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.
News Market Reaction – OCTO
On the day this news was published, OCTO declined 20.66%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
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
“We are excited to have reached this milestone of
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?
What products does Forever 8 Fund supply in the UK and EU?
How does Forever 8 manage its inventory for Eightco Holdings (NASDAQ: OCTO)?
What future plans does Eightco Holdings (NASDAQ: OCTO) have for its Forever 8 subsidiary?
