Eightco (OCTO) - 2024 Q2 - Quarterly Results

Financial Performance - Second quarter 2024 net income of $4.4 million compared to a net loss of ($8.9) million in the prior year quarter[1] - Second quarter 2024 revenues of $7.0 million, down 65.9$20.5 million in the prior year quarter, due to reduced capital for cell phone sales[1][3] - Second quarter 2024 gross profit of $1.8 million, with a gross profit margin of 25.3$6.4 million, compared to a loss of ($5.5) million in the prior year quarter[3][5] - Adjusted EBITDA for the second quarter 2024 was a loss of ($0.8) million, an improvement from a loss of ($1.9) million in the prior year quarter[3][5] Expenses and Liabilities - Selling, general and administrative expenses decreased by 26.6$3.5 million from $4.7 million in the prior year quarter[3] - Shareholder equity improved through the cancellation of$7.4 million in liabilities and $15.6 million in additional liabilities related to Forever 8[2] - The repayment of convertible notes eliminated 5,846,627 dilutive shares related to warrants and convertible securities[2] Strategic Focus - The company aims to expand its portfolio of technology solutions focused on the e-commerce ecosystem through strategic acquisitions[8] - The company continues to prioritize the Forever 8 business, providing inventory capital for e-commerce sellers and refurbished Apple product sellers[2]