# EDGAR Filing Document

**Accession Number:** 0001892492
**File Stem:** 0001493152-26-016664
**Filing Date:** 2026-4
**Character Count:** 487129
**Document Hash:** a5955363e9df70b861fcc290ff600471
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-016664.hdr.sgml**: 20260415

**ACCESSION NUMBER**: 0001493152-26-016664

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 120

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260415

**DATE AS OF CHANGE**: 20260414

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Eightco Holdings Inc.
- **CENTRAL INDEX KEY:** 0001892492
- **STANDARD INDUSTRIAL CLASSIFICATION:** SHORT-TERM BUSINESS CREDIT INSTITUTIONS [6153]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 872755739
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41033
- **FILM NUMBER:** 26862399

**BUSINESS ADDRESS:**
- **STREET 1:** 101 LARRY HOLMES DR.
- **STREET 2:** SUITE 313
- **CITY:** EASTON
- **STATE:** PA
- **ZIP:** 18042
- **BUSINESS PHONE:** 888-765-8933

**MAIL ADDRESS:**
- **STREET 1:** 101 LARRY HOLMES DR.
- **STREET 2:** SUITE 313
- **CITY:** EASTON
- **STATE:** PA
- **ZIP:** 18042

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Cryptyde, Inc.
- **DATE OF NAME CHANGE:** 20211105

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-K**

☒ ANNUAL
 REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____to _____

**Commission file number: 001-41033**

**EIGHTCO HOLDINGS INC.**

(Exact Name of Registrant as Specified in Its Charter)

---

| | |
|:---|:---|
| **Texas** | **87-2755739** |
| (State or Other Jurisdiction | (I.R.S. Employer |
| of Incorporation or Organization) | Identification No.) |

---

---

| | |
|:---|:---|
| **101 Larry Holmes Dr., Suite 313** |  |
| **Easton, PA** | **18042** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

**(888) 765-8933**

(Registrant's Telephone Number, Including Area Code)

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **Common Stock, $0.001 par value per share** | **ORBS** | **Nasdaq Capital Market** |

---

**Securities registered pursuant to Section 12(g) of the Act: None**

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

☐ Yes ☒ No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.

☐ Yes ☒ No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or Section 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller Reporting Company ☒ <br> Emerging Growth Company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

☐ Yes ☒ No

The aggregate market value on June 30, 2025 (the last business day of the Company's most recently completed second quarter) of the voting common stock held by non-affiliates of the registrant, computed by reference to the closing price of the stock on that date, was approximately $3,775,483. The registrant does not have non-voting common stock outstanding.

As of April 13, 2026, there were 375,775,284 shares of the registrant's common stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

None

**EIGHTCO HOLDINGS INC.**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page Number** |
| [**PART I**](#D_001) | [**PART I**](#D_001) | 6 |
| Item 1. | [Business](#D_002) | 6 |
| Item 1A. | [Risk Factors](#D_003) | 10 |
| Item 1B. | [Unresolved Staff Comments](#D_004) | 28 |
| Item 1C. | [Cybersecurity](#D_005) | 28 |
| Item 2. | [Properties](#D_006) | 29 |
| Item 3. | [Legal Proceedings](#D_007) | 29 |
| Item 4. | [Mine Safety Disclosures](#D_008) | 29 |
| **[PART II](#D_009)** |  | 30 |
| Item 5. | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#D_010) | 30 |
| Item 6. | [Reserved](#D_011) | 30 |
| Item 7. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#D_012) | 30 |
| Item 7A. | [Quantitative and Qualitative Disclosures About Market Risk](#D_013) | 43 |
| Item 8. | [Financial Statements and Supplementary Data](#an_008) | 44 |
| Item 9. | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#an_009) | 45 |
| Item 9A. | [Controls and Procedures](#an_010) | 45 |
| Item 9B. | [Other Information](#an_011) | 45 |
| Item 9C. | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#an_012) | 45 |
| **[PART III](#an_013)** |  | 46 |
| Item 10. | [Directors, Executive Officers and Corporate Governance](#an_014) | 46 |
| Item 11. | [Executive Compensation](#an_015) | 53 |
| Item 12. | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#an_016) | 57 |
| Item 13. | [Certain Relationships and Related Transactions, and Director Independence](#an_017) | 59 |
| Item 14. | [Principal Accounting Fees and Services](#an_018) | 60 |
| **[PART IV](#D_014)** |  | 61 |
| Item 15 | [Exhibits and Financial Statement Schedules](#D_015) | 61 |
| Item 16 | [Form 10-K Summary](#D_016) | 68 |
|  | [Signatures](#D_017) | 69 |

---

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND SUMMARY RISK FACTORS**

This Annual Report on Form 10-K for the period ended December 31, 2025 (the "Annual Report") contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements relate to future events including, without limitation, our ability to raise capital, our operational and strategic initiatives or our future financial performance. We have attempted to identify forward-looking statements by using terminology such as "anticipates," "believes," "expects," "can," "continue," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predict," "should" or "will" or the negative of these terms or other comparable terminology. These statements are only predictions; uncertainties and other factors may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels or activity, performance or achievements expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Our expectations are as of the date this Annual Report is filed, and we do not intend to update any of the forward-looking statements after the date this Annual Report is filed to confirm these statements to actual results, unless required by law.

You should not place undue reliance on forward-looking statements. The cautionary statements set forth in this Annual Report identify important factors which you should consider in evaluating our forward-looking statements. These factors include, among other things, those risk factors summarized below:

**SUMMARY OF OUR RISK FACTORS**

 

*Risks Related to Our Digital Asset Treasury Business*

● Our Digital Asset Treasury ("DAT") Strategy exposes us to significant volatility and potential losses, which may materially affect our financial condition and results of operations;

● We may be unable to liquidate digital assets at favorable prices or in a timely manner due to limited market liquidity or trading halts;

● Digital asset custody, exchange, and counterparty risks may expose us to loss of assets;

● The tax treatment of our digital asset holdings is subject to significant uncertainty, and adverse developments could materially increase our tax liabilities;

● Our treasury portfolio is heavily concentrated in digital assets and private company investments, and this lack of diversification may amplify risks to our financial condition;

● Our shift toward a Worldcoin-focused treasury strategy requires substantial operational changes and may expose us to significant operational risks;

● The concentration of our WLD holdings enhances the risks inherent in our Worldcoin-focused strategy;

● Part of our future strategy may include acquisitions and investments in Worldcoin-focused or blockchain companies, and there are risks associated with integrating any acquired assets or operations;

● Decentralized finance arrangements may expose us to smart contract failures, operational risks, and cybersecurity threats;

● If we or our service providers experience a security breach and unauthorized parties obtain access to our private keys, or if our private keys are lost or destroyed, we may lose some or all of our digital assets, materially adversely affecting our financial condition;

● We face risks relating to the use of third-party trading platforms in connection with our Worldcoin-focused strategy;

● The irreversibility of digital asset transactions exposes us to risks of theft, loss, and human error; and

● Our dependence on a strategic advisor exposes us to significant risks regarding the operation of our business.

 

*Risks Related to Strategic Investments*

● Our investments in private companies, including OpenAI and Beast Industries, are illiquid and subject to significant valuation uncertainty, and we may not realize a return on these investments;

● Our strategic investment portfolio is concentrated in a small number of companies, with our OpenAI investment representing approximately 30% of our total treasury position;

● We hold minority interests in our strategic portfolio companies and have limited ability to influence their operations, governance, or strategic direction;

● Our strategic investments expose us to risks distinct from our digital asset holdings, including risks related to business operations, competitive environments, and applicable regulatory frameworks; and

● We have deployed significant capital into strategic investments and digital assets, and continued pursuit of this strategy may require additional capital raises that could dilute existing stockholders.

 

*Risks Related to Worldcoin and Cryptocurrency*

● Opaque governance, concentrated ownership, and potential conflicts of interest between the World Foundation and Tools for Humanity may adversely affect Worldcoin;

● The Worldcoin ecosystem has a limited operating history;

● Worldcoin's credibility and direction are heavily tied to founder Sam Altman and other key employees;

● Privacy risks from biometric verification are extensive and may lead to significant barriers to entry;

● Worldcoin's proof-of-personhood model, on its own, is likely to not comply with current global KYC/AML requirements in many jurisdictions, including in the US, UK and EU;

● Disruption to the Ethereum network, including power outages or grid failures, could negatively impact the value of WLD and the operation of financial markets;

● WLD and other digital assets are novel and subject to significant legal, commercial, regulatory, and technical uncertainty, which could materially adversely affect the Company;

● If any digital assets we hold are classified as securities, we may be subject to extensive regulation resulting in significant costs or requiring us to cease operations;

● Classification of our digital assets as commodities could subject us to additional CFTC regulation and significant compliance costs;

● The lack of legal recourse and insurance for digital assets increases the risk of total loss in the event of theft or destruction;

● Worldcoin could be subject to technological obsolescence, including competition from emerging blockchain and artificial intelligence protocols; and

● The growth of competing digital assets, including those backed by governments or financial institutions, could negatively affect the price of WLD and the Company's securities.

 

*Risks Related to Forever 8 and its Operations*

● Our business depends on our brand reputation, and damage to our reputation or that of our partners could adversely affect our business, financial condition, or results of operations;

● We are dependent upon consumers' continued and unimpeded access to the internet, and upon their willingness to use the internet for commerce; and

● Our results of operations may be adversely affected by changes in foreign currency exchange rates.

*Risks Related to Our Business Generally*

● Loss of any or all of our key management personnel may present challenges;

● Adverse macroeconomic conditions, including inflation, recession, and geopolitical instability, could adversely affect our business;

● We operate in highly competitive industries and our revenues, profits or market share could be harmed if we are unable to compete effectively;

● We may not be able to fund capital expenditures, and our business plan may require additional liquidity and capital that might not be available on favorable terms;

● Cybersecurity risks and data integrity failures could damage our reputation, disrupt operations, or subject us to costs, fines, or lawsuits, and our insurance coverage may not be adequate;

● We do not intend to pay dividends, and our common stock is subordinate to all future indebtedness and any preferred stock;

● We are subject to Sarbanes-Oxley internal control requirements, and as an emerging growth and smaller reporting company, we take advantage of certain exemptions that could make our securities less attractive;

● An active trading market for our common stock may not develop, the trading price is likely to be volatile, and our common stock may be delisted from Nasdaq;

● Anti-takeover provisions, our ability to issue preferred stock, and future equity issuances could adversely affect holders of our common stock; and

● Investors are subject to litigation risk and their investments in our common stock may be lost as a result of our legal liabilities or those of our affiliates.

These and other factors discussed above could cause results to differ materially from those expressed in the estimates made by any independent parties and by us.

**TRADEMARKS, SERVICE MARKS AND TRADE NAMES**

Solely for convenience, we refer to trademarks in this Annual Report without the® or the™ or symbols, but such references are not intended to indicate that we will not assert, to the fullest extent under applicable law, our rights to our own trademarks. Other service marks, trademarks and trade names referred to in this Annual Report, if any, are the property of their respective owners, although for presentational convenience we may not use the® or the™ symbols to identify such trademarks.

**OTHER PERTINENT INFORMATION**

Unless the context otherwise indicates, when used in this Annual Report, the terms "Eightco," "ORBS," "we," "us," "our," the "Company" and similar terms refer to Eightco Holdings Inc., a Texas corporation, and all of our consolidated subsidiaries and variable interest entities.

**USE OF MARKET AND INDUSTRY DATA**

This Annual Report includes market and industry data that we have obtained from third-party sources, including industry publications, as well as industry data prepared by our management on the basis of its knowledge of and experience in the industries in which we operate (including our management's estimates and assumptions relating to such industries based on that knowledge). Management has developed its knowledge of such industries through its experience and participation in these industries. While our management believes the third-party sources referred to in this Annual Report are reliable, neither we nor our management have independently verified any of the data from such sources referred to in this Annual Report or ascertained the underlying economic assumptions relied upon by such sources. Furthermore, internally prepared and third-party market prospective information, in particular, are estimates only and there will usually be differences between the prospective and actual results, because events and circumstances frequently do not occur as expected, and those differences may be material. Also, references in this Annual Report to any publications, reports, surveys or articles prepared by third parties should not be construed as depicting the complete findings of the entire publication, report, survey or article. The information in any such publication, report, survey or article is not incorporated by reference in this Annual Report.

**PART I**

**ITEM 1. BUSINESS**

Eightco Holdings Inc. (NASDAQ: ORBS) is building the authentication and trust layer for the post-AGI world. Through a first-of-its-kind Worldcoin digital asset treasury strategy and a portfolio of strategic investments in frontier technology companies, the Company is establishing a universal foundation for digital identity and Proof of Human (PoH) verification. The Company's mission is organized around three core pillars: consumer authentication, enterprise authentication, and gaming authentication.

The Company also operates Forever 8, an e-commerce inventory solutions business acquired in October 2022, which represents its sole revenue-generating operating segment.

Our corporate headquarters are located in Easton, Pennsylvania, and our common stock is listed on the Nasdaq Capital Market under the symbol "ORBS."

**Forever 8**

Forever 8 provides funding solutions and inventory management services for e-commerce businesses, enabling sellers to maintain optimal stock levels without tying up their own capital. Forever 8 is the Company's sole operating segment and primary source of revenue. For the fiscal years ended December 31, 2025 and 2024, Forever 8 generated revenues of $32,981,126 and $39,621,272, respectively. Forever 8's revenue base is highly concentrated, with one customer representing approximately 89% and 75% of total revenues for the fiscal years ended December 31, 2025 and 2024, respectively.

**Adoption of Digital Asset Treasury ("DAT") Strategy**

***Strategy Overview***

On September 8, 2025, our Board of Directors approved the adoption of a Digital Asset Treasury (DAT) Strategy, under which Eightco deploys capital into digital assets and frontier technology investments as a core element of its long-term capital allocation strategy. The Company is the largest public market participant in the Worldcoin ecosystem, holding approximately 10% of WLD's circulating supply as of December 31, 2025.

***Rationale for Strategy***

Key factors underlying the DAT Strategy include:

● The growth and potential of the Worldcoin ecosystem

● The belief that certain digital assets may serve as long-term stores of value

● The ability to report digital assets at fair value under ASU 2023-08

● Opportunities for differentiated long-term returns

● The availability of capital to scale a treasury strategy of meaningful size

● Management expects digital assets to remain a significant component of our long-term capital allocation framework.

***Capital Raising Activities***

During the year ended December 31, 2025, we completed substantial financing transactions to support the DAT Strategy:

● In September 2025, raised $270 million in gross proceeds through a private placement of equity securities.

● Since the private placement, we generated additional proceeds through our at-the-market ("ATM") equity offering program.

A significant portion of the PIPE and ATM proceeds were deployed to acquire digital assets. These capital raises materially strengthened our liquidity and expanded our balance sheet.

***Digital Asset Acquisitions***

During the year ended December 31, 2025, we acquired digital assets with an aggregate fair value of approximately $176 million as of December 31, 2025. Our holdings consist primarily of:

● Worldcoin (WLD)

● Ethereum (ETH)

● U.S. dollar-denominated stablecoins

● Other digital assets used for liquidity management, trade settlement, or operational purposes

Digital assets are custodied with institutional-grade providers, including Kraken, Coinbase, and FalconX.

***Custody, Concentrations and Transfer Restrictions***

As of December 31, 2025, substantially all digital assets were held with a small number of U.S.-based institutional custodians under cold-storage arrangements. From time to time, a significant portion of our digital assets may be concentrated with a single custodian. Certain assets (including staking-ineligible or restricted tokens, if any) may be subject to withdrawal, settlement, or transfer restrictions pursuant to platform or network constraints. We continually evaluate custodian concentration and portability risk as part of our liquidity planning.

***Accounting for Digital Assets***

Effective January 1, 2025, we adopted ASU 2023-08, which requires eligible digital assets to be measured at fair value, with changes recognized in net income each reporting period.

Key effects include:

● Digital assets are presented at fair value on our balance sheets

● Unrealized gains and losses from price fluctuations flow through earnings

● Earnings may be more volatile due to digital asset market movements

● Historical impairment-only accounting no longer applies

This measurement model increases transparency but introduces meaningful volatility tied to the valuation of Worldcoin and other digital assets.

***Volatility and Earnings Sensitivity***

Because we measure eligible crypto assets at fair value under ASU 2023-08, period-to-period changes in the market price of Worldcoin (WLD) and other digital assets will directly affect reported earnings and cash provided by (used in) operating activities to the extent realized on conversion. This may result in material earnings volatility unrelated to our Forever 8 operating performance.

**Corrugated Packaging Business**

On March 29, 2022, Vinco Ventures, Inc., the former parent, transferred ownership of Ferguson Containers to the Company in a transaction between entities under common control. As a result, the consolidated financial statements reflect Ferguson Containers and other contributed entities as if they had been owned by the Company for all periods presented. Assets and liabilities were recorded at historical carrying values, and equity reflects the equity of Eightco.

The Corrugated Packaging Business, through Ferguson Containers, manufactured and sold custom packaging for a wide variety of products. In our experience, packaging has the capability to "tell" the products story, generating increased product awareness, promote brand image, and drive unit growth. Senior management has more than 100 years of combined experience marketing, producing and delivering packaging materials. A hallmark of our operation is our quick production cycle. We can often begin a production run within minutes of receipt of an order. Many of our products are manufactured from 100% post-consumer recycled material. When production is complete, we typically ship the product using our own trucks rather than relying on a common carrier. Ferguson Containers does not have long-term agreements with its customers, and instead manufactures and sells its packaging products subject to purchase orders from its customers.

On November 22, 2024, we entered into an Asset Purchase Agreement (the "APA") among Ferguson Containers, Ferguson Containers, LLC (the "Buyer") and Edward Reichard and Derick Reichard (the "Buyer's Owners" and together with the Buyer, the "Buying Parties"). Pursuant to the APA, we agreed to sell certain assets (the "Purchased Assets") constituting the business of Ferguson Containers to the Buyer. The purchase price for the Purchased Assets will be (i) an aggregate of $557,835 in cash, (ii) $2,500,000 issued in the form of a seller note and (iii) the right to receive certain earnout consideration upon the achievement of certain milestones.

In December 2024, our shareholders approved the transactions contemplated by the APA. On April 7, 2025, the Company completed the sale of the assets comprising the Corrugated Packaging Business.

**Investment Strategy**

Eightco's primary strategic focus is the deployment of capital into digital assets and high-conviction investments in frontier technology companies. The Company's investment philosophy centers on sectors it believes are fundamental to the future of authentication, digital identity, and the AI-driven economy — including blockchain infrastructure, human verification, and artificial intelligence platforms.

The Company will continue to evaluate and pursue strategic investments, partnerships, and acquisitions consistent with this framework. The Company also continues to operate Forever 8 as its operating segment while evaluating strategic alternatives for that business.

Subsequent to December 31, 2025, the Company expanded its investment portfolio to include strategic equity positions in OpenAI, the developer of ChatGPT and one of the world's leading artificial intelligence companies, and Beast Industries, the business platform of content creator MrBeast. With these investments, OpenAI represents approximately 30% of the Company's total treasury position. The Company views these investments as consistent with its strategy of deploying capital into transformative technology platforms at the intersection of artificial intelligence, digital identity, and next-generation consumer distribution.

**Competition**

We operate and plan to operate in a competitive market and encounter competition from both domestic and foreign participants. We believe we can effectively compete with our present competitors. We compete, and plan to compete, primarily based upon innovation, performance, price, quality, reliability, durability, consumer brand awareness, and customer service and support. Our competitors include a large number of private companies that directly compete with a number of our brands. Certain of our competitors may have more established brand names and stronger distribution channels than we do and have, or have through their owners, access to financial and marketing resources that are greater than we possess that may afford them the ability to invest more than we can in product development, intellectual property and marketing.

Forever 8's competitors include Clearco, a revenue-based financing company for e-commerce and startups, and Payoneer, a global payments company with a platform for cross-border business transactions.

**Patents, Trademarks, and Copyrights**

We recognize the importance of innovation and protecting our intellectual property. We will apply for patents whenever we develop innovative new products, unique designs, or processes of commercial importance and seek trademark protection when we believe they provide a marketing advantage. We do not believe that our business is materially dependent on any single patent or trademark.

We rely on a combination of trade secrets, trademarks, trade dress, customer records, monitoring, brand protection services, confidentiality agreements, and other contractual provisions to protect our intellectual property.

We intend to vigorously pursue and challenge infringements of our patents, trademarks, service marks, trade dress, and copyrights, as we believe the goodwill associated with them is a cornerstone of our branding strategy.

**Information Systems**

Our information systems use software enterprise resource platforms, including procurement, inventory management, receivables management, and accounting. We utilize QuickBooks Enterprise and Xero Accounting as our ERP systems.

**Seasonality**

Our business is not seasonal and there are not large fluctuations with our operations between quarterly revenues based on the time of year.

**Government Regulations**

*Digital Assets*

The regulatory environment for digital assets in the United States is evolving rapidly and remains subject to significant uncertainty. Federal and state regulators, including the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Financial Crimes Enforcement Network, and various state financial regulators, have each asserted jurisdiction over digital assets in different contexts, and the scope of their respective authority has not been definitively resolved.

The legal status of specific digital assets, including Worldcoin (WLD) and Ethereum (ETH), as securities or commodities is subject to ongoing regulatory and judicial interpretation. Any determination that the Company's digital asset holdings constitute securities could subject the Company to registration requirements, restrictions on transfer, or other regulatory obligations under federal securities laws.

The Company holds its digital assets through institutional custodians, Coinbase, Kraken, and FalconX, each of which is subject to applicable anti-money laundering, know-your-customer, and Bank Secrecy Act requirements. The Company's operations are dependent on these custodians maintaining their regulatory compliance and operational continuity.

The Company is subject to federal and state tax requirements with respect to its digital asset holdings. Under current IRS guidance, digital assets are treated as property for tax purposes, and purchases, dispositions, and exchanges of digital assets may give rise to taxable gains or losses.

Legislative and regulatory developments, including proposed federal stablecoin legislation, potential SEC rulemaking on crypto asset reporting, and evolving CFTC oversight of commodity digital assets could materially affect the Company's ability to hold, transfer, or report its digital assets. The Company cannot predict the outcome of these developments or the timeline for regulatory clarity.

For additional information about government regulation applicable to our digital asset holdings, see Part I, Item 1A, "Risk Factors" in this Annual Report on Form 10-K.

*Inventory Management Solutions Business*

Like other manufacturers and distributors of consumer products, we are required to comply with a wide variety of federal, state, and international laws, rules, and regulations, including those related to consumer products and consumer protection, advertising and marketing, labor and employment, data protection and privacy, intellectual property, workplace health and safety, the environment, the import and export of products, and tax matters. Our failure to comply with applicable federal, state, and international laws, rules, and regulations may result in our being subject to claims, lawsuits, fines, and adverse publicity that could have a material adverse effect on our business, operating results, and financial condition. These laws, rules, and regulations currently impose significant compliance requirements on our business, and more restrictive laws rules and regulations may be adopted in the future.

For additional information about government regulation applicable to our business, see Part I, Item 1A, "Risk Factors" in this Annual Report on Form 10-K.

**Human Capital Resources**

As of December 31, 2025, the companies that comprise Eightco had 9 employees that perform various administrative, finance and accounting, technology, and corporate management functions, all of whom were full-time employees. Of the 9 employees, 4 were employed by Eightco and 5 were employed by Forever 8. None of our employees are represented by a union in collective bargaining with us. We consider relations with our employees to be good.

We are committed to creating a diverse, equitable and inclusive space for all our employees, customers and retail partners. The core values of our Company include integrity, caring and inclusivity that affirms every individual. Our leadership team is committed to fostering an environment where everyone is welcomed, respected, listened to and valued for their unique contributions to the organization, and to providing a work environment that is free from all forms of harassment, discrimination and inequality. We recruit, employ, train, promote and compensate our employees without regard to race, ethnicity, age, gender, gender identity, religion, national origin, citizenship, marital status, veteran's status or disability. All facilities have established human resource departments with formal hiring processes and controls in place to ensure ethical and fair hiring practices. We compensate employees competitively relative to the industry and local labor market, and in accordance with all applicable federal, state and local wage, work hour, overtime and benefit laws.

**Supply Chain and Production**

Our Inventory Solutions Business purchases finished products from its suppliers and does not have long-term contractual arrangements that guarantee production capacity, prices, lead times, or delivery schedules. Our reliance on independent party suppliers exposes us to vulnerability because of our dependence on a few sources of supply. We believe, however, that other sources of supply are available. In addition, we continually strive to develop relationships with other sources of supply in order to reduce our dependence on any one source of supply. As a result, we believe that our current and other available suppliers will ensure that we obtain a sufficient supply of goods built to our specifications in a timely manner and on satisfactory economic terms.

**Backlog**

We currently do not have a material backlog of orders. A backlog consists of orders for which purchase orders have been received and which are generally scheduled for shipment within six months or subject to capacity constraints, including lack of available products.

**Segment Information**

The Company uses "the management approach" in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company's chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company's reportable segments. The Company's chief operating decision maker is the Chairman and Chief Executive Officer ("CEO") of the Company, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. The Company previously had two reportable operating segments, the inventory management solutions platform and corrugated packaging materials. In April 2025, the Company divested the corrugated packaging materials operating segment and currently the Company has one operating segment. The Company's primary revenue stream is the sale of products under our inventory management solutions platform.

**Corporate Information**

Eightco Holdings Inc. was incorporated in the State of Nevada on September 21, 2021, and is currently listed on the Nasdaq Capital Market under the symbol "ORBS." On March 9, 2022, we changed our state of domicile to the State of Delaware. On April 3, 2023, we changed our corporate name from Cryptyde, Inc. to Eightco Holdings Inc. On February 2, 2026, we changed our state of domicile to the State of Texas. Our principal executive office is located at 101 Larry Holmes Dr., Suite 313, Easton, PA 18042, and our telephone number is (866) 980-2818. Our website is www.8co.holdings,

**Available Information**

Our website, www.8co.holdings*,* provides access, without charge, to our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports as soon as reasonably practicable after such material is electronically filed with the Securities and Exchange Commission ("SEC"). The information provided on our website is not part of this Annual Report and is therefore not incorporated by reference unless such information is otherwise specifically referenced elsewhere in this Annual Report. The SEC also maintains a website at www.sec.gov that contains reports, proxy and information statements, and other information regarding our company that we file electronically with the SEC.

**ITEM 1A. RISK FACTORS**

**RISK FACTORS**

An investment in our securities involves certain risks. Before deciding to invest in our common stock, you should consider carefully the following discussion of risks and uncertainties affecting us and our securities, together with other information in this Annual Report. Our business, business prospects, financial condition or results of operations could be seriously harmed as a result of these risks. This could cause the trading price of our common stock to decline, resulting in a loss of all or part of your investment. Additional risks and uncertainties not presently known to us or that we currently deem immaterial, also may materially and adversely affect our business, financial condition and results of operations. Please also read carefully the section below entitled "Cautionary Note Regarding Forward-Looking Statements and Summary Risk Factors."

