{"id":837753,"date":"2025-04-15T16:38:55","date_gmt":"2025-04-15T20:38:55","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/eightco-announces-full-year-2024-financial-results\/"},"modified":"2025-04-15T16:38:55","modified_gmt":"2025-04-15T20:38:55","slug":"eightco-announces-full-year-2024-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/eightco-announces-full-year-2024-financial-results\/","title":{"rendered":"Eightco announces Full-Year 2024 Financial Results"},"content":{"rendered":"<div class=\"mw_release\">\n<ul type=\"disc\">\n<li style=\"text-align:justify\">2024 revenues of $39.6 million down from $67.6 million, driven by reduction in capital available for cell phone sales after repayment of the previously outstanding convertible note<\/li>\n<li style=\"text-align:justify\">2024 Gross Profit of $6.0 million, down from $6.2mn<\/li>\n<\/ul>\n<p align=\"justify\">Easton, PA, April  15, 2025  (GLOBE NEWSWIRE) &#8212; Eightco Holdings Inc. (NASDAQ: OCTO) (the \u201cCompany\u201d or \u201cEightco\u201d), today announced financial results for the fiscal year ended December 31, 2024.<\/p>\n<p align=\"justify\">Paul Vassilakos, CEO of Eightco and President of Forever 8 Fund, LLC (\u201cForever 8\u201d), the Company\u2019s largest subsidiary, said \u201cWe continue to improve all aspects of our cost structure and focus on our highest growth priorities to deliver long-term value to shareholders. In the first quarter of 2024, the Company announced the repayment of a highly dilutive debt security and repurchased and cancelled a significant amount of outstanding warrants. We believe we now have a much cleaner capital structure that will help support our future advancements.\u201d<\/p>\n<p>\n        <strong>2024 financial highlights<\/strong>\n      <\/p>\n<p align=\"justify\">\n        <em>2024 fiscal year end (December 31, 2024) compared to 2023 fiscal year end (December 31, 2022).<\/em>\n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2024<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2023<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Revenues, net<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">39,621,272<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">67,568,353<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Cost of revenues<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">33,639,274<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">61,308,561<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Gross profit<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">5,981,998<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">6,259,792<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Operating expenses:<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Selling, general and administrative expenses<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">12,759,719<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">14,805,627<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Restructuring and severance<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1,414,838<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2,133,982<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Total operating expenses<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">14,174,557<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">16,939,609<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Operating loss<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(8,192,559<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(10,679,817<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <strong><br \/>\n          <br \/>About\u00a0Eightco Holdings, Inc. <\/strong><\/p>\n<p>Eightco (NASDAQ: OCTO) is committed to growth of its subsidiary, Forever 8 Fund, LLC, an inventory capital and management platform for e-commerce sellers. 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 value and growth for its stockholders.<\/p>\n<p align=\"justify\">For additional information, please visit\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=ivTNEbqDffJsGMdQ6BpaDIHmSK-awx0Sa_b7d_uX_aPInavn4zxT_KgTYR_fzvs-b-J1Rn_fph3eOmDUaLJLs_x9s94OMpFpjx2uVmjViv0=\" rel=\"nofollow\" target=\"_blank\">www.8co.holdings<\/a> and www.forever8.com.<\/p>\n<p>\n        <strong>Forward-Looking Statements<\/strong>\n      <\/p>\n<p align=\"justify\">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 \u201cplans,\u201d \u201cexpects,\u201d \u201cwill,\u201d \u201canticipates,\u201d \u201ccontinue,\u201d \u201cexpand,\u201d \u201cadvance,\u201d \u201cdevelop\u201d \u201cbelieves,\u201d \u201cguidance,\u201d \u201ctarget,\u201d \u201cmay,\u201d \u201cremain,\u201d \u201cproject,\u201d \u201coutlook,\u201d \u201cintend,\u201d \u201cestimate,\u201d \u201ccould,\u201d \u201cshould,\u201d 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\u2019s 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: Eightco\u2019s ability to maintain compliance with the Nasdaq\u2019s continued listing requirements; unexpected costs, charges or expenses that reduce Eightco\u2019s capital resources; Eightco\u2019s inability to raise adequate capital to fund its business; and Eightco\u2019s inability to innovate and attract users for Eightco\u2019s products and services. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. For a discussion of other risks and uncertainties, and other important factors, any of which could cause Eightco\u2019s actual results to differ from those contained in forward-looking statements, see Eightco\u2019s filings with the SEC, including in its Annual Report on Form 10-K filed with the SEC on April 15, 2025. All information in this press release is as of the date of the release, and Eightco undertakes no duty to update this information or to publicly announce the results of any revisions to any of such statements to reflect future events or developments, except as required by law.