Eightco Holdings Inc. ( OCTO ) shares are trading higher after the company provided an update to shareholders highlighting its 2024 achievements and 2025 initiatives.

In 2024, the company significantly improved its balance sheet, eliminating $5.4 million in convertible notes and increasing shareholder equity by $23 million.

Additionally, 5.8 million dilutive shares related to warrants and convertible securities were canceled, along with several one-time accounting events.

During the six months, the company saw its gross profit margin increase to 22% from 12% in the same period last year, while Selling, General, and Administrative (SG&A) expenses decreased to $6.9 million, down 23% from $9 million in the prior year.

These improvements allowed the company to regain compliance with two NASDAQ requirements, as announced Tuesday.

In the short term, the company plans to seek non-dilutive senior debt financing to replace capital used for repaying dilutive convertible notes in early 2024.

The company aims for $100 million in revenues and positive EBITDA in 2025, supported by strong inbound demand for its services and the scalable nature of Forever 8’s operations.

Paul Vassilakos, CEO of Eightco ( OCTO ) and President of Forever 8, said, “The company is excited to focus on prioritizing the Forever 8 business to deliver growth and shareholder value through 2025.”

”With regaining compliance with the NASDAQ rules behind us and a significantly improved balance sheet, we believe 2025 has the potential to be our best year since our inception in 2020.”

Price Action: OCTO shares are up 72% at $4.29 at the last check Wednesday.

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