24/7 Market News- Eightco Releases Strategic Plan for 2025 and Forecasts $100 million Revenue

September 25, 2024

DENVER, Colo., Sep 25, 2024 (247marketnews.com)- Following yesterday’s announcement that it regained compliance with two NASDAQ requirements, Eightco Holdings (NASDAQ: OCTO) reported making significant progress in 2024 by improving its balance sheet, by eliminating $5.4 million in convertible notes, cancelling nearly 6 million warrants and convertible securities, and increasing shareholder equity by $23 million.

For the first half of 2024 gross profit margin almost doubled to 22%, compared to 12% for the first half of 2023, and SG&A was reduced to $6.9 million, down 23% from $9.0 million in the prior year period.

Paul Vassilakos, CEO of Eightco and President of Forever 8, commented “The Company is excited to focus on prioritizing the Forever 8 business to deliver growth and shareholder value through 2025. With regaining compliance with the NASDAQ rules behind us and a significantly improved balance sheet, we believe 2025 has the potential to be our best year since our inception in 2020.”

Eightco’s plans on focusing on the growth of its primary operating subsidiary, Forever 8 Fund, which provides inventory solutions for small to mid-sized e-commerce sellers in the US & UK, and supplies refurbished Apple products for sellers in the UK and Europe.

The Company will seek additional non-dilutive senior debt financing to replace the capital used to repay its dilutive convertible notes in the first quarter of 2024 and plans on reaching $100 million in 2025 revenue, while achieving positive EBITDA at the public company level.

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