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CWGL on OTC

Crimson Wine Group, Ltd

Crimson Wine Group, Ltd is an American beverages company based in Napa, listed on OTC (CWGL).2

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Last updated Oct 21, 2026.

Overview

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  • TickerCWGL on OTC2
  • IndustryBeverages2
  • HeadquartersNapa, United States2
  • Incorporated inDE3
  • Business address5901 Silverado Trail, Napa, Ca 945583
  • Filer categoryNon-accelerated filer, Smaller reporting company3
  • Legal formCorporation2
  • LEI254900L67L3ONFDU2R822
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 22559582

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Crimson is in the business of producing and selling luxury wines (i.e., wines that retail for over $16 per 750ml bottle). Crimson is headquartered in Napa, California, and through its wholly-owned subsidiaries, owns seven primary wine estates and brands: Pine Ridge Vineyards, Archery Summit, Chamisal Vineyards, Seghesio Family Vineyards, Double Canyon, Seven Hills Winery and Malene Wines.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

47.2%Gross margin5
-5.7%Operating margin5
0.9%Net margin5
-10.8%Revenue growth, 20255
0.3%Return on equity5
0.08×Debt to equity5
-$2.5MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Wholesalers brought in 57% of the revenue Crimson Wine Group, Ltd broke down this way in fiscal 2025.

  1. Wholesalers$35.5M557%down 14% from 2024
  2. Direct To Consumers$26.4M543%down 6% from 2024
Business segments by year
Business segments20242025
Wholesalers$41.1M$35.5M
Direct To Consumers$28.0M$26.4M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue51¢$34.4M
  • Selling, general and admin48¢$32.1M
  • Income tax0¢$263.0K
  • Profit1¢$613.0K

Out of $65.1M in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Capital spending92¢$3.9M
  • Share buybacks8¢$351.0K

Out of $1.4M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.5

Financial statements

Revenue6789105$65.1M in 2025−3% since 2019
0$20.0M$40.0M$60.0M$80.0M2019: $67.1M$67.1M20192020: $64.1M$64.1M2020−5%2021: $68.9M$68.9M2021+8%2022: $74.2M$74.2M2022+8%2023: $72.4M$72.4M2023−2%2024: $73.0M$73.0M2024+1%2025: $65.1M$65.1M2025−11%
Gross profit6789105$30.7M in 2025+22% since 2019
0$10.0M$20.0M$30.0M$40.0M2019: $25.1M$25.1M20192020: $19.7M$19.7M2020−22%2021: $30.1M$30.1M2021+53%2022: $32.8M$32.8M2022+9%2023: $33.7M$33.7M2023+3%2024: $35.1M$35.1M2024+4%2025: $30.7M$30.7M2025−12%
Operating income6789105-$3.7M in 2025−48% since 2019
-$10.0M-$5.0M0$5.0M2019: -$7.1M-$7.1M20192020: -$8.9M-$8.9M2020+25%2021: $244.0K$244.0K20212022: $2.0M$2.0M2022+707%2023: $2.0M$2.0M2023+0%2024: $68.0K$68.0K2024−97%2025: -$3.7M-$3.7M2025
Net income6789105$613.0K in 2025
-$7.5M-$5.0M-$2.5M0$2.5M$5.0M2019: -$5.7M-$5.7M20192020: -$6.4M-$6.4M2020+13%2021: $3.2M$3.2M20212022: $1.1M$1.1M2022−66%2023: $3.1M$3.1M2023+190%2024: $851.0K$851.0K2024−73%2025: $613.0K$613.0K2025−28%