**Risks Related to Our Digital Asset Treasury Business**

***Our Digital Asset Treasury ("DAT") Strategy exposes us to significant volatility and potential losses, and may materially affect our financial condition and results of operations.***

In September 2025, we adopted a Digital Asset Treasury Strategy under which a substantial portion of our liquidity, including proceeds from financing transactions, is allocated to the acquisition and holding of digital assets. Digital asset markets are highly volatile and historically subject to significant price fluctuations. As of December 31, 2025, we held approximately $176 million of digital assets measured at fair value under ASU 2023-08. Future fluctuations in the prices of these assets, including Worldcoin (WLD), Ethereum (ETH), and other crypto assets, may result in material gains or losses in our consolidated statements of operations.

Significant declines in digital asset prices may reduce our liquidity, impair our ability to execute our operating strategy, reduce the value of our balance sheet, and adversely affect our stock price.

***The fair value measurement model required under ASU 2023-08 may increase earnings volatility.***

Effective January 1, 2025, we adopted ASU 2023-08, which requires us to measure eligible digital assets at fair value, with changes recognized in net income each reporting period. As a result, our earnings will be sensitive to short-term price movements in digital asset markets. This may produce material period to period volatility, reduce comparability to prior periods, and result in losses independent of our operating performance.

***We may be unable to liquidate digital assets at favorable prices or in a timely manner due to limited market liquidity or trading halts.***

Digital asset markets may experience illiquidity, exchange outages, trading halts, or disruptions. Some of our digital assets are custodied or executed through a limited number of regulated and unregulated trading venues. In periods of high volatility or market stress, we may be unable to convert digital assets into fiat currency at acceptable prices or within required timeframes, which may impair our ability to satisfy operational or financing needs.

***Digital asset custody, exchange, and counterparty risks may expose us to loss of assets.***

We rely on third-party custodians and trading counterparties, including Kraken, Coinbase, and FalconX, to safeguard and execute transactions relating to our digital assets. The digital asset industry has experienced failures of exchanges, custodians, trading firms, and stablecoin issuers. A cybersecurity breach, insolvency, operational failure, or misappropriation at any custodian or counterparty could result in partial or total loss of our digital assets, which would materially and adversely affect our financial condition.

***We may need additional capital in the future, and our access to financing may be adversely affected by volatility in digital asset markets.***

Although we raised significant capital during the quarter through a PIPE and through our ATM program, our future liquidity and capital raising capacity may depend on the value of our digital asset holdings and capital market conditions. Material reductions in digital asset prices could limit our ability to raise capital on favorable terms, or at all, which could adversely affect our operations and strategic plans.

***The tax treatment of our digital asset holdings and transactions is subject to significant uncertainty, and adverse developments in tax law or interpretive guidance could materially increase our tax liabilities.***

Under current IRS guidance, digital assets are treated as property for federal income tax purposes. Purchases, dispositions, and exchanges of digital assets, including conversions between different digital asset types, may give rise to taxable gains or losses. The tax treatment of certain digital asset transactions, including decentralized finance activities, staking rewards, airdrops, and token-for-token exchanges, remains uncertain and subject to evolving regulatory and judicial interpretation. The IRS may issue new guidance, or Congress may enact new legislation, that changes the tax treatment of digital assets in a manner that is materially adverse to us. For example, changes to the tax treatment of unrealized gains on digital assets, limitations on the deductibility of digital asset losses, or new reporting requirements for digital asset custodians could increase our tax obligations, reduce our after-tax returns, or impose additional compliance costs. We hold significant positions in multiple digital assets across different blockchain networks, and the interaction of federal, state, and international tax regimes with our digital asset holdings creates additional complexity and risk. Any adverse change in the tax treatment of our digital asset holdings or transactions could materially and adversely affect our financial condition and results of operations.

 ****

***Our treasury portfolio is heavily concentrated in digital assets and private company investments, and the lack of diversification across traditional asset classes may amplify the risks to our financial condition.***

As of the date of this Annual Report, our treasury assets consist primarily of digital assets, including Worldcoin (WLD), Ethereum (ETH), and stablecoins, as well as strategic investments in private companies including OpenAI and Beast Industries. We do not maintain meaningful allocations to traditional asset classes such as investment-grade debt securities, money market instruments, or diversified equity portfolios. This concentrated allocation to highly volatile digital assets and illiquid private company investments means that our balance sheet, reported earnings, and stock price are disproportionately sensitive to fluctuations in digital asset markets and developments at our portfolio companies. A simultaneous decline in digital asset values and the value of our private company investments could severely impair our liquidity, reduce our stockholders' equity, and limit our ability to fund operations, service debt, or raise additional capital. The absence of diversification into more stable or liquid asset classes amplifies these risks and may increase the volatility of our reported financial results.

***We have adopted a digital asset treasury strategy with a focus on WLD, and we may be unable to successfully implement this new strategy.***

We have adopted a digital asset treasury primarily dedicated to WLD, including acquisitions of WLD, including through a process similar to staking and other decentralized finance activities. There is no assurance that we will be able to successfully implement this new strategy or operate Worldcoin-related activities at the scale currently anticipated. Worldcoin is an ERC-20 token operating on the Ethereum Mainnet. The identity layer (iris verification, World identification credentials and the Orb hardware network) is built entirely off-chain. This business requires specialized employee skillsets and operational, technical and compliance infrastructure to support WLD and identity-layer activities. This also requires the implementation of different security protocols and treasury management practices and adherence to privacy laws. Further, there is ongoing scrutiny and limited formal guidance from regulatory agencies, including Nasdaq and the Securities and Exchange Commission (the "SEC"), with respect to the treatment of public company cryptocurrency strategies. There is no assurance that we will be able to execute this strategy by building out the needed infrastructure within the timeframe that we currently anticipate. Errors by key management could result in significant loss of funds and reduced rewards. As a result, our shift towards WLD could have a material adverse effect on our business and financial condition.

***Our shift towards a Worldcoin-focused treasury strategy requires substantial changes in our day-to-day operations and may expose us to significant operational risks.***

Our shift towards a WLD treasury-focused strategy, including decentralized finance activities, exposes us to significant operational risks. The Worldcoin ecosystem rapidly evolves. The upgrades may require that we incur unanticipated costs and could cause temporary service disruptions to the Worldcoin network. We may also need to employ third-party service providers in our operations, which may introduce risks outside of our control, including significant cybersecurity risks. Any of these operational risks could materially and adversely affect our ability to execute our WLD treasury strategy and may prevent us from realizing positive returns and could severely hurt our financial condition.

***We intend to purchase more WLD, the price of which has been, and will likely continue to be, highly volatile. Our operating results and share price may significantly fluctuate, including due to the highly volatile nature of the price of such digital assets and erratic market movements.***

We intend to purchase or otherwise acquire more WLD for the furtherance of our digital asset treasury operations. Digital assets, such as WLD, generally are highly volatile assets, including as a result of shifts in market sentiment, speculative trading, macroeconomic trends, technology-related disruptions and regulatory announcements. Our operating results and share price may significantly fluctuate, including due to the highly volatile nature of the price of such digital assets and erratic market movements. In addition, digital assets do not pay interest or other returns, unless utilized in financial applications, and so the ability to generate a return on investment from the net proceeds of any capital raising activities will depend on whether there is appreciation in the value of digital assets following our purchases, which is highly speculative. Future fluctuations in digital asset trading prices may result in our converting digital assets into cash with a value substantially below what we paid for such digital assets. There is no guarantee that digital assets such as WLD will continue to represent any measure of value. Any decreases in the value of WLD could have a material adverse effect on our financial condition and results of operations. See also ***"—****Ownership of WLD is believed to be highly concentrated***."**

***The concentration of our WLD holdings enhances the risks inherent in our Worldcoin-focused strategy.***

The intended concentration of our WLD holdings limits the risk mitigation that we could achieve if we were to purchase a more diversified portfolio of treasury assets, and the absence of diversification enhances the risks inherent in our Worldcoin-focused strategy. Any future significant declines in the price of WLD could have a pronounced impact on our financial condition than if we used our cash to purchase a more diverse portfolio of assets. See also *"—Ownership of WLD is believed to be highly concentrated*" and "*—We intend to purchase WLD, the price of which has been, and will likely continue to be, highly volatile. Our operating results and share price may significantly fluctuate, including due to the highly volatile nature of the price of such digital assets and erratic market movements.*"

***In connection with our WLD treasury strategy, we expect to interact with various smart contracts deployed on the Worldcoin network, which may expose us to risks and technical vulnerabilities.***

In connection with our WLD treasury strategy, including decentralized finance activities, we expect to interact with various smart contracts deployed on the Ethereum network in order to optimize our strategy and generate income. Smart contracts are self-executing code that operate without human intervention once deployed. Although smart contracts are integral to the functionality of decentralized finance applications, they are subject to many known risks such as technical vulnerabilities, coding errors, security flaws, and exploits. Any vulnerability in a smart contract we interact with could result in the loss or theft of WLD or other digital assets, which could have a materially adverse impact on our business. In addition, certain smart contracts are upgradable or subject to certain governance controls which could result in unforeseen code errors, asset or account freezing, or the loss of digital assets. A vulnerability in a smart contract could create an unintended and unforeseeable consequence that has adverse financial consequences, such as the loss of or inability to access funds. There is no assurance that the smart contracts we integrate with or rely upon will function as intended or remain secure. Exploitation of such vulnerabilities could have a material adverse effect on our business and financial condition.

***Part of our future business strategy may include acquisitions and investments in companies with Worldcoin-focused or blockchain strategies, and there are risks associated with the integration of any assets or operations acquired and our ability to manage those risks. In addition, we may be unable to make attractive acquisitions or successfully integrate acquired businesses, assets or properties, and any inability to do so may disrupt our business and hinder our ability to grow.***

We intend to pursue a strategy focused on both WLD accumulation and future acquisitions. Accordingly, in the future we may make acquisitions of businesses or assets that we expect to complement or expand our current assets. However, we may not be able to identify attractive acquisition opportunities in the future. Even if we do identify attractive acquisition opportunities, we may not be able to complete the acquisition or do so on commercially acceptable terms. No assurance can be given that we will be able to identify additional suitable acquisition opportunities, negotiate acceptable terms, obtain financing for acquisitions on acceptable terms or successfully acquire identified targets.

The success of any acquisition will depend on our ability to integrate effectively the acquired business or asset into our existing operations. The process of integrating acquired businesses and assets may involve unforeseen difficulties and may require a disproportionate amount of our managerial and financial resources. The integration of acquisitions is a complex, costly and time-consuming process, and our management may face significant challenges in such process. Some of the factors affecting integration will be outside of our control, and any one of them could result in increased costs and diversion of management's time and energy, as well as decreases in the amount of expected revenue. Our failure to achieve consolidation savings, to incorporate the acquired businesses and assets into our existing operations successfully or to minimize any unforeseen operational difficulties could have a material and adverse effect on our financial condition and results of operations.

Additional ability to achieve the objectives of our business strategy depends in significant part on our ability to obtain equity and debt financing. If we are unable to obtain equity or debt financing on favorable terms or at all, we may not be able to successfully execute on our business strategy.

***Decentralized finance arrangements may expose us to risks of smart contract risk, operational failures and cybersecurity threats.***

From time to time, we may generate income through the use of digital assets including WLD or stablecoins in decentralized protocols including decentralized finance ("DeFi") applications. DeFi applications include over-collateralized borrow-lend vaults, token-exchange pools, and other financial or commercial arrangements. Although these protocols are largely designed to limit counterparty risk in transactions, they introduce novel risks relating to software code bugs, liquidation risks, and governance risks that are designed to operate in decentralized environments but can be subject to failures or exploits. In addition: (a) network congestion or downtime can increase the likelihood of asset loss or liquidation; (b) the volatility of digital assets deployed into DeFi applications may increase the likelihood of liquidation due to market downturns, liquidity crises, governance attacks or other exploits, leading to substantial financial losses; (c) the uncertainty in the accounting treatment of certain DeFi applications; (d) DeFi applications generally operate on a user-to-protocol basis where a user of a DeFi application does not know the identity of other parties utilizing the DeFi application; and (e) the use of monitoring and forensics software to mitigate risks of engaging in DeFi application may not prevent engaging in DeFi pools that are also used by bad actors.

***The Company will face risks relating to the custody of its digital assets. If we or our third-party service providers experience a security breach or cyberattack and unauthorized parties obtain access to our private keys, or if our private keys are lost or destroyed, or other similar circumstances or events occur, we may lose some or all of our digital assets and our financial condition and results of operations could be materially adversely affected.***

We expect our primary counterparty risk with respect to our WLD will be custodian performance obligations under the custody arrangements we have entered into. A series of recent high-profile bankruptcies, closures, liquidations, regulatory enforcement actions and other events relating to companies operating in the digital asset industry, the closure or liquidation of certain financial institutions that provided lending and other services to the digital assets industry, SEC enforcement actions against other providers, or placement into receivership or civil fraud lawsuit against digital asset industry participants have highlighted the perceived and actual counterparty risk applicable to digital asset ownership and trading. Legal precedent created in these bankruptcy and other proceedings may increase the risk of future rulings adverse to our interests in the event one or more of our custodians becomes a debtor in a bankruptcy case or is the subject of other liquidation, insolvency or similar proceedings.

While our custodians are subject to regulatory regimes intended to protect customers in the event of a custodial bankruptcy, receivership or similar insolvency proceeding, no assurance can be provided that our custodially held WLD will not become part of the custodian's insolvency estate if one or more of our custodians enters bankruptcy, receivership or similar insolvency proceedings. Additionally, if we pursue any strategies to create income streams or otherwise generate funds using our WLD holdings, we would become subject to additional counterparty risks. We will need to carefully evaluate market conditions, including price volatility as well as service provider terms and market reputations and performance, among others, prior to implementing any such strategy, all of which could affect our ability to successfully implement and execute on any such future strategy. These risks, along with any significant non-performance by counterparties, including in particular the custodian or custodians with which we will custody substantially all of our WLD, could have a material adverse effect on our business, prospects, financial condition, and operating results.

***We face risks relating to the use of third-party trading platforms in connection with our Worldcoin-focused strategy.***

We use third-party trading platforms and over-the-counter brokers to purchase WLD for our treasury. However, the entities with which we have entered into agreements may close, go bankrupt, or change their business direction, and we may no longer be able to utilize them to implement our strategy. If we cannot find replacement counterparties, it may severely adversely impact our strategy. We also may be forced to enter into agreements that do not have favorable terms, which could have a material adverse effect on our business, financial condition or the results of our operations.

***The irreversibility of digital asset transactions exposes us to risks of theft, loss and human error, which could negatively impact our business.***

Digital asset transactions are not, from an administrative perspective, reversible without the consent and active participation of the recipient of the transaction or, in theory, control or consent of a majority of the processing power on that digital asset network. Once a transaction has been verified and recorded in a block that is added to the blockchain, an incorrect transfer of digital assets or a theft of digital assets generally will not be reversible, and we may not be capable of seeking compensation for any such transfer or theft.

Although we plan to regularly transfer digital assets to or from vendors, consultants and services providers, it is possible that, through computer or human error, or through theft or criminal action, such assets could be transferred in incorrect amounts or to unauthorized third parties.

To the extent we are unable to seek a corrective transaction to identify the third party which has received our digital assets through error or theft, we will be unable to revert or otherwise recover the impacted digital assets, and any such loss could adversely affect our business, results of operations and financial condition.

***We are subject to significant competition in the growing digital asset industry and the Company's business, operating results, and financial condition may be adversely affected if the Company is unable to compete effectively.***

Following the launch of the Company's digital asset treasury strategy, the Company operates in a competitive environment and will compete against other companies and other entities with similar strategies, including companies that may have significant holdings in WLD and other digital assets, and the Company's business, operating results, and financial condition may be adversely affected if the Company is unable to compete effectively.

***Our dependence on various third-party advisors exposes us to certain risks regarding the operation of our business.***

We rely on various third-party advisors to provide guidance on various aspects of our business, including treasury management, operational strategy, capital deployment, business operations, strategic planning, growth initiatives, and industry trends in the digital asset and technology sectors. Our dependence on these third-party advisors exposes us to risks regarding the operation of our business. If any advisor engages in fraudulent, negligent, or otherwise improper conduct, including regulatory violations, or suffers reputational harm from unrelated activities, our business and the market perception of the Company could be materially and adversely affected. Further, our advisors' own operational, financial, and technological competencies will directly reflect on the operation of our business through their work for the Company. There may be key employees or key service providers that have a significant impact on our business that an advisor no longer employs or has a relationship with in the future, which could have a material and adverse impact on the operation of our business. Because certain decisions may be influenced by our advisors' recommendations, their misjudgments or conflicts of interest could lead to losses, strategic errors, delays and loss of investment opportunities that may negatively impact our operations and growth. We may have limited ability to monitor or control our advisors' activities or to recover damages if they fail to perform. Further, our advisors may not be bound by any time commitment for providing their services. If any advisor fails to advise effectively because it is too busy or otherwise, we may not get the full or anticipated benefit of the advisor's services, which could cause a material and adverse impact on the Company.

**Risks Related to Strategic Investments** 

 ****

***Our strategic investments in private companies, including OpenAI and Beast Industries, are illiquid and subject to significant valuation uncertainty, and we may not realize a return on these investments.***

We have made, and expect to continue to make, strategic investments in private companies as part of our broader capital allocation strategy. In March 2026, we invested an aggregate of $90,000,000 in indirect beneficial interests in OpenAI preferred stock, and $25,000,000 in Beast Industries (of which approximately $18,000,000 was funded at closing and approximately $7,000,000 is in the form of a future capital commitment), the business platform of content creator MrBeast. In January 2025, we invested approximately $1,000,000 in Series D Preferred Stock of Mythical, Inc., a developer of blockchain-based video game ecosystems. These investments are in privately held companies whose securities are not traded on any public exchange and for which no established trading market exists. As a result, these investments are inherently illiquid, and we may be unable to sell or otherwise dispose of these interests at favorable prices, or at all, if we require liquidity or wish to reallocate capital. Because these investments lack readily determinable fair values, the carrying values reflected on our balance sheet may not accurately represent the amounts that could be realized upon sale or liquidation. Valuation of these investments requires significant management judgment and reliance on estimates, assumptions, and third-party valuations that may prove incorrect. Adverse developments affecting any portfolio company, including declines in revenue, loss of key personnel, failure to achieve business milestones, competitive pressures, regulatory changes, or general economic conditions, could result in a partial or total impairment of our investment. Any such impairment would reduce the value of our balance sheet and could materially and adversely affect our financial condition and results of operations.

 ****

***Our strategic investment portfolio is concentrated in a small number of private companies, and our investment in OpenAI represents approximately 30% of our total treasury position, subjecting us to significant concentration risk.***

Our strategic investment portfolio is concentrated in a limited number of private companies. As of the date of this Annual Report, our investment in OpenAI represents approximately 30% of our total treasury position. This concentration means that adverse developments affecting OpenAI, including a decline in the company's valuation, changes in its business strategy, competitive setbacks, regulatory actions, delays in anticipated initial public offering or other liquidity events, or reputational issues, could have a disproportionately large and adverse impact on the value of our total treasury assets and our financial condition. Our concentration in OpenAI also means that our financial results and the trading price of our common stock may be significantly influenced by developments at OpenAI over which we have no control. Similar concentration risks apply to our other strategic investments. The absence of diversification across a broader portfolio of investments enhances the risks inherent in our investment strategy. Any future significant decline in the value of any of our strategic investments could have a more pronounced impact on our financial condition than if we had deployed our capital across a more diverse set of assets.

 ****

 ****

***We hold minority interests in our strategic portfolio companies and have limited ability to influence their operations, governance, or strategic direction.***

Our investments in OpenAI, Beast Industries, and Mythical, Inc. represent minority equity positions, and we do not have the ability to exercise significant influence over the operating or financial policies of these portfolio companies. We have no representation on their respective boards of directors and have no contractual right to participate in their management or governance. Consequently, we are dependent on the management teams and controlling stockholders of these companies to make decisions that are in our interest as a minority investor. These companies may take actions — including issuing additional equity that dilutes our ownership interest, entering into related-party transactions, making strategic decisions with which we disagree, or failing to pursue business opportunities — that could adversely affect the value of our investment. In addition, as a minority holder, we may have limited access to financial and operational information beyond what is contractually required to be provided, which may impair our ability to assess the performance and prospects of our investments on a timely basis. We also may have limited legal remedies in the event of disputes with majority holders or management. Any of the foregoing could materially and adversely affect the value of our strategic investments and our financial condition.

 ****

***Our strategic investments expose us to risks that are distinct from our digital asset holdings, including risks related to the business operations, competitive environments, and regulatory frameworks applicable to our portfolio companies.***

Our strategic investments in private companies span diverse sectors, including artificial intelligence (OpenAI), digital consumer platforms (Beast Industries), and blockchain-based gaming ecosystems (Mythical, Inc.). Each of these companies operates in a rapidly evolving and highly competitive industry subject to its own set of risks. OpenAI operates in the artificial intelligence industry, which is subject to intense competition, rapidly changing technology, evolving regulatory frameworks related to AI safety and ethics, significant capital requirements, and potential intellectual property disputes. Beast Industries' business is dependent on the popularity, reputation, and continued involvement of its founder, and the digital content and consumer products industry is subject to rapidly shifting consumer preferences, platform dependency risks, and reputational hazards. Mythical, Inc. operates at the intersection of blockchain technology and video gaming, both of which are subject to regulatory uncertainty, rapid technological change, and significant competitive pressures. We may not have the specialized expertise necessary to evaluate, monitor, or manage the risks associated with these diverse investments. Our inability to adequately assess or respond to adverse developments at any portfolio company could result in a material loss on our investment.

 ****

***We have deployed a significant portion of our capital into strategic investments and digital assets, and the continued pursuit of this capital allocation strategy may require us to raise additional capital, which could result in dilution to existing stockholders.***

We have deployed a substantial portion of the capital raised through our PIPE transaction and ATM equity offering program into digital assets and strategic investments in private companies. During the year ended December 31, 2025, we raised total gross equity proceeds of approximately $447.9 million, a significant portion of which was deployed into our Digital Asset Treasury and strategic investments. To the extent we continue to pursue our capital allocation strategy, including additional investments in private companies or further acquisitions of digital assets, we may need to raise additional capital through the issuance of equity securities, convertible debt, or other financing arrangements. Any such capital raises would result in dilution to existing stockholders and may be undertaken at prices below the then-current trading price of our common stock. If we are unable to raise additional capital on acceptable terms, we may be unable to execute our strategy, which could materially and adversely affect our business, financial condition, and results of operations. In addition, the use of capital for strategic investments reduces the amount of capital available for working capital, debt service, and other operational needs, which could limit our financial flexibility and increase our vulnerability to adverse economic conditions or operational setbacks.

**Risks Related to Worldcoin and Cryptocurrency**

***Opaque governance, concentration of ownership, and a potential lack of meaningful separation between the World Foundation and Tools for Humanity may create conflicts of interest; material decisions may be made to the detriment of third-party holders of WLD and could also adversely affect the value of WLD and the Company.***

Tools for Humanity, a for-profit company, was created to develop and operate the core hardware and software behind the WLD protocol. It established the World Foundation as a separate non-profit entity to steward the protocol. The World Foundation relies on Tools for Humanity for engineering, product and operational execution and it may provide WLD as consideration for these services. According to Worldcoin's blog, the total supply of WLD when launched was 10 billion. Before launch, 75% of the total WLD were allocated to the World Foundation (the "WF WLD"), and 25% of the total of WLD were allocated to Tools for Humanity, those individuals linked to the owners of Tools for Humanity, and other early founders of Tools for Humanity (the "TFH WLD"). As of April 2026, about 3.2 billion or 32% of the total supply was in circulation.

The timing and conditions under which the tokens are released into circulation are important to understand the governance of the WLD ecosystem and the potential impact on the value of WLD. While the World Foundation and Tools for Humanity are legally separate entities and have separate allocations, the decision-making authority governing when and how tokens are released may rest with a small group of individuals. The allocations and governance of TFH WLD and WF WLD are governed by arrangements that are not transparent to the public, and there is no autonomous on-chain code, third party reporting, audit or other objective processes that tie the statements made to the public to those actions of World Foundation or Tools for Humanity.

With respect to WF WLD, it is unclear what the WF WLD release schedule is, but it is purportedly determined based upon the number of WLD users in the public. According to Worldcoin's blog, the decision as to when to release the WF WLD currently rests with the World Foundation's Board of Directors. The composition of the Board of Directors is disclosed as Chris Waclawek, Phillip Sippl, Weinberger Ventures GmbH and a Cayman Islands based professional director. It is not disclosed as to how they are compensated, and it is possible they are compensated in WLD. It is also possible that the Board of Directors and the World Foundation employees overlap with or are connected to Tools for Humanity. Because there is no transparency as to how the decisions related to the user-reward programs, airdrops and the release of WF WLD, there is a risk that they may act in their self-interest, including the risk of inequitable distribution, concentration of token ownership, self-dealing and acting on inside information.

These risks are also applicable to the release schedule for Tools of Humanity. The release schedule for TFH WLD is a disclosed 5-year lock-up period (released daily, in a linear fashion). The unlocking of TFH WLD commenced in July of 2023 and will end in July of 2028. However, the original lock-up period was amended by Tools for Humanity from a 3-year period to a 5-year period in 2024 and there is no assurance that this schedule will not be amended again. The release schedule may be amended at any time at the discretion of insiders and without notice to the public.

Tools for Humanity's and the World Foundation's executives, employees and investors are likely significant beneficiaries of WLD allocations. Releases of WLD could be made in ways that conflict with the interest of public token holders, including through accelerated releases during favorable market conditions or based upon internal funding needs. In addition, there could be a misalignment between insiders seeking liquidity and community members seeking network stability. These factors may disrupt market dynamics, depress or increase WLD prices, and create actual or perceptions of insider advantage that deter broader participation and have an adverse impact on WLD. Public materials indicate that the intent is for governance of WLD to be transferred to the WLD user community. However, there is no process as to how or when this will happen. As a result, the disclosed objective to create a decentralized autonomous organization for WLD may take significant time or may never be met. Given the conflicts of interest, the lack of transparency, and the risks of self-dealing, the value of WLD may decline significantly, even to zero. If the value of WLD were to decline, any negative decline could materially and adversely impact the Company's operations and financial condition and could result, in extreme circumstances, in the Company's insolvency.

***The Worldcoin ecosystem has a limited operating history.***

Worldcoin, launched in 2023, is an early-stage project with a limited operating history. Developers, consumers and businesses may not adopt Worldcoin's technology, and we believe that Worldcoin's adoption will likely depend on significant protocol development and differentiation in a highly competitive market. A failure to scale, unexpected technical flaws, privacy issues or the lack of engagement could materially reduce demand for WLD and adversely affect their value.

