Eightco (US:OCTO) Globenewswireยท2025-04-15 20:30Core Viewpoint - Eightco Holdings Inc. reported a significant decline in financial performance for the fiscal year ended December 31, 2024, with a focus on improving its cost structure and capital management to enhance shareholder value [2][8]. Financial Performance Summary - Revenues for 2024 were $39.6 million, a decrease from $67.6 million in 2023, attributed to reduced capital available for cell phone sales following the repayment of a convertible note [4][8]. - Cost of revenues decreased to $33.6 million in 2024 from $61.3 million in 2023, leading to a gross profit of $6.0 million, down from $6.2 million [4][8]. - Total operating expenses were reduced to $14.2 million in 2024 from $16.9 million in 2023, with selling, general, and administrative expenses decreasing to $12.8 million from $14.8 million [4][8]. - The operating loss improved to $(8.2) million in 2024 compared to $(10.7) million in 2023, indicating a positive trend in operational efficiency [4][8]. Strategic Focus - The company is committed to the growth of its subsidiary, Forever 8 Fund, LLC, which serves as an inventory capital and management platform for e-commerce sellers [5]. - Eightco is actively pursuing strategic acquisitions to enhance its portfolio of technology solutions within the e-commerce ecosystem [5].