Eightco Holdings Inc. - OCTO STOCK NEWS

Eightco Holdings Inc. (NASDAQ: OCTO) has announced its 2025 Strategic Plan and a $100 million revenue forecast. The company reported significant improvements in 2024, including:

- Elimination of $5.4 million in convertible notes
- Increase in shareholder equity by $23 million
- Cancellation of 5,846,627 dilutive shares
- Gross profit margin increase to 22% (vs 12% in prior year)
- SG&A reduction to $6.9 million (23% decrease)

These improvements helped Eightco regain compliance with NASDAQ requirements. The company's 2025 plan focuses on growing its subsidiary, Forever 8 Fund , which provides inventory solutions for e-commerce sellers and supplies refurbished Apple products. Eightco aims to secure non-dilutive senior debt financing to support its growth targets and achieve positive EBITDA at the public company level in 2025.

Eightco Holdings Inc. (NASDAQ: OCTO) has announced its regained compliance with Nasdaq's listing requirements. The company received formal notice from Nasdaq confirming compliance with both the minimum bid price requirement and the stockholders' equity requirement.

To meet the bid price requirement, Eightco's common stock maintained a closing bid price above $1.00 for the last 20 consecutive trading days, exceeding the minimum 10-day requirement. For the equity requirement, the company reported stockholders' equity of $13,428,553 in its Q2 2024 10-Q filing, surpassing the required minimum of $2,500,000.

As a result of regaining compliance, Eightco's common stock will continue to trade on The Nasdaq Capital Market under the symbol OCTO.

Eightco Holdings Inc. (NASDAQ: OCTO) reported financial results for Q2 2024. Key highlights include:

- Net income of $4.4 million, compared to a net loss of $8.9 million in Q2 2023
- Revenues of $7.0 million, down from $20.5 million in Q2 2023
- Gross profit margin improved to 25.3% from 12.3% year-over-year
- SG&A expenses reduced by 26.6% to $3.5 million
- EBITDA of $6.4 million, up from a loss of $5.5 million in Q2 2023

The company focused on improving its financial stability by cancelling $23 million in liabilities and repaying convertible notes, which led to a reduction in dilutive shares. The decrease in revenues was attributed to reduced capital for cell phone sales after repaying the convertible note.

Eightco Holdings Inc. (NASDAQ: OCTO) has announced that its subsidiary, Forever 8 Fund , has achieved $100 million in revenues from its refurbished Apple smartphone division since its launch in April 2021. The company's CEO, Paul Vassilakos, expressed excitement about this milestone and highlighted the strong growth driven by the expanding refurbished market for Apple products.

Forever 8 supplies inventory for various refurbished Apple products in the UK and EU, including iPhones, iPads, AirPods, Apple Watches, and iPad Pencils. The company utilizes a proprietary data-driven tool to efficiently manage inventory levels and capital, supporting vendors in optimizing their supply chains and marketing strategies. Eightco is also exploring opportunities to expand into other Apple product categories to position Forever 8 for further success.

Eightco Holdings Inc. (NASDAQ: OCTO) has provided a shareholder update, highlighting significant improvements in its financial condition. The company has eliminated $5.4 million in convertible notes and increased shareholder equity by over $23 million. Eightco's primary focus is now on growing its subsidiary, Forever 8 Fund , which provides inventory solutions for e-commerce sellers and supplies refurbished Apple products in the UK and EU.

Key financial highlights include a Q1 2024 net income of $4.9 million, compared to a $49.9 million loss in the prior year quarter. Revenues were $9.6 million, down from $15.9 million, due to reduced capital for cell phone sales. The company has also improved its gross profit margin to 19.6% and reduced SG&A expenses by 35.3%.

Eightco is working to meet Nasdaq listing requirements, including maintaining a closing bid price of $1.00 per share for 10 consecutive trading sessions. The company plans to seek shareholder approval for a 1-for-5 reverse stock split to achieve this goal.

Eightco Holdings (NASDAQ: OCTO) has secured approval from a Nasdaq Hearings Panel for continued listing on the Nasdaq Capital Market. To maintain this listing, Eightco must meet specific conditions by August 23, 2024, including achieving a minimum bid price of $1.00 per share for at least ten consecutive trading sessions. To comply, Eightco has filed a proxy statement seeking shareholder approval for a 1-for-5 reverse stock split. Recent financial improvements have bolstered shareholder equity by over $23 million, achieved through various debt cancellations and conversions. As of June 28, 2024, Eightco's market capitalization stands at approximately $4.0 million with 8.8 million shares outstanding. Management believes the market cap may not fully reflect the company's recent progress.

Eightco Holdings (NASDAQ: OCTO) announced that its subsidiary, Forever 8 Fund, will attend ITC Malta 2024 from June 4-8. The event is a key networking platform for the new and used mobile devices and accessories industry. The conference will showcase keynote speakers, exhibitors, and global attendees, including representatives from Forever 8 and its primary partner, Mobi-hub. Eightco’s CEO, Paul Vassilakos, expressed enthusiasm about the event, noting its importance for demonstrating the company’s innovative solutions in the mobile device sector.

Eightco announced its Q1 2024 financial results, highlighting a significant turnaround with a net income of $4.9 million compared to a net loss of $49.9 million in Q1 2023. The improvement was attributed to better operating performance and the elimination of warrant losses following the repayment of a restrictive convertible note.

Revenues for the quarter stood at $9.6 million, down from $15.9 million the previous year, mainly due to reduced capital available for cell phone sales. Despite the revenue drop, gross profit rose slightly to $1.9 million, with an improved gross profit margin of 19.6%.

The company reduced selling, general, and administrative expenses by 35%, leading to a positive EBITDA of $3.7 million, up from a loss of $46.4 million in Q1 2023. Adjusted EBITDA also improved, showing a smaller loss of $0.8 million compared to a $2.9 million loss in the prior year quarter.

CEO Paul Vassilakos emphasized the focus on their Forever 8 Fund operations, which provide inventory capital for e-commerce and refurbished Apple product sellers. The repayment of the convertible note was a strategic move to ensure future growth, although it temporarily reduced their capital base by $5.4 million.

Eightco Holdings Inc. (NASDAQ: OCTO) announced the cancellation of the Forever 8 2022 Merger Earnout Consideration, valued at $6.1 million with a potential cash value of up to $37 million. The cancellation is expected to improve the Company's shareholder's equity by over $7 million, strengthening its balance sheet and capital structure.