The World Foundation was established to govern the Worldcoin ecosystem by Tools for Humanity, which was founded by Sam Altman. Although Mr. Altman has been successful with other ventures, there is no assurance that Worldcoin will also be successful.

Because our treasury strategy is currently focused on holdings of WLD, our treasury assets are highly dependent upon the value and performance of the WLD ecosystem. If the WLD ecosystem fails to achieve its objective, or has significant setbacks or delays, the value of WLD may severely decline, which could materially and adversely impact the value of the Company's treasury assets, the liquidity of the Company, and our financial condition, which could have a substantial impact on the value of the Company's common stock.

***Worldcoin's credibility and direction are heavily tied to founder Sam Altman and other key employees. WLD tokens may represent a substantial portion of these individuals' wealth, which concentrates influence and creates uncertainty over how personal decision, priorities and sales might hurt the ecosystem.***

Worldcoin's credibility is heavily dependent on the reputation of founder Sam Altman, in addition to its founding team and key early contributors that include, but are not limited to, Alex Blania, Max Novendstern, Adrian Ludwig, Damien Kieran and Ajay Patel. The departure, diminished participation, or reputational issues of these individuals could disrupt governance, slow development, or weaken market confidence of WLD and the Company. In addition, their concentrated token holdings create the possibility of significant market impact should the insiders choose to make announcements, share information, sell or transfer positions. In particular, to the extent that Sam Altman, believed to be a large holder of WLD, or other of the key early contributors make personal decisions or priorities that do not support WLD or that the market does not perceive as favorable to WLD, this could have an adverse impact on the ecosystem, the value of our treasury assets and our stock price. Even if the project transitions to a decentralized autonomous organization, a small number of "whale" holders could dominate votes, frustrating efforts to build an open, community-driven model.

Early token allocations could create long-term misalignment between insiders seeking liquidity and community members seeking network stability. All of these factors could create significant friction in the growth of the WLD ecosystem, which could have an adverse impact on the value of the Company's common stock.

***Liquidity of WLD is not guaranteed, and WLD could be subject to manipulation.***

Adequate liquidity of WLD is not guaranteed. Venues that offer WLD trading may not be transparent about their liquidity and order flow, and they may be subject to limited regulations. These factors may create opportunities for manipulative practices, such as wash trading, pump and dump schemes and other means of artificial price support. Limited independent oversight makes it difficult to assess whether price discovery is organic or influenced by external factors, which could have an adverse impact on the value and reputation of WLD.

In addition, the illiquidity of WLD is likely to have a direct impact on the execution and success of the Company's treasury strategy. If, for example, the Company's treasury needs liquidity and there is no or an insufficient liquid market for WLD, the Company may have to request liquidity from large holders of WLD. To date, the Company has primarily acquired WLD via over-the-counter purchases through trading desks. Additionally, the Company has plans to purchase WLD directly from existing large holders. These transactions may not be successful and the Company may determine that the terms of offers from such holders, or any future holders, to be off-market and not favorable to the Company. Without liquidity, the offer to sell or buy WLD may be at prices or terms that are not commercially reasonable. It may also mean that the Company may not be able to fulfill its treasury strategy if it cannot source or sell WLD or it can only do so at prices it deems unreasonable. The illiquidity of WLD, if it continues, is likely to have a material adverse effect on the value of the Company's common stock.

***Privacy risks from biometric verification are extensive and may lead to significant barriers to entry***.

Worldcoin's identity-verification process relies on collecting biometric data through its Orb iris-scanning hardware. Because an iris pattern is a unique biometric identifier, there are numerous concerns about how that data is protected, retained, used, controlled and deleted, in addition to what happens to the data if it is stolen and fraudulently used. Regulators globally have opened inquiries or expressed concern regarding data protection and privacy due to its biometric collection practices through Worldcoin's Orb iris-scanning device. The concern about the risks of biometric data has been linked to privacy issues in other contexts. For example, in the U.S., while the Health Insurance Portability and Accountability Act ("HIPAA") does not apply directly, the statute illustrates the heightened security standards regulators evaluate when considering biometric data, including HIPAA's standards for encryption, consent, data protection and breach notification. There are additional privacy concerns that are relevant under applicable law, such as the accuracy of data, the age of the participants, cross-border transfers, and national security implications, all of which may heighten regulatory scrutiny. There are also risks, such as key employees that may be focused on building an infrastructure to enter new markets, and obtaining new users may otherwise be focused on building an infrastructure that complies with multiple different and inconsistent regulatory frameworks. Litigation and regulatory scrutiny can take significant amounts of time and resources and create uncertainty, which can lead to business delays, which may threaten the business overall even if the product is ultimately found to be acceptable. If Worldcoin is unable to comply with these regulations, adoption of Worldcoin technology and the utility of WLD may be limited. Collectively, these privacy concerns could present substantial barriers to adoption and could materially and adversely affect the value and long-term viability of WLD tokens and the Worldcoin project, which, because of the Company's focus on its WLD treasury strategy, could have an adverse impact on the value of the Company's common stock.

***Worldcoin's requirement for in-person iris scans could create a significant adoption barrier compared to digital-only identity systems.***

Worldcoin's reliance on in-person iris scanning through proprietary Orb devices may present a significant hurdle to Worldcoin's adoption. Digital-only identity protocols or other Web3 self-sovereign identity platforms allow users to enroll and verify their identities online. However, Worldcoin requires individuals to locate and travel to an Orb operator and undergo a physical biometric capture. According to Worldcoin's blog, more than 934 Orb centers are active as of April 2025 in 23 countries. This extra step of going to an Orb may slow user growth, particularly in regions where Orb coverage is limited, travel is difficult, religious norms discourage biometric sign-ups, or regulatory frameworks do not allow biometric capture. Orbs may not be broadly available, for example, they are not currently available in the New York metropolitan area. These barriers for adoption could cause Worldcoin to fall behind competing companies that offer identity solutions that are potentially less privacy-invasive or difficult to undergo, negatively impacting the value of WLD and therefore the value of the Company's common stock.

***Worldcoin's biometric data is a high-value attack target for cyber-criminals and other bad actors.***

Worldcoin and other digital assets and the entities that provide services to participants in blockchain ecosystems have been, and may in the future be, subject to security breaches, cyberattacks, or other malicious activities. For example, in October 2021 it was reported that hackers exploited a flaw in the account recovery process and stole from the accounts of at least 6,000 customers of the Coinbase exchange, although the flaw was subsequently fixed and Coinbase reimbursed affected customers. Similarly, in November 2022, hackers exploited weaknesses in the security architecture of the FTX Trading digital asset exchange and reportedly stole over $400 million in digital assets from customers.

Worldcoin's operations specifically involve the collection and storage of sensitive biometric information, which makes it an attractive target for sophisticated cyber-criminals and other bad actors. Unlike passwords or credit card numbers, biometric traits are permanent and cannot be re-issued, so any compromise could cause irreversible harm to affected individuals and expose Worldcoin to legal and reputational consequences. The market value of biometric data is significant; stolen iris templates can be used to create deepfakes, spoof identity systems, and facilitate account takeovers in financial, governmental, and healthcare contexts. Attackers may attempt to circumvent Worldcoin's safeguards through creative and unconventional methods.

A successful security breach or cyberattack could result in:

● a
 partial or total loss of our digital assets in a manner that may not be covered by insurance or the liability provisions of the custody
 agreements with the custodians who hold our digital assets;

● harm
 to our reputation and brand;

● improper
 disclosure of data and violations of applicable data privacy and other laws; or

● significant
 regulatory scrutiny, investigations, fines, penalties, and other legal, regulatory, contractual and financial exposure.

Further, any actual or perceived data security breach or cybersecurity attack directed at other companies with digital assets or companies that operate digital asset networks, regardless of whether we are directly impacted, could lead to a general loss of confidence in the broader Worldcoin ecosystem or in the use of the Worldcoin network to conduct financial transactions, which could negatively impact us.

Attacks upon systems across a variety of industries, including industries related to Worldcoin, are increasing in frequency, persistence, and sophistication, and, in many cases, are being conducted by sophisticated, well organized groups and individuals, including state actors. The techniques used to obtain unauthorized, improper or illegal access to systems and information (including personal data and digital assets), disable or degrade services, or sabotage systems are constantly evolving, may be difficult to detect quickly, and often are not recognized or detected until after they have been launched against a target. These attacks may occur on our systems or those of our third-party service providers or partners. We may experience breaches of our security measures due to human error, malfeasance, insider threats, system errors or vulnerabilities or other irregularities. In particular, we expect that unauthorized parties will attempt to gain access to our systems and facilities, as well as those of our partners and third-party service providers, through various means, such as hacking, social engineering, phishing and fraud. Threats can come from a variety of sources, including criminal hackers, hacktivists, state intrusions, industrial espionage, and insiders. In addition, certain types of attacks could harm us even if our systems are left undisturbed. For example, certain threats are designed to remain dormant or undetectable, sometimes for extended periods of time, or until launched against a target and we may not be able to implement adequate preventative measures. Further, there has been an increase in such activities due to the increase in work arrangements. The risk of cyberattacks could also be increased by cyberwarfare in connection with the ongoing Russia and Israel conflicts, or other future conflicts, including potential proliferation of malware into systems unrelated to such conflicts. Any future breach of our operations or those of others in the Worldcoin industry, including third-party services on which we rely, could materially and adversely affect its financial condition and results of operations.

Breaches could also lead to class action litigation, regulatory investigations, mandatory breach notifications, substantial fines under the EU GDPR, India's DPDP Act, or similar regimes, a permanent loss of user trust, or damage to the ecosystem, among other risks. Even if a hack or breach does not actually occur and is only an advertised threat, for example through social media, any publicity about a breach or a hack could cause regulatory scrutiny and severe reputational risk. Because Worldcoin's system links each user's biometric "uniqueness" to a persistent digital identity and many have been given tokens, any compromise could also cause a manipulation of governance votes across the network if the hack is large enough. These factors, many of which are outside Worldcoin's direct control, represent a material and continuing risk to its business, financial condition, and reputation, potentially having an adverse impact on the value of the Company's common stock.

***Opposition and accusations of "data colonialism" toward large-scale biometric systems could limit Worldcoin's acceptance and trigger regulatory backlash.***

Worldcoin's global collection of biometric identifiers exposes it to heightened reputational risk and criticism from civil groups, privacy advocates, and non-governmental organizations ("NGOs") that view all organizations collecting biometric data from individuals as a form of "data colonialism." Particularly in the Global South, technology companies and investors in wealthier nations that collect personal biometric data may be considered entities that are replicating historical patterns of exploitation by providing technology companies and investors financial incentives to vulnerable communities in exchange for very valuable personal data that may be used beyond the purpose of establishing an identity. These groups argue that individuals in lower-income regions may have limited understanding of the use of the data required to give fully informed consent. Opposition of this kind can produce both regulatory and reputational consequences. While regulatory scrutiny is a risk, even in the absence of regulatory scrutiny, public criticism regarding privacy practices could damage the project's brand. With social media increasing the ability to communicate to large numbers of people in a short period of time, negative public sentiment could occur quickly. Negative public sentiment could discourage new users from enrolling and cause current users to close out their accounts. Loss of public confidence would likely limit market expansion, weaken strategic partnerships, and reduce liquidity or demand for WLD, regardless of the project's legal compliance. Allegations of data colonialism or exploitation could discourage Orb operators, enterprise partners and prospective users from engaging with Worldcoin, slowing adoption even in markets where the system is legal. Negative media coverage, NGO reports, or coordinated campaigns could also lead to investigations, mandatory audits, and costly compliance obligations, any of which could materially reduce user growth, impair token demand, and damage Worldcoin's long-term prospects. Any of these events could have an adverse impact on the value of the Company's common stock.

***Worldcoin's proof-of-personhood model, on its own, is likely to not comply with current global KYC/AML requirements in many jurisdictions, including in the US, UK and EU; the model of biometric scanning replaces the obligation to deliver documentation of a person's country of origin and proof of residence, for example, and therefore by itself is non-compliant with existing frameworks. Systems like Worldcoin's "proof-of-personhood" do not verify identity but verify uniqueness.***

Worldcoin's "proof-of-personhood" approach, which verifies that each participant is a unique human through biometric scanning while allowing them to remain pseudonymous, is likely to not comply by itself with current know-your-customer ("KYC") and anti-money laundering ("AML") obligations in many jurisdictions. Financial services and virtual asset regulations in the United States, the European Union, India, and numerous other markets require service providers to collect and retain personally identifying information, such as legal name, government-issued identification, and address, particularly if the transaction involve the transfer of financial assets. By design, Worldcoin's business directly conflicts with AML and KYC processes. Interestingly, the processes were developed because of the pseudonymous ecosystem of digital assets. In 2019, the Financial Action Task Force ("FATF") adopted global standards for virtual asset service providers ("VASPs") requiring them to verify their customer's identity and share sender and recipient information (the "Travel Rule"). Jurisdictions that fail to implement the FATF VASP standards risk being placed on the FATF "grey" or "black" lists, which could limit access to global banking systems and international financial assistance.

Worldcoin's current proof-of-personhood model presents an inherent conflict with the existing VASP framework's requirement for traceable, legally verifiable customer identification. Because Worldcoin's business model does not contemplate the manual collection and storage of key information, the process does not comply with AML and KYC laws. This structural tension could lead regulators to view Worldcoin's compliance program as inadequate on its own, even if Worldcoin complies with the spirit of AML and KYC. Given the significant regulatory requirements in many countries and the global importance of FATF and the Travel Rule, Worldcoin may have to either seek an exemption or change in law in order to operate. This process could take months or years, may not ultimately be possible in many countries, and violation of these laws could lead to significant fines. Any of the foregoing could impede Worldcoin's adoption and adversely impact the value of the Company and its common stock.

***Worldcoin is created and transmitted on a public blockchain network, Ethereum, which is a decentralized peer-to-peer network of computers running the Ethereum protocol. If the Ethereum network is disrupted or encounters any unanticipated difficulties, including power outages or grid failures, the value of WLD could be negatively impacted and there could be significant impact on the operation of financial and other markets.***

Worldcoin has no ability to prevent or correct network disruptions, including power outages or grid failures. If the Ethereum network is disrupted or encounters any unanticipated difficulties, then the processing of transactions of Worldcoin may be disrupted, which in turn may prevent us from depositing or withdrawing WLD from our accounts with our custodian or otherwise affecting WLD transactions. Any disruption of the Ethereum network could materially impact the ability of the Company to transfer or sell WLD, and the price of WLD would likely decrease.

In addition, if Worldcoin's business objective were to be widely adopted, the reliance upon Worldcoin's proof-of-personhood model could create significant difficulties in many industries that rely upon the Worldcoin model if there were a power disruption. For example, if Worldcoin's model were to be incorporated in financial transactions, and the Ethereum network was disrupted, it is possible that there could be difficulty for financial markets to operate generally. Users could theoretically lose access to the bank balances or not be able to make financial transactions. Adverse developments tied to the inability to use the Worldcoin network could result in a material reduction in the value of WLD, and could render WLD worthless, which would have a material, adverse impact on the Company and the value of its common stock.

***WLD and other digital assets are novel assets, and are subject to significant legal, commercial, regulatory and technical uncertainty, which could materially adversely affect the Company's financial position, operations and prospects.***

WLD and other digital assets, as well as applications on blockchain networks such as Worldcoin, are relatively novel and are subject to significant uncertainty, which could adversely impact their price. The application of state and federal securities laws and other laws and regulations to digital assets and blockchain-based applications is unclear in certain respects, and it is possible that regulators in the United States or foreign countries may interpret or apply existing laws and regulations in a manner that adversely affects the price of WLD or other digital assets, or the ability of blockchain-based applications to operate.

The U.S. federal government, states, regulatory agencies, and foreign countries may also enact new laws and regulations, or pursue regulatory, legislative, enforcement or judicial actions, that could materially impact the price of WLD or the ability of individuals or institutions such as us to own or transfer WLD and utilize blockchain-based applications on networks such as Worldcoin. For example, the U.S. executive branch, the SEC, the European Union's Markets in Crypto Assets Regulation, among others, have been active in recent years, and in the United Kingdom, the Financial Services and Markets Act 2023, or FSMA 2023, became law. It is not possible to predict whether, or when, any of these developments will lead to Congress granting additional authorities to the SEC, Commodity Futures Trading Commission ("CFTC"), or other regulators, or whether, or when, any other federal, state or foreign legislative bodies will take any similar actions. It is also not possible to predict the nature of any such additional authorities, how additional legislation or regulatory oversight might impact the ability of digital asset markets to function or the willingness of financial and other institutions to continue to provide services to the digital assets industry, nor how any new regulations or changes to existing regulations might impact the value of digital assets generally and WLD specifically. The consequences of increased regulation of digital assets and digital asset activities could adversely affect the market price of WLD and in turn adversely affect the market price of our common stock.

Moreover, the risks of engaging in a digital asset treasury strategy are relatively novel and have created, and could continue to create, complications due to the lack of experience that third parties have with companies engaging in such a strategy, such as increased costs of director and officer liability insurance or the potential inability to obtain such coverage on acceptable terms in the future.

The growth of the digital assets industry in general, and the use and acceptance of WLD in particular, may also impact the price of WLD and is subject to a high degree of uncertainty. The pace of worldwide growth in the adoption and use of the Worldcoin network and WLD may depend, for instance, on public familiarity with digital assets, ease of buying, accessing or gaining exposure to WLD, institutional demand for WLD as an investment asset, the participation of traditional financial institutions in the digital assets industry, consumer demand for WLD as a means of payment, and the availability and popularity of alternatives to WLD. Even if growth in WLD adoption occurs in the near or medium-term, there is no assurance that WLD and Worldcoin network usage will continue to grow over the long term.

Because WLD have no physical existence beyond the record of transactions on the Worldcoin blockchain, a variety of technical factors related to the Worldcoin blockchain could also impact the price of WLD. For example, malicious attacks by validators, inadequate validation and staking rewards to incentivize validating of Worldcoin transactions, hard "forks" of the Worldcoin blockchain into multiple blockchains, difficulties with upgrades to the Worldcoin network and advances in digital computing, algebraic geometry, and quantum computing could undercut the integrity of the Worldcoin blockchain and negatively affect the price of WLD. The liquidity of WLD may also be reduced and damage to the public perception of Worldcoin may occur, if financial institutions were to deny or limit banking services to businesses that hold WLD, provide Worldcoin-related services or accept WLD as payment, which could also decrease the price of WLD.

The liquidity of WLD may also be impacted to the extent that changes in applicable laws and regulatory requirements negatively impact the ability of exchanges and trading venues to provide services for WLD and other digital assets.

***If any of the digital assets that we hold are classified as a security, we may be subject to extensive regulation, which could result in significant costs or force us to cease operations.***

Regulatory changes or interpretations that classify digital assets that we hold as a security under the Securities Act of 1933, as amended, or the Investment Company Act of 1940, as amended (the "Investment Company Act"), could require us to register and comply with additional regulations. Compliance with these requirements could impose extraordinary, non-recurring expenses on our business. If the costs and regulatory burdens become too great, we may be forced to modify or cease certain operations, which could be detrimental to our investors.

The SEC has previously indicated that certain digital assets may be considered securities depending on their structure and use. For instance, if regulators were to determine that WLD meets the Howey Test, it would be a security. The Howey Test is (1) an investment of money, (2) in a common enterprise, (3) with a reasonable expectation of profit, (4) derived from the efforts of others. The application of the Howey Test, and other precedents for the determination of a security, are not always straightforward. Future developments could change the legal status of digital assets that we may hold, requiring us to comply with securities laws. If we fail to do so, we may be forced to discontinue some or all of our business activities, negatively impacting investments in our securities.

If the SEC or other regulators determine that digital assets that we may hold qualify as securities, we may be required to change our operations, wind down our operations, or register as an investment company under the Investment Company Act. This classification would subject us to additional periodic reporting, disclosure requirements, and regulatory compliance obligations, significantly increasing our operational costs. Compliance with the requirements of the Investment Company Act applicable to registered investment companies may make it difficult for us to continue our current operations, and this would materially and adversely affect our business, financial condition and results of operations. In addition, if WLD or another digital asset we hold were determined to constitute a security for purposes of the federal securities laws, we would likely take steps to reduce the percentage of WLD or such other digital assets that constitute investment assets under the Investment Company Act. These steps may include, among others, selling WLD that we might otherwise hold for the long term and deploying our cash in non-investment assets, and we may be forced to sell our WLD or other digital assets at unattractive prices, or cease our operations.

Although we do not currently engage in investing, reinvesting, or trading securities, and we do not hold ourselves out as an investment company, we could inadvertently be deemed one under the Investment Company Act. If we are unable to rely on an exclusion, we would be required to register with the SEC, which could impose additional financial and regulatory burdens.

Further, state regulators may conclude that the digital assets we hold are securities under state laws, requiring us to comply with state-specific securities regulations. States like California have stricter definitions of "investment contracts" than the SEC, increasing the risk of additional regulatory scrutiny.

***The classification of digital assets that we hold as a commodity could subject us to additional CFTC regulation, resulting in significant compliance costs or the cessation of certain operations.***

Under current interpretations, WLD are classified as a commodity under the Commodity Exchange Act and are subject to regulation by the CFTC. If our activities require CFTC registration, we may be required to comply with extensive regulatory obligations, which could result in significant costs and operational disruptions. Additionally, current and future legislative or regulatory developments, including new CFTC interpretations, could further impact how WLD and WLD derivatives are classified and traded.

***The lack of legal recourse and insurance for digital assets increases the risk of total loss in the event of theft or destruction.***

Digital assets that we own are not, and digital assets that we acquire in the future will not, be insured against theft, loss or destruction. If an event occurs where we lose our digital assets, whether due to cyberattacks, fraud or other malicious activities, we may not have any viable legal recourse or ability to recover the lost assets. Unlike funds held in insured banking institutions, our digital assets are not protected by the Federal Deposit Insurance Corporation or the Securities Investor Protection Corporation. If our digital assets are lost under circumstances that render another party liable, there is no guarantee that the responsible party will have the financial resources to compensate us. As a result, we and our stockholders could face significant financial losses.

***Worldcoin could be subject to technological obsolescence, including competition from emerging blockchain and artificial intelligence protocols.***

The digital asset ecosystem is characterized by rapid technological innovation, short development cycles, and intense competition among blockchains and related infrastructure providers. Worldcoin faces intense competition among existing companies and new entrants that are currently being developed. Competitors may in the future offer superior offerings to Worldcoin and may attract developers away from the Worldcoin ecosystem. Advancements in AI and blockchain technology are likely to accelerate the development of competing entities, including the development of networks that natively integrate AI into consensus mechanisms and other core features. If Worldcoin is unable to evolve to address such increased competition or if market participants believe that Worldcoin's core technology stack is outdated or less attractive compared with other companies, Worldcoin may be considered technologically obsolete by the next-generation of protocols. The decline in the Worldcoin network would materially impact the market value of WLD and adversely affect the value of our WLD treasury holdings and our stock price.

***The emergence or growth of other digital assets, including those with significant private or public sector backing, including by governments, consortiums or financial institutions, could have a negative impact on the price of WLD and adversely affect the Company's securities.***

Following the launch of the Company's proposed digital asset treasury strategy, as a result of our Worldcoin strategy, we expect our assets to be concentrated in WLD holdings. Accordingly, the emergence or growth of digital assets other than WLD, including those with significant private or public sector backing, including by governments, consortiums or financial institutions, may have a material adverse effect on our financial condition.

Many of the blockchain applications on large blockchain networks involve the use of "stablecoins," which are designed to maintain a constant price related to or based on some other asset or traditional currency because of, for instance, their issuers' promise to hold high-quality liquid assets (such as U.S. dollar deposits and short-term U.S. treasury securities) equal to the total value of stablecoins in circulation. In July 2025, the U.S. President signed into law the "GENIUS Act," which establishes a federal framework for "payment stablecoins," treating them as payment systems, not securities, and mandating fiat-backed reserves, monthly disclosures, anti-money laundering safeguards, and similar measures. Stablecoins have grown rapidly as a medium of exchange and store of value, particularly on digital asset trading platforms, and their use as an alternative to digital assets such as bitcoin and WLD could expand further as rules are promulgated under the GENIUS Act. As of December 31, 2025, two of the ten largest digital assets by market capitalization were U.S. dollar-pegged stablecoins. If merchants, consumers and decentralized applications choose stablecoins, the demand for the use case for WLD as a medium of exchange could decrease and, therefore, the value of WLD could decline and there could be an adverse impact on the value of the Company's common stock.

**Risks Related to Forever 8 and its Operations**

***Our business depends on our strong and trusted brand, and failure to maintain and protect our brand, or any damage to our reputation, or the reputation of our partners, could adversely affect our business, financial condition or results of operations.***

We have developed a strong and trusted brand that has contributed significantly to the success of our business. We believe that maintaining and promoting our brand in a cost-effective manner is critical to achieving widespread acceptance of our products and services and expanding our base of customers.

Maintaining and promoting our brand will depend largely on our ability to continue to provide useful, reliable, secure, and innovative products and services, as well as our ability to maintain trust and remain a global payments leader. We may introduce, or make changes to, features, products, services, privacy practices, or terms of service that customers do not like, which may materially and adversely affect our brand. Our brand promotion activities may not generate customer awareness or increase revenue, and even if they do, any increase in revenue may not offset the expenses we incur in building our brand. If we fail to successfully promote and maintain our brand or if we incur excessive expenses in this effort, our business could be materially and adversely affected.

We rely on relationships with marketplaces and enterprises to obtain and maintain customers. Our ability to acquire new customers could be materially harmed if we are unable to enter into or maintain these relationships on terms that are commercially reasonable to us, or at all.

Harm to our brand can arise from many sources, including failure by us or our partners and service providers to satisfy expectations of service and quality, inadequate protection or misuse of personally identifiable information ("PII"), compliance failures and claims, litigation and other claims, and misconduct by our partners or other counterparties.

***We are dependent upon consumers' continued and unimpeded access to the internet, and upon their willingness to use the internet for commerce.***

Our success depends upon the general public's ability to access the internet and its continued willingness to use the internet as a means to pay for purchases, communicate, research and conduct commercial transactions, including through mobile devices. The adoption of any laws or regulations that adversely affect the growth, popularity or use of the internet, including changes to laws or regulations impacting internet neutrality, could decrease the demand for our products, increase our operating costs, or otherwise adversely affect our business. Given uncertainty around these rules, we could experience discriminatory or anticompetitive practices that could impede both our and our merchants' growth, increase our costs or adversely affect our business. If consumers or merchants become unable, unwilling or less willing to use the internet for commerce for any reason, including lack of access to high-speed communications equipment, congestion of traffic on the internet, internet outages or delays, disruptions or other damage to merchants' and consumers' computers, increases in the cost of accessing the internet and security and privacy risks or the perception of such risks, our business could be adversely affected.

If we do not successfully maintain a strong and trusted brand, our business could be materially and adversely affected.

