Business
Eightco Holdings Inc. Reports Full Year 2022 Financial Results and Provides Business Update
SAFETY HARBOR, Florida, April 17, 2023 (GLOBE NEWSWIRE) -- Eightco Holdings Inc. (NASDAQ: OCTO) today provided a corporate update in conjunction with the
About this update from Eightco Holdings Inc.
[{"type":"text","content":"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 MarketCompletion of the Acquisition of Forever 8Eightco Holdings Projects FY 2023 Revenue of $60 MillionEightco Holdings’ subsidiary, Forever 8 Fund, LLC, Generates Over $1 Million of Revenue in a Single DayEightco Holdings’ subsidiary, Forever 8 Fund, LLC, expanded its partnership with Arca One, LLC, a 3PL with operations in Asia and the United StatesAnnounced Name Change to Eightco Holdings Inc.Announced Upcoming Non-Deal Ro...