Business
Eightco announces Full-Year 2023 Financial Results
2023 revenues of $75.3 million up 137% year-over-year from $31.8 million, driven by cell phone sales, beating guidance of $73.0 million2023 SG&A excluding
About this update from Eightco Holdings Inc.
[{"type":"text","content":"2023 revenues of $75.3 million up 137% year-over-year from $31.8 million, driven by cell phone sales, beating guidance of $73.0 million2023 SG&A excluding Depreciation & Amortization of $5.2 million, down 45% as a result of elimination of costs related to historical business efforts Easton, PA, April 02, 2024 (GLOBE NEWSWIRE) -- Eightco Holdings Inc. (NASDAQ: OCTO) (the “Company” or “Eightco”), who’s subsidiaries provide inventory capital for e-commerce sellers as well as manufacturing solutions for product and packaging needs, today announced financial results for the fiscal year ended December 31, 2023. Paul Vassilakos, CEO of Eightco and President of Forever 8 Fund, LLC (“Forever 8”), the Company’s largest subsidiary, said “Our full-year consolidated revenue improvement was driven by revenue growth in our cell phone business. We continue to improve all aspects of our cost structure and focus on our highest growth priorities to deliver long-term, profitable growth. Further, in the first quarter of 2024, the Company announced the repayment of a highly dilutive debt security and cancelled and repurchased a significant amount of warrants, delivering a cleaner capital structure that will help support our growth going forward.” 2023 financial highlights Results compare the 2023 fiscal year end (December 31, 2023) to the 2022 fiscal year end (December 31, 2022), unless otherwise indicated. Revenues, net $75,297,484 $31,820,779 Cost of revenues 66,805,023 29,626,869 Gross profit 8,492,461 2,193,910 Operating expenses: Selling, general and administrative expenses $15,835,651 $16,401,414 Restructuring and severance 2,133,982 1,300,000 Total operating expenses 17,969,633 17,701,414 Operating loss (9,477,172) (15,507,504) About Eightco Eightco (NASDAQ: OCTO) is committed to growth of its subsidiaries, made up of Forever 8, 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 ...