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
Net sales (net of excise taxes of $666 and $691, respectively)$65.1M$73.0M
Cost of sales$34.4M$37.9M
Gross profit$30.7M$35.1M
Sales and marketing$17.3M$18.6M
General and administrative$14.7M$15.6M
Total operating expenses$32.1M$34.2M
Net loss on disposal of property and equipment$1.1M$805.0K
Goodwill impairment$1.3M$0
(Loss) income from operations-$3.7M$68.0K
Interest expense, net-$741.0K-$781.0K
Other income, net$5.3M$1.8M
Total other income, net$4.6M$1.1M
Income before income taxes$876.0K$1.1M
Income tax provision$263.0K$270.0K
Net income$613.0K$851.0K
Basic weighted-average shares outstanding (in shares)20.6M shares20.8M shares
Fully diluted weighted-average shares outstanding (in shares)20.6M shares20.8M shares
Basic earnings per share (in dollars per share)$0.03$0.04
Fully diluted earnings per share (in dollars per share)$0.03$0.04
Excise taxes$666.0K$691.0K

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Corporate structure

Crimson Wine Group, Ltd sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Crimson Wine Group, Ltd

  • GAMCO Investors Filed SCHEDULE 13D/A on Crimson Wine Group, Ltd, latest Jun 29, 2026
  • John D. Cumming Filed SCHEDULE 13D/A on Crimson Wine Group, Ltd, latest Jun 1, 2026 (2 filings since Nov 18, 2022)
  • Joseph S. Steinberg Filed SCHEDULE 13D/A on Crimson Wine Group, Ltd, latest Jun 1, 2026 (2 filings since Nov 18, 2022)
  • Elgethun Capital Management Filed SCHEDULE 13G/A on Crimson Wine Group, Ltd, latest Feb 6, 2026 (3 filings since Feb 13, 2024)
  • BECK MACK & OLIVER LLC Filed SC 13G/A on Crimson Wine Group, Ltd, latest Feb 14, 2024 (3 filings since Jan 28, 2022)
  • MFP INVESTORS LLC Filed SC 13G/A on Crimson Wine Group, Ltd, latest Nov 16, 2022 (2 filings since Nov 16, 2022)
  • Crimson Wine Group, Ltd Napa, California, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Crimson Wine Group, Ltd reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$186.1M5 Dec 31, 2025$198.3M5 Dec 31, 2024−6.1%
Accumulated depreciation$83.4M5 Dec 31, 2025$83.8M5 Dec 31, 2024−0.6%
Property and equipment, net$102.8M5 Dec 31, 2025$114.4M5 Dec 31, 2024−10.2%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$20.6M5 Dec 31, 2025$21.0M5 Dec 31, 2024−2.1%
Marketable securities, current$05 Dec 31, 2025$3.8M5 Dec 31, 2024−100.0%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$05 Dec 31, 2025$1.3M5 Dec 31, 2024−100.0%
Intangible assets, net (excluding goodwill)$3.5M5 Dec 31, 2025$4.5M5 Dec 31, 2024−22.7%
Indefinite-lived intangibles (excluding goodwill)$05 Dec 31, 2025$010 Dec 31, 2024
Finite-lived intangibles, gross$21.1M5 Dec 31, 2025$21.1M5 Dec 31, 20240%
Accumulated amortization$18.5M5 Dec 31, 2025$17.3M5 Dec 31, 2024+6.8%
Finite-lived intangibles, net$2.7M5 Dec 31, 2025$3.9M5 Dec 31, 2024−30.3%

Inventory

ItemLatestA year beforeChange
Inventory, total$67.0M5 Dec 31, 2025$62.1M5 Dec 31, 2024+7.8%
Work in process$33.9M5 Dec 31, 2025$34.0M5 Dec 31, 2024−0.4%
Finished goods$32.7M5 Dec 31, 2025$27.0M5 Dec 31, 2024+21.0%

Properties, in its own words

Crimson’s vineyards and winemaking facilities are described in Item 1. Business of this Report, which is incorporated by reference. The Company’s corporate offices are located at its wholly owned winery, Pine Ridge Vineyards, located at 5901 Silverado Trail, Napa, CA 94558.

