ORBS

EX-99.1

2 ex99-1.htm

Exhibit 99.1

Eightco Announces Second Quarter 2024 Financial Results

Quarter Driven by Capital Restructuring to Prioritize Financial Stability

●Second quarter 2024 net income of $4.4 million versus net loss of ($8.9) million for the prior year quarter, due to better operating performance and elimination of warrant losses related to a retired convertible note

●Second quarter 2024 revenues of $7.0 million versus $20.5 million for the prior year quarter, driven by reduction in capital available for cell phone sales after repayment of the convertible note

Easton, PA, August 15, 2024 (GLOBE NEWSWIRE) – Eightco Holdings Inc. (NASDAQ: OCTO) (the “Company” or “Eightco”) today announced financial results for the three months ended June 30, 2024.

Paul Vassilakos, CEO of Eightco and President of Forever 8 Fund, LLC (“Forever 8”), the Company’s largest subsidiary, said “The Company continues to focus on prioritizing the Forever 8 business in providing inventory capital for e-commerce sellers and refurbished apple product sellers. 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 thus increasing shareholder equity.”

Financial Highlights and Commentary

During the first half of 2024, Eightco took significant steps to resolve legacy issues and strengthen its balance sheet. More specifically, the Company has improved shareholder equity 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.

Repayment of the convertible note reduced the Company’s capital base by $5.4 million which resulted in a decrease in top line revenues as compared to the prior year quarter. The focus on Forever 8 operations also allowed for a reduction in selling, general and administrative expenses.

●Second quarter 2024 net income of $4.4 million versus a net loss of ($8.9) million in the prior year quarter

●Second quarter 2024 revenues of $7.0 million versus $20.5 million in the prior year quarter, driven by reduction in capital available for cell phone sales after repayment of the convertible note

●Second quarter 2024 gross profit of $1.8 million versus $2.5 million in the prior year quarter

●Second quarter 2024 gross profit margin of 25.3%, versus 12.3% in the prior year quarter

●Second quarter 2024 SG&A of $3.5 million, down 26.6% from $4.7 million in the prior year quarter

●Second quarter 2024 EBITDA of $6.4 million compared to a loss of ($5.5) million in the prior year quarter

●Second quarter 2024 Adjusted EBITDA of a loss of ($0.8) million, from a loss of ($1.9) million in the prior year quarter

For the Three Months Ended

June 30,

2024 2023

Revenues, net $7,017,013 $20,547,153

Cost of revenues 5,239,202 18,017,259

Gross profit 1,777,811 2,529,894

Operating expenses:

Selling, general and administrative expenses $3,461,221 $4,717,556

Restructuring and severance - 283,686

Impairment - 292,748

Total operating expenses 3,461,221 5,293,990

Operating loss (1,683,410) (2,764,096)

Net income (loss) 4,448,892 (8,853,248)

For the Three Months Ended

June 30,

2024 2023

Net income (loss) 4,448,892 (8,853,248)

Interest (income) expense, net 1,323,594 2,736,333

Income tax expense - -

Depreciation and amortization 612,634 633,661

EBITDA

6,385,120 (5,483,254)

Stock-based compensation

206,103 189,000

Loss on issuance of warrants - 3,387,604

Gain on extinguishment of liabilities (7,427,193) -

Adjusted EBITDA (835,970) (1,906,650)

Reconciliation of EBITDA and Adjusted EBITDA

EBITDA

and Adjusted EBITDA are non-GAAP performance measures. Management believes EBITDA and Adjusted EBITDA, in addition to operating profit, net (loss) income and other GAAP measures, are useful to investors to evaluate the Company’s results because they exclude certain items that are not directly related to the Company’s core operating performance. Investors should recognize that EBITDA and Adjusted EBITDA might not be comparable to similarly-titled measures of other companies. These measures should be considered in addition to, and not as a substitute for or superior to, any measure of performance prepared in accordance with GAAP.

Reconciliations of the non-GAAP measures used in this press release are included in the table above. Because GAAP financial measures on a forward-looking basis are not accessible, and

EX-99.1

2 ex99-1.htm

Exhibit 99.1

Cryptyde, Inc. Announces Quarterly Results and Operational Update

SAFETY HARBOR, Florida, August 19th, 2022 — Cryptyde, Inc., or the Company, (NASDAQ: TYDE) a company offering comprehensive, scalable Web3 services utilizing blockchain technologies, NFTs, Smart Contracts, Metaverse and Crypto, announced financial results for the three and six months ended June 30, 2022. The financial statements are available in the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2022, filed with the Securities and Exchange Commission on August 19, 2022.

“We are excited with where we are in such a short period of time operating as an independent company,” said Brian McFadden, President and CEO of Cryptyde, Inc. “We continued to make significant progress with our ambitious growth initiatives within our core verticals over the last quarter and look to continue that momentum forward.” added McFadden.

