Shares of Eightco Holdings Inc. (NASDAQ: OCTO) are experiencing significant gains, climbing 53.41% in pre-market trading to $3.82. This upward momentum comes after the company provided an optimistic forecast, further boosting investor confidence.
Achievements and Strategic Progress in 2024
Eightco updated its shareholders, outlining the company’s notable accomplishments and its initiatives for 2025. One of the company’s biggest successes in 2024 was the cancellation of $5.4 million in convertible notes, which made $23 million more equity available to shareholders.
Furthermore, 5,846,627 dilutive shares were canceled, mostly in connection with warrants and convertible instruments. These developments, coupled with several one-time accounting events, have strengthened the company’s financial position. Operationally, Eightco reported impressive results for the first half of 2024.
Its gross profit margin increased to 22%, and Selling, General, and Administrative (SG&A) expenses were reduced by 23%, amounting to $6.9 million. These financial improvements also enabled the company to regain compliance with two NASDAQ requirements, a significant milestone announced just yesterday.
Focus on Growing Forever 8 Fund LLC
The company’s core focus is expanding its primary operating subsidiary, Forever 8 Fund LLC. Forever 8 provides inventory solutions to small and mid-sized e-commerce sellers in the US and UK, as well as supplying refurbished Apple products for sellers in the UK and Europe.
By purchasing existing inventory and committing to future inventory purchases, Forever 8 helps e-commerce sellers maintain adequate stock levels. Sellers are invoiced monthly based on sales, with Forever 8 charging a markup over the cost. This seamless and scalable process is powered by Forever 8’s advanced tech platform.
Looking Ahead: Financing and Future Growth
Eightco plans to secure additional non-dilutive senior debt financing to replace the capital used to repay its convertible notes earlier this year. It now has 1.8 million outstanding shares, wants to turn a profit on equity (EBITDA) and earn $100 million in sales by 2025.
Due to the high demand for its services from both current and potential customers, Forever 8 is anticipated to play a significant role in this expansion. Eightco (OCTO) remains focused on delivering value to shareholders and expanding through 2025.
