News 
Market Data 
Discover
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
OCTO under $3
$OCTO Eightco Achieves Revenues of $100mn in Mobile Phone Business
https://finance.yahoo.com/news/eightco-achieves-revenues-100mn-mobile-130000867.html
$OCTO announced that its wholly-owned subsidiary, Forever 8 Fund, has reached $100M USD in revenues from its refurbished Apple $AAPL smartphone division since launching in April 2021. "We continue to see significant demand in the refurbished iPhone market"
OCTO new 52 week low
$OCTO “Continued growth in the refurbished market for Apple products, combined with Forever 8’s unique offering, is driving strong growth for our Company in this sector. We continue to see significant demand from both our suppliers and customers." https://finance.yahoo.com/news/eightco-achieves-revenues-100mn-mobile-130000867.html $MSFT
$OCTO #Eightcoholdings Mission #Nasdaq
https://8co.holdings/company
$OCTO Achieves Revenues of $100mn in Mobile Phone Business
we like this one alot and accumulating here , on the dip
any bad debt in this or warrants ? coming due ?
$OCTO #Shortsqueeze coming after the manipulation today.
OCTO new 52 week low
$OCTO - A run back to all time highs? "Investors Bullish After Eightco Holdings Reports YoY Revenue Surge To $75.3 Million, 137% Higher Than 2022" https://www.barchart.com/story/news/25568545/investors-bullish-after-eightco-holdings-reports-yoy-revenue-surge-to-753-million-137-higher-than-2022
$OCTO Financial highlights and statistics:
Significant improvement in first quarter 2024 net income of $4.9 million compared to a net loss of $49.9 million for the prior year quarter, due to improved operating performance and elimination of warrant losses related to a retired convertible note.
First quarter 2024 revenues of $9.6 million compared to $15.9 million for the prior year quarter, driven by reduction in capital available for cell phone sales after repayment of the convertible note.
First quarter 2024 SG&A of $3.5 million, down 35.3% from $5.3 million in the prior year quarter.
First quarter 2024 gross profit margin of 19.6%, compared to 11.4% in the prior year quarter.
First quarter 2024 EBITDA of $3.7 million compared to a loss of $46.4 million in the prior year quarter
In late February 2024 the Company completed a private placement priced at $0.82 per share. The Company currently has approximately 8.8 million shares outstanding, resulting in a market capitalization of approximately $4.6 million based on the closing price of the Company’s common stock on July 15, 2024. Management believes the current market capitalization may not fully reflect the Company's substantial progress in enhancing shareholder equity and operational efficiencies described above.
$OCTO Provides Shareholder Update
NEWS: Eightco Provides Shareholder Update
Eightco Holdings Inc.
Tue, Jul 16, 2024, 8:30 AM EDT
In this article:
OCTO
+1.96%
Eightco Holdings Inc.- Significant Improvement in Financial Condition Allows Renewed Focus on Revenue Growth
Easton, PA, July 16, 2024 (GLOBE NEWSWIRE) -- Eightco Holdings Inc. (NASDAQ: OCTO) (the “Company” or “Eightco”) is pleased to provide an update to its shareholders regarding recent activities and future initiatives for growth.
The Company has made significant progress in the first half of 2024 improving its financial condition, most notably through the elimination of $5.4 million in convertible notes and increasing shareholder equity by over $23 million which allows a renewed focus on the growth of its subsidiary, Forever 8 Fund LLC (“Forever 8”.)
Core Business
During 2024, the Company eliminated significant costs and roles related to the management of various legacy businesses. The Company’s primary focus now is the growth of Forever 8, which operates in two main areas: providing inventory solutions for small to mid-sized e-commerce sellers and supplying refurbished Apple products for sellers in the United Kingdom and European Union.
Forever 8 supports e-commerce sellers by purchasing inventory on their behalf, enabling them to use their capital to grow their brands without the financial strain of maintaining stock. Leveraging Forever 8’s proprietary data-driven tool, it can quickly and confidently assess inventory risk levels, allowing for efficient capital deployment. Forever 8’s predictive inventory solution seeks to ensure optimal inventory levels and capital management, integrating planning, purchasing, and payout into one easy-to-use system. This model helps e-commerce sellers avoid negative cash flow positions that typically arise from the need to continuously supply inventory while awaiting payments.
In the refurbished Apple products market, Forever 8 provides inventory for iPhones and has expanded into other Apple products, including iPads, AirPods, Apple Watches and the iPad Pencil due to high customer demand. Forever 8 buys existing inventory from vendors and commits to purchasing future inventory directly from their suppliers, maintaining specific inventory levels to enhance sales and growth. Vendors are invoiced after sales occur on a monthly basis, at which point Forever 8 charges them its cost plus a markup. Forever 8’s tech platform facilitates this entire process end-to-end, making it seamless and scalable.
