Quarter Driven by Corporate Actions for NASDAQ Compliance and Building Operational Foundation for Long Term Growth

Third quarter 2024 net loss of ($3.2) million compared to net loss of ($3.5) million for the prior year quarter, due to better gross margins

Third quarter 2024 revenues of $7.7 million compared to $23.3 million for the prior year quarter, driven by reduction in capital available for cell phone sales after repayment of the previously outstanding convertible note

Successfully Met NASDAQ Compliance requirements to maintain NASDAQ listing

Easton, PA, Nov. 14, 2024 (GLOBE NEWSWIRE) — Eightco Holdings Inc. (NASDAQ: OCTO) (the “Company” or “Eightco”) today announced financial results for the three months ended September 30, 2024. Paul Vassilakos, CEO of Eightco and President of Forever 8 Fund, LLC (“Forever 8”), the Company’s largest subsidiary, said “The Company continues to focus on prioritizing the Forever 8 business in providing inventory capital for e-commerce sellers and refurbished Apple product sellers.”

In the third quarter of 2024, Eightco Holdings Inc. saw a decrease in net loss compared to the same period in the previous year, thanks to improved gross margins. While revenues were lower in Q3 2024, this was due to a strategic reduction in capital available for cell phone sales after the repayment of a convertible note. The company also achieved NASDAQ compliance, ensuring its continued listing on the stock exchange.

Looking ahead, Eightco is focused on building a strong operational foundation for long-term growth. By prioritizing the Forever 8 business segment, which provides inventory capital for e-commerce and refurbished Apple product sellers, the company aims to drive sustainable growth and profitability.

How This Will Affect Me

As an investor, the actions taken by Eightco Holdings Inc. to improve its financial performance and meet NASDAQ compliance requirements can provide increased confidence in the stability and growth potential of the company. The focus on building a strong operational foundation for long-term growth may lead to enhanced shareholder value over time.

How This Will Affect the World

Eightco’s efforts to prioritize its Forever 8 business segment and drive operational efficiency could have broader implications for the e-commerce and refurbished Apple product markets. By providing inventory capital to sellers in these sectors, the company may contribute to the growth and innovation of online retail and the market for refurbished technology products.

Conclusion

Overall, Eightco Holdings Inc.’s focus on corporate actions for NASDAQ compliance and building a solid operational foundation is positioning the company for future success. By improving financial performance, meeting regulatory requirements, and prioritizing key business segments, Eightco is laying the groundwork for sustainable growth and shareholder value creation.