A spinoff subsidiary of Vinco Ventures, Cryptyde (Eightco Stock Quote, Charts, News, Analysts, Financials NASDAQ:OCTO) began trading on the Nasdaq Exchange in June of last year.
Then last month, Cryptyde announced a name change to Eightco Holdings, along with a new ticker symbol (OCTO) and a reverse stock split. The stock is currently trading under $3.00 and has fallen from the split-adjusted range of $35-$40 as of last October.
What does Cryptyde/Eightco do? Cryptyde was focused on blockchain and crypto-mining technologies, including NFTs, Smart Contracts, Metaverse and cryptocurrencies. Now, Eightco has two subsidiaries in Forever 8, an inventory management platform for e-commerce sellers and Ferguson Containers, a logistics platform for product packaging.
The company released its full year 2022 financials on April 17, featuring full-year revenue up 304 per cent to $31.8 million. Gross profit was flat at $2.2 million and the net loss was $47.4 million compared to a loss of $100K in 2021. The company said the increased net loss was due to an increase in SG&A expenses and loss on the issuance of warrants.
Eightco called 2022 a transformative year for the company, saying the strategic changes it has made were in response to uncertainties in the market and a re-focusing on growth areas of the market.
“By divesting certain of our non-core operations and adding to our inventory solutions business, we believe are well-positioned for future growth and will continue to invest and expand our strategy to assist clients in the e-commerce environment. These changes to our business assist us in responding to a challenging market and allow us to make key investments to serve our existing and potential client base,” said Eightco Holdings Inc. CEO Brian McFadden in a press release.
“Furthermore, by expanding our strategy to assist the e-commerce environment, we continue to position ourselves to take advantage of the growing trend towards online purchases. With more and more consumers shopping online, there is a significant opportunity for growth,” he said.
The company said it aims to deliver 2023 revenue of $60 million.
According to TipRanks, Eightco has a market cap of $4.74 million and an enterprise value of $32.8 million.