Eightco Achieves Revenues of $100mn in Mobile Phone Business

Rhea-AI Summary

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.

Positive

• Achieved $100 million in revenues from refurbished Apple smartphone division
• Strong growth driven by expanding refurbished market for Apple products
• Exploring opportunities to expand into other Apple product categories
• Utilizes proprietary data-driven tool for efficient inventory management

Negative

• None.

Insights

Financial Analyst

Eightco Holdings' $100 Million Revenue Milestone is an important indicator of the company's growth and market penetration in the refurbished smartphone sector. This achievement signifies robust demand for refurbished Apple products and validates the business model of their subsidiary, Forever 8 Fund LLC.

Revenue Growth: Reaching $100 million in revenue since April 2021 showcases a strong CAGR (Compound Annual Growth Rate). For investors, this signals a healthy and expanding revenue stream which is important for long-term stability and profitability.

Market Expansion: The announcement also hints at potential growth areas, such as other Apple products. Diversifying into new categories can reduce market risk and offer new revenue opportunities, further strengthening the company's financial position.

Strategic Management: The use of a proprietary data-driven tool for inventory management is a strategic advantage. It enhances operational efficiency and supply chain management, which can lead to cost savings and higher margins.

Tech Expert

Technological Edge in Inventory Management: Eightco’s use of a proprietary data-driven tool to manage inventory levels and capital is a significant technological advantage. This kind of technology helps in accurately predicting demand and optimizing the supply chain, which can reduce waste and ensure that their vendors and customers have the products they need when they need them.

Refurbished Market Potential: The refurbished market for Apple products is growing as consumers seek more cost-effective alternatives to new devices without compromising quality. By focusing on high-demand products like iPhones and iPads, Forever 8 is well-positioned to capitalize on this trend. The expansion into other product categories can only amplify this advantage.

Data-Driven Decisions: Employing data analytics to guide business decisions can lead to smarter inventory purchases and marketing strategies. This not only supports supply chain efficiency but also maximizes returns on investment.

Market Research Analyst

Market Dynamics and Growth Potential: The refurbished electronics market is experiencing significant growth, driven by increasing consumer acceptance and environmental considerations. Eightco’s success in this space demonstrates their ability to tap into these market dynamics effectively.

Competitive Positioning: Eightco’s achievement of $100 million in revenue positions it as a significant player in the refurbished Apple product market. The company’s strategy to expand into additional Apple product categories indicates a forward-looking approach that can help maintain and potentially increase its market share.

Geographical Reach: Operating in both the UK and EU markets offers a broad customer base and diverse revenue streams. This geographical diversification reduces dependency on a single market and mitigates regional economic risks, providing a stable growth path.

Easton, PA, July 23, 2024 (GLOBE NEWSWIRE) -- Eightco Holdings Inc. (NASDAQ: OCTO) (the “Company” or “Eightco”) today announced that its wholly-owned subsidiary, Forever 8 Fund LLC (“Forever 8”), has reached $100 million in revenues from its refurbished Apple smartphone division since launching in April 2021.

“We are excited to have reached this milestone of $100 million in revenue from our refurbished Apple smartphone division,” said Paul Vassilakos, CEO of Eightco and President of Forever 8. “Continued growth in the refurbished market for Apple products, combined with Forever 8’s unique offering, is driving strong growth for our Company in this sector. We continue to see significant demand from both our suppliers and customers. As we continue to scale our business in the refurbished iPhone market, we are also exploring opportunities to expand into other Apple product categories, positioning Forever 8 for even greater success.”

Forever 8’s mobile phone division supplies inventory for refurbished Apple products, including iPhones, iPads, AirPods, Apple Watches, and the iPad Pencil in the United Kingdom and European Union. Leveraging a proprietary data-driven tool, Forever 8 efficiently manages inventory levels and capital, supporting vendors by optimizing their inventory supply chains and marketing strategies.

About Eightco

Eightco (NASDAQ: OCTO) is committed to growth of its subsidiaries, made up of Forever 8 Fund LLC, 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.

For additional information, please visit www.8co.holdings

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, including in its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as amended, at www.sec.gov. 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

What revenue milestone did Eightco Holdings (NASDAQ: OCTO) recently achieve?

Eightco Holdings' subsidiary, Forever 8 Fund , achieved $100 million in revenues from its refurbished Apple smartphone division since launching in April 2021.

What products does Forever 8 Fund supply in the UK and EU?

Forever 8 supplies inventory for refurbished Apple products, including iPhones, iPads, AirPods, Apple Watches, and iPad Pencils in the United Kingdom and European Union.

How does Forever 8 manage its inventory for Eightco Holdings (NASDAQ: OCTO)?

Forever 8 uses a proprietary data-driven tool to efficiently manage inventory levels and capital, supporting vendors by optimizing their inventory supply chains and marketing strategies.

What future plans does Eightco Holdings (NASDAQ: OCTO) have for its Forever 8 subsidiary?

Eightco is exploring opportunities to expand Forever 8's business into other Apple product categories, aiming to position the subsidiary for even greater success.