Item 2 of the 10-K filed Mar 17, 2026.4

Leadership

Who has led Crimson Wine Group, Ltd, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Erle Martin2013
  2. Patrick M. Delong2014–2019
  3. Nicolas Michel Eric Quille2019
  4. Jennifer L. Locke2019–2024

President

  1. Erle Martin2013
  2. Patrick M. Delong2015–2019
  3. Nicolas Michel Eric Quille2019

Chief financial officer

  1. Patrick M. Delong2014–2015
  2. Shannon McLaren2015–2016
  3. Karen L. Diepholz2018–2021
  4. Kimberly A. Benson2023
  5. Adam D. Howell2023

Chief operating officer

  1. Patrick M. Delong2014
  2. Nicolas Michel Eric Quille2018–now
201520202025
Board members and other officers (15)

Timeline

  1. Jul 28, 20268-K Shareholder vote38
  2. Feb 9, 20268-K Entered a material agreement; Completed an acquisition or sale; Regulation FD disclosure39
  3. Jul 23, 20258-K Shareholder vote40
  4. Nov 1, 20248-K Executive or director change41
  5. Jul 29, 20248-K Shareholder vote42
  6. Jul 25, 20248-K Cybersecurity incident43
  7. Jul 5, 20248-K Other events44
  8. Dec 4, 20238-K Executive or director change; Regulation FD disclosure45
  9. Oct 11, 20238-K Executive or director change46
  10. Aug 11, 20238-K Shareholder vote; Regulation FD disclosure47
  11. Aug 9, 20238-K Change to shareholders' rights; Shareholder vote; Regulation FD disclosure48
  12. Aug 4, 20238-K Executive or director change49
  13. Dec 6, 2019New chief executive Jennifer L. Locke becomes CEO14
  14. Aug 27, 2019New chief executive Nicolas Michel Eric Quille becomes CEO13
  15. Nov 13, 2014New chief executive Patrick M. Delong becomes CEO15
  16. Feb 5, 2013New chief executive Erle Martin becomes CEO16
  17. Feb 28, 1991Founded Crimson Wine Group, Ltd is founded2

Filings

89 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 21 major events, 19 insider forms, 13 large holders, 16 other. The latest 20:

  1. Aug 6, 202610-Q EDGAR
  2. Jul 28, 20268-K EDGAR
  3. Jun 29, 2026SCHEDULE 13D/A EDGAR
  4. Jun 1, 2026SCHEDULE 13D/A EDGAR
  5. Jun 1, 2026SCHEDULE 13D/A EDGAR
  6. May 28, 2026ARS EDGAR
  7. May 28, 2026DEFA14A EDGAR
  8. May 28, 2026DEF 14A EDGAR
  9. May 26, 20264 EDGAR
  10. May 22, 20264 EDGAR
  11. May 7, 202610-Q EDGAR
  12. Mar 17, 202610-K EDGAR
  13. Feb 9, 20268-K EDGAR
  14. Feb 6, 2026SCHEDULE 13G/A EDGAR
  15. Nov 24, 20254 EDGAR
  16. Nov 24, 20254 EDGAR
  17. Nov 21, 20254 EDGAR
  18. Nov 17, 20254 EDGAR
  19. Nov 6, 202510-Q EDGAR
  20. Aug 7, 202510-Q EDGAR