***Our results of operations may be adversely affected by changes in foreign currency exchange rates.***

We are subject to risks related to changes in currency rates as a result of our investments in international operations and from revenues generated in currencies other than the United States dollar. Our results of operations may be affected by such international operations as a result of changes in foreign currency exchange rates.

From time to time, we may utilize foreign currency forward contracts and other hedging instruments to mitigate the market value risks associated with foreign currency-denominated transactions and investments. These hedging strategies may not, however, eliminate all of the risks related to foreign currency translation, and we may forgo the benefits we would otherwise experience if currency exchange rates were to change in our favor.

In addition, our ability to optimize foreign exchange revenues as part of the payment delivery process may be adversely affected due to foreign exchange market and regulatory conditions outside of our control, as a result of which revenue and profit may decrease as compared to prior periods. In addition, we may become subject to exchange control regulations that restrict or prohibit the conversion of our foreign revenue currencies into United States dollars. Any of these factors could decrease the value of revenues and earnings we derive from our international operations and have a material adverse effect on our business.

**Risks Related to Our Business Generally**

 ****

***We are a relatively new company with*** limited public company experience, and the requirements of being a public company may strain our resources and distract management*.***

Eightco Holdings Inc. was formed on September 21, 2021, in the State of Nevada, converted to a Delaware corporation on March 9, 2022, and converted to a Texas corporation on February 2, 2026. The previously operated Corrugated Packaging Business was formed in 1966. However, the rest of our businesses were recently started. Because we are in the early stages of executing our business strategy, we cannot provide assurance that, or when, we will be profitable. We will need to make significant investments to develop and operate the Company and expect to incur significant expenses in connection with operating components, including costs for developing technology, talent fees, marketing, and salaries. We expect to incur significant capital, operational and marketing expenses for a few years in connection with our strategy and growth plan. Any failure to achieve or sustain profitability may have a material adverse impact on the value of the shares of our common stock.

In addition, our executive officers have limited experience in the management of a publicly traded company and may not successfully or effectively manage the significant regulatory oversight and reporting obligations under federal securities laws applicable to public companies. Their limited experience in dealing with the increasingly complex laws pertaining to public companies could be a significant disadvantage in that it is likely that an increasing amount of their time may be devoted to these activities, which will result in less time being devoted to the management and growth of our business. We may not have adequate personnel with the appropriate level of knowledge, experience and training in the accounting policies, practices or internal controls over financial reporting required of public companies in the U.S. The development and implementation of the standards and controls necessary for us to achieve the level of accounting standards required of a public company in the U.S. may require costs greater than expected. It is possible that we will be required to expand our employee base and hire additional employees to support our operations as a public company, which will increase our operating costs in future periods. We also incur significant costs associated with our public company reporting requirements and costs associated with applicable corporate governance requirements, which may divert management's attention from other business concerns.

***Loss of any or all of our key management personnel may present challenges.***

We aim to recruit the most qualified candidates and strive for a diverse and well-balanced workforce. While we expect to reward and support employees through competitive pay, benefits, and perquisite programs that allow employees to thrive, due to our size we may not be able to provide compensation equal to our more established competitors and may not be able to attract qualified management personnel. If we are unable to retain the key management personnel at our Company, the underlying business could suffer.

***Adverse macroeconomic conditions, including inflation, recession, geopolitical instability, and declines in discretionary consumer spending, could adversely affect our business, financial condition and results of operations.***

Our success depends to a significant extent on discretionary consumer spending, which is heavily influenced by general economic conditions and the availability of discretionary income. Future volatile, negative, or uncertain economic conditions and recessionary periods or periods of significant inflation may adversely impact consumer spending on our products and services, which would materially adversely affect our business, financial condition and results of operations. Current inflationary conditions in the United States and other parts of the world have increased some of our costs, including our cost of materials and labor. While we thus far have been largely successful in mitigating the impact of current inflationary conditions, we may not be able to maintain acceptable operating margins and achieve profitability. Additionally, competitors operating in regions with less inflationary pressure may be able to compete more effectively, which could further impact our ability to increase prices and/or result in lost sales. Recessionary economic conditions could lower discretionary spending of our consumers, which could result in a loss of sales, and may cause difficulty in collecting accounts receivable and reduce the availability of credit and spending power for our customers.

Geopolitical risks further compound the adverse macroeconomic environment. The uncertain nature, magnitude, and duration of hostilities stemming from Russia's military invasion of Ukraine, and the ongoing conflict between Israel and Hamas, including the potential effects of sanctions and retaliatory cyber-attacks on the world economy and markets, have contributed to increased market volatility and uncertainty. Such geopolitical risks could have an adverse impact on macroeconomic factors which affect our businesses, as well as our access to capital.

 ****

***We operate in highly competitive industries and our revenues, profits or market share could be harmed if we are unable to compete effectively.***

Each of the Eightco businesses will face competition from existing competitors. Our competitors in the Inventory Management Solutions business include Clearco, a revenue-based financing company for e-commerce and startups, and Payoneer, a global payments platform for cross-border business transactions.

Competition in each of these areas may increase as a result of technological developments, changes in consumer preferences, economic conditions, changes in market structure, and other factors. Increased competition may divert consumers from our products, which could reduce our revenue or increase our marketing costs. Our competitors may have substantially greater financial resources than we do, and they may be able to adapt more quickly to changes in consumer preferences or devote greater resources to promotion of their offerings and services or to development or acquisition of offerings and services that are perceived to be of a higher quality or value than our offerings and services. As a result, we may not be able to compete successfully against such competitors.

 ****

***We may not be able to fund capital expenditures and investment in projects and offerings, and our business plan may require additional liquidity and capital resources that might not be available on favorable terms, or at all.***

A principal competitive factor for a large portion of the Eightco businesses is the originality and perceived quality of our products and offerings. We will need to make continued capital investments to adapt to constantly changing consumer preferences. Our ability to fund capital expenditures will depend on our ability to generate sufficient cash flow from operations and to raise capital from third parties. We cannot assure you that our operations will be able to generate sufficient cash flow to fund such costs, or that we will be able to obtain sufficient financing on adequate terms, or at all, which could cause us to delay or abandon certain projects or plans.

We currently obtain a portion of the capital required for the development and operations of the Company from various forms of public and private financing. We may require additional capital and/or cash flow from future operations to fund the Company, our debt service obligations and our ongoing business. There is no assurance that we will be able to raise sufficient additional capital or generate sufficient future cash flow from our future operations to fund our ongoing business. If the amount of capital we are able to raise, together with any income from future operations, is not sufficient to satisfy our liquidity and capital needs, including funding our current debt obligations, we may be required to abandon or alter our plans for the Company. The Company may also have to raise additional capital through the equity market, which could result in substantial dilution to existing stockholders.

***Cyber security risks and the failure to maintain the integrity of internal, partner, and consumer data could result in damages to our reputation, the disruption of operations and/or subject us to costs, fines or lawsuits, and our insurance coverage may not be adequate to cover all possible losses.***

 

We have and will continue to collect and retain large volumes of internal, partner and consumer data, including credit card numbers and other personally identifiable information, for business purposes, including for transactional or target marketing and promotional purposes, and our various information technology systems enter, process, summarize and report such data. We also maintain personally identifiable information about our employees. The integrity and protection of our customer, employee, and company data is critical to our business and our customers and employees are likely to have a high expectation that we will adequately protect their personal information. The regulatory environment, as well as the requirements imposed on us by the credit card industry, governing information, security and privacy laws is increasingly demanding and continues to evolve. Maintaining compliance with applicable security and privacy regulations may increase our operating costs and/or adversely impact our ability to market our products and services.

We also rely on accounting, financial and operational management information technology systems to conduct our operations. If these information technology systems suffer severe damage, disruption or shutdown and our business continuity plans do not effectively resolve the issues in a timely manner, our business, financial condition and results of operations could be materially adversely affected.

We may face various security threats, including cyber security attacks on our data (including our vendors' and customers' data) and/or information technology infrastructure. Although we utilize various procedures and controls to monitor and mitigate these threats, there can be no assurance that these procedures and controls will be sufficient to prevent penetrations or disruptions to our systems. Furthermore, a penetrated or compromised data system or the intentional, inadvertent or negligent release or disclosure of data could result in theft, loss, fraudulent or unlawful use of customer, employee, or company data which could harm our reputation or result in remedial and other costs, fines or lawsuits and require significant management attention and resources to be spent. We seek to maintain comprehensive insurance coverage at commercially reasonable rates; however, there can be no assurance that our insurance will be sufficient to cover the full extent of all losses or liabilities for which we are insured, and we cannot guarantee that we will be able to obtain insurance policies on favorable terms, or at all. Our insurance coverage and indemnification arrangements that we enter into, if any, may not be adequate to cover all the costs related to cyber security attacks or other disruptions resulting from such events.

***We currently do not intend to pay dividends on our common stock, and our common stock is subordinate to all of our future indebtedness and any series of preferred stock.***

We do not expect to pay cash dividends on our common stock. Any future dividend payments are within the absolute discretion of our board of directors and will depend on, among other things, our results of operations, working capital requirements, capital expenditure requirements, financial condition, level of indebtedness, contractual restrictions with respect to payment of dividends, business opportunities, anticipated cash needs, provisions of applicable law and other factors that our board of directors may deem relevant. In addition, shares of our common stock rank junior to all of our future indebtedness and other liabilities. Holders of our common stock may become subject to the prior dividend and liquidation rights of holders of any series of preferred stock that our board of directors may designate and issue without any action on the part of the holders of our common stock. Furthermore, our right to participate in a distribution of assets upon any of our subsidiaries' liquidation or reorganization is subject to the prior claims of that subsidiary's creditors.

***We are obligated to maintain effective internal controls over financial reporting under the Sarbanes-Oxley Act, and as an emerging growth company and smaller reporting company, we take advantage of certain exemptions that could make our securities less attractive to investors and may make it more difficult to compare our performance with other public companies***.

As a public company, we are subject to SEC reporting and other regulatory requirements. We will incur expenses and diversion of our management's time in its efforts to comply with Section 404 of the Sarbanes-Oxley Act regarding internal controls over financial reporting. Effective internal controls are necessary for us to provide reliable financial reports and, together with adequate disclosure controls and procedures, are designed to prevent fraud. Any failure to implement required new or improved controls, or difficulties encountered in their implementation, could cause us to fail to meet our reporting obligations. Testing conducted in connection with Section 404 of the Sarbanes-Oxley Act, or the subsequent testing by our independent registered public accounting firm when required, may reveal deficiencies in our internal controls over financial reporting that are deemed to be material weaknesses or that may require changes to our consolidated financial statements. If we are unable to assert that our internal controls over financial reporting are effective, we could lose investor confidence in the accuracy and completeness of our financial reports, which would cause the price of our common stock to decline, and we may be subject to investigation or sanctions by the SEC.

We are also an "emerging growth company" as defined in the JOBS Act, and a "smaller reporting company" as defined in Item 10(f)(1) of Regulation S-K. We take advantage of certain exemptions from various reporting requirements applicable to other public companies, including not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation, and exemptions from requirements of holding nonbinding advisory votes on executive compensation and stockholder approval of any golden parachute payments not previously approved. We have elected not to opt out of the extended transition period for complying with new or revised financial accounting standards, which may make comparison of our financial statements with those of other public companies difficult or impossible. Because we are subject to these reduced reporting requirements, investors may find our securities less attractive, which may result in a less active trading market for our securities. We will remain an emerging growth company until the earlier of: (1) the last day of the fiscal year (a) following the fifth anniversary of the closing of our initial public offering, (b) in which we have total annual revenue of at least $1.235 billion, or (c) in which we are deemed to be a large accelerated filer; and (2) the date on which we have issued more than $1.00 billion in non-convertible debt securities during the prior three-year period.

***An active trading market for our common stock may not develop or be sustained, the trading price is likely to be volatile, and our common stock may be delisted from Nasdaq***.

Although our common stock is listed on Nasdaq under the trading symbol "ORBS," an active trading market may never develop or be sustained. A public trading market having the desirable characteristics of depth, liquidity and orderliness depends upon the existence of willing buyers and sellers at any given time, such existence being dependent upon the individual decisions of buyers and sellers over which neither we nor any market maker has control. The failure of an active and liquid trading market to develop and continue would likely have a material adverse effect on the value of our common stock. The trading price of our securities could be volatile and subject to wide fluctuations in response to various factors, some of which are beyond our control, including our general business condition, the release of financial reports, and general economic conditions and forecasts. Broad market and industry factors may materially harm the market price of our securities irrespective of our operating performance. A decline in the market price of our securities could adversely affect our ability to issue additional securities and obtain additional financing. The trading market for our securities will also depend in part on research and reports that securities or industry analysts publish about us. If analysts downgrade our stock, publish unfavorable research, or cease coverage, our stock price and trading volume could decline.

For continued listing on Nasdaq, we are required to comply with continued listing requirements, including the minimum market capitalization standard, the corporate governance requirements and the minimum closing bid price requirement, among other requirements. If we fail to satisfy these requirements, our common stock may be delisted. If we are unable to remain listed on Nasdaq, our securities could be quoted on the OTC Markets, and we could face significant adverse consequences, including limited availability of market quotations, a determination that our common stock is a "penny stock" requiring brokers to adhere to more stringent rules, limited news and analyst coverage, and a decreased ability to issue additional securities or obtain additional financing.

***Anti-takeover provisions, our ability to issue preferred stock, and future equity issuances could adversely affect holders of our common stock and impair a takeover attempt***.

Our Certificate of Formation authorizes us to issue one or more series of preferred stock with voting, liquidation, dividend and other rights superior to the rights of our common stock, without stockholder approval. The potential issuance of preferred stock may delay or prevent a change in control of us, discouraging bids for our common stock at a premium to the market price. Our Certificate of Formation, Bylaws and Texas law also contain provisions intended to deter coercive takeover practices, including rules regarding stockholder proposals, the right of the board to issue preferred stock without stockholder approval, the ability of directors to fill board vacancies, a classified board of directors, and a provision that directors on a classified board may be removed only for cause. While intended to protect stockholders from coercive or unfair takeover tactics by requiring potential acquirers to negotiate with the board of directors, these provisions could delay or prevent acquisitions that stockholders may consider beneficial and may prevent or discourage attempts to remove and replace incumbent directors.

Your percentage ownership in our company may also be diluted in the future because of equity issuances for warrant exercises, acquisitions, strategic investments, capital market transactions, or otherwise, including equity compensation awards that we grant to our directors, officers and employees. These awards would have a dilutive effect on our earnings per share, which could adversely affect the market price of our common stock. In addition, our board of directors may create and issue preferred stock having powers, preferences and rights that may dilute the voting power or reduce the value of our common stock. These anti-takeover and dilutive provisions may also limit the opportunity for our stockholders to receive a premium for their shares of our common stock and could affect the price that some investors are willing to pay for our common stock.

***Investors are subject to litigation risk and their respective investments in the shares of our common stock may be lost as a result of our legal liabilities or the legal liabilities of our affiliates.***

We or our affiliates may from time to time be subject to claims by third parties and may be plaintiffs or defendants in civil proceedings. There can be no assurance that claims will not be brought in the future if we cannot generate the revenue that we forecast or raise sufficient capital to pay our liabilities. The expense of prosecuting claims, for which there is no guarantee of success, and/or the expense of defending against claims by third parties and paying any amounts pursuant to settlements or judgments, would generally be borne by the Company and could result in the reduction or complete loss of all of the assets of the Company, and investors in our common stock could lose all or a part of their investment.

**ITEM 1B. UNRESOLVED STAFF COMMENTS**

None.

**ITEM 1C. CYBERSECURITY**

**Cyber Risk Management and Strategy**

We recognize the importance of assessing, identifying, and managing risks from cybersecurity threats. Our approach to cybersecurity risk management is aligned with our risk profile and business.

We have leveraged the support of third-party information technology and security providers, including to perform a risk assessment designed to identify, assess, and manage cybersecurity risks. Further, we follow a formal, documented process to assess the data protection practices of certain third-party vendors that handle sensitive information on our behalf.

Although risks from cybersecurity threats have to date not materially affected, and we do not believe they are reasonably likely to materially affect, us or our business strategy, results of operations or financial condition, we could, from time to time, experience threats and security incidents relating to our and our third-party vendors' information systems. For more information, please see the section entitled "Risk Factors" in this Annual Report on Form 10-K.

**Governance Related to Cybersecurity Risks**

Our audit committee has oversight over cybersecurity risks. Our management provides periodic presentations to the audit committee on our cybersecurity program, including updates on cybersecurity risks and related cybersecurity strategy, as applicable. The audit committee provides updates regarding our cybersecurity program to the board of directors when material.

**ITEM 2. PROPERTIES**

The following table summarizes pertinent details of our properties as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Location** | **Owned or Leased** | **Lease Expiration** | **Primary Function** |
| 101 Larry Holmes Drive, Suite 313, Easton, PA 18042 | Leased | April 2027 | Principal Executive Office |
| 234 5th Ave, Suite 511 New York, NY 10001 | Leased | April 2026 | Office space |
| Keizersgracht 482, 1017 EG Amsterdam, Netherlands | Leased | Month-to-Month | Office space |

---

We believe that our existing properties are adequate for the current operating requirements of our business and that additional space will be available as needed.

**ITEM 3. LEGAL PROCEEDINGS**

During the normal course of its business, the Company may be subject to occasional legal proceedings and claims. There are currently no legal proceedings or claims asserted against the Company or its subsidiaries.

**ITEM 4. MINE SAFETY DISCLOSURES**

Not Applicable.

**PART II**

**ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES**

**Market Information**

Our common stock is currently listed on the Nasdaq Capital Markets. On June 30, 2022, our common stock began trading on the Nasdaq under the symbol of "TYDE." On April 4, 2023, we changed the symbol of our common stock to "OCTO" in conjunction with our name change. On September 11, 2025, we changed the symbol of our common stock to "ORBS" in conjunction with our treasury strategy.

**Holders of Record**

The Company had approximately 91 holders of record of our common stock as of April 13, 2026. We believe our common stock are held by more than 300 beneficial owners.

**Dividends**

We have not historically declared cash dividends on our common stock, and we do not currently intend to pay cash dividends on our common stock in the future. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition. The declaration, amount and payment of any future dividends on shares of our common stock, if any, will be at the sole discretion of our board of directors. Further, any indebtedness we incur in the future may limit our ability to declare dividends in the future.

**Securities Authorized for Issuance under Equity Compensation Plans**

Information required by Item 5 of Form 10-K regarding equity compensation plans is incorporated herein by reference to Item 12 of Part III of this Annual Report on Form 10-K.

**Recent Sales of Unregistered Securities, Uses of Proceeds and Issuer Purchases of Equity Securities**

During the period covered by this Annual Report, we have not sold any equity securities that were not registered under the Securities Act that were not previously reported in a quarterly report on Form 10-Q or in a current report on Form 8-K.

**ITEM 6. [RESERVED]**

**ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.**

*The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and related notes thereto included elsewhere in this Annual Report. This discussion and analysis contain forward-looking statements that are based upon current expectations and involve risks, assumptions and uncertainties. These statements relate to future events including, without limitation, our ability to raise capital, our operational and strategic initiatives or our future financial performance. We have attempted to identify forward-looking statements by using terminology such as "anticipates," "believes," "expects," "can," "continue," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predict," "should" or "will" or the negative of these terms or other comparable terminology. These statements are only predictions; uncertainties and other factors may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels or activity, performance or achievements expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. You should not place undue reliance on forward-looking statements.*

 

**Overview**

As used herein, "Eightco" and the "Company" refer to Eightco Holdings Inc., a Texas corporation originally incorporated on September 21, 2021 (date of inception) under the laws of the State of Nevada, and its subsidiaries. On March 9, 2022, the Company converted to a Delaware corporation pursuant to a plan of conversion entered into with Vinco Ventures, Inc. (the "Vinco"). On April 3, 2023, the Company changed its name to Eightco Holdings Inc. from Cryptyde, Inc. and its stock symbol to "OCTO." On September 11, 2025, the Company changed the symbol of its common stock to "ORBS". On February 2, 2026, the Company changed its state of domicile to the State of Texas.

The Company previously comprised of two main businesses, Forever 8's Inventory Cash Flow Solution and the Corrugated Packaging Business of Ferguson Containers. We acquired Forever 8 in October 2022 and it is focused on purchasing inventory and becoming the supplier for e-commerce retailers. We no longer intend to generate revenue from our Web 3 Business. Our Corrugated Packaging Business manufactured and sold custom packaging for a wide variety of products and through packaging helps customers generate brand awareness and promote brand image. In April 2025, the Company divested the Corrugated Packaging Business.

On June 29, 2022, the Company separated from the former parent, Vinco. As previously announced, we concluded a spin-off from Vinco in May 2022 (the "Separation"). Following the Separation, we are an independent, publicly traded company, and Vinco retains no ownership interest in our Company.

In connection with the Separation, we entered into a Separation and Distribution Agreement and other agreements with Vinco to effect the Separation and provide a framework for our relationship with Vinco after the Separation. These agreements provide for the allocation between us and our subsidiaries, on the one hand, and Vinco and its subsidiaries, on the other hand, of the assets, liabilities, legal entities, and obligations associated with the Eightco Businesses, on the one hand, and Vinco's other current businesses, on the other hand, and govern the relationship between our Company and our subsidiaries, on the one hand, and Vinco and its subsidiaries, on the other hand, following the Separation. In addition to the Separation and Distribution Agreement, the other principal agreements entered into with Vinco include a Tax Matters Agreement and certain commercial agreements.

**Financings**

***February 2024 Private Placement***

On February 26, 2024, the Company entered into a Securities Purchase Agreement (the "Purchase Agreement") with certain investors (the "Investors"), pursuant to which the Company sold to the Investors an aggregate of 865,856 shares (the "Shares") of the Company's common stock at a purchase price of $0.82 per Share (the "Private Placement"). The Company received aggregate gross proceeds from the Private Placement of approximately $0.71 million. The Shares are being offered and sold in reliance on the exemption from registration under the Securities Act of 1933, as amended, provided by Section 4(a)(2) and Regulation D promulgated thereunder for transactions not involving a public offering.

The Purchase Agreement contains representations and warranties of the Company and the Investors that are typical for transactions of this type. The Purchase Agreement also contains covenants on the part of the Company that are typical for transactions of this type.

***Series A Financing***

On May 30, 2023, Forever 8 (the "Borrower") entered into a Loan and Security Agreement (the "Agreement") with several individuals, financial institutions and entities as lenders. Under the terms of the Agreement, each lender will severally (and not jointly) make available to Borrower, in an amount not to exceed its respective Commitment, a Loan Advance amount to be determined by the lender (as such amount may be increased, the "Aggregate Commitment") in the aggregate, of which (x) a certain amount will be deposited into an account of the Borrower in accordance with its written instructions (the "Initial Loan Advance") and (y) the remaining balance of the Aggregate Commitment after deducting the Initial Loan Advance shall be deposited into the Escrow Account (the "Escrow Funds"). The Borrower may, at any time, request an advance for all or a portion of the Escrow Funds (each such advance, a "Subsequent Draw").

The Borrower issued a Promissory Note to each of the lenders in the amount of the lender's respective Initial Loan Advance. The principal balance of the Initial Loan Advance and each Subsequent Draw shall bear interest thereon from the Closing Date and applicable Advance Date, respectively, at 15.00% per annum. The Borrower shall pay each lender, according to its Applicable Percentage, an unused commitment fee on the actual daily amount of the Unused Commitment Amount during the immediately preceding calendar quarter at the rate of five percent (5.00%) *per annum* (the "Unused Commitment Fee"). In the event any payment is not paid on or within five (5) Business Days of the scheduled payment date, an amount equal to two percent (2.00%) of the past due amount shall be payable on demand, in addition to interest accruing. In addition, upon the occurrence and during the continuation of an Event of Default hereunder, the Initial Loan Advance and all Subsequent Draws, including principal, interest, compounded interest, and professional fees thereupon, shall upon the election of the lenders, bear interest at the Interest Rate, plus five (5) percentage points. In the event any interest is not paid when due hereunder, delinquent interest shall be added to principal and shall bear interest on interest, compounded.

As security for the prompt and complete payment when due (whether on the payment dates or otherwise) of all the Secured Obligations, Borrower granted to the lenders a security interest in all of Borrower's right, title, and interest in and to all Inventory or Equipment and machinery, in each case, purchased (or refinanced) with the proceeds of the Initial Loan Advance and any Subsequent Draw, and, to the extent not otherwise included, all Proceeds of each of the foregoing and all products, additions, increases and accessions to, substitutions and replacements for, and rents, profits and products of each of the foregoing.

As of the date of this filing, $2,075,000 has been committed by the lenders.

***Series B Financing***

On October 6, 2023, the Borrower entered into a Series B Loan and Security Agreement (the "Series B Agreement") with an individual as lender. Under the terms of the Series B Agreement, the lender will make available to Borrower, in an amount not to exceed its respective Commitment, a Loan Advance amount to be determined by the lender (as such amount may be increased, the "Aggregate Commitment") in the aggregate, of which (x) a certain amount will be deposited into an account of the Borrower in accordance with its written instructions (the "Initial Loan Advance") and (y) the remaining balance of the Aggregate Commitment after deducting the Initial Loan Advance shall be deposited into the Escrow Account (the "Escrow Funds"). The Borrower may, at any time, request a Subsequent Draw for all or a portion of the Escrow Funds.

The Borrower issued a Promissory Note to the lender in the amount of the lender's Initial Loan Advance. The principal balance of the Initial Loan Advance and each Subsequent Draw shall bear interest thereon from the Closing Date and applicable Advance Date, respectively, at 15.00% per annum. The Borrower shall pay the lender, according to its Applicable Percentage, an Unused Commitment Fee on the actual daily amount of the Unused Commitment Amount during the immediately preceding calendar quarter at the rate of five percent (5.00%) *per annum*. In the event any payment is not paid on or within five (5) Business Days of the scheduled payment date, an amount equal to two percent (2.00%) of the past due amount shall be payable on demand, in addition to interest accruing. In addition, upon the occurrence and during the continuation of an Event of Default hereunder, the Initial Loan Advance and all Subsequent Draws, including principal, interest, compounded interest, and professional fees thereupon, shall upon the election of the lender, bear interest at the Interest Rate, plus five (5) percentage points. In the event any interest is not paid when due hereunder, delinquent interest shall be added to principal and shall bear interest on interest, compounded.

As security for the prompt and complete payment when due (whether on the payment dates or otherwise) of all the Secured Obligations, Borrower granted to the lender a security interest in all of Borrower's right, title, and interest in and to all Inventory or Equipment and machinery, in each case, purchased (or refinanced) with the proceeds of the Initial Loan Advance and any Subsequent Draw, and, to the extent not otherwise included, all Proceeds of each of the foregoing and all products, additions, increases and accessions to, substitutions and replacements for, and rents, profits and products of each of the foregoing.

From October 12, 2023, through February 26, 2024, the Borrower entered into Lender Joinder Agreements (the "Joinder Agreement") with several individuals and entities as subsequent lenders. Under the terms of the Joinder Agreement, the subsequent lenders agreed to become a lender and be bound by the terms of the Series B Agreement as a lender pursuant to the Series B Agreement.

