Eightco Holdings Inc. Reports Full Year 2022 Financial Results and Provides Business Update
Eightco Holdings Inc. (NASDAQ: OCTO) reported key corporate developments following its Annual Report for 2022. The company highlighted significant changes, including a spinoff from Vinco Ventures and the acquisition of Forever 8, aiming to strengthen its inventory solutions for e-commerce. For FY 2023, Eightco projects revenue of $60 million, driven by the expansion of its subsidiary Forever 8, which recently generated over $1 million in revenue in a single day. CEO Brian McFadden emphasized the importance of effective inventory management to enhance cash flow and customer satisfaction. The company aims to leverage the growth of online shopping and enhance its e-commerce strategies.
- Projected revenue of $60 million for FY 2023.
- Forever 8 subsidiary generated over $1 million in a single day.
- Successfully completed spinoff from Vinco Ventures.
- Acquired Forever 8, enhancing inventory management capabilities.
- Potential risks associated with achieving expected benefits from the Forever 8 acquisition.
- Revenue may not translate to net income due to operational costs.
- Future revenue for Forever 8 may decline significantly despite past performance.
SAFETY HARBOR, Florida, April 17, 2023 (GLOBE NEWSWIRE) -- Eightco Holdings Inc. (NASDAQ: OCTO) today provided a corporate update in conjunction with the filing of its Annual Report, on Form 10-K for the year ended December 31, 2022.
Executive Commentary
“2022 was a transformative year for Eightco Holdings Inc. Our management team made the proactive and strategic decision to account for uncertainty in the market while continuing to focus in areas where we see solid, sustainable growth. By divesting certain of our non-core operations and adding to our inventory solutions business, we believe are well-positioned for future growth and will continue to invest and expand our strategy to assist clients in the e-commerce environment. These changes to our business assist us in responding to a challenging market and allow us to make key investments to serve our existing and potential client base. Furthermore, by expanding our strategy to assist the e-commerce environment, we continue to position ourselves to take advantage of the growing trend towards online purchases. With more and more consumers shopping online, there is a significant opportunity for growth,” said Eightco Holdings Inc. CEO, Brian McFadden.
“Inventory can appear as an asset on a balance sheet, but it can also be a liability if it's not managed effectively. Inventory management is crucial for businesses, as it can impact cash flow, profitability, and customer satisfaction. It's important for companies to have a clear understanding of their inventory levels and be able to optimize their inventory management processes to ensure that they have the right amount of inventory at the right time. Our goal is to provide industry leading e-commerce inventory solutions globally,” continued Brian McFadden, CEO of Eightco Holdings Inc.
2022 and Subsequent Corporate Highlights
- Completion of the spinoff from Vinco Ventures, Inc.
- Began trading on the NASDAQ Capital Market
- Completion of the Acquisition of Forever 8
- Eightco Holdings Projects FY 2023 Revenue of
$60 Million - Eightco Holdings’ subsidiary, Forever 8 Fund, LLC, Generates Over
$1 Million of Revenue in a Single Day - Eightco Holdings’ subsidiary, Forever 8 Fund, LLC, expanded its partnership with Arca One, LLC, a 3PL with operations in Asia and the United States
- Announced Name Change to Eightco Holdings Inc.
- Announced Upcoming Non-Deal Road Show with Prominent Investment Bank
- Eightco Holdings Inc. Beta Launches AI-Generated Content Platform
The full text of the Company's Annual Report on Form 10-K for the year ended December 31, 2022, is available through the SEC’s EDGAR database at sec.gov.
About Eightco Holdings Inc.
Eightco Holdings Inc. (NASDAQ: OCTO) is committed to growth focused around its existing subsidiaries, Forever 8, an inventory management platform for e-commerce sellers, and Ferguson Containers, 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 Holdings Inc. aims to create significant value and growth for its portfolio companies and shareholders.
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: the potential that the expected benefits of Eightco Holdings Inc.’s acquisition of Forever 8 are not achieved; Forever 8’s inability to continue the results from the fourth quarter of 2022; Cryptyde’s inability to raise additional capital of at least
For further information, please contact:
Investor Relations
Richard Brown
617-819-1289
investors@8co.holdings
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