Eightco announces Full-Year 2024 Financial Results
Rhea-AI Summary
Eightco Holdings Inc. (NASDAQ: OCTO) has reported its fiscal year 2024 financial results, showing a significant revenue decline to $39.6 million from $67.6 million in 2023. The decrease was primarily attributed to reduced capital available for cell phone sales following the repayment of a convertible note.
The company's gross profit slightly decreased to $6.0 million from $6.2 million in 2023. Operating expenses improved to $14.2 million from $16.9 million, including reductions in both selling, general and administrative expenses and restructuring costs. The operating loss improved to $8.2 million compared to $10.7 million in the previous year.
In Q1 2024, the company completed the repayment of a highly dilutive debt security and repurchased outstanding warrants, which management believes has resulted in a cleaner capital structure to support future growth.
Positive
- Operating loss improved by $2.5 million to $8.2 million
- Operating expenses reduced by $2.7 million to $14.2 million
- Improved capital structure through debt repayment and warrant cancellation
Negative
- Revenue declined 41.4% to $39.6 million
- Gross profit decreased to $6.0 million from $6.2 million
- Continued operating losses despite cost reductions
News Market Reaction – OCTO
On the day this news was published, OCTO gained 0.99%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
- 2024 revenues of
$39.6 million down from$67.6 million , driven by reduction in capital available for cell phone sales after repayment of the previously outstanding convertible note - 2024 Gross Profit of
$6.0 million , down from$6.2m n
Easton, PA, April 15, 2025 (GLOBE NEWSWIRE) -- Eightco Holdings Inc. (NASDAQ: OCTO) (the “Company” or “Eightco”), today announced financial results for the fiscal year ended December 31, 2024.
Paul Vassilakos, CEO of Eightco and President of Forever 8 Fund, LLC (“Forever 8”), the Company’s largest subsidiary, said “We continue to improve all aspects of our cost structure and focus on our highest growth priorities to deliver long-term value to shareholders. In the first quarter of 2024, the Company announced the repayment of a highly dilutive debt security and repurchased and cancelled a significant amount of outstanding warrants. We believe we now have a much cleaner capital structure that will help support our future advancements.”
2024 financial highlights
2024 fiscal year end (December 31, 2024) compared to 2023 fiscal year end (December 31, 2022).
| 2024 | 2023 | |||||||
| Revenues, net | $ | 39,621,272 | $ | 67,568,353 | ||||
| Cost of revenues | 33,639,274 | 61,308,561 | ||||||
| Gross profit | 5,981,998 | 6,259,792 | ||||||
| Operating expenses: | ||||||||
| Selling, general and administrative expenses | 12,759,719 | 14,805,627 | ||||||
| Restructuring and severance | 1,414,838 | 2,133,982 | ||||||
| Total operating expenses | 14,174,557 | 16,939,609 | ||||||
| Operating loss | (8,192,559 | ) | (10,679,817 | ) | ||||
About Eightco Holdings, Inc.
Eightco (NASDAQ: OCTO) is committed to growth of its subsidiary, Forever 8 Fund, LLC, an inventory capital and management platform for e-commerce sellers. In addition, the Company is actively seeking new opportunities to add to its portfolio of technology solutions focused on the e-commerce ecosystem through strategic acquisitions. Through a combination of innovative strategies and focused execution, Eightco aims to create significant value and growth for its stockholders.
For additional information, please visit www.8co.holdings and www.forever8.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release other than statements of historical fact could be deemed forward looking. Words such as “plans,” “expects,” “will,” “anticipates,” “continue,” “expand,” “advance,” “develop” “believes,” “guidance,” “target,” “may,” “remain,” “project,” “outlook,” “intend,” “estimate,” “could,” “should,” and other words and terms of similar meaning and expression are intended to identify forward-looking statements, although not all forward-looking statements contain such terms. Forward-looking statements are based on management’s current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: Eightco’s ability to maintain compliance with the Nasdaq’s continued listing requirements; unexpected costs, charges or expenses that reduce Eightco’s capital resources; Eightco’s inability to raise adequate capital to fund its business; and Eightco’s inability to innovate and attract users for Eightco’s products and services. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. For a discussion of other risks and uncertainties, and other important factors, any of which could cause Eightco’s actual results to differ from those contained in forward-looking statements, see Eightco’s filings with the SEC, including in its Annual Report on Form 10-K filed with the SEC on April 15, 2025. All information in this press release is as of the date of the release, and Eightco undertakes no duty to update this information or to publicly announce the results of any revisions to any of such statements to reflect future events or developments, except as required by law.
For further information, please contact:
Investor Relations
investors@8co.holdings
FAQ
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