As of the date of this filing, $150,000 has been committed by the lender and subsequent lenders.

***Series C Financing***

On October 19, 2023, the Borrower entered into a Series C Loan and Security Agreement (the "Series C Agreement") with an individual as lender. Under the terms of the Series C Agreement, the lender will make available to Borrower, in an amount not to exceed its Commitment, a Loan Advance amount to be determined by the lender (as such amount may be increased, the "Aggregate Commitment") in the aggregate, of which (x) a certain amount will be deposited into an account of the Borrower in accordance with its written instructions (the "Initial Loan Advance") and (y) the remaining balance of the Aggregate Commitment after deducting the Initial Loan Advance shall be deposited into the Escrow Account (the "Escrow Funds"). The Borrower may, at any time, request a Subsequent Draw for all or a portion of the Escrow Funds.

The Borrower issued a Promissory Note to the lender in the amount of the lender's Initial Loan Advance. The principal balance of the Initial Loan Advance and each Subsequent Draw shall bear interest thereon from the Closing Date and applicable Advance Date, respectively, at 18.00% per annum. The Borrower shall pay the Lender, according to its Applicable Percentage, an Unused Commitment Fee on the actual daily amount of the Unused Commitment Amount during the immediately preceding calendar quarter at the rate of five percent (5.00%) *per annum*. In the event any payment is not paid on or within five (5) Business Days of the scheduled payment date, an amount equal to two percent (2.00%) of the past due amount shall be payable on demand, in addition to interest accruing. In addition, upon the occurrence and during the continuation of an Event of Default hereunder, the Initial Loan Advance and all Subsequent Draws, including principal, interest, compounded interest, and professional fees thereupon, shall upon the election of the lender, bear interest at the Interest Rate, plus five (5) percentage points. In the event any interest is not paid when due hereunder, delinquent interest shall be added to principal and shall bear interest on interest, compounded.

As security for the prompt and complete payment when due (whether on the payment dates or otherwise) of all the Secured Obligations, Borrower granted to the lender a security interest in all of Borrower's right, title, and interest in and to all Inventory or Equipment and machinery, in each case, purchased (or refinanced) with the proceeds of the Initial Loan Advance and any Subsequent Draw, and, to the extent not otherwise included, all Proceeds of each of the foregoing and all products, additions, increases and accessions to, substitutions and replacements for, and rents, profits and products of each of the foregoing.

As of the date of this filing, $6,450,000 has been committed by the lender.

***Series D Financing***

On March 15, 2024, the Borrower entered into the Series D Loan and Security Agreement (the "Series D Agreement"), with the lenders party thereto from to time for an amount of up to $5,000,000.

In connection with the Series D Agreement, on March 15, 2024, Forever 8 also entered into a Subordination Agreement (the "Subordination Agreement") with each of the lenders, the several individuals, financial institutions or entities from time to time party thereto (collectively, the "Senior Lenders") and the collateral agent for the Senior Lenders. Forever 8 additionally entered into an Intercreditor Agreement (the "Intercreditor Agreement") with the lenders party thereto and the collateral agent for such lenders. As of the date of this filing, a total of $0 has been committed by the lender.

***May 2023 Debt Exchange***

On May 30, 2023, the Borrower entered into a Debt Exchange Agreement (the "Debt Agreement") with two Lenders for funds advanced to the Borrower pursuant to secured promissory notes (the "Old Notes"), executed by the Borrower in favor of the Lenders during 2021. Under the terms of the Debt Agreement, the Old Notes were exchanged for new Notes ("New Notes") as per the terms of the Loan and Security Agreement dated May 30, 2023. The principal of the New Notes issued under the Debt Agreement is $1,650,000.

***March 2023 Offering***

On March 15, 2023, the Company entered into a Securities Purchase Agreement (the "Securities Purchase Agreement") with Hudson Bay Master Fund Ltd. ("Hudson Bay") for the issuance and sale of a Senior Secured Convertible Note with an initial principal amount of $5,555,000 (the "Hudson Note") at a conversion price of $6.245 per share of the Company's common stock, and a warrant (the "Hudson Warrant") to purchase up to 889,512 shares of Common Stock with an initial exercise price of $6.245 per share of Common Stock (the "Private Placement"). The purchase price of the Hudson Note and the Hudson Warrant is $5 million.

The entire outstanding principal balance on the Hudson Note and any outstanding fees or interest was due and payable in full on January 15, 2024 ("Maturity Date"). The Hudson Note did not bear interest, provided, however, that the Hudson Note would bear interest at 18% per annum upon the occurrence of an event of default. The Hudson Note was paid in full on February 26, 2024. Additionally, the Company redeemed all of the Hudson Warrants for $660,000 on October 23, 2023. Palladium Capital Group, LLC acted as placement agent for the Private Placement. For the acting as placement agent in the Private Placement, the Placement Agent received (i) cash compensation of $400,000 (8% of the gross proceeds to the Company) and (ii) a warrant to purchase up to 71,161 shares of Common Stock (8% of the shares of Common Stock underlying the Hudson Note).

The Company repaid the full amount under the Hudson Note and redeemed the Hudson Warrant in 2024. See "Note 16 – Convertible Note Payable" in the accompanying financial statements for further information.

**Forever 8 Acquisition**

On September 14, 2022, the Company entered into a Membership Interest Purchase Agreement (the "Purchase Agreement") by and among the Company, Forever 8 and the former members of Forever 8 (the "Sellers") pursuant to which Eightco was to acquire 100% of the issued and outstanding membership interests of Forever 8 (the "Membership Interests") from the Sellers (the "Acquisition"). On October 1, 2022, the closing of the acquisition occurred (the "Closing").

Pursuant to the Purchase Agreement, the Sellers received consideration consisting of (i) the Initial Base Preferred Units, subject to adjustments discussed below, (ii) the Promissory Notes, and (iii) the right to receive potential earnout amounts. In addition, $4.6 million in cash was transferred to the Company in consideration for the Company's payment of certain of its obligations.

In the event that the VWAP of the shares of the Company's common stock the later of (i) the 15 trading days immediately prior to the date the put right pursuant to Section 7(b) of the Amended Operating Agreement (as defined below) is exercisable and (ii) the 15 trading days following the Company's filing of its Annual Report on Form 10-K for the fiscal year ending December 31, 2022 is less than $3.07, then Sellers shall be entitled to receive an additional number of Preferred Units ("Additional Base Preferred Units" and together with the Initial Base Preferred Units, the "Total Base Preferred Unit Consideration") such that the Total Base Preferred Unit Consideration multiplied by the Additional Base Preferred Unit VWAP equals $21.5 million; provided that in no event shall more than 3,750,000 Additional Base Preferred Units be issued.

As indicated below, the Purchase Agreement provides that the Sellers are entitled to receive three potential earnout payments (the "Earnout Consideration). The Earnout Consideration is payable to the Sellers in cash or, at Eightco's election, in up to 7,000,000 additional Preferred Units, upon the achievement of certain performance thresholds relating to cumulative collected revenues (each, an "Earn-Out Target").

If Eightco elects to issue additional Preferred Units upon the achievement of any Earn-Out Target and the VWAP of Eightco's common stock for the 15 trading days preceding the date that any Earn-Out Target is achieved (the "Earn-Out VWAP") is (A) with respect to the first Earn-Out Target, less than $5.00, (B) with respect to the second Earn-Out Target, less than $6.00 or (C) with respect to the third Earn-Out Target, less than $5.00, then Sellers shall be entitled to receive an additional number of additional Preferred Units (the "True-up Units" and together with the additional Preferred Units, the "Total Additional Preferred Units") such that the Total Additional Preferred Units multiplied by the Earn-Out VWAP equals (x) $15 million for the first Earn-Out Target, (y) $12 million for the second Earn-Out Target and (z) $10 million for the third Earn-Out Target; provided that in no event shall more than 4.5 million True-up Units be issued for the first Earn-Out Target, in no event shall more than 4.0 million True-up Units be issued for the Second Earn-Out Target and in no event shall more than 3.0 million True-up Units be issued for the Third Earn-Out Target.

In accordance with the Purchase Agreement, the Company's existing operating agreement was amended and restated. The amended and restated operating agreement (the "Operating Agreement") provides for, among other things, a put right for designated members (the "Preferred Members"). The Preferred Members (who are the Sellers) have a put right to cause Eightco to redeem certain Preferred Units, from time to time on or after the six-month anniversary following the Closing. Upon exercise of the put right, each Initial Base Preferred Unit (as defined in the Purchase Agreement) shall be exchanged for one share of the Company's common stock.

The Preferred Members have a put right, on terms and conditions set forth in Section 7.01 of the Operating Agreement, to cause Eightco to redeem the Preferred Units as follows:

(a) starting on the later of (i) six (6) months following the Closing and (ii) the Threshold Date (as defined in the Subordination Agreement), one (1) share of the Company's common stock per Initial Base Preferred Unit being redeemed up to a maximum of 6,281,949 Initial Base Preferred Units;

(b) upon the satisfaction of (i) the receipt of Shareholder Approval on or prior to June 30, 2023, (ii) six (6) months following the Closing and (iii) the occurrence of the Threshold Date, one (1) share of the Company's common stock per Initial Base Preferred Units that could not be converted due to the 6,281,949 unit limit in Section 7.01(a) of the Operating Agreement (such shares being an aggregate of 718,051 Initial Base Preferred Units being defined as the "Extra Initial Base Preferred Units") being redeemed, and one (1) share of the Company's common stock per Additional Base Preferred Unit being redeemed;

(c) if Shareholder Approval is not obtained on or before June 30, 2023, subject to both (i) six (6) months following the Closing and (ii) the terms of the Subordination Agreement, a cash payment equal to the difference between $3.07 minus the Additional Base Preferred Unit VWAP (as defined in the Purchase Agreement with it being subject to a $2.00 floor) (such difference being the "Additional Base Preferred Unit Cash Catch Up Amount") with the Additional Base Preferred Unit Cash Catch Up Amount being multiplied by each Extra Initial Base Preferred Unit and each Additional Base Preferred Unit being redeemed;

(d) upon the satisfaction of (i) the receipt of Shareholder Approval on or prior to June 30, 2023, (ii) six (6) months following the time a Preferred Unit issued in connection with the first Earn-Out Target is earned under Section 1.04 of the Purchase Agreement and (iii) the occurrence of the Threshold Date, one (1) share of the Company's common stock per Earnout One Unit being redeemed;

(e) if Shareholder Approval has not been obtained on or before June 30, 2023, subject to both (i) six (6) months following the time an Earnout One Unit is earned under Section 1.04 of Purchase Agreement and (ii) the terms of the Subordination Agreement, a cash payment equal to the amount of $15,000,000 divided by the number of Earnout One Units (the "Earnout One Unit Redemption Amount") with such Earnout One Unit Redemption Amount then being multiplied by each Earnout One Unit being redeemed;

(f) upon the satisfaction of (i) the receipt of Shareholder Approval on or prior to June 30, 2023, (ii) six (6) months following the time a Preferred Unit issued in connection with the second Earn-Out Target is earned under Section 1.04 of the Purchase Agreement and (iii) the occurrence of the Threshold Date, one (1) share of the Company's common stock per Earnout Two Unit being redeemed;

(g) if Shareholder Approval has not been obtained on or before June 30, 2023, subject to both (i) six (6) months following the time an Earnout Two Unit is earned under Section 1.04 of the Purchase Agreement and (ii) the terms of the Subordination Agreement, a cash payment equal to the amount of $12,000,000 divided by the number of Earnout Two Units (the "Earnout Two Unit Redemption Amount") with such Earnout Two Unit Redemption Amount then being multiplied by each Earnout Two Unit being redeemed;

(h) upon the satisfaction of (i) the receipt of Shareholder Approval on or prior to June 30, 2023, (ii) six (6) months following the time a Preferred Unit issued in connection with the third Earn-Out Target is earned under Section 1.04 of the Purchase Agreement and (iii) the occurrence of the Threshold Date, one (1) share of the Company's common stock per Earnout Three Unit being redeemed;

(i) if Shareholder Approval has not been obtained on or before June 30, 2023, subject to both (i) six (6) months following the time an Earnout Three Unit is earned under Section 1.04 of the Purchase Agreement and (ii) the terms of the Subordination Agreement, a cash payment equal to the amount of $10,000,000 divided by the number of Earnout Three Units (the "Earnout Three Unit Redemption Amount") with such Earnout Three Unit Redemption Amount then being multiplied by each Earnout Three Unit being redeemed.

Pursuant to the Operating Agreement, Eightco unconditionally guaranteed the payment, when due, of obligations pursuant to the put right. Eightco shall satisfy these obligations to the Preferred Members either in cash or, if Shareholder Approval has been obtained, through the issuance and delivery to each Preferred Member of one share of the Company's common stock per Preferred Unit held by each Preferred Member.

Upon the Closing, Eightco issued the Promissory Notes. The Promissory Notes bear interest at the rate per annum equal to (i) ten (10%) for the first twelve (12) months of the Promissory Notes and (ii) twelve percent (12%) thereafter until the maturity date of the Promissory Notes (the "Note Maturity Date"). The Note Maturity Date is the date that is the later of (i) 91 days after the Maturity Date (as defined in the Investor Note (as defined below)) of the Senior Secured Convertible Note issued by Eightco in favor of the Investor on May 5, 2022 (the "Investor Note") and (ii) three years following the Closing. Subject to the terms of the Subordination Agreement, the Promissory Notes may be prepaid in full or in part at any time without premium or penalty, provided, however, that Eightco agrees that, subject to the terms of the Subordination Agreement which specifically permit such prepayments in accordance therewith, it will make prepayments on the Promissory Notes and all other Seller Notes (as defined in the Promissory Notes) in amounts equal to the pro rata amount of the outstanding principal amount of the Seller Notes as a whole, as follows: (i) after Section 4(d) of the Amendment Agreement is satisfied such that excess cash may be removed from the Control Account, 50% of the cash proceeds of warrants exercised for common stock of the Eightco until an aggregate amount of $10 million in prepayments is made on the Seller Notes from such warrant exercises, (ii) 25% of all gross proceeds received by Eightco in any and all debt and equity capital raises by the Eightco (excluding warrant exercises) from and after the date of the Purchase Agreement and (iii) at least an aggregate of $11.5 million (including any prepayments made pursuant to clauses (i-ii) above) within the first twelve (12) months of the issuance of the Promissory Notes.

So long as the Eightco has received Shareholder Approval and the Threshold Date has been reached, at any time commencing after the 12-month anniversary of the date of the Promissory Notes, the holder of the Promissory Notes may, in its sole and absolute discretion, convert all or part of the Promissory Notes into shares of common stock of the Eightco (the "Conversion Shares") at a per share conversion price equal to the VWAP of a share of the Company's common stock for the ten trading days immediately preceding the conversion notice being provided to the Eightco by the holder of the Promissory Notes (the "Conversion Price"), with the Conversion Price being subject to a conversion price floor of $2.00 per share of common stock. If the VWAP is less than $2.00 and the holder converts all or part of the Note at $2.00 per share, then the holder shall be entitled to receive an additional Promissory Note with the same economic terms as the original Promissory Note in a principal amount equal to (A) $2.00 minus the VWAP multiplied by (B) the number of Conversion Shares issued upon the conversion.

During fiscal year 2024, the Company entered into a series of amendments with the Sellers to restructure obligations related to the Promissory Notes issued in connection with the Forever 8 acquisition.

On March 17, 2024, the Company entered into an initial amendment pursuant to which:

● Approximately $3.0 million in accrued interest was forgiven with no additional consideration,

● An additional $1.1 million in accrued interest was converted into 1.4 million shares of common stock, and

● All remaining payments under the Promissory Notes were deferred to October 30, 2024.

On March 27, 2024, the Company issued 120,974 shares of common stock which retired a portion of the Promissory Notes.

On June 14, 2024, the Company executed further amendments to accomplish the following:

● The Company recorded a gain of $6.1 million related to the full release of contingent consideration, originally recognized at the time of acquisition. This was recorded as other income in the consolidated statement of operations.

● The Sellers also forgave $5.4 million of principal outstanding under the related-party Promissory Notes. Due to the related-party nature of the transaction, the forgiveness was recorded as a non-cash gain directly to additional paid-in capital (APIC) in accordance with ASC 470-50 and ASC 850-10.

● In a concurrent amendment to the Purchase Agreement, the Sellers waived their contractual right to receive 215,000 Preferred Units, eliminating a significant future equity obligation.

On December 19, 2024, the Company entered into a final amendment, under which:

● Approximately $1.6 million in accrued interest was converted into 485,381 shares of common stock, and

● The payment deferral period under the Promissory Notes was extended through October 30, 2025.

In total, these amendments resulted in the forgiveness or conversion of approximately $5.7 million in accrued interest. The related-party forgiveness and equity conversions generated a combined non-cash gain of $3.86 million, which was recorded directly to APIC as a capital transaction. In addition, the forgiveness of $5.4 million was recorded directly to APIC as a capital transaction.

**Critical Accounting Policies and Significant Judgments and Estimates**

Our management's discussion and analysis of our financial condition and results of operations are based on our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. The preparation of these consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements as well as the reported expenses during the reporting periods. The accounting estimates that require our most significant, difficult and subjective judgments have an impact on revenue recognition, the determination of share-based compensation and financial instruments. We evaluate our estimates and judgments on an ongoing basis. Actual results may differ materially from these estimates under different assumptions or conditions.

Our significant accounting policies are more fully described in Note 2 to our consolidated financial statements included elsewhere in this Annual Report.

Principles of Consolidation

The consolidated financial statements include the accounts of Eightco Holdings Inc. and its wholly-owned or majority owned subsidiaries and consolidated variable interest entities.

Use of Estimates

Preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, together with amounts disclosed in the related notes to the financial statements.

The Company's significant estimates used in these financial statements include, but are not limited to, accounts receivable reserves, the valuation allowance related to the Company's deferred tax assets, the recoverability and useful lives of long-lived assets, debt conversion features, stock-based compensation, certain assumptions related to the valuation of the reserved shares and the assets acquired and liabilities assumed related to the Company's acquisitions. Certain of the Company's estimates could be affected by external conditions, including those unique to the Company and general economic conditions. It is reasonably possible that these external factors could have an effect on the Company's estimates and could cause actual results to differ from those estimates.

Long-Lived Assets

We record intangible assets based on their fair value on the date of acquisition. Intangible assets include the cost of developed technology, customer relationships, trademarks and identifiable media and influencer platforms. Intangible assets are amortized utilizing the straight-line method over their remaining economic useful lives. A significant percentage of the Company's' long term assets are intangibles assets and therefore, estimates regarding the fair value of these assets have a material impact on our financial statements.

Goodwill

Goodwill is recorded for the difference between the fair value of the purchase consideration over the fair value of the net identifiable tangible and intangible assets acquired. We perform an impairment assessment of goodwill on an annual basis, or whenever impairment indicators exist. In the absence of any impairment indicators, goodwill is assessed for impairment during the fourth quarter of each fiscal year. Judgments regarding the existence of impairment indicators are based on market conditions and operational performance of the business.

We may assess our goodwill for impairment initially using a qualitative approach to determine whether it is more likely than not that the fair value of these assets is greater than their carrying value. When performing a qualitative test, we assess various factors including industry and market conditions, macroeconomic conditions and performance of our businesses. If the results of the qualitative assessment indicate that it is more likely than not that our goodwill and other indefinite-lived intangible assets are impaired, a quantitative impairment analysis would be performed to determine if impairment is required. We may also elect to perform a quantitative analysis of goodwill initially rather than using a qualitative approach.

The impairment testing for goodwill is performed at the reporting unit level. The valuation methods used in the quantitative fair value assessment, discounted cash flow and market multiples method, requires our management to make certain assumptions and estimates regarding certain industry trends and future profitability of our reporting units. If the fair value of a reporting unit exceeds the related carrying value, the reporting unit's goodwill is considered not to be impaired and no further testing is performed. If the carrying value of a reporting unit exceeds its fair value, an impairment loss is recorded for the difference. The valuation of goodwill is affected by, among other things, our business plan for the future and estimated results of future operations. Future events could cause us to conclude that impairment indicators exist, and, therefore, that goodwill may be impaired. Goodwill is a significant percentage of the Company's' long term assets and therefore, estimates regarding the fair value of our goodwill have a material impact on our financial statements.

Warrant Accounting

The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, "Derivatives and Hedging".

The Company classifies a warrant to purchase shares of its common stock as equity on its consolidated balance sheets as this warrant is a free-standing financial instrument that is indexed to the Company's own stock and meets the criteria for equity classification. Each warrant is initially recorded within equity at the date of grant, net of issuance costs, and is not subsequently re-measured. Changes in the fair value of the warrant are not recognized after the initial measurement. The warrants will remain classified in equity until they are exercised or expire.

**Key Components of our Results of Operations**

***Revenues***

We generate the substantial majority of our revenues from inventory financing and inventory management services through our wholly owned subsidiary, Forever 8. Our revenues are primarily derived from the purchase and resale of consumer products to e-commerce retailers under our inventory management solutions model. Following the adoption of our Digital Asset Treasury ("DAT") strategy in September 2025, the Company does not expect to generate revenue from digital asset activities.

***Cost of Revenues***

Cost of revenues includes the cost of purchased inventory, materials and supplies, internal labor and related benefits, subcontractor costs, depreciation, overhead, and shipping and handling costs. These costs are directly associated with our Forever 8 inventory management activities. We no longer incur costs related to the purchase or resale of Bitcoin mining equipment, as this line of business is no longer pursued.

***Selling, General and Administrative Expenses***

Selling, general and administrative expenses include selling and marketing costs, payroll and employee-related expenses, administrative expenses, professional fees, insurance, technology and software costs, and other overhead required to support both our Forever 8 operations and our corporate infrastructure. SG&A also includes expenses associated with supporting the Digital Asset Treasury function, including custodial fees, compliance costs, and professional services related to digital asset oversight.

***Restructuring and Severance Expenses***

Restructuring and severance expenses consist of costs associated with organizational changes, including employee severance, benefits continuation, contract termination costs, and costs associated with facility consolidations or other restructuring activities. These expenses vary depending on management's strategic initiatives. No restructuring or severance costs were incurred during the periods presented.

***Interest Expense and Income, Net***

Interest expense reflects the cost of borrowings under our lines of credit and other financing arrangements used to support our Forever 8 inventory-financing activities. Interest income primarily includes earned interest on notes receivable and cash-equivalent investments, as well as yield earned on short-term instruments.

***Change in Fair Value of Digital Assets***

Beginning in September 2025, following the deployment of our Digital Asset Treasury strategy, the Company holds digital assets measured at fair value in accordance with ASU 2023-08. Changes in the fair value of digital assets including both realized and unrealized gains and losses are recognized in earnings in the period in which they occur. Because the DAT is not a revenue-generating activity, changes in fair value represent a key driver of period-over-period volatility in our results of operations.

***Gain on Divestiture***

Gain on divestiture represents gains recognized in connection with the sale of assets. This includes the gain recognized on the sale of the Ferguson Containers corrugated packaging business on April 7, 2025.

***Gain on Extinguishment of Liabilities***

Gain on extinguishment of liabilities includes gains recognized when outstanding liabilities are settled for amounts less than their carrying value, or when obligations are legally extinguished. No such gains were recorded during the periods presented.

***Other Income***

Other income includes the interest income received from the Wattum Note and Reichard Containers Note.

**<u>Results of Operations</u>**

***<u>Year Ended December 31, 2025 versus the Year Ended December 31, 2024</u>***

The following table sets forth information comparing the components of net (loss) income from continuing operations for the years ended December 31, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended**<br> **December 31,** | **Year Ended**<br> **December 31,** | **Period over**<br> **Period Change** |
|  | **2025** | **2024** | **%** |
| **Revenues, net** | $32981126 | $39621272) | -16.76% |
| Cost of revenues | 32446797 | 33639274) | -3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gross profit** | 534329 | 5981998) | -91.07% |
| **Operating expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative | 23894648 | 12759719 | 87.27% |
| &nbsp;&nbsp;&nbsp;Restructuring and severance |  | 1414838) | -100.00% |
| &nbsp;&nbsp;&nbsp;Impairment | 33854230 | - | 100.00% |
| &nbsp;&nbsp;&nbsp;Total operating expenses | 57748878 | 14174557 | 307.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating (loss) income | (57214549) | (8192559) | 598.37% |
| **Other (expense) income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest (expense) | (4082409) | (5287920) | -22.80% |
| &nbsp;&nbsp;&nbsp;Gain on divestiture | 1231774 |  | 100.00% |
| &nbsp;&nbsp;&nbsp;Gain on extinguishment of liabilities |  | 7427193) | -100.00% |
| &nbsp;&nbsp;&nbsp;Gain on forgiveness of earnout |  | 6100000) | -100.00% |
| &nbsp;&nbsp;&nbsp;Change in fair value of digital assets | (202299922) | -) | -100.00% |
| &nbsp;&nbsp;&nbsp;Other income | 275522 | 107760 | 155.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense), net | (204875035) | 8347033) | -2554.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes | (262089584) | 154474) | -169765.82% |
| Income tax expense (benefit) | 20155 | (135337) | -114.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net income (loss) from continuing operations** | (262109739) | 289811) | -90541.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net income (loss) from discontinued operations** | 96679 | 418716) | -76.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net income (loss)** | $(262013060) | $708527) | -37079.97% |

---

***Revenue***

For the year ended December 31, 2025, revenues were $32,981,126, representing a decrease of $6,640,146, or 16.76%, compared to revenues of $39,621,272 for the year ended December 31, 2024. The decrease was primarily driven by lower volumes through our Forever 8 inventory management platform as we continued to exit structurally unprofitable liquidation-model customer relationships and transitioned our mix toward higher-quality recurring inventory financing arrangements. Revenues from our discontinued Corrugated Packaging Business are excluded from continuing operations and presented separately.

***Cost of Revenues***

Cost of revenues was $32,446,797 for the year ended December 31, 2025 compared to $33,639,274 for the year ended December 31, 2024, a decrease of $1,192,477, or 3.54%. The decrease is primarily attributable to lower inventory volumes consistent with the decline in revenues partially offset by reserves for obsolescence. Cost of revenues as a percentage of revenues increased to 98.38% for 2025 compared to 84.91% in 2024, reflecting continued near-term margin compression as the Company works through older inventory positions and completes its transition away from lower-margin liquidation arrangements.

***Gross Profit***

Gross profit decreased to $534,329 for the year ended December 31, 2025, compared to $5,981,998 for the year ended December 31, 2024, a decline of $5,447,669, or 91.07%. Gross margin for 2025 was 1.62%, compared to 15.10% in 2024. The compression in gross margin reflects the impact of recognition of reserves for inventory obsolescence related to estimated recovery value of inventory and certain product mix shifts, inventory write-downs associated with exiting the liquidation business model, and lower overall volume leverage.

