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 million
• 2023 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	)