EIGHTCO HOLDINGS INC. HIGHLIGHTS RECENT ACCOMPLISHMENTS AND KEY MILESTONES
- Q2 revenue growth of 29.3% to $20.5 million
- Raised revenue guidance for FY 2023 to $73 million
- Secured non-equity asset-based lending facility
- Successful non-deal roadshow with investment bank
- Agreement with Mobi-Hub LTD
- Joint venture to redefine refurbished mobile phone industry
- Headline sponsorship for ITC Malta 2023 show
- None.
SAFETY HARBOR, Florida, Aug. 16, 2023 (GLOBE NEWSWIRE) -- Eightco Holdings Inc. (NASDAQ: OCTO) (“Eightco” or the “Company”), a leading technology-driven e-commerce company, is pleased to highlight recent accomplishments and key milestones. The Company is committed to innovation and industry excellence and continues to position itself for sustained growth and success.
- Q2 Revenue Growth: Eightco increased revenues by
29.3% sequentially quarter over quarter to$20.5 million for the three months ended June 30, 2023. - Non-dilutive Asset-Based Lending Facility: Eightco secured a crucial non-equity asset-based lending facility, further fortifying the financial foundation of its wholly-owned subsidiary, Forever 8 Fund, LLC (“Forever 8”). This facility enables Forever 8 to continue providing essential capital and inventory management solutions to its clients.
- Raised Revenue Guidance for Fiscal Year 2023: Building upon a track record of achievement, Eightco announced increased revenue guidance of
$73 million for the fiscal year 2023. - Successful Non-Deal Roadshow with Prominent Investment Bank: An effective non-deal roadshow was recently carried out in collaboration with a well-established investment bank, solidifying a new strategic partnership for the company.
- Name Change Reflecting Strategic Focus: This decision underscores the Company's evolving focus and dedication to delivering pioneering inventory solutions.
- Agreement with Electronics Distributor Mobi-Hub LTD: Forever 8 has solidified its position as an industry leader by securing a significant inventory management agreement with Mobi-Hub Ltd. (“Mobi-Hub”), a prominent international electronics distributor.
- Transforming the Refurbished Mobile Phone Industry: Forever 8 and Mobi-Hub announced a strategic partnership through a joint venture, Mobi-Hub Funding (“Mobi-Hub Funding”) aimed at redefining the refurbished mobile phone industry. This collaboration will harness the strengths of both entities to deliver enhanced value and services to customers, focusing on creating a tailored one-stop shop for used mobile phones and electronics.
- Headline Sponsorship for ITC Malta 2023 Show: Mobi-Hub Funding served as a headline sponsor for the ITC Malta 2023 show. This sponsorship underscores Forever 8 and Mobi-Hub’s commitment to driving innovation and excellence across the e-commerce and electronics sectors.
"We are proud of the recent accomplishments and milestones that Eightco has achieved. Our commitment to innovation and industry excellence is unwavering, and these milestones are a testament to the dedication of our entire team. From our Q2 revenue growth and strengthened financial foundation for Forever 8, to the raised revenue guidance for fiscal year 2023, we continue to set a high bar for our performance. Our focus on delivering pioneering inventory solutions and redefining the refurbished mobile phone and electronics industries reflects our dedication to staying at the forefront of industry trends. As we move forward, we remain steadfast in our pursuit of growth and profitability," said Brian McFadden, CEO of Eightco.
About Eightco
Eightco (NASDAQ: OCTO) is committed to growth focused around its existing subsidiaries, Forever 8, an inventory 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 shareholders.
For additional information, please visit www.8co.holdings
This press release contains forward-looking statements within the meaning of the federal securities laws. 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. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in Eightco’s filings with the Securities and Exchange Commission, including the section titled “Risk Factors” in its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. 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
Richard Brown
617-819-1289
investors@8co.holdings