<\/p>\n<p>\n        <u>For further information, please contact:<\/u><br \/>\n        <br \/>Investor\u00a0Relations<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=rvBpcYjVWZHxlpnVY2P5U4AsjQuNkutNigDdErHhmAzzFb6GbKCoC5yRookJB0O6cYy6vWi_4lf_Jy4qn9NJPOrMKFFK6cem_fDsddEzrtE=\" rel=\"nofollow\" target=\"_blank\">investors@8co.holdings<\/a><\/p>\n<p>      <img decoding=\"async\" alt=\"\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTQyMjg2MyM2ODY4MDM3IzUwMDEwNjQ2OA==\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" alt=\"\" src=\"https:\/\/ml.globenewswire.com\/media\/OTlkMDI1NjctNmEyYi00N2JjLThiMWEtZGYzMmJlZWUyYmUzLTUwMDEwNjQ2OC0yMDI1LTA0LTE1LWVu\/tiny\/Eightco-Holdings-Inc-.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>2024 revenues of $39.6 million down from $67.6 million, driven by reduction in capital available for cell phone sales after repayment of the previously outstanding convertible note 2024 Gross Profit of $6.0 million, down from $6.2mn Easton, PA, April 15, 2025 (GLOBE NEWSWIRE) &#8212; Eightco Holdings Inc. (NASDAQ: OCTO) (the \u201cCompany\u201d or \u201cEightco\u201d), today announced financial results for the fiscal year ended December 31, 2024. Paul Vassilakos, CEO of Eightco and President of Forever 8 Fund, LLC (\u201cForever 8\u201d), the Company\u2019s largest subsidiary, said \u201cWe continue to improve all aspects of our cost structure and focus on our highest growth priorities to deliver long-term value to shareholders. In the first quarter of 2024, the Company announced the repayment of a &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/eightco-announces-full-year-2024-financial-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Eightco announces Full-Year 2024 Financial Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-837753","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Eightco announces Full-Year 2024 Financial Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/eightco-announces-full-year-2024-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Eightco announces Full-Year 2024 Financial Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"2024 revenues of $39.6 million down from $67.6 million, driven by reduction in capital available for cell phone sales after repayment of the previously outstanding convertible note 2024 Gross Profit of $6.0 million, down from $6.2mn Easton, PA, April 15, 2025 (GLOBE NEWSWIRE) &#8212; Eightco Holdings Inc. (NASDAQ: OCTO) (the \u201cCompany\u201d or \u201cEightco\u201d), today announced financial results for the fiscal year ended December 31, 2024. Paul Vassilakos, CEO of Eightco and President of Forever 8 Fund, LLC (\u201cForever 8\u201d), the Company\u2019s largest subsidiary, said \u201cWe continue to improve all aspects of our cost structure and focus on our highest growth priorities to deliver long-term value to shareholders. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/eightco-announces-full-year-2024-financial-results\/","og_locale":"en_US","og_type":"article","og_title":"Eightco announces Full-Year 2024 Financial Results - Market Newsdesk","og_description":"2024 revenues of $39.6 million down from $67.6 million, driven by reduction in capital available for cell phone sales after repayment of the previously outstanding convertible note 2024 Gross Profit of $6.0 million, down from $6.2mn Easton, PA, April 15, 2025 (GLOBE NEWSWIRE) &#8212; Eightco Holdings Inc. (NASDAQ: OCTO) (the \u201cCompany\u201d or \u201cEightco\u201d), today announced financial results for the fiscal year ended December 31, 2024. Paul Vassilakos, CEO of Eightco and President of Forever 8 Fund, LLC (\u201cForever 8\u201d), the Company\u2019s largest subsidiary, said \u201cWe continue to improve all aspects of our cost structure and focus on our highest growth priorities to deliver long-term value to shareholders. In the first quarter of 2024, the Company announced the repayment of a &hellip; Continue reading \"Eightco announces Full-Year 2024 Financial Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/eightco-announces-full-year-2024-financial-results\/","og_site_name":"Market Newsdesk","article_published_time":"2025-04-15T20:38:55+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTQyMjg2MyM2ODY4MDM3IzUwMDEwNjQ2OA==","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/eightco-announces-full-year-2024-financial-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/eightco-announces-full-year-2024-financial-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Eightco announces Full-Year 2024 Financial Results","datePublished":"2025-04-15T20:38:55+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/eightco-announces-full-year-2024-financial-results\/"},"wordCount":565,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/eightco-announces-full-year-2024-financial-results\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTQyMjg2MyM2ODY4MDM3IzUwMDEwNjQ2OA==","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/eightco-announces-full-year-2024-financial-results\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/eightco-announces-full-year-2024-financial-results\/","name":"Eightco announces Full-Year 2024 Financial Results - 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