***Operating Expenses***

Selling, general and administrative ("SG&A") expenses were $23,894,648 for the year ended December 31, 2025, compared to $12,759,719 for the year ended December 31, 2024, an increase of $11,134,929, or 87.27%. The increase was primarily attributable to: (i) higher share-based compensation of approximately $10.3 million related to grants issued to employees, directors, and service providers in connection with capital-raising activities; (ii) increased professional fees and legal and advisory costs associated with implementing the Company's Digital Asset Treasury ("DAT") strategy; and (iii) higher custodial, compliance, and technology costs associated with managing the Company's digital asset holdings.

The Company recognized impairment charges of $33,854,230 during the year ended December 31, 2025, related to the write-down of goodwill and intangible assets primarily associated with the Forever 8 acquisition. These charges reflect the Company's strategic pivot away from the Forever 8 business toward its Digital Asset Treasury strategy. Given the decision to wind down Forever 8 operations and cease further investment in the business, the carrying value of goodwill and intangible assets was no longer supportable. No impairment charges were recorded in 2024. The Company did not incur any restructuring or severance costs in 2025, compared to $1,414,838 in 2024 which related to organizational changes made during the prior year.

Total operating expenses were $57,748,878 for the year ended December 31, 2025 compared to $14,174,557 for the year ended December 31, 2024, an increase of $43,574,321, reflecting the impairment charges and higher SG&A described above.

***Interest Expense***

Interest expense was $(4,082,409) for the year ended December 31, 2025, compared to $(5,287,920) for the year ended December 31, 2024, a decrease of $1,205,511, or 22.80%. The reduction reflects lower average outstanding debt balances during 2025 as certain convertible notes payable to related parties were extinguished in connection with the Company's capital-raising transactions and the forgiveness of related party obligations. The Company's line of credit balance as of December 31, 2025 was $10,740,000, representing the primary remaining debt obligation.

***Gain on Divestiture***

The Company recognized a gain on divestiture of $1,231,774 during the year ended December 31, 2025, related to the sale of substantially all of the assets comprising its Corrugated Packaging Business (Ferguson Containers, Inc.) which closed on April 7, 2025. The transaction resulted in gross proceeds to the Company of $557,835 in cash plus a $2.5 million seller note receivable, and the buyer assumed certain liabilities. No comparable gain was recorded in 2024.

***Change in Fair Value of Digital Assets***

The Company recognized a loss of $(202,299,922) related to the change in fair value of digital assets during the year ended December 31, 2025. Beginning in September 2025, following the Board of Directors' adoption of a Digital Asset Treasury strategy, the Company began acquiring Worldcoin (WLD), Ethereum (ETH), and other digital assets measured at fair value pursuant to ASU 2023-08. The fair value losses reflect unrealized declines in the market prices of those holdings between acquisition and December 31, 2025. The Company did not hold digital assets during the comparable 2024 period. While these non-cash fair value adjustments significantly impacted reported net income for the year, the Company's cash and digital asset holdings at year-end remained substantial, as reflected on the balance sheet.

***Other Income***

Other income was $275,522 for the year ended December 31, 2025, compared to $107,760 for the year ended December 31, 2024, representing interest received under the Wattum Note and the new Reichard Containers Note receivable. The Company expects these notes to continue generating modest interest income in future periods.

***Income (Loss) Before Income Taxes***

Loss before income taxes was $(262,089,584) for the year ended December 31, 2025, compared to income before income taxes of $154,474 for the year ended December 31, 2024. The substantially increased loss reflects the loss of $202,299,922 related to the change in fair value of digital assets, the $33,854,230 impairment charge, the $11,134,929 increase in SG&A, and lower gross profit, partially offset by the $1,231,774 gain on divestiture and lower interest expense. The 2024 income was driven in part by a $7,427,193 gain on extinguishment of liabilities and a $6,100,000 gain on forgiveness of earnout, which did not recur in 2025.

***Income Tax Expense***

Income tax expense was $20,155 for the year ended December 31, 2025, compared to a benefit of $135,337 for the year ended December 31, 2024. The Company continues to maintain a full valuation allowance against its net deferred tax assets as it is more likely than not that these assets will not be realized in the near term.

***Net Income (Loss)***

Net loss from continuing operations was $(262,109,739) for the year ended December 31, 2025, compared to net income from continuing operations of $289,811 for the year ended December 31, 2024. Net income from discontinued operations was $96,679 for the year ended December 31, 2025, compared to $418,716 for 2024, reflecting the partial-year contribution of the Corrugated Packaging Business through its sale date of April 7, 2025. Total net loss was $(262,013,060) for 2025 compared to net income of $708,527 for 2024. The year-over-year change is driven primarily by the non-cash loss on the change in the fair value of digital assets of $202,299,922 and the $33,854,230 impairment charge, both of which are non-cash items that do not affect the Company's liquidity or cash position.

**<u>Liquidity and Capital Resources</u>**

Eightco Holdings Inc. funds its operations through a combination of equity and debt financing, including proceeds from its At-The-Market ("ATM") offering program, private placement transactions, and borrowings under its line of credit facility. During the year ended December 31, 2025, the Company substantially strengthened its liquidity position through a series of capital transactions, including a PIPE transaction raising approximately $251.2 million, ATM proceeds of approximately $187.0 million, and proceeds from prefunded warrants of approximately $9.7 million, for total gross equity proceeds of approximately $447.9 million. These proceeds were deployed primarily into the Company's Digital Asset Treasury.

As of December 31, 2025, the Company had cash and cash equivalents of $58,501,108, compared to $239,187 as of December 31, 2024. In addition to cash, the Company held digital assets at fair value of $175,901,645 as of December 31, 2025. Combined cash and digital assets were approximately $234.4 million as of December 31, 2025, representing a substantial increase from the prior year and reflecting the Company's successful execution of its capital strategy. Total assets increased to $250,193,124 at December 31, 2025 from $50,848,355 at December 31, 2024, and total liabilities decreased to $17,975,088 from $39,332,415, resulting in total stockholders' equity of $232,218,036 compared to $11,515,940 at December 31, 2024.

Outstanding debt as of December 31, 2025 consisted of $8,150,000 under the Company's lines of credit and $2,590,000 under lines of credit with related parties, for total outstanding lines of credit of $10,740,000. The lines of credit bear interest at rates ranging from 12% to 18% and are collateralized by the inventory of the Company.

The sale of the Ferguson Containers corrugated packaging business was completed on April 7, 2025. The Company received $557,835 in cash proceeds at closing plus a $2.5 million seller note receivable, and the buyer assumed certain liabilities. The divestiture generated a gain of $1,231,774 and eliminated the operating overhead associated with that business segment.

***Cash Flows for the Years Ended December 31, 2025 and 2024***

Since inception, Eightco Holdings Inc. and its subsidiaries have primarily used available cash to fund operations. The following table sets forth a summary of cash flows for the periods presented:

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended**<br> **December 31,** | **For the Years Ended**<br> **December 31,** |
|  | **2025** | **2024** |
| Cash (used in) provided by: |  |  |
| &nbsp;&nbsp;&nbsp;Operating Activities | $(10973526) | $(6637101) |
| &nbsp;&nbsp;&nbsp;Investing Activities | (378731202) | (70098) |
| &nbsp;&nbsp;&nbsp;Financing Activities | 447966649 | 1698550 |
| Net increase in cash and restricted cash | $58261921 | $(5008649) |

---

*Operating Activities*

Net cash used in operating activities was $(10,973,526) during the year ended December 31, 2025. This consisted primarily of a net loss of $(262,109,739) from continuing operations and net income of $96,679 from discontinued operations, adjusted for significant non-cash items including: (i) the $202,299,922 change in fair value of digital assets (non-cash); (ii) impairment charges of $33,854,230; (iii) share-based compensation of $10,254,724; (iv) depreciation and amortization of $2,339,052; (v) reserve for bad debts and obsolescence of $2,900,000 and (vi) amortization of debt issuance costs of $750,000. Working capital changes provided a modest source of cash, including improvements in accounts receivable of $458,226 and accounts payable of $1,177,826, partially offset by inventory growth of $(1,538,967). Net cash used in operating activities was $(6,637,101) during the year ended December 31, 2024.

*Investing Activities*

Net cash used in investing activities was $(378,731,202) during the year ended December 31, 2025, compared to $(70,098) for the year ended December 31, 2024. The significant increase was driven primarily by the Company's deployment of capital into digital assets of $(378,201,567), consistent with its Digital Asset Treasury strategy adopted in September 2025. Additional investing outflows included the investment in Mythical Games of $999,999 and purchases of property and equipment of $(2,208), partially offset by collections on loan held-for-investment of $517,062. Net cash used by discontinued investing activities was $(44,490).

*Financing Activities*

Net cash provided by financing activities was $447,966,649 during the year ended December 31, 2025, compared to $1,698,550 for the year ended December 31, 2024. The 2025 activity reflects the substantial equity capital raised by the Company during the year, including net proceeds from the issuance of common stock of $447,891,337 (primarily from the PIPE transaction, ATM program, and prefunded warrant proceeds). These proceeds were partially offset by net repayments of convertible notes payable to related parties of $(289,688) and net borrowings under the line of credit of $365,000. The 2024 activity consisted primarily of net proceeds from the issuance of common stock of $2,989,800 and net borrowings of $3,750,000 under lines of credit, partially offset by repayments of $4,915,000 under convertible notes payable and $126,250 under convertible notes payable to related parties.

**Off-Balance Sheet Arrangements**

We did not have, during the periods presented, and we do not currently have, any relationships with any organizations or financial partnerships, such as structured finance or special purpose entities, that would have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.

**ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

As a smaller reporting company, we are not required to provide this information.

**ITEM 8. FINANCIAL STATEMENTS**

**INDEX TO FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm – Stephano Slack LLC](#an_001) (PCAOB ID Number 03523) | F-1 |
| [Consolidated Balance Sheets as of December 31, 2025 and 2024](#an_002) | F-2 |
| [Consolidated Statements of Operations for the years ended December 31, 2025 and 2024](#an_003) | F-3 |
| [Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2025 and 2024](#an_004) | F-4 |
| [Consolidated Statements of Changes in Stockholders' Equity for the years ended December 31, 2025 and 2024](#an_005) | F-5 |
| [Consolidated Statements of Cash Flows for the years ended December 31, 2025 and 2024](#an_006) | F-6 |
| [Notes to the Consolidated Financial Statements](#an_007) | F-7 |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Stockholder and Board of Directors of

Eightco Holdings Inc.

***Opinion on the Financial Statements***

We have audited the accompanying consolidated balance sheets of Eightco Holdings Inc. (the "Company") as of December 31, 2025 and 2024, the related consolidated statement of operations, comprehensive loss, changes in stockholders' equity and cash flows for each of the two years in the period ended December 31, 2025 and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

*/s/ Stephano Slack LLC*

We have served as the Company's auditor since 2024.

Wayne, Pennsylvania

April 14, 2026

**EIGHTCO HOLDINGS INC.**

**CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2025** | **December 31,**<br>**2024** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $58501108 | $239187 |
| &nbsp;&nbsp;&nbsp;Digital assets, at fair value | 175901645 |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 433823 | 1592049 |
| &nbsp;&nbsp;&nbsp;Inventories, net | 7812215 | 7834351 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 2024137 | 1002023 |
| &nbsp;&nbsp;&nbsp;Current assets of discontinued operations held for sale | - | 1798239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 244672928 | 12465849 |
| Property and equipment, net | 5172 | 5452 |
| Intangible assets, net |  | 13828214 |
| Goodwill |  | 22324588 |
| Other investments | 999999 |  |
| Loan held-for-investment | 4515025 | 2224252 |
| &nbsp;&nbsp;&nbsp;Total assets | $250193124 | $50848355 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $3435598 | $2061265 |
| &nbsp;&nbsp;&nbsp;Accounts payable – related parties | 103493 | 300000 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 2674228 | 2936580 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities – related parties | 1021769 | 2050684 |
| &nbsp;&nbsp;&nbsp;Convertible notes payable – related parties, net |  | 11500000 |
| &nbsp;&nbsp;&nbsp;Line of credit | 8150000 | 6850000 |
| &nbsp;&nbsp;&nbsp;Line of credit – related parties | 2590000 | 3525000 |
| &nbsp;&nbsp;&nbsp;Due to Former Parent |  | 480000 |
| &nbsp;&nbsp;&nbsp;Current liabilities of discontinued operations held for sale | - | 107731 |
| &nbsp;&nbsp;&nbsp;Total current liabilities | 17975088 | 29811260 |
| Convertible notes payable – related parties, net of debt discount of $0 and $750,000, respectively |  | 9521155 |
| &nbsp;&nbsp;&nbsp;Total liabilities | $17975088 | $39332415 |
| Stockholders' equity (deficit): |  |  |
| Preferred stock, $0.001 par value, 10,000,000 shares authorized and 0 shares outstanding at December 31, 2025 and December 31, 2024, respectively |  |  |
| Common stock, $0.001 par value, 500,000,000 shares authorized and 205,629,592 and 2,479,363 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | $205630 | $2479 |
| Additional paid-in capital | 606030052 | 124129543 |
| Accumulated deficit | (374583109) | (112570049) |
| Foreign currency translation | 979977 | 368481 |
| &nbsp;&nbsp;&nbsp;Total stockholders' equity attributable to Eightco Holdings Inc. | 232632550 | 11930454 |
| &nbsp;&nbsp;&nbsp;Non-controlling interest | (414514) | (414514) |
| &nbsp;&nbsp;&nbsp;Total stockholders' equity | 232218036 | 11515940 |
| &nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $250193124 | $50848355 |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

**EIGHTCO HOLDINGS INC.**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

*For the Years ended December 31, 2025 and 2024*

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Revenues, net | $32981126 | $39621272 |
| Cost of revenues | 32446797 | 33639274 |
| &nbsp;&nbsp;&nbsp;Gross profit | 534329 | 5981998 |
| **Operating expenses:** |  |  |
| Selling, general and administrative expenses | 23894648 | 12759719 |
| Impairment | 33854230 |  |
| Restructuring and severance | - | 1414838 |
| Total operating expenses | 57748878 | 14174557 |
| &nbsp;&nbsp;&nbsp;Operating loss | (57214549) | (8192559) |
| **Non-operating income (expense):** |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (4082409) | (5287920) |
| &nbsp;&nbsp;&nbsp;Gain on divestiture | 1231774 |  |
| &nbsp;&nbsp;&nbsp;Gain on forgiveness of earnout |  | 6100000 |
| &nbsp;&nbsp;&nbsp;Gain on extinguishment of liabilities |  | 7427193 |
| &nbsp;&nbsp;&nbsp;Change in fair value of digital assets | (202299922) |  |
| &nbsp;&nbsp;&nbsp;Other income | 275522 | 107760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-operating income (expense) | (204875035) | 8347033 |
| Net income (loss) before income tax expense (benefit) | (262089584) | 154474 |
| Income tax expense (benefit) | 20155 | (135337) |
| **Net income (loss) from continuing operations** | (262109739) | 289811 |
| **Net income from discontinued operations, net of tax** | 96679 | 418716 |
| **Net income (loss)** | (262013060) | 708527 |
| **Net loss attributable to non-controlling interest** | - | (12) |
| **Net income (loss) attributable to Eightco Holdings Inc.** | $(262013060) | $708539 |
| **Net income (loss) per share:** |  |  |
| **Net income (loss) per share – basic** | $(4.14) | $0.40 |
| **Net income (loss) per share – diluted** | $(4.14) | $0.36 |
| Weighted average number of common shares outstanding – basic | 63237585 | 1751132 |
| Weighted average number of common shares outstanding – diluted | 63237585 | 1981359 |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

**EIGHTCO HOLDINGS INC.**

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)**

---

| | | |
|:---|:---|:---|
|  | **For the Years<br> Ended December 31,** | **For the Years<br> Ended December 31,** |
|  | **2025** | **2024** |
| Net income (loss) | $(262013060) | $708527 |
| Foreign currency translation – unrealized gain (loss) | 611496 | (354822) |
| Comprehensive income (loss) | $(261401564) | $353705 |

---

**EIGHTCO HOLDINGS INC.**

**CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY**

*For the Years ended December 31, 2025 and 2024*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | | | |
|  | **Shares** | **Amount** | **Additional <br> Paid in**<br>**Capital** | **Non controlling**<br>**Interest** | **Retained<br> Earnings**<br> **(Accumulated**<br>**Deficit)** | **Accumulated<br> Other**<br>**Income** |<br>**Total** |
| **Balances, January 1, 2025** | 2479363 | $2479 | $124129543 | $(414514) | $(112570049) | $368481 | $11515940 |
| Issuance of common stock - PIPE | 178284653 | 178285 | 250996120 |  |  |  | 251174405 |
| Issuance of common stock - ATM | 23312927 | 23313 | 186959456 |  |  |  | 186982769 |
| Issuance of common stock to note holders – interest | 485381 | 485 | (485) |  |  |  |  |
| Issuance of common stock – warrant exercises | 145600 | 145 | 36255 |  |  |  | 36400 |
| Issuance of common stock to vendors for settlement of liabilities | 80000 | 81 | 143120 |  |  |  | 143201 |
| Issuance of common stock – forgiveness of debt/interest – related parties | 800000 | 800 | 1167200 |  |  |  | 1168000 |
| Proceeds from prefunded warrants |  |  | 9697761 |  |  |  | 9697761 |
| Forgiveness of debt/interest – related parties |  |  | 22789599 |  |  |  | 22789599 |
| Forfeiture of shares | (8332) | (8) | 8 |  |  |  |  |
| Share-based compensation expense | 50000 | 50 | 10111476 |  |  |  | 10111526 |
| Foreign currency translation |  |  |  |  |  | 611496 | 611496 |
| Net loss | - | - | - | - | (262013060) | - | (262013060) |
| **Balances, December 31, 2025** | 205629592 | $205630 | $606030052 | $(414514) | $(374583109) | $979977 | $232218036 |
| **Balances, January 1, 2024** | 941284 | $941 | $108620943 | $(414502) | $(113278588) | $723303 | $(4347903) |
| Issuance of common stock to note holders | 294633 | 295 | 1207705 |  |  |  | 1208000 |
| Issuance of common stock to investors | 864236 | 864 | 2988936 |  |  |  | 2989800 |
| Issuance of common stock to board of directors and former employees | 110802 | 111 | 371345 |  |  |  | 371456 |
| Issuance of common stock to consultants | 193779 | 194 | 620099 |  |  |  | 620293 |
| Issuance of common stock - conversions | 24195 | 24 | 99174 |  |  |  | 99198 |
| Issuance of common stock – settlement of cash warrants | 50434 | 50 | 206728 |  |  |  | 206778 |
| Share-based compensation |  |  | 39937 |  |  |  | 39937 |
| Shares reserved for future issuance of common stock to debt holders for interest |  |  | 713511 |  |  |  | 713511 |
| Forgiveness of principal and interest – related parties |  |  | 9261165 |  |  |  | 9261165 |
| Foreign currency translation |  |  |  |  |  | (354822) | (354822) |
| Net income | - | - | - | (12) | 708539 | - | 708527 |
| **Balances, December 31, 2024** | 2479363 | $2479 | $124129543 | $(414514) | $(112570049) | $368481 | $11515940 |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

**EIGHTCO HOLDINGS INC.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

*For the Years ended December 31, 2025 and 2024*

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $(262013060) | $708527 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 2339052 | 2454661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 750000 | 1337750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of prepaid share-based compensation | 34000 | 533851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairments | 33854230 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserves for obsolescence | 2200000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 10254724 | 39937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserves for bad debts | 700000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on disposal | (1231774) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on extinguishment of liabilities |  | (7427193) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on forgiveness of earnout |  | (6100000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of digital assets | 202299922 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities, net of acquisition: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 458226 | (343392) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (1566368) | (2223566) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (806114) | (277105) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 1177826 | 130476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 704865 | 4831039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred taxes |  | (82104) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations | (129055) | (219982) |
| &nbsp;&nbsp;&nbsp;Net cash used in operating activities | (10973526) | (6637101) |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment – continuing operations | (2208) | (826) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of digital assets | (378201567) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in Mythical Games | (999999) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment – discontinued operations | (44490) | (69272) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of assets of Ferguson Containers, Inc. | 307835 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments under loan held-for-investment | 209227 | - |
| &nbsp;&nbsp;&nbsp;Net cash used in investing activities | (378731202) | (70098) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from issuance of common stock | 447891337 | 2989800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net borrowings under lines of credit | 365000 | 3750000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments under convertible notes payable – related parties | (289688) | (126250) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments under convertible notes payable | - | (4915000) |
| Net cash provided by financing activities | 447966649 | 1698550 |
| **Net increase in cash and cash equivalents** | 58261921 | (5008649) |
| **Cash and cash equivalents, beginning of the year** | 239187 | 5247836 |
| **Cash and cash equivalents, end of the year** | $58501108 | $239187 |
| **Supplemental disclosure of cash flow information:** |  |  |
| Cash paid for interest | $1792672 | $1179351 |
| Cash paid for income taxes | $- | $- |
| Convertible shares under notes payable | $- | $- |
| Issuance of warrants to noteholders and placement agent | $- | $- |
| Original issue discount | $- | $- |
| Accrued placement agent fees for equity placement | $- | $- |
| Convertible shares under notes payable – related party | $- | $99199 |
| Issuance of common stock to line of credit holders | $- | $60000 |
| Issuance of common stock to vendors for future services | $- | $480250 |
| Issuance of common stock to employees and directors for settlement of liabilities | $- | $318205 |
| Issuance of common stock to vendors for settlement of liabilities | $143200 | $105693 |
| Issuance of common stock to noteholders for settlement of accrued interest | $- | $1148000 |
| Issuance of common stock to noteholders for settlement of cash warrant liabilities | $- | $206779 |
| Shares reserved for future issuance of common stock to debt holders for interest 8 | $- | $713510 |
| Forgiveness of debt and interest – related parties | $22789599 | $9261165 |
| Issuance of common stock for forgiveness of debt and interest – related parties | $1168000 | $- |
| Deconsolidation of assets of Corrugated Business: |  |  |
| Cash and cash equivalents | $125431 | $- |
| Accounts receivable | $771162 | $- |
| Inventory | $179923 | $- |
| Prepaid expenses and other current assets | $144668 | $- |
| Property and equipment | $641271 | $- |
| Accounts payable | $168 | $- |
| Accrued expenses and other current liabilities | $36226 | $- |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

**EIGHTCO HOLDINGS INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*For the Years ended December 31, 2025 and 2024*

**1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION**

As used herein, "Eightco," "we," "us," "our," and the "Company" refer to Eightco Holdings Inc., a Delaware corporation, and its consolidated subsidiaries. The Company was originally incorporated on September 21, 2021 under the laws of the State of Nevada and converted to a Delaware corporation on March 9, 2022 pursuant to a plan of conversion with its former parent, Vinco Ventures, Inc. ("Vinco" or the "Former Parent").

*Operating Structure and Recent Changes*

Historically, the Company operated multiple business lines, including:

● Forever 8 Inventory Cash Flow Solutions ("Forever 8")

● Corrugated Packaging Business, operated through Ferguson Containers, Inc.

● Web3 operations, including BTC mining hardware sales and NFT development

The Company has since exited its non-core operations. Forever 8 now represents the Company's sole operating business.

Forever 8, acquired on October 1, 2022, provides inventory funding and purchasing services to e-commerce retailers and remains the Company's core operating platform.

On April 7, 2025, the Company completed the sale of the assets comprising its Corrugated Packaging Business. All operations related to this business ceased as of that date. The Company previously completed its wind-down of Web3 and BTC mining hardware sales activities and does not intend to resume revenue-generating operations in that area.

*Adoption of Digital Asset Treasury Strategy*

On September 8, 2025, the Company's Board of Directors approved a Digital Asset Treasury ("DAT") Strategy under which the Company deploys a portion of its excess liquidity, operating cash flows, and capital from financing activities into digital assets as part of its long-term capital allocation framework.

Under this strategy, the Company holds various digital assets, including Worldcoin (WLD), Ethereum (ETH), and USD denominated stablecoins for treasury, liquidity management, and strategic investment purposes. The Company does not currently generate revenue from its digital asset holdings. Digital assets are custodied with institutional third-party providers, including Kraken, Coinbase, and FalconX.

The Company adopted ASU 2023-08 effective January 1, 2025. Eligible digital assets are measured at fair value with changes recognized in net income.

*Corporate Organization*

As of December 31, 2025, Eightco had the following wholly-owned subsidiaries:

● Forever 8 Fund LLC

● Ferguson Containers, Inc. (inactive following divestiture)

● BlockHiro, LLC

● Orb Subsidiary One, LLC, formed in September 2025

Forever 8's wholly owned foreign subsidiaries:

● Forever 8 UK, Ltd.

● Forever 8 Fund EU Holdings BV

In addition, the Company owns 51% of CW Machines, LLC, which continues to be consolidated under the voting interest entity model. Under that model, control is presumed based on majority voting interests unless noncontrolling shareholders possess substantive participating rights.

*Separation from Former Parent*

On June 30, 2022, the Company completed its previously announced separation from Vinco (the "Separation"). Prior to the Separation, Vinco contributed the assets and legal entities comprising the Company's historical businesses to Eightco. Following the Separation, the Company became an independent, publicly traded company.

*Common Control Transactions*

On March 29, 2022, the Former Parent transferred ownership of Ferguson Containers to the Company in a transaction between entities under common control. As a result, the consolidated financial statements reflect Ferguson Containers and other contributed entities as if they had been owned by the Company for all periods presented. Assets and liabilities were recorded at historical carrying values, and equity reflects the equity of Eightco.

*Basis of Presentation*.

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and include the accounts of Eightco Holdings Inc. and its wholly-owned subsidiaries.

The Company is an emerging growth company as the term is used in The Jumpstart Our Business Startups Act, enacted on April 5, 2012 and has elected to comply with certain reduced public company reporting requirements.

**EIGHTCO HOLDINGS INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*For the Years ended December 31, 2025 and 2024*

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

*Reverse Stock Split:* On April 3, 2023, the Company filed a Certificate of Amendment to the Company's Certificate of Incorporation (the "Certificate of Incorporation") with the Secretary of State of Delaware (1) to effect a 1-for-50 reverse stock split of the shares of the Company's common stock, par value $0.001 per share (the "Common Stock"), either issued and outstanding or held by the Company as treasury stock (the "2023 Reverse Stock Split") and (2) to change the name of the Company from "Cryptyde, Inc." to "Eightco Holdings Inc." (the "Name Change"). On August 8, 2024, the Company filed another amendment to its Certificate of Incorporation with the Secretary of State of the State of Delaware to effectuate a 1-for-5 reverse stock split if its Common Stock (the "2024 Reverse Stock Split" and together with the 2023 Reverse Stock Split, the "Reverse Stock Splits"). All share, equity award, and per share amounts contained in the consolidated financial statements have been adjusted to reflect the Reverse Stock Splits for all prior periods presented.

