Company: ORBS
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004802
Chunk: 307

Company: Eightco Holdings Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1B
Chunk 307
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%, as compared to the year ended December 31, 2023. The decrease
was primarily the result of decreased revenues due to less capital utilized to purchase inventory for our customers to allow for repayment
of debt. In addition, the Company had revenues of $0 and $0 for the years ended December 31, 2024 and 2023, respectively, related to
its BTC Mining Equipment Business. The Company no longer generates revenues related to CW Machines.

Cost
of Revenues

For
the year ended December 31, 2024, cost of revenues decreased by $27,669,287 or 45.13%, as compared to the year ended December 31, 2023.
The decrease was largely attributable to the decrease in revenues. In addition, the Company had cost of revenues of $0 and $0 for the
years ended December 31, 2024 and 2023, respectively, related to its BTC Mining Equipment Business. The Company no longer generates revenues
related to CW Machines.

Gross
Profit

For
the year ended December 31, 2024, gross profit decreased by $277,794, or 4.44%, as compared to the year ended December 31, 2023. The
decrease was largely attributable to the decrease in revenues. In addition, the Company had gross profit of $0 and $0 for the years ended
December 31, 2024 and 2023, respectively, related to its BTC Mining Equipment Business. The Company no longer generates revenues related
to CW Machines.

Operating
Expenses

Selling,
general and administrative expenses were $12,759,719 and $14,805,627 for the years ended December 31, 2024 and 2023, respectively,
representing a decrease of $2,045,908, or 13.82%. The decrease was largely attributable to the decrease in salaries and professional
fees offset by an increase in fees for investor relations.

Restructuring
and severance expenses were $1,414,838 and $2,133,982 for the years ended December 31, 2024 and 2023, respectively, representing a decrease
of $719,144, or 33.70%. The decrease was largely attributable to the completion of the restructuring plan.

Interest
Expense

Interest
expense was $5,287,920 for the year ended December 31, 2024, versus $11,553,477