Eightco Announces Third Quarter 2024 Financial Results
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Eightco Holdings Inc. (NASDAQ: OCTO) reported a net loss of $3.2 million for Q3 2024, an improvement from the previous year's $3.5 million loss, due to better gross margins. Revenues fell to $7.7 million from $23.3 million, impacted by reduced capital for cell phone sales. The company met NASDAQ compliance requirements, ensuring its continued listing.
November 14, 2024 | 10:30 pm
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Eightco Holdings Inc. reported a Q3 2024 net loss of $3.2 million, an improvement from the previous year's $3.5 million loss, due to better gross margins. Revenues decreased significantly to $7.7 million from $23.3 million, primarily due to reduced capital for cell phone sales. The company successfully met NASDAQ compliance requirements, maintaining its listing.
The narrowing of net loss is a positive sign, but the significant drop in revenue is concerning. Meeting NASDAQ compliance is crucial for maintaining investor confidence. Overall, the news is mixed, leading to a neutral short-term impact on the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100