*Use of Estimates.* The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. The Company's significant estimates used in these consolidated financial statements include, but are not limited to, revenue recognition and the determination of the economic useful life of depreciable property and equipment. Certain of the Company's estimates could be affected by external conditions, including those unique to the Company and general economic conditions. It is reasonably possible that these external factors could have an effect on the Company's estimates and could cause actual results to differ from those estimates.

*Business Combinations*. For business combinations that meet the accounting definition of a business, the Company determines and allocates the purchase price of an acquired company to the tangible and intangible assets acquired, the liabilities assumed, and noncontrolling interest, if applicable, as of the date of acquisition at fair value. Fair value may be estimated using comparable market data, a discounted cash flow method, or a combination of the two. In the discounted cash flow method, estimated future cash flows are based on management's expectations for the future. Revenues and costs of the acquired companies are included in the Company's operating results from the date of acquisition. The Company uses its best estimates and assumptions as part of the purchase price allocation process to accurately value assets acquired and liabilities assumed at the acquisition date, and these estimates and assumptions are inherently uncertain and subject to refinement during the measurement period not to exceed one year from the acquisition date. As a result, any adjustment identified subsequent to the measurement period is included in operating results in the period in which the amount is determined (See Note 3 – Acquisitions).

*Discontinued Operations.* A component of an entity that is disposed of by sale or abandonment is reported as discontinued operations if the transaction represents a strategic shift that will have a major effect on an entity's operations and financial results. The results of discontinued operations are aggregated and presented separately in the Consolidated Statement of Operations. Assets and liabilities of the discontinued operations are aggregated and reported separately as assets and liabilities of discontinued operations in the Consolidated Balance Sheet, including the comparative prior year period. The Company's cash flows are reflected as cash flows from discontinued operations within the Company's Consolidated Statements of Cash Flows for each period presented.

*Cash and Cash Equivalents*. The Company considers all highly liquid, short-term investments with original maturities of three months or less when purchased to be cash equivalents.

**EIGHTCO HOLDINGS INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*For the Years ended December 31, 2025 and 2024*

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)**

*Digital Assets .* Digital assets consist primarily of cryptocurrencies and other crypto-tokens held for treasury, investment, and operational purposes. Effective January 1, 2025, the Company adopted ASU 2023-08, *Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60).* Under this guidance, eligible crypto assets are measured at fair value at each reporting date, with changes in fair value recognized in net income in the period incurred. Digital assets are presented separately on the condensed consolidated balance sheets as "Digital assets, at fair value." Gains and losses on dispositions of digital assets are recognized in earnings and are determined using the specific identification method.

Digital assets expected to be converted into cash or used to fund operations within twelve months are classified as current assets, with all other digital assets classified as noncurrent.

*Accounts Receivable.* Accounts receivable are carried at their contractual amounts, less an estimated allowance for credit losses. Management estimates the allowance for credit losses using a loss-rate approach based on historical loss information, adjusted for management's expectations about current and future economic conditions, as the basis to determine expected credit losses. Management exercises significant judgment in determining expected credit losses. Key inputs include macroeconomic factors, industry trends, the creditworthiness of counterparties, historical experience, the financial conditions of the customers, and the amount and age of past due accounts. Management believes that the composition of receivables at year-end is consistent with historical conditions as credit terms and practices and the client base has not changed significantly. Receivables are considered past due if full payment is not received by the contractual due date. Past due accounts are generally written off against the allowance for credit losses only after all collection attempts have been exhausted. The allowance for credit losses was $60,000 and $67,350 as of December 31, 2025 and 2024, respectively. There were two customers who represented 63% and 36% of total accounts receivable as of December 31, 2025, respectively.

*Inventories*. Inventory is recorded at the lower of cost or net realizable value on a first-in, first-out basis. The Company reduces the carrying value of inventories for those items that are potentially excess, obsolete, or slow moving based on a review of recent sales trends and expected future demand.

*Property and Equipment.* Property and equipment are stated at cost, net of accumulated depreciation and amortization, which is recorded commencing at the in-service date using the straight-line method over the estimated useful lives of the assets, as follows: 3 to 5 years for office equipment, 5 to 7 years for furniture and fixtures, 6 to 10 years for machinery and equipment, 10 to 15 years for building improvements, 5 years for software, 5 years for molds, 5 to 7 years for vehicles and 40 years for buildings. When fixed assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the statements of comprehensive loss for the respective period. Minor additions and repairs are expensed in the period incurred. Major additions and repairs which extend the useful life of existing assets are capitalized and depreciated using the straight-line method over their remaining estimated useful lives.

*Intangible Assets and Long-lived Assets .* The Company reviews long-lived assets, including definite-lived intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The Company assesses the recoverability of its long-lived assets using undiscounted cash flows. If an asset is found to be impaired, the amount recognized for impairment is equal to the difference between the carrying value and the asset's fair value. During the years ended December 31, 2025 and 2024, the Company did not record any impairment charges related to long lived assets, respectively. The Company records intangible assets based on their fair value on the date of acquisition. Intangible assets include the cost of developed technology, customer relationships, trademarks and tradenames. Intangible assets are amortized utilizing the straight-line method over their remaining economic useful lives, as follows: 10 years for developed technology, 7 years for customer relationships and 7 years for trademarks and tradenames. The Company reviews long-lived assets and intangible assets for potential impairment annually and when events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. In the event the expected undiscounted future cash flows resulting from the use of the asset is less than the carrying amount of the asset, an impairment loss is recorded equal to the excess of the asset's carrying value over its fair value. If an asset is determined to be impaired, the loss is measured based on quoted market prices in active markets, if available. If quoted market prices are not available, the estimate of fair value is based on various valuation techniques, including a discounted value of estimated future cash flows. In the event that management decides to no longer allocate resources to an asset, an impairment loss equal to the remaining carrying value of the asset is recorded. During the years ended December 31, 2025 and 2024, respectively, the Company recorded impairment charges related to intangibles assets in the amounts of $11,529,642 and $0, respectively.

**EIGHTCO HOLDINGS INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*For the Years ended December 31, 2025 and 2024*

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)**

*Goodwill.* Goodwill is recorded for the difference between the fair value of the purchase consideration over the fair value of the net identifiable tangible and intangible assets acquired. We perform an impairment assessment of goodwill on an annual basis as of December 31st, or whenever impairment indicators exist. In the absence of any impairment indicators, goodwill is assessed for impairment during the fourth quarter of each fiscal year. Judgments regarding the existence of impairment indicators are based on market conditions and operational performance of the business. We may assess our goodwill for impairment initially using a qualitative approach to determine whether it is more likely than not that the fair value of these assets is greater than their carrying value. When performing a qualitative test, we assess various factors including industry and market conditions, macroeconomic conditions and performance of our businesses. If the results of the qualitative assessment indicate that it is more likely than not that our goodwill and other indefinite-lived intangible assets are impaired, a quantitative impairment analysis would be performed to determine if impairment is required. We may also elect to perform a quantitative analysis of goodwill initially rather than using a qualitative approach. The impairment testing for goodwill is performed at the reporting unit level. The valuation methods used in the quantitative fair value assessment, discounted cash flow and market multiples method, requires our management to make certain assumptions and estimates regarding certain industry trends and future profitability of our reporting units. If the fair value of a reporting unit exceeds the related carrying value, the reporting unit's goodwill is considered not to be impaired and no further testing is performed. If the carrying value of a reporting unit exceeds its fair value, an impairment loss is recorded for the difference. The valuation of goodwill is affected by, among other things, the Company's business plan for the future and estimated results of future operations. Future events could cause the Company to conclude that impairment indicators exist, and, therefore, that goodwill may be impaired. During the years ended December 31, 2025 and 2024, respectively, the Company recorded impairment charges related to goodwill in the amounts of $22,324,588 and $0, respectively.

*Contingent Liabilities.* The Company, from time to time, may be involved in certain legal proceedings. Based upon consultation with outside counsel handling its defense in these matters and the Company's analysis of potential outcomes, if the Company determines that a loss arising from such matters is probable and can be reasonably estimated, an estimate of the contingent liability is recorded in its consolidated financial statements. If only a range of estimated loss can be determined, an amount within the range that, based on estimates, assumptions and judgments, reflects the most likely outcome, is recorded as a contingent liability in the consolidated financial statements. In situations where none of the estimates within the estimated range is a better estimate of probable loss than any other amount, the Company records the low end of the range. Any such accrual would be charged to expense in the appropriate period. Litigation expenses for these types of contingencies are recognized in the period in which the litigation services were provided.

*Warrants.* The Company evaluates warrants and other freestanding instruments to determine whether they should be classified as equity or as assets or liabilities in the consolidated balance sheets. Warrants that are freestanding financial instruments and are indexed to the Company's own stock and meet the criteria for equity classification are recorded in equity at issuance and are not subsequently remeasured. Warrants that do not meet the criteria for equity classification are recorded as assets or liabilities at fair value upon issuance and remeasured to fair value at each reporting date, with changes in fair value recognized in earnings.

*Revenue Recognition.* In accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers, the Company recognizes revenue when it satisfies performance obligations, by transferring promised goods or services to customers, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for fulfilling those performance obligations. Revenue for product sales is recognized upon receipt by the customer. There are no contract assets or contract liabilities and therefore no unsatisfied performance obligations. One customer represented 89% and 75% of total revenues for the year ended December 31, 2025 and 2024, respectively.

*Disaggregation of Revenue.* The Company's primary revenue streams include the sale of consumer goods through our inventory management solutions business and the sale of corrugated packaging materials. There are no other material operations that were separately disaggregated for segment purposes.

**EIGHTCO HOLDINGS INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*For the Years ended December 31, 2025 and 2024*

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)**

*Cost of Revenues.* Cost of revenues includes freight charges, purchasing and receiving costs, depreciation and inspection costs.

*Comprehensive income*. The Company follows Accounting Standards Codification ("ASC") 220 in reporting comprehensive income. Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income. Other comprehensive income is limited to foreign currency translation adjustments. Therefore, total comprehensive income includes net income (loss) and foreign currency translation adjustments.

*Foreign Currency Transactions and Translation.* Eightco's functional currency is the United States Dollar ("USD") and the Forever 8 subsidiaries have functional currencies in Euro ("EUR"), British Pound Sterling ("GBP"), and USD.

For the purpose of presenting these consolidated financial statements, the reporting currency is USD. Forever 8 assets and liabilities are expressed in USDs at the exchange rate on the balance sheet date, equity accounts are translated at historical rates, and income and expense items are translated at the weighted average exchange rate during the period. The resulting translation adjustments are reported under accumulated other comprehensive income in the stockholders' equity section of the balance sheets.

Transactions in currencies other than the entity's functional currency are recorded at the rates of exchange prevailing on the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are translated at the rates prevailing at the end of the reporting periods. Exchange differences arising on the settlement of monetary items and on translation of monetary items at period-end are included in statement of comprehensive loss.

For the years ended December 31, 2025 and 2024, approximately 92% and 84% of consolidated revenues were derived from customers located outside of the United States, respectively.

Exchange rates used for the translations are as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, <br> 2025** | **December 31, <br> 2024** |
| Spot |  |  |
| USD to EUR | $0.8547 | $0.9615 |
| USD to GBP | $0.7407 | $0.8000 |

---

---

| | | |
|:---|:---|:---|
|  | **December 31, <br> 2025** | **December 31, <br> 2024** |
| Average |  |  |
| USD to EUR | $0.8837 | $0.9259 |
| USD to GBP | $0.7566 | $0.7874 |

---

*Earnings Per Share.* The Company follows ASC 260 when reporting Earnings Per Share ("EPS") resulting in the presentation of basic and diluted earnings per share. Basic net (loss) income per common share is computed by dividing net (loss) income by the weighted average number of vested common shares outstanding during the period. Diluted net income per common share is computed by dividing net income by the weighted average number vested of common shares, plus the net impact of common shares (computed using the treasury stock method), if dilutive, resulting from the exercise of dilutive securities. In periods when losses are reported, the weighted-average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive.

**EIGHTCO HOLDINGS INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*For the Years ended December 31, 2025 and 2024*

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)**

For the year ended December 31, 2025, the Company incurred a net loss and excluded common stock equivalents from diluted EPS as their effect would have been anti-dilutive. For the year ended December 31, 2024, the Company had net income and therefore included the dilutive effect of certain securities in its diluted EPS calculation.

The following is a reconciliation of the weighted average number of common shares outstanding used in calculating the basic and diluted net loss per share:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Weighted average shares outstanding – basic | 63237585 | 1751132 |
| Warrants for noteholders and placement agents | - | 44217 |
| Warrants for equity investors |  | 145600 |
| Shares to be issued | - | 40410 |
| Weighted average shares outstanding – diluted | 63237585 | 1981359 |

---

As of December 31, 2025 and 2024, the Company excluded the common stock equivalents summarized below, which entitle the holders thereof to ultimately acquire shares of common stock, from its calculation of earnings per share, as their effect would have been anti-dilutive.

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br> **2025** | **December 31,**<br> **2024** |
| Options | 856164 |  |
| Restricted stock units | 4680822 |  |
| Warrants | 13773666 |  |
| Pre-funded warrants | 6646855 |  |
| Convertible notes payable issued in acquisition of Forever 8 Fund, LLC |  | 43598 |
| Shares to be issued | 727500 | - |
| Total common stock equivalents | 26685007 | 43598 |

---

*Deferred Financing Costs.* Deferred financing costs include debt discounts and debt issuance costs related to a recognized debt liability and are presented in the balance sheet as a direct deduction from the carrying value of the debt liability. Amortization of deferred financing costs are included as a component of interest expense. Deferred financing costs are amortized using the straight-line method over the term of the recognized debt liability which approximates the effective interest method.

**EIGHTCO HOLDINGS INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*For the Years ended December 31, 2025 and 2024*

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)**

*Income Taxes.* The Company accounts for income taxes under the provisions of the FASB ASC Topic 740 "Income Taxes" ("ASC Topic 740"). The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of items that have been included or excluded in the consolidated financial statements or tax returns. Deferred tax assets and liabilities are determined on the basis of the difference between the tax basis of assets and liabilities and their respective financial reporting amounts ("temporary differences") at enacted tax rates in effect for the years in which the temporary differences are expected to reverse. The Company utilizes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Management has evaluated and concluded that there were no material uncertain tax positions requiring recognition in the Company's consolidated financial statements as of December 31, 2025 and 2024. The Company does not expect any significant changes in its unrecognized tax benefits within twelve months of the reporting date. The Company's policy is to classify assessments, if any, for tax related interest as interest expense and penalties as general and administrative expenses in the consolidated statements of comprehensive income. The Company is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

*Fair Value Measurements.* The Company measures the fair value of certain financial and nonfinancial assets and liabilities based on the guidance of ASC 820 "Fair Value Measurements and Disclosures" ("ASC 820") which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.

ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value:

Level 1 — quoted prices in active markets for identical assets or liabilities

Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable

Level 3 — inputs that are unobservable (for example, cash flow modeling inputs based on assumptions)

The Company applies this guidance in measuring the fair value of its digital assets and, when applicable, other assets and liabilities measured at fair value on a recurring or nonrecurring basis. The carrying amounts of the Company's financial instruments, such as cash, accounts receivable, accounts payable and other current liabilities approximate fair values due to the short-term nature of these instruments.

*Concentration of Credit Risks.* Financial instruments that potentially subject the Company to concentrations of credit risk are cash equivalents and accounts receivable. Cash and cash equivalents are invested in deposits with certain financial institutions and may, at times, exceed federally insured limits. The Company has not experienced any significant losses on its deposits of cash and cash equivalents. In regard to trade receivables, the Company performs ongoing evaluations of its customers' financial condition as well as general economic conditions and, generally, requires no collateral from its customers.

**EIGHTCO HOLDINGS INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*For the Years ended December 31, 2025 and 2024*

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)**

*Recently Issued Accounting Pronouncements Adopted.* In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. The amendments in this Update improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. The amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted the guidance for the annual reporting period ended December 31, 2024. There was no impact on the Company's reportable segments identified and additional required disclosures have been included in Note 21, Segment Reporting in the Notes to Consolidated Financial Statements.

In December 2023, the FASB also issued ASU 2023-08, *Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets*, which requires public entities to measure in-scope cryptocurrency assets at fair value in the statement of financial position, and to recognize gains and losses from changes in the fair value of cryptocurrency in net income each reporting period. ASU 2023-08 will also require entities to provide certain interim and annual disclosures with respect to their cryptocurrency holdings. The standard is effective for interim and annual periods beginning January 1, 2025, with a cumulative-effect adjustment to the opening balance of retained earnings as of the beginning of the annual reporting period in which we adopt the guidance. The Company adopted ASU 2023-08 on January 1, 2025. Because the Company did not acquire cryptocurrency assets until September 2025, there was no cumulative-effect adjustment upon adoption; however, the guidance changed the Company's accounting for such assets on a prospective basis.

In December 2023, the FASB issued ASU 2023-09, "*Income Taxes* (Topic 740): *Improvements to Income Tax Disclosures*," which enhances the transparency and decision usefulness of income tax disclosures by requiring; (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 became effective for fiscal years beginning after December 15, 2024. These amendments are to be applied prospectively, with retrospective application permitted. The Company adopted ASU 2023-09 on January 1, 2025, on a prospective basis. The adoption of ASU 2023-09 did not have a material impact on the Company's consolidated financial statements.

*Recently Issued Accounting Pronouncements Not Yet Adopted.* In November 2024, the FASB issued ASU 2024-03, "Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses," which requires the disaggregated disclosure of specific expense categories, including purchases of inventory, employee compensation, depreciation, and amortization included in each relevant expense caption presented on the statement of operations. The standard also requires disclosure of qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, as well as the total amount of selling expenses and an entity's definition of selling expenses. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The Company is currently evaluating the impact this standard will have on its consolidated financial statements.

The Company currently believes there are no other issued and not *yet effective accounting standards that are materially relevant to its consolidated financial statements.*

*Segment Reporting.* The Company uses "the management approach" in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company's chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company's reportable segments. The Company's chief operating decision maker is the Chairman and Chief Executive Officer ("CEO") of the Company, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. As of December 31, 2025, the Company operates as one reportable segment.

*Reclassifications.* Certain prior period amounts have been reclassified to conform to the current period presentation, including amounts related to the Corrugated Packaging Business, which was classified as a discontinued operation as of December 31, 2025. These reclassifications had no impact on previously reported net income or stockholders' equity.

**EIGHTCO HOLDINGS INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*For the Years ended December 31, 2025 and 2024*

**3. ACQUISITIONS AND DIVESTITURES**

*<u>Discontinued Operations</u>*

On November 22, 2024, Eightco Holdings Inc. (the "Company") entered into an Asset Purchase Agreement (the "APA") to sell substantially all of the assets of its wholly owned subsidiary, Ferguson Containers, Inc., to a New Jersey limited liability company controlled by certain management employees of the Corrugated Packaging Business (the "Buyers"). This sale was completed on April 7, 2025 with an effective date of April 1, 2025. The following summarizes the transaction:

---

| | |
|:---|:---|
|  | **April 1,**<br>**2025** |
| Consideration: |  |
| &nbsp;&nbsp;&nbsp;Cash | 557835 |
| &nbsp;&nbsp;&nbsp;Seller note | 2500000 |
| &nbsp;&nbsp;&nbsp;Total consideration | $3057835 |
| Assets Disposed: |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $125431 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 771162 |
| &nbsp;&nbsp;&nbsp;Inventories | 179923 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 144668 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 641271 |
| &nbsp;&nbsp;&nbsp;Total assets | $1862455 |
| &nbsp;&nbsp;&nbsp;Less: assumed liabilities by the Buyers | (36394) |
| &nbsp;&nbsp;&nbsp;Net assets disposed of in divestiture | $1826061 |
| &nbsp;&nbsp;&nbsp;Gain on divestiture | $1231774 |

---

As a result of the sale, the Company has classified the historical operations of Ferguson Containers as discontinued operations in the consolidated financial statements for all periods presented. Assets and liabilities associated with Ferguson Containers have been classified as "held for sale" as of December 31, 2024.

The following summarizes the components of the assets and liabilities from discontinued operations as of December 31, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2025** | **December 31,**<br>**2024** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $- | $168323 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net |  | 788317 |
| &nbsp;&nbsp;&nbsp;Inventories |  | 101577 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets |  | 105249 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | - | 634773 |
| &nbsp;&nbsp;&nbsp;Total assets | $- | $1798239 |
| **LIABILITIES** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $- | $2980 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities |  | 31775 |
| &nbsp;&nbsp;&nbsp;Income tax payable |  | 72976 |
| &nbsp;&nbsp;&nbsp;Deferred tax liabilities | - | - |
| &nbsp;&nbsp;&nbsp;Total liabilities | $- | $107731 |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br> **December 31,** | **Year Ended**<br> **December 31,** |
|  | **2025** | **2024** |
| Revenues | 1773929 | 6823277 |
| Cost of revenues | 1276685 | 4980338 |
| Gross profit: | 497244 | 1842939 |
| **Operating expenses:** |  |  |
| Selling, general and administrative | 393013 | 1439964 |
| &nbsp;&nbsp;&nbsp;Restructuring and severance | - | - |
| &nbsp;&nbsp;&nbsp;Operating income | 104231 | 402975 |
| **Other (expense) income:** |  |  |
| &nbsp;&nbsp;&nbsp;Interest (expense) |  |  |
| &nbsp;&nbsp;&nbsp;Other income | 1077 | 6613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income, net | 1077 | 6613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | 105308 | 409588 |
| Income tax expense (benefit) | 8629 | (9128) |
| &nbsp;&nbsp;&nbsp;**Net income from discontinued operations** | $96679 | $418716 |

---

The following summarizes the components of cash flows from discontinued operations for the year ended December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended**<br> **December 31, <br> 2025** | **For the Year Ended**<br> **December 31, <br> 2024** |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $96679 | $418716 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 37992 | 173836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 17155 | (163024) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (78346) | 12723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (39419) | 24644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (2812) | 2038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 7519 | (1016) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | (67170) | (9128) |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | (28402) | 458789 |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments (proceeds) from/to Eightco Holdings, Inc. | 30000 | (1580000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (44490) | (69272) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Working capital cash transferred to Buyer | (125431) | - |
| &nbsp;&nbsp;&nbsp;Net cash used in investing activities | (139921) | (1649272) |
| **Net decrease in cash and cash equivalents** | (168323) | (1190483) |
| **Cash and cash equivalents, beginning of the period** | 168323 | 1358806 |
| **Cash and cash equivalents, end of the period** | $- | $168323 |

---

As a result of this classification, prior period amounts have been reclassified to conform to the current period presentation.

**EIGHTCO HOLDINGS INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*For the Years ended December 31, 2025 and 2024*

**4. RESTRUCTURING AND SEVERANCE**

Restructuring and severance charges consist of the following for the years ended December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended <br> December,** | **For the Years Ended <br> December,** |
|  | **2025** | **2024** |
| Severance expense | $- | $1404038 |
| Rent expense | - | 10800 |
| Total restructuring and severance | $- | $1414838 |

---

The changes in the carrying amount of restructuring and severance liabilities for the period from January 1, 2025 through December 31, 2025 consist of the following:

---

| | |
|:---|:---|
| Balance, January 1, 2025 | $3060388 |
| Additions and adjustments |  |
| Payments and adjustments | (712053) |
| Balance, December 31, 2025 | $2348335 |

---

**5. DIGITAL ASSETS**

Digital assets consist of the following at December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** |
|  | **Quantity** | **Fair Value (USD)** |
| Worldcoin/Worldchain (WLD) – Level 1 | 277222975 | $133080890 |
| Ethereum (ETH) – Level 1 | 11068 | 32838381 |
| Stablecoins (USDC, USDT) – Level 1 | 9982374 | 9982374 |
| Total digital assets, at fair value |  | $175901645 |

---

The Company's digital assets are held with third-party custodians and institutional trading counterparties. These arrangements expose the Company to counterparty, concentration, and safeguarding risks, including technological, operational, and cybersecurity risks. The Company does not hold digital assets on behalf of third parties.

The changes in the carrying amount of digital assets for the period from January 1, 2025 through December 31, 2025 consist of the following:

---

| | |
|:---|:---|
|  | **For the Year ended**<br> **December 31, 2025** |
| Beginning balance, December 31, 2024 | $- |
| Purchases of digital assets | 378201567 |
| Realized/unrealized gains (losses) | (202299922) |
| Sales of digital assets | - |
|  | $175901645 |

---

The following table presents the Company's digital asset holdings by token, including cost basis, fair value, and unrealized gains (losses) as of December 31, 2025. Unrealized gains (losses) represent the difference between the original cost basis and the fair value of each token as of the balance sheet date, based on the closing market price of each respective digital asset:

SCHEDULE OF DIGITAL ASSET HOLDINGS

---

| | | | |
|:---|:---|:---|:---|
|  | **Cost Basis** | **Fair Value** | **Unrealized Gain (Loss)** |
| Token: |  |  |  |
| &nbsp;&nbsp;&nbsp;WLD | $320719180 | $133080890 | $(187638290) |
| &nbsp;&nbsp;&nbsp;ETH | 47500013 | 32838381 | (14661632) |
| &nbsp;&nbsp;&nbsp;USDC | 9982374 | 9982374 |  |
| Total | 378201567 | 175901645 | (202299922) |

---

**6. ACCOUNTS RECEIVABLE**

Accounts receivable consist of the following at December 31, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br> **2025** | **December 31,**<br> **2024** |
| Trade accounts receivable | $1133823 | $2440366 |
| Less: allowance for credit losses | (700000) | (60000) |
| Total accounts receivable | 433823 | 2380366 |
| Less: accounts receivable – discontinued operations | - | (788317) |
| Accounts receivable – continuing operations | $433823 | $1592049 |

---

**EIGHTCO HOLDINGS INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*For the Years ended December 31, 2025 and 2024*

**7. INVENTORIES**

Inventories consist of the following at December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br> **2025** | **December 31,**<br> **2024** |
| Raw materials | $- | $- |
| Finished goods | 10512215 | 8435928 |
| Reserve for obsolescence | (2700000) | (500000) |
| Total inventories | 7812215 | 7935928 |
| Less: inventories – discontinued operations | - | (101577) |
| Inventories – continuing operations | $7812215 | $7834351 |

---

**8. OTHER CURRENT ASSETS**

Other current assets consist of the following at December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **December 31, <br> 2025** | **December 31,**<br> **2024** |
| Deposits on inventory | $502161 | $949641 |
| Prepaid insurance | 1265873 | 53601 |
| Deposits | 2090 | 72744 |
| Due from customer |  |  |
| Other | 254013 | 31286 |
| Total other current assets | 2024137 | 1107272 |
| Less: other current assets – discontinued operations | - | (105249) |
| Other current assets – continuing operations | $2024137 | $1002023 |

---

**9. LOAN HELD-FOR-INVESTMENT**

Loan held-for-investment consist of the following at December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **December 31, <br> 2025** | **December 31,**<br> **2024** |
| Wattum Management Inc. – 5%, 10/2026 | $2224252 | $2224252 |
| Reichard Containers, LLC – 9.75%, 4/2035 | 2290773 | - |
| Total loan held-for-investment | 4515025 | 2224252 |
| Less: allowance for credit losses | - | - |
| Loan held-for-investment | $4515025 | $2224252 |

---

Wattum Management Inc. is a non-controlling member of CW Machines, LLC, previously a related party, when CW Machines was doing business. The Wattum note is secured by assets of Wattum Management, Inc. The Wattum Management Inc. note is interest only with the entire principal balance due in October 2026.

