Company: ORBS
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001493152-25-012159
Chunk: 10

Company: Eightco Holdings Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 2
Chunk 10
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2,451,832 and $2,191,948
for the three months ended June 30, 2025 and 2024, respectively, representing an increase of $259,884, or 11.86%. The increase was largely
attributable to an increase in selling costs related to increased revenues.

Interest
Expense

Interest expense was $1,276,726, for the three months ended June 30, 2025,
versus $1,323,594 for the three months ended June 30, 2024. The decrease in interest expense was largely attributable to lower average
borrowings under the lines of credit.

Gain on extinguishment of liabilities

Gain on extinguishment of liabilities was $0 for the six
months ended June 30, 2025 versus $6,497,193 for the six months ended June 30, 2024.

Income
tax expense

Income tax (benefit) expense was $0 and $0 for the three months ended June
30, 2025 and 2024, respectively. The Company has significant net operating loss carryforwards and is able to apply for R&D credits.

Net
income (loss)

Net income (loss) was $(1,169,519) for the three months ended June 30, 2025,
versus $4,448,892 for the three months ended June 30, 2024. The decrease in net income was largely attributable the Company’s prior
recognition of the gain on extinguishment of liabilities.

34

Six
Months Ended June 30, 2024 versus Six Months Ended June 30, 2023

The
following table sets forth information comparing the components of net (loss) income for the six months ended June 30, 2025 and 2024:

    Six months Ended June 30,  
    Period over Period Change 

    2025  
    2024  
    $  
    % 

    Revenues, net 
    $17,492,633  
    $13,242,290  
    $4,250,343  
     32.10%
  
    Cost of revenues 
     15,434,078  
     10,529,497  
     4,904,581  
     46.58%
  
    Gross profit 
     2,058,555  
     2,712,793