The 89 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

14 open-market trades by officers, directors and large owners since October 2021: 14 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
May 22, 2026STEINBERG JOSEPH SDirectorBuy7,474$4.05$30.3KForm 4
May 21, 2026Quille Nicolas Michel EricChief Winemaking & COOBuy1,000$4.03$4.0KForm 4
Nov 20, 2025STEINBERG JOSEPH SDirectorBuy106,308$4.96$527.3KForm 4
Nov 20, 2025Cumming John D.DirectorBuy106,308$4.96$527.3KForm 4
Nov 19, 2025Rollins Colby A.DirectorBuy900$4.86$4.4KForm 4
Nov 14, 2025Quille Nicolas Michel EricChief Winemaking & COOBuy500$5.00$2.5KForm 4
Aug 19, 2024Alvarez-Peters Annette D.DirectorBuy625$6.05$3.8KForm 4
Mar 22, 2024Alvarez-Peters Annette D.DirectorBuy625$6.03$3.8KForm 4
Nov 22, 2023Alvarez-Peters Annette D.DirectorBuy625$5.90$3.7KForm 4
Aug 24, 2023Alvarez-Peters Annette D.DirectorBuy625$6.43$4.0KForm 4
Aug 17, 2023Tierney Luanne DupereDirectorBuy68$6.53$444Form 4
Nov 14, 2022Cumming John D.DirectorBuy171,300$6.25$1.1MForm 4
Nov 14, 2022STEINBERG JOSEPH SDirectorBuy171,300$6.25$1.1MForm 4
May 31, 2022Rollins Colby A.DirectorBuy1,000$7.57$7.6KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Jennifer L. Locke53$425.0K$580.8K56
2025Nicolas M.E. Quillé53$333.1K$441.4K56
2025Adam D. Howell39$322.6K$426.6K56
2024Chief Financial Officer$315.0K$683.3K56
2024Chief Executive Officer$412.7K$617.0K56
2024Chief Winemaking andOperations Officer$323.4K$458.7K56

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$3.8M 2020–2020
Money received by yearMoney received by year, 2020–2020: $3.8M in all. PPP loans $3.8M.$0$1M$2M$3M$4M2020 · PPP loans: $3.8M2020
Figures by year
YearPPP loansTotal
2020$3.8M$3.8M

PPP loans

Paycheck Protection Program loans of $150,000 and up, approved April 2020 to July 2021, from the SBA57. Matched to this company by name and state.

  1. Apr 10, 2020$3.8M PPP loan (first draw) from American AgCredit ACA57To CRIMSON WINE GROUP, Napa CA; $3.9M forgiven Jun 9, 2021

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Elgethun Capital Management1,956,931$8.6M1.2%+195,605
Beck Mack & Oliver LLC1,367,472$6.0M0.1%−146,000
Lawson Kroeker Investment Management Inc/ne252,267$1.1M0.3%−1,670
MassMutual Private Wealth & Trust, FSB100$4420.0%No change
Horizon Financial Services, LLC28$1240.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Crimson Wine Group, Ltd is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARCrimson Wine Group, Ltd1
  • CIK0001562151
  • Employer ID (EIN)13-36073834
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)2080 Beverages1
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
  • Business address5901 Silverado Trail, Napa, CA 945581
  • Phone800-486-05031
  • Shares outstanding20,586,027 as of Jul 31, 202612
  • Public float$74.1M as of Jun 30, 20254
  • AuditorBPM LLP, Santa Rosa, California PCAOB ID 207; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceDec 7, 20121
  • Filings496 in all: 4 (249), 8-K (79), 10-Q (41), 3 (27), 10-K (14), DEF 14A (13), SC 13G/A (9), SC 13G (8)1
    All 27 form types

    SC 13D/A (7), DEFA14A (6), 8-K/A (5), ARS (5), 4/A (4), 10-Q/A (3), 5 (3), CORRESP (3), SC 13D (3), SCHEDULE 13D/A (3), UPLOAD (3), 10-12G/A (2), S-8 (2), SCHEDULE 13G/A (2), 10-12G (1), 10-K/A (1), NT 10-K (1), PRE 14A (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Mar 17, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) May 28, 2026
    Latest 8-K (8-K) Jul 28, 2026

Risk factors and legal proceedings

The risks Crimson Wine Group, Ltd names in Item 1A of its 10-K filed Mar 17, 2026: 33 risks under these headings, as written.4

