Eightco announces Full-Year 2024 Financial Results
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.
Eightco Holdings Inc. (NASDAQ: OCTO) ha comunicato i risultati finanziari per l'anno fiscale 2024, evidenziando un significativo calo dei ricavi a 39,6 milioni di dollari rispetto ai 67,6 milioni del 2023. La diminuzione è stata principalmente causata dalla riduzione del capitale disponibile per la vendita di telefoni cellulari, a seguito del rimborso di una nota convertibile.
Il margine lordo dell'azienda è leggermente sceso a 6,0 milioni di dollari dai 6,2 milioni del 2023. Le spese operative sono migliorate, scendendo a 14,2 milioni dai 16,9 milioni, grazie a una riduzione sia delle spese di vendita, generali e amministrative, sia dei costi di ristrutturazione. La perdita operativa si è ridotta a 8,2 milioni rispetto ai 10,7 milioni dell'anno precedente.
Nel primo trimestre del 2024, la società ha completato il rimborso di un titolo di debito altamente diluitivo e ha riacquistato warrant in circolazione, operazioni che, secondo la direzione, hanno portato a una struttura del capitale più solida per sostenere la crescita futura.
Eightco Holdings Inc. (NASDAQ: OCTO) ha reportado sus resultados financieros del año fiscal 2024, mostrando una caída significativa en los ingresos a 39,6 millones de dólares desde 67,6 millones en 2023. La disminución se atribuye principalmente a la reducción del capital disponible para la venta de teléfonos móviles tras el pago de una nota convertible.
El beneficio bruto de la empresa disminuyó ligeramente a 6,0 millones desde 6,2 millones en 2023. Los gastos operativos mejoraron a 14,2 millones desde 16,9 millones, incluyendo reducciones en gastos de ventas, generales y administrativos, así como en costos de reestructuración. La pérdida operativa mejoró a 8,2 millones comparado con 10,7 millones del año anterior.
En el primer trimestre de 2024, la compañía completó el pago de un título de deuda altamente dilutivo y recompró warrants en circulación, lo que, según la dirección, ha resultado en una estructura de capital más limpia para apoyar el crecimiento futuro.
Eightco Holdings Inc. (NASDAQ: OCTO)는 2024 회계연도 재무 실적을 발표했으며, 2023년 6,760만 달러에서 3,960만 달러로 매출이 크게 감소했습니다. 이 감소는 전환사채 상환 이후 휴대전화 판매를 위한 자본 감소에 주로 기인합니다.
회사의 매출총이익은 2023년 620만 달러에서 소폭 감소한 600만 달러를 기록했습니다. 영업비용은 판매비와 일반관리비 및 구조조정 비용 모두 감소하여 1,690만 달러에서 1,420만 달러로 개선되었습니다. 영업손실은 전년도의 1,070만 달러에서 820만 달러로 줄어들었습니다.
2024년 1분기에 회사는 고희석성 부채 증권의 상환을 완료하고 미결제 워런트를 재매입했으며, 경영진은 이를 통해 향후 성장을 지원할 더 깔끔한 자본 구조를 갖추었다고 보고 있습니다.
Eightco Holdings Inc. (NASDAQ : OCTO) a publié ses résultats financiers pour l’exercice 2024, affichant une baisse significative du chiffre d’affaires à 39,6 millions de dollars contre 67,6 millions en 2023. Cette diminution est principalement due à la réduction des capitaux disponibles pour la vente de téléphones portables après le remboursement d’une note convertible.
Le profit brut de la société a légèrement diminué à 6,0 millions contre 6,2 millions en 2023. Les charges opérationnelles se sont améliorées, passant de 16,9 millions à 14,2 millions, comprenant des réductions des frais de vente, généraux et administratifs ainsi que des coûts de restructuration. La perte opérationnelle s’est améliorée à 8,2 millions contre 10,7 millions l’année précédente.
Au premier trimestre 2024, la société a finalisé le remboursement d’un titre de dette fortement dilutif et racheté des bons de souscription en circulation, ce qui, selon la direction, a permis d’obtenir une structure de capital plus saine pour soutenir la croissance future.
Eightco Holdings Inc. (NASDAQ: OCTO) hat die Finanzergebnisse für das Geschäftsjahr 2024 veröffentlicht und einen deutlichen Umsatzrückgang auf 39,6 Millionen US-Dollar gegenüber 67,6 Millionen im Jahr 2023 verzeichnet. Der Rückgang ist hauptsächlich auf reduzierte Mittel für den Verkauf von Mobiltelefonen nach der Rückzahlung einer Wandelanleihe zurückzuführen.
Der Bruttogewinn des Unternehmens sank leicht von 6,2 Millionen auf 6,0 Millionen US-Dollar. Die Betriebskosten verbesserten sich von 16,9 Millionen auf 14,2 Millionen, einschließlich Einsparungen bei Vertriebs-, Verwaltungs- und Restrukturierungskosten. Der Betriebsverlust verringerte sich von 10,7 Millionen auf 8,2 Millionen US-Dollar.
Im ersten Quartal 2024 hat das Unternehmen die Rückzahlung eines stark verwässernden Schuldtitels abgeschlossen und ausstehende Warrants zurückgekauft, was nach Ansicht des Managements zu einer saubereren Kapitalstruktur führt, die das zukünftige Wachstum unterstützt.
- 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
- 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
Insights
Eightco's 2024 results present a mixed financial picture. Revenue declined 41.4% to
The company reduced operating expenses by
Management's emphasis on capital structure improvements, including repaying a "highly dilutive debt security" and repurchasing outstanding warrants, indicates a strategic pivot toward financial sustainability over top-line growth. This suggests a deliberate contraction to focus on higher-quality revenue streams.
The absence of forward guidance or cash position details creates uncertainty about the path ahead. The critical question is whether Eightco can maintain its improved margins while eventually returning to revenue growth, or if this contraction represents a fundamental challenge to its business model. The emphasis on the Forever 8 subsidiary suggests the company is doubling down on its inventory financing platform for e-commerce while potentially de-emphasizing other business lines.
- 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
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