Balance Sheet Improvements
During the first half of 2024, Eightco took significant strides to resolve legacy issues and strengthen its balance sheet. More specifically, the Company has improved shareholder equity by over $23 million through the following:
Cancellation of $7.4 million of liabilities
Cancellation of $15.6 million of additional liabilities to the former members of Forever 8:
Earnout consideration (fair value of $6.1 million)
$5.4 million in promissory notes
$3.0 million in interest obligations
$1.1 million of interest obligations converted into 1.4 million shares of the Company’s common stock
The Company also repaid convertible notes which resulted in the elimination of an aggregate of 5,846,627 dilutive shares related to warrants and convertible securities that were cancelled in connection therewith, as well as several one-time accounting events.
Financial highlights and statistics:
Significant improvement in first quarter 2024 net income of $4.9 million compared to a net loss of $49.9 million for the prior year quarter, due to improved operating performance and elimination of warrant losses related to a retired convertible note.
First quarter 2024 revenues of $9.6 million compared to $15.9 million for the prior year quarter, driven by reduction in capital available for cell phone sales after repayment of the convertible note.
First quarter 2024 SG&A of $3.5 million, down 35.3% from $5.3 million in the prior year quarter.
First quarter 2024 gross profit margin of 19.6%, compared to 11.4% in the prior year quarter.
First quarter 2024 EBITDA of $3.7 million compared to a loss of $46.4 million in the prior year quarter
In late February 2024 the Company completed a private placement priced at $0.82 per share. The Company currently has approximately 8.8 million shares outstanding, resulting in a market capitalization of approximately $4.6 million based on the closing price of the Company’s common stock on July 15, 2024. Management believes the current market capitalization may not fully reflect the Company's substantial progress in enhancing shareholder equity and operational efficiencies described above.
Nasdaq listing
The Company previously announced that a Hearings Panel of the Nasdaq Stock Market has granted the Company’s request for continued listing on The Nasdaq Capital Market, subject to the Company meeting certain conditions by August 23, 2024. These conditions include requiring the closing bid price of the Company’s common stock to equal or exceed $1.00 per share for a minimum of ten (10) consecutive trading sessions. In order to meet the conditions required by the Hearings Panel, the Company will be mailing a proxy statement seeking shareholder approval to effect a reverse stock split of all of the outstanding shares of the Company’s common stock at a ratio of 1-for-5.
Paul Vassilakos, CEO of Eightco and President of Forever 8, said “The Company is excited to focus on prioritizing the Forever 8 business providing inventory capital for e-commerce sellers and refurbished apple product sellers. We have significantly improved our balance sheet and reduced operating expenses and we believe the high demand for our service underscores the value we bring to our customers. "
https://finance.yahoo.com/news/eightco-provides-shareholder-123000082.html
Good morning $OCTO We're on watch for more news and updates!
$OCTO .529 +13.32% News and Headlines: https://www.barchart.com/stocks/quotes/OCTO/news
$OCTO Great Video out on Eightco Holdings, Inc.
$OCTO News July 01, 2024
NASDAQ Grants Eightco’s Request for Continued Listing on The Nasdaq Capital Market
https://finance.yahoo.com/news/nasdaq-grants-eightco-request-continued-123000894.html
$OCTO News April 18, 2024
Investors Bullish After Eightco Holdings Reports YoY Revenue Surge To $75.3 Million, 137% Higher Than 2022
https://www.barchart.com/story/news/25568545/investors-bullish-after-eightco-holdings-reports-yoy-revenue-surge-to-753-million-137-higher-than-2022
$OCTO .49 +6.54% @Eightcoholdings Announces First Quarter 2024 Financial Results https://finance.yahoo.com/news/eightco-announces-first-quarter-2024-123000615.html?soc_src=social-sh&soc_trk=tw&tsrc=twtr via @YahooFinance
OCTO looks like it found the bottom here...
$OCTO - A run back to all time highs? "Investors Bullish After Eightco Holdings Reports YoY Revenue Surge To $75.3 Million, 137% Higher Than 2022" https://www.barchart.com/story/news/25568545/investors-bullish-after-eightco-holdings-reports-yoy-revenue-surge-to-753-million-137-higher-than-2022
$OCTO NASDAQ Grants Eightco’s Request for Continued Listing on The Nasdaq Capital Market https://finance.yahoo.com/news/nasdaq-grants-eightco-request-continued-123000894.html?soc_src=social-sh&soc_trk=tw&tsrc=twtr via
@YahooFinance
.
|
Followers
|
16
|
Posters
|
|
|
Posts (Today)
|
0
|
Posts (Total)
|
203
|
|
Created
|
01/16/22
|
Type
|
Free
|
| Moderators | |||
AI