  • Business, Economic, Market and Operating Risks
  • The impact of U.S. and worldwide economic trends and financial market conditions could materially and adversely affect our business, liquidity, financial condition and results of operations.
  • The supply availability and cost increases in raw and processed materials, commodities and labor could materially and adversely affect our business, results of operations and financial condition.
  • Health pandemics, epidemics or contagious diseases have disrupted, and could continue to disrupt, our operations, which could adversely affect our business and results of operations.
  • We are dependent on certain key personnel.
  • Volatility and increases in the costs of grapes, labor and other necessary supplies or services have negatively impacted, and in the future may negatively impact, the Company’s net earnings and cash flow.
  • Various diseases, pests and certain weather conditions could affect quality and quantity of grapes.
  • The lack of sufficient water due to drought conditions or water right restrictions could affect quality and quantity of grapes.
  • We may not be able to grow or acquire enough quality fruit for our wines.
  • We face significant competition which could adversely affect our profitability.
  • We compete for shelf space in retail stores and for marketing focus by our independent distributors, most of whom carry extensive product portfolios.
  • Contamination of our wines could harm our business.
The other 22 risks
  • A reduction in consumer demand for wines could harm our business.
  • A decrease in wine score ratings by important rating organizations could have a negative impact on our ability to create greater demand and pricing.
  • If our intangible assets become impaired, we may be required to record significant charges to earnings.
  • We may not be fully insured against risk of catastrophic loss to wineries, production facilities or distribution systems as a result of earthquakes, fires, floods or other events, some of which may be exacerbated by climate change, which may cause us to experience a material financial loss.
  • Our business and reputation could suffer if we are unable to protect our information systems against, or effectively respond to, cybersecurity incidents, or if our information systems are otherwise disrupted.
  • Our failure to adequately maintain and protect or otherwise process personal information of our customers or our employees in compliance with evolving legal requirements could have a material adverse effect on our business.
  • We may fail to successfully integrate the Raeburn Assets into our existing business in a timely manner, which could have a material adverse effect on our business, financial condition, results of operations, or cash flows, or we may fail to realize all of the expected benefits of the acquisition of the Raeburn Assets, which could negatively impact our future results of operations.
  • Flaws in our due diligence in connection with the Raeburn Assets could have a significant negative effect on our financial condition and results of operations.
  • The payment of dividends in the future is subject to the discretion of our Board of Directors.
  • Compliance with changing regulation of corporate governance and public disclosure may result in additional expenses.
  • Regulatory and Legal Risks
  • We are subject to risks from changes to the trade policies, regulations, and tariffs of the U.S. and foreign governments.
  • Climate change and legal, regulatory or market measures to address climate change may negatively affect our business, operations or financial performance, and water scarcity or poor quality could negatively impact our production costs and capacity.
  • Environmental issues or hazardous substances on our properties could result in us incurring significant liabilities.
  • Changes in domestic laws and government regulations or in the implementation and/or enforcement of government rules and regulations may increase our costs or restrict our ability to sell our products in certain markets.
  • We may be subject to litigation, for which we may be unable to accurately assess our level of exposure and which if adversely determined, may have a significant adverse effect on our consolidated financial condition or results of operations.
  • Financial and Capital Markets and Tax Risks
  • Our indebtedness could have a material adverse effect on our financial health.
  • Negative developments affecting the financial services industry could adversely affect our access to capital, liquidity, financial condition and results of operations.
  • Our common stock is not listed on any securities exchange; as a result there may be a limited public market for our common stock.
  • Our common stock price may experience volatility.
  • Future sales of our shares could depress the market price of our common stock.
  • We are a “smaller reporting company,” and we cannot be certain if the reduced disclosure requirements applicable to smaller reporting companies will make our common stock less attractive to investors.
  • Significant influence over our affairs may be exercised by our principal stockholders.

Legal proceedings

The information set forth under Note 14 “Commitments and Contingencies” to the Company’s consolidated financial statements included in Part IV, Item 15, Exhibits and Financial Statement Schedules, of this Report is incorporated herein by reference.

The opening of Item 3, Legal Proceedings.4

Sources

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