Eightco announces Full-Year 2023 Financial Results
- 2023 revenues of $75.3 million up 137% year-over-year from $31.8 million, driven by cell phone sales, beating guidance of $73.0 million
- 2023 SG&A excluding Depreciation & Amortization of $5.2 million, down 45% as a result of elimination of costs related to historical business efforts
Easton, PA, April 02, 2024 (GLOBE NEWSWIRE) -- Eightco Holdings Inc. (NASDAQ: OCTO) (the “Company” or “Eightco”), who’s subsidiaries provide inventory capital for e-commerce sellers as well as manufacturing solutions for product and packaging needs, today announced financial results for the fiscal year ended December 31, 2023.
Paul Vassilakos, CEO of Eightco and President of Forever 8 Fund, LLC (“Forever 8”), the Company’s largest subsidiary, said “Our full-year consolidated revenue improvement was driven by revenue growth in our cell phone business. We continue to improve all aspects of our cost structure and focus on our highest growth priorities to deliver long-term, profitable growth. Further, in the first quarter of 2024, the Company announced the repayment of a highly dilutive debt security and cancelled and repurchased a significant amount of warrants, delivering a cleaner capital structure that will help support our growth going forward.”
2023 financial highlights
Results compare the 2023 fiscal year end (December 31, 2023) to the 2022 fiscal year end (December 31, 2022), unless otherwise indicated.
| Revenues, net | $ | 75,297,484 | $ | 31,820,779 | ||||
| Cost of revenues | 66,805,023 | 29,626,869 | ||||||
| Gross profit | 8,492,461 | 2,193,910 | ||||||
| Operating expenses: | ||||||||
| Selling, general and administrative expenses | $ | 15,835,651 | $ | 16,401,414 | ||||
| Restructuring and severance | 2,133,982 | 1,300,000 | ||||||
| Total operating expenses | 17,969,633 | 17,701,414 | ||||||
| Operating loss | (9,477,172 | ) | (15,507,504 | ) |
About Eightco
Eightco (NASDAQ: OCTO) is committed to growth of its subsidiaries, made up of Forever 8, an inventory capital and management platform for e-commerce sellers, and Ferguson Containers, Inc., a provider of complete manufacturing and logistical solutions for product and packaging needs, through strategic management and investment. 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 portfolio companies and stockholders.
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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 regain and 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; Eightco’s inability to innovate and attract users for Eightco’s products; future legislation and rulemaking negatively impacting digital assets; and shifting public and governmental positions on digital asset mining activity. 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 Securities and Exchange Commission (the “SEC”), including in its Annual Report on Form 10-K filed with the SEC on April 1, 2024. 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.
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