kroener shared, both up by about 50% vs prior yr totals of about 2.82 mil cases and $95 mil. That's as the brand was sold in under 20 states for most of 2025, with several still only partially filled, likely serving less than 35% of the country's population even after adding 7 new mkts last yr, he figures. Co plans to add another 5-6 states in 2026 as it targets 5.6 mil cases, Adam indicated, a marker that'd put it above 400K bbls. Even while eschewing most major metros, Carbliss continues to hold its own in the red-hot RTD spirits segment. It finished 2025 as the #8 brand fam in tracked NIQ scans as it picked up 0.8 share to 3.5 total.It's the "same old boring Carbliss" doing the "same slow methodical stuff," Adam joked. But co already added 1 new state this year with "another one coming up soon." First expansion of 2026 is a big one as co entered NY with the Molson Coors network, tho it opted to forgo the greater NYC area for now, in keeping with its typical slow-roll strategy. "The desire is a cohesive network at this point for a state," said Adam. Manhattan Beer would be the logical choice to fill out that state's footprint, but nothing solidified yet.GA, Likely NJ and a Few Others on Tap for 2026 NY brings Carbliss to 21 total states. Other markets on the docket for 2026 include GA, likely NJ and a few undisclosed states in the Northeast and Southeast, as the brand simultaneously seeks to fill some gaps in its existing footprint. Co's often made a habit of expanding to contiguous mkts, so PA could be a logical addition between NY and OH where it's already sold. But by and large, control states "will be last" in Carbliss' expansion plans since there's often "so much more red tape, and the volume doesn't offset" the B.S, as Adam put it.Added 7 States Last Yr, Most Only Partially Filled; 3 MC, 4 AB Recall, Carbliss added IN statewide early on in 2025 with the MC network. But each of the other 6 states it entered are still only partially filled, often with differing networks. Co launched in Houston, Texas last year with AB house Silver Eagle but has yet to expand further in the Lone Star State. It signed with AB distrib Eagle Rock covering about 75% of Colorado, also going with the AB network in TN (~50% covered) and KY (~90%). Yet it went with the MC network in each of AZ and FL, including Crescent Crown and Finley in the former while starting its FL rollout in Oct everywhere but Orlando and Miami.Launched Orlando with Reyes This Mo; Likely 1 More TX City, but No Texas Flood Any Time Soon Co will look to finish AZ in the next few mos and just launched in Orlando 2 wks ago with Reyes, Adam highlighted. Carbliss previously partnered with the country's biggest beer distrib in Indiana and Chicago, adding Orlando after "a lot of negotiation." It opted to launch there "quicker than what we normally do" since the rest of the FL network is going "gangbusters," tho no updates yet on Miami. As for the other massive mkt it entered last yr, co will probably add "another city" in TX and "learn a little bit more," and "if it works then maybe we expand," Adam commented. But "there's not going to be a Texas roll out" any time soon, "I can guarantee you that.""No Perfect Solution" on Network Alignment; Agnostic Approach Offers Optionality Given Carbliss' differing distribution networks, it's hard to gauge any particular preference. "The business will always be built for us to run it for 30, 40, 50 years," Adam noted. But "there really is no perfect solution," he said of the co's current mixed network. If the supplier whose network you align with "doesn't buy you, then you're kind of s*** out of luck" as far as exit strategies.Rather than limit the potential buyer pool, "we've just taken the approach that we're going to build" a "long-term profitable business for our family." And "when that time comes, hopefully we've built enough equity and profitability that the network realignment is a much smaller part of the equation." Recall, co received a $1 mil commitment from a local angel investor back in Jan 2021 and has been profitable since the following yr (see Nov 7, 2023 issue). Tho it's become less cash crunched and more flexible in the ensuing period.Malt Based 19.2oz Cans Expanding to Several More States; Vodka Tea/Lemonade Coming Soon? Co's chain team "knocked it out of the park" on spring resets, said Adam. But while still small, perhaps no Carbliss innovation is more interesting than the malt-based 19.2oz cans it tested in Iowa as a more affordable c-store play. Co will expand those products to ~5 more states this yr, each mkts where malt can be sold alongside spirits. There's a certain demographic that will "never buy spirits-based items because of the price point," Adam commented. But "what we found that we didn't really anticipate" is that a lot of consumers started with Carbliss' malt products and then converted into its spirits offerings. (Notably, malt versions have 1-3g of carbs depending on flavor, so they can't technically be carb-less.)Carbliss is also rolling out several new 4pk flavors this year as well as a limited-edition 8pk in honor of America's 250th. And it may soon be the latest vodka tea/lemonade entrant, planning a LTO this spring/summer for "a product that our distributor network has been requesting from us for about two years."

After Finishing 2025 North of 4.2 Mil Cases and $140 Mil, Carbliss Aims to Grease Growth with Eastward Expansion

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