About Cryptyde

Cryptyde, Inc. (Nasdaq: TYDE), is focused on leveraging blockchain technologies to disrupt consumer facing industries. http://www.cryptyde.com/

Forward-Looking

Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release other than statements of historical fact could be deemed forward looking, including, but not limited to, the statements regarding the spin-off of the Company from Vinco Ventures, Inc. Words such as “plans,” “expects,” “will,” “anticipates,” “continue,” “expand,” “advance,” “develop” “believes,” “guidance,” “target,” “may,” “remain,” “project,” “outlook,” “intend,” “estimate,” “could,” “should,” and other words and terms of similar meaning and expression are intended to identify forward-looking statements, although not all forward-looking statements contain such terms. Forward-looking statements are based on management’s current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: risks and uncertainties regarding achievement of the expected benefits of the Company’s spin-off from Vinco Ventures, Inc.; tax treatment of the spin-off; market and other conditions; the risks that the ongoing COVID-19 pandemic may disrupt the Company’s business more severely than it has to date or more severely than anticipated; the inability to develop the planned infrastructure for Cryptyde to offer Bitcoin mining services, unexpected costs, charges or expenses that reduce the Company’s capital resources; the Company’s inability to raise adequate capital to fund its business; the Company’s inability to innovate and attract users for the Company’s products; future legislation and rulemaking negatively impacting digital assets; and shifting public and governmental positions on digital asset mining activity. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. For a discussion of other risks and uncertainties, and other important factors, any of which could cause the Company’s actual results to differ from those contained in the forward-looking statements, see the Company’s filings with the Securities and Exchange Commission (SEC), including the section titled “Risk Factors” in the Company’s Registration Statement on Form 10, as amended, filed with the SEC on May 13, 2022, and the Company’s Registration Statement on Form S-1, filed with the SEC on August 12, 2022. All information in this press release is as of the date of the release, and the Company undertakes no duty to update this information or to publicly announce the results of any revisions to any of such statements to reflect future events or developments, except as required by law.

For further information, please contact:

Investor Relations

Richard Brown

617-819-1289

investors@cryptyde.com

EX-99.1

2 ex99-1.htm

Exhibit 99.1

Cryptyde, Inc. Announces Quarterly Results and Operational Update

SAFETY HARBOR, Florida, August 19th, 2022 — Cryptyde, Inc., or the Company, (NASDAQ: TYDE) a company offering comprehensive, scalable Web3 services utilizing blockchain technologies, NFTs, Smart Contracts, Metaverse and Crypto, announced financial results for the three and six months ended June 30, 2022. The financial statements are available in the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2022, filed with the Securities and Exchange Commission on August 19, 2022.

“We are excited with where we are in such a short period of time operating as an independent company,” said Brian McFadden, President and CEO of Cryptyde, Inc. “We continued to make significant progress with our ambitious growth initiatives within our core verticals over the last quarter and look to continue that momentum forward.” added McFadden.

About Cryptyde

Cryptyde, Inc. (Nasdaq: TYDE), is focused on leveraging blockchain technologies to disrupt consumer facing industries. http://www.cryptyde.com/

Forward-Looking

Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release other than statements of historical fact could be deemed forward looking, including, but not limited to, the statements regarding the spin-off of the Company from Vinco Ventures, Inc. Words such as “plans,” “expects,” “will,” “anticipates,” “continue,” “expand,” “advance,” “develop” “believes,” “guidance,” “target,” “may,” “remain,” “project,” “outlook,” “intend,” “estimate,” “could,” “should,” and other words and terms of similar meaning and expression are intended to identify forward-looking statements, although not all forward-looking statements contain such terms. Forward-looking statements are based on management’s current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: risks and uncertainties regarding achievement of the expected benefits of the Company’s spin-off from Vinco Ventures, Inc.; tax treatment of the spin-off; market and other conditions; the risks that the ongoing COVID-19 pandemic may disrupt the Company’s business more severely than it has to date or more severely than anticipated; the inability to develop the planned infrastructure for Cryptyde to offer Bitcoin mining services, unexpected costs, charges or expenses that reduce the Company’s capital resources; the Company’s inability to raise adequate capital to fund its business; the Company’s inability to innovate and attract users for the Company’s products; future legislation and rulemaking negatively impacting digital assets; and shifting public and governmental positions on digital asset mining activity. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. For a discussion of other risks and uncertainties, and other important factors, any of which could cause the Company’s actual results to differ from those contained in the forward-looking statements, see the Company’s filings with the Securities and Exchange Commission (SEC), including the section titled “Risk Factors” in the Company’s Registration Statement on Form 10, as amended, filed with the SEC on May 13, 2022, and the Company’s Registration Statement on Form S-1, filed with the SEC on August 12, 2022. All information in this press release is as of the date of the release, and the Company undertakes no duty to update this information or to publicly announce the results of any revisions to any of such statements to reflect future events or developments, except as required by law.

For further information, please contact:

Investor Relations

Richard Brown

617-819-1289

investors@cryptyde.com