Reichard Containers, LLC purchased the assets of Ferguson Containers, Inc. on April 7, 2025. The Reichard note is secured by assets of Reichard Containers, LLC. The Reichard note is due on April 2035 and with monthly payments of $32,693 for principal and interest.

Expected credit losses for loan held for investment are based on management's assessment of credit risk associated with the loan, including consideration of factors such as the financial condition of the entity, historical payment behavior, and any collateral or guarantees provided. The Company determined it was not necessary to record an allowance for credit losses as of December 31, 2025 and 2024, respectively.

**EIGHTCO HOLDINGS INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*For the Years ended December 31, 2025 and 2024*

**10. OTHER INVESTMENTS**

Other investments consist of the Company's minority equity investment in Mythical, Inc., a Delaware corporation ("Mythical"), a developer of blockchain-based video game ecosystems. In January 2025, the Company invested $999,999 to purchase Series D Preferred Stock of Mythical at a purchase price of $2.2193 per share pursuant to Mythical's Series D Preferred Stock Purchase Agreement. The investment is carried at cost less any impairment, as the Company does not have the ability to exercise significant influence over Mythical's operating and financial policies. As of December 31, 2025, the carrying value of the investment was $999,999.

The investment is accounted for as an equity security without a readily determinable fair value and is measured using the measurement alternative. Under this approach, the investment is recorded at cost, less impairment, adjusted for observable price changes in orderly transactions for an identical or similar investment of the same issuer. The Company concluded that it does not have significant influence over Mythical's operating or financial policies and, accordingly, the investment is not accounted for under the equity method. As of December 31, 2025, the carrying value of the investment was $999,999.

**11. PROPERTY AND EQUIPMENT, NET**

Property and equipment consist of the following at December 31, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br> **2025** | **December 31,**<br> **2024** |
| Land | $- | $- |
| Building and building improvements |  | 781985 |
| Equipment and machinery |  | 4821936 |
| Furniture and fixtures | 8418 | 284877 |
| Vehicles | - | 585854 |
| Property plant and equipment, gross | 8418 | 6474652 |
| Less: accumulated depreciation | (3246) | (5834427) |
| Total property and equipment, net | 5172 | 640225 |
| Less: property and equipment, net – discontinued operations | - | (634773) |
| Property and equipment, net – continuing operations | $5172 | $5452 |

---

Depreciation and amortization expense was $40,385 and $174,443 for the years ended December 31, 2025 and 2024, respectively. The Company recorded an impairment charge of $0 and $292,748 for the years ended December 31, 2025 and 2024, respectively.

**12. INTANGIBLE ASSETS, NET**

Intangible assets consist of the following at December 31, 2025 and December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **Useful Lives** | **December 31,**<br> **2025** | **December 31,**<br> **2024** |
| Customer relationships | 7 years | $7100000 | $7100000 |
| Developed technology | 10 years | 9700000 | 9700000 |
| Trademarks and tradenames | 7 years | 2200000 | 2200000 |
| Total intangible assets, gross |  | 19000000 | 19000000 |
| Less: accumulated amortization and impairments |  | (19000000) | (5171786) |
| Total intangible assets, net |  | $- | $13828214 |

---

Amortization expense was $2,298,572 and $2,280,229 for the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025, the Company determined that the remaining carrying value of its intangible assets was not recoverable due to a decision to limit funding of the Forever 8 business and the conclusion that the full carrying amount of the assets was unrecoverable. Accordingly, the Company recorded an impairment charge of $11,529,642 to write the intangible assets to zero, which is included in impairment expense on the consolidated statement of operations.

**EIGHTCO HOLDINGS INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*For the Years ended December 31, 2025 and 2024*

**13. GOODWILL**

The carrying amount of goodwill was $22,324,588 as of January 1, 2024 and remained unchanged through December 31, 2024. During the year ended December 31, 2025, the Company recognized a goodwill impairment charge of $22,324,588, which fully impaired the carrying amount of goodwill, primarily due to the Company's intention to not invest additional capital funding into the Inventory Management Solution business to support recovery of the goodwill into the future. As of December 31, 2025, no goodwill remained on the consolidated balance sheets.

**14. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES**

Accrued expenses and other current liabilities consist of the following at December 31, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br> **2025** | **December 31,**<br> **2024** |
| Payroll and related benefits | $2260559 | $3130269 |
| Professional fees | 734930 | 187378 |
| Accrued settlement liability for equity holders of Forever 8 |  |  |
| Accrued interest |  | 936395 |
| Accrued rent | 120000 | 120000 |
| Accrued other taxes | 100000 | 215006 |
| Other | 480508 | 429991 |
| Total accrued expenses and other current liabilities | 3695997 | 5019039 |
| Less: accrued expenses and other current liabilities – discontinued operations | - | (31775) |
| Accrued expenses and other current liabilities – continuing operations | $3695997 | $4987264 |

---

**15. DUE TO AND FROM FORMER PARENT**

As of December 31, 2025, there were no amounts due to or from Former Parent. As of December 31, 2024, due to Former Parent consisted of net amounts due to Vinco Ventures, Inc. related to management fees and borrowings for working capital of $480,000. The outstanding balance was fully repaid during the year ended December 31, 2025.

**16. LINES OF CREDIT**

Principal due under the lines of credit was as follows at December 31, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br> **2025** | **December 31,**<br> **2024** |
| Lines of credit, 12%-18% | $8150000 | $6850000 |

---

Interest expense under lines of credit was $1,273,109 and $698,030 for the years ended December 31, 2025 and 2024, respectively.

The lines of credit are collateralized by the inventory of the Company.

**EIGHTCO HOLDINGS INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*For the Years ended December 31, 2025 and 2024*

**17. LINES OF CREDIT – RELATED PARTIES**

Principal due under the lines of credit – related parties was as follows at December 31, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br> **2025** | **December 31,**<br> **2024** |
| Lines of credit, 12%-18% | $2590000 | $3525000 |

---

Interest expense under lines of credit – related parties was $329,883 and $339,987 for the years ended December 31, 2025 and 2024, respectively.

The lines of credit – related parties are collateralized by the inventory of the Company.

**18**. **CONVERTIBLE NOTE PAYABLE**

During 2023, the Company had two senior secured convertible notes outstanding with an accredited investor (the "Note Investor"): a note issued in January 2022 with an original principal amount of $33,333,333 (the "January 2022 Note") and a note issued in March 2023 with an original principal amount of $5,555,000 (the "March 2023 Note"). Both notes were issued at an original issue discount and included embedded conversion features and detachable warrants, which resulted in the recognition of significant debt discounts and warrant-related expenses in prior periods. The outstanding balance of $3,425,000 as of December 31, 2023 was repaid in full during the year ended December 31, 2024.

For the year ended December 31, 2024, interest expense under convertible notes payable was $277,750, of which $277,750 was related to amortization of the debt discount.

**EIGHTCO HOLDINGS INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*For the Years ended December 31, 2025 and 2024*

**19**. **CONVERTIBLE NOTES PAYABLE – RELATED PARTIES**

The convertible notes payable, related party were issued as part of consideration for the acquisition of Forever 8. The discount was calculated based on the fair value of the instrument as of October 1, 2022. Principal due under the convertible note payable – related parties was as follows at December 31, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **December 31, <br> 2025** | **December 31,<br> 2024** |
| Notes payable, 12% | $- | $21771155 |
| Less: current portion | - | 11500000 |
| Notes payable, long-term potion | $- | $10271155 |
| Less: debt discount | - | 750000 |
| Notes payable, long-term portion, net | $- | $9521155 |

---

For the year ended December 31, 2025, interest expense under convertible notes payable – related parties was $2,479,417, of which $750,000 was related to amortization of the debt discount. For the year ended December 31, 2024, interest expense under convertible notes payable – related parties was $2,916,597, of which $1,000,000 was related to amortization of the debt discount. During the year ended December 31, 2025, the Company recognized a capital contribution in additional paid-in capital of $22,789,599 related to the forgiveness of debt and accrued interest by related parties offset by the issuance of 800,000 shares of common stock with a fair value of $1,168,000.

**20. INCOME TAXES**

Eightco Holdings Inc. is taxed as a corporation and pays corporate federal, state and local taxes on income.

Forever 8 Fund, LLC, BlockHiro, LLC, Cryptyde Shared Services, LLC and Orb Subsidiary One, LLC are limited liability companies which are disregarded entities for income tax purposes and are owned 100% by Eightco Holdings Inc. and Ferguson Containers, Inc., respectively. The Company pays corporate federal, state and local taxes on income allocated to it from BlockHiro, LLC and 8co Holdings Shared Services, LLC.

CW Machines, LLC is a limited liability company for income tax purposes and is owned 51% by Eightco Holdings Inc. The Company pays corporate federal, state and local taxes on income allocated to it from CW Machines, LLC.

Ferguson Containers is taxed as a corporation and pays corporate federal, state and local taxes on income.

Forever 8 UK Ltd. is taxed as a corporation and pays foreign taxes on income.

F8 Fund EU Holdings BV is taxed as a corporation and pays foreign taxes on income.

The Company adopted ASU 2023-09 on January 1, 2025, on a prospective basis. Accordingly, the enhanced income tax disclosures required under the new standard are presented only for the year ended December 31, 2025. Prior period amounts have not been recast and are therefore not comparable.

**EIGHTCO HOLDINGS INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*For the Years ended December 31, 2025 and 2024*

**20. INCOME TAXES (continued)**

Components of income before income taxes were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| United States | $(260413611) | $315844 |
| Foreign | (1570665) | 248218 |
| Income (loss) before income tax expense | $(261984276) | $564062 |
| Less: income before income tax expense – discontinued operations | (105308) | (409588) |
| Income before income tax expense – continuing operations | $(262089584) | $154474 |

---

The tax effects of temporary differences that give rise to deferred tax assets or liabilities are presented below:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Deferred tax assets: |  |  |
| Stock-based compensation | $2566224 | $(8387) |
| Goodwill and intangibles | 3712216 | 487575 |
| Leases |  |  |
| Reserves | 764137 | 117600 |
| Net operating loss carryforwards | 16549866 | 8118656 |
| Mark-to-market income/loss | 47083883 |  |
| Less: valuation allowance | (70676326) | (8715444) |
| Net deferred tax assets | $- | $- |
| Deferred tax liabilities: |  |  |
| Right of use assets | $- |  |
| Property and equipment | $- | - |
| Net deferred tax liabilities | $- | $- |
| Net deferred taxes | $- | $- |

---

The income tax provision consists of the following:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Current: |  |  |
| Federal | $- | $- |
| State | 8629 | 72976 |
| Foreign | 20155 | (135337) |
| Total current | 28784 | (62361) |
| Deferred: |  |  |
| Federal | 50504070 | (55816) |
| State | 11070526 | (26287) |
| Foreign | 296181 |  |
| Less: change in valuation allowance | (61870777) | - |
| Total deferred | - | (82103) |
| Total income tax provision (benefit) | $28784 | $(144464) |
| Less: income tax provision (benefit) – discontinued operations | 8629 | (9127) |
| Total income tax provision (benefit) – continuing operations | 20155 | (135337) |

---

**EIGHTCO HOLDINGS INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*For the Years ended December 31, 2025 and 2024*

**20. INCOME TAXES (continued)**

**Enhanced Disclosures (ASU 2023-09 – 2025)**

Effective Tax Rate Reconciliation (2025)

The following is a reconciliation of the statutory federal income tax rate applied to pre-tax net loss compared to the income taxes in the statement of operations for the year ended December 31, 2025.

In accordance with ASU 2023-09, reconciling items greater than 5% of the statutory tax rate are presented separately. Amounts below this threshold are aggregated within "Other." The 2025 reconciliation below is not presented on a comparable basis with prior periods due to the adoption of ASU 2023-09.

A reconciliation of the statutory federal income tax rate to the Company's effective tax rate for the year ended December 31, 2025 is as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2025** |
| Tax at federal statutory rate | $(55016696) | 21.0% |
| State and local income taxes | (16436727) | 6.3% |
| Foreign tax effects | 31413 | 0.0% |
| Tax credits |  | 0.0% |
| Provision to return true ups | (1689901) | 0.6% |
| Rate change | 5570071 | -2.1% |
| Nondeductible expenses | 5699847 | -2.2% |
| Change in valuation allowance | 61870777 | -23.6% |
| Total income tax provision | 28784 | 0.0% |
| Less: adjustment for discontinued operations | (8629) | 0.0% |
| Income tax provision (benefit) from continuing operations | $20155 | 0.0% |

---

<u>Income Taxes Paid (Disaggregated) – 2025</u>

---

| | |
|:---|:---|
|  | **2025** |
| U.S. federal | $- |
| U.S. state |  |
| Foreign | - |
| Total income taxes paid | $- |

---

Legacy Disclosures (ASC 740 – 2024)

A reconciliation of the statutory federal income tax rate to the Company's effective tax rate for the year ended December 31, 2024 is as follows:

---

| | |
|:---|:---|
|  | **2024** |
| Tax at federal statutory rate | 21.0% |
| State and local income taxes | 12.9% |
| Foreign tax effects | 0.0% |
| Tax credits | -24.0% |
| Provision to return true ups | 0.0% |
| Rate change | 0.0% |
| Nondeductible expenses | -1.7% |
| Change in valuation allowance | -33.8% |
| Total income tax provision | -25.6% |
| Less: adjustment for discontinued operations | -62.0% |
| Income tax provision (benefit) from continuing operations | -87.6% |

---

The Company recorded an income tax expense of approximately $20,155 and an income tax benefit of $135,337 for the years ended December 31, 2025 and 2024, respectively. This expense and benefit reflects the release of certain foreign tax obligations and changes in deferred tax balances, including adjustments for valuation allowances. The Company recorded a full valuation allowance against its deferred tax assets in both 2025 and 2024 due to cumulative losses and the lack of objectively verifiable positive evidence. A separate tax expense of approximately $8,629 related to the discontinued operations of Ferguson Containers is presented within discontinued operations on the consolidated statements of operations.

The Company's policy is to record interest and penalties associated with unrecognized tax benefits as additional income taxes in the statement of operations. As of January 1, 2025, the Company had $0 unrecognized tax benefits and $0 charges during 2025, and accordingly, the Company did not recognize any interest or penalties during 2025 related to unrecognized tax benefits. There is $0 accrual for uncertain tax positions as of December 31, 2025.

The Company files U.S. income tax returns and a state income tax return. With few exceptions, the U.S. and state income tax returns filed for the tax years ending on December 31, 2022 and thereafter are subject to examination by the relevant taxing authorities.

As of December 31, 2025, the Company had a net operating loss carryforward for federal income tax purposes of approximately $66,723,534. These carryforwards were generated in 2022 and later, and therefore do not expire, but are subject to annual limitations under Section 382 of the Internal Revenue Code of 1986, as amended, and similar state provisions, and may be utilized to offset up to 80% of taxable income in any future period.

On July 2, 2025, U.S. Congress enacted the Taxpayer Fairness and Growth Act of 2025, which includes significant amendments to the Internal Revenue Code. Key provisions include:

● Limitations on the deductibility of certain interest and R&D expenses;

● Modifications to the foreign-derived intangible income ("FDII ") and global intangible low-taxed income ("GILTI") regimes.

The Company evaluated the impact of the legislation on its consolidated financial statements, including deferred tax assets and liabilities, and incorporated the effects of the enacted changes in these consolidated financial statements for the year ended December 31, 2025, consistent with ASC 740-10-45-15. The Company expects the corporate rate reduction and other provisions to have a favorable impact on its effective tax rate beginning in fiscal 2026.

**21. STOCKHOLDERS' EQUITY**

*Common Stock*

The Company is authorized to issue 500,000,000 shares of common stock, par value $0.001 per share. As of December 31, 2025, the Company had 205,629,592 shares of common stock issued and outstanding. Subsequent to December 31, 2025, in connection with the Company's redomestication to Texas effective February 2, 2026, the authorized shares of common stock were increased from 500,000,000 to 10,000,000,000 shares, par value $0.001 per share. See Note 24 – Subsequent Events.

*Preferred Stock*

As of December 31, 2025 and December 31, 2024, the Company had 0 issued and outstanding shares of Series A Preferred Stock, respectively.

**EIGHTCO HOLDINGS INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*For the Years ended December 31, 2025 and 2024*

**21. STOCKHOLDERS' EQUITY (continued)**

*September 2025 Securities Purchase Agreement ("PIPE Transaction")*

On September 8, 2025, the Company entered into a Securities Purchase Agreement (the "Purchase Agreement") with multiple institutional and accredited investors (collectively, the "Purchasers"). Pursuant to the Purchase Agreement, and subject to the satisfaction of conditions precedent, the Company agreed to sell up to $270.0 million of securities consisting of:

● Common Stock at $1.46 per share, and

● Pre-Funded Warrants with a $0.001 exercise price.

On September 9, 2025 (the "Closing Date"), the Company issued:

● 178,284,653 shares of common stock, and

● Pre-Funded Warrants to purchase 6,646,855 shares of common stock.

The Company received net proceeds of approximately $261 million, after deducting placement agent fees and offering expenses. Under the Purchase Agreement, the Company agreed to apply net proceeds to:

● Acquire Worldcoin (WLD) and establish a corporate WLD treasury program.

● Pay transaction fees and expenses.

● Allocate up to 5% of net proceeds for working capital and general corporate purposes.

From time to time the Company has elected to purchase other digital assets (Ethereum, USDC and USDT).

Pre-Funded Warrants issued on September 9, 2025 permit the holders to purchase up to 6,646,855 shares of common stock at an exercise price of $0.001 per share. Proceeds received from these Pre-Funded Warrants totalled $9,697,761, which were recorded in additional paid-in capital. No Pre-Funded Warrants were exercised during the year ended December 31, 2025.

In connection with the Purchase Agreement, on September 8, 2025 the Company engaged R.F. Lafferty & Co., Inc. ("R.F. Lafferty") as placement agent. Compensation consisted of:

● A cash fee equal to 2.5 % of aggregate gross proceeds raised, and

● Placement Agent Warrants equal to 2.5% of the number of Securities sold (subject to exclusions), with an exercise price of $1.752 per share.

On the Closing Date, the Company issued to the placement agent and its representatives Placement Agent Warrants to purchase up to 3,855,822 shares. The warrants are exercisable for cash or cashless exercise for five years from issuance.

*Strategic Advisor Agreement and Strategic Advisor Warrants*

On September 9, 2025, the Company entered into a Strategic Advisor Agreement with Worldcoin Tower Instant LLC. As consideration, the Company issued Strategic Advisor Warrants equal to 5% of fully diluted common shares outstanding as of the Closing Date. See Note 22 – Commitments and Contingencies for further information.

On the Closing Date, the Company issued Strategic Advisor Warrants to purchase up to 9,917,844 shares of common stock at an exercise price of $1.752 per share. These warrants are exercisable on a cash or cashless basis and expire seven years from issuance, had a fair value of $9,917,844 and are expensed on a straight-line basis over the requisite service period.

*Seller Note Termination Agreement*

On September 8, 2025, the Company entered into a Seller Note Termination Agreement with the holders of the convertible seller notes originally issued in the 2022 acquisition of Forever 8 Fund. The holders converted the remaining outstanding principal and accrued interest of $23,957,599 into 800,000 shares of common stock. Upon issuance of the shares, the Seller Notes were fully extinguished with no further obligations. The Company recognized a gain of $22,789,599 within additional paid in capital due to the related party nature of the Seller Note. See Note 19 – Convertible Notes Payable – Related Parties for further information.

*Warrant Exercises*

During the year ended December 31, 2025, holders exercised warrants for 145,600 shares of common stock, generating proceeds of $36,400.

*ATM Agreement - R.F. Lafferty & Co.*

On September 10, 2025, the Company entered into a new At-The-Market Issuance Sales Agreement (the "Lafferty ATM Agreement") with R.F. Lafferty & Co., Inc. as sales agent, providing for the offer and sale of shares of Common Stock from time to time.

During the year ended December 31, 2025, the Company sold 23,312,927 shares of common stock under the Lafferty ATM agreement for net proceeds of $186,982,769.

The Company pays R.F. Lafferty a commission equal to 2.5% of the gross proceeds, consistent with the Placement Agent Agreement.

*2024 ATM Agreement – Univest*

On April 25, 2024, the Company entered into an At-The-Market Issuance Sales Agreement (the "2024 ATM Agreement") with Univest Securities, LLC, as the sales agent (the "Agent"), pursuant to which the Company was able to offer and sell, from time to time through or to the Agent, as sales agent or principal, shares of common stock having an aggregate offering price of up to $2,000,000. On September 25, 2024, the Company entered into an amendment to this agreement which increased the aggregate offering amount to $2,750,000.

**EIGHTCO HOLDINGS INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*For the Years ended December 31, 2025 and 2024*

**21. STOCKHOLDERS' EQUITY (continued)**

Under the 2024 ATM Agreement, the Agent received a commission of 3% of the aggregate gross sales prices of the shares of common stock. The Company also reimbursed the Agent for fees and disbursements of counsel to the Agent in the amount of approximately $37,000 in connection with the signing of the 2024 ATM Agreement. On August 26, 2025, the Company provided notice to the Agent of its election to terminate the 2024 ATM Agreement. Pursuant to the Sales Agreement, the termination became effective August 31, 2025.

Under the 2024 ATM Agreement, the Company sold 692,890 shares of common stock for net proceeds of $2,422,910 during the years ended December 31, 2024. There were no sales under this agreement during the year ended December 31, 2025. The Company utilized the net proceeds from the sale of shares of common stock pursuant to the 2024 ATM Agreement for working capital and general corporate purposes.

*Common stock issuances during the year ended December 31, 2025:*

On January 21, 2025, the Company issued 485,381 shares of common stock to approximately 30 note holders to satisfy accrued interest obligations, at a fair value of $1.47 per share, for an aggregate fair value of $713,511.

On March 31, 2025, the Company issued 80,000 shares of common stock to CBOE Global Partners Inc. as settlement of a vendor obligation, at a fair value of $1.79 per share, for an aggregate fair value of $143,200.

On September 8, 2025, BHP Capital NY Inc. exercised warrants for 145,600 shares of common stock at an exercise price of $0.25 per share, generating cash proceeds of $36,400.

On September 9, 2025, the Company issued 178,284,653 shares of common stock fair valued at $260,295,594 related to the PIPE.

On September 15, 2025, the Company issued 800,000 shares of common stock fair valued at $1,168,000 related to the Seller Note Termination Agreement.

During the year ended December 31, 2025, the Company sold 13,937,902 shares of common stock under the R.F. Lafferty ATM agreement (active September 12 through October 24, 2025) for gross proceeds of $162,458,320, and 9,375,025 shares under the Cantor Fitzgerald ATM agreement (active October 28 through December 31, 2025) for gross proceeds of $28,487,348, for combined ATM proceeds of $190,945,668 before commissions.

On December 9, 2025, the Company issued 25,000 shares of common stock to each of Eilon Natan and Bryan Pantofel (50,000 shares in aggregate) as compensation for consulting services, at a fair value of $2.57 per share, for an aggregate fair value of $128,500, which was recognized as selling, general and administrative expense during the year ended December 31, 2025.

On December 29, 2025, Ridgewood LLC forfeited 8,332 shares of common stock previously issued in connection with accrued interest satisfaction, which were returned to the Company. The Company cancelled the shares upon return.

*Board Agreements*

On September 8, 2025, Daniel Ives was appointed Chairman of the Board. In connection with his appointment, the Company entered into a Board of Directors Agreement that provides for the following compensation:

Under the Director Agreements, each Director:

● Entitled to an annual cash retainer of $100,000 , paid quarterly.

● Eligible to receive equity compensation valued at up to $200,000 per year, which may be issued quarterly in the form of common stock, restricted stock, or restricted stock units ("RSUs") subject to vesting conditions established by the Board.

● Inducement equity awards:

○ 4,280,822 restricted shares, vesting 20% annually over five years. The restricted shares were granted with a grant date fair value of $6,250,000 and are being recognized as stock-based compensation expense on a straight-line basis over the five-year vesting period. During the year ended December 31, 2025, the Company recognized $416,667 of stock-based compensation expense within selling, general and administrative expense related to these restricted shares.

○ Options to purchase 856,164 shares, exercisable at $14.60 per share and expiring seven years from the grant date. The options were granted with a grant date fair value of $273,299 , which was recognized in full as stock-based compensation expense within selling, general and administrative expenses during the year ended December 31, 2025.

● Eligible for discretionary bonuses in cash or equity at the Company's sole discretion.

● Is entitled to reimbursement for reasonable business expenses and will receive full indemnification, along with coverage under the Company's directors' and officers' liability insurance program.

On September 9, 2025, the Company entered into Board of Directors Agreements (the "Director Agreements") with three existing directors: Louis Foreman, Nic Caiano, and Frank Jennings (collectively, the "Directors"). The Director Agreements establish the terms of service, compensation, indemnification, and other obligations applicable to each Director. The agreements became effective on each Director's respective appointment date. Under the Director Agreements, each Director:

● Entitled to an annual cash retainer of $100,000 , paid quarterly.

● Eligible to receive equity compensation valued at up to $200,000 per year, which may be issued quarterly in the form of common stock, restricted stock, or restricted stock units ("RSUs") subject to vesting conditions established by the Board. No equity compensation was issued to the Directors under their Agreements during the year ended December 31, 2025.

● Eligible for discretionary bonuses in cash or equity at the Company's sole discretion. No discretionary bonuses were granted to the Directors for the year ended December 31, 2025.

● Is entitled to reimbursement for reasonable business expenses and will receive full indemnification, along with coverage under the Company's directors' and officers' liability insurance program.

The Director Agreements also require each Director to comply with confidentiality obligations, fiduciary duties, conflict-of-interest restrictions, and certain termination-related provisions, including automatic resignation from officer positions upon separation.

**EIGHTCO HOLDINGS INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*For the Years ended December 31, 2025 and 2024*

*Employment Agreements*

On September 8, 2025, the Company entered into new employment agreements with its Chief Executive Officer, Kevin O'Donnell, and its Chief Financial Officer, Brett Vroman (together, the "Executives"). The agreements provide for one-year terms with an option for the Company to renew each agreement for an additional one-year term.

Chief Executive Officer – Kevin O'Donnell

Under his agreement, Mr. O'Donnell will receive an annualized base salary of $500,000. He is eligible for a one-time cash bonus equal to 175% of base salary ($875,000), payable within thirty days following the twelve-month anniversary of his start date, subject to the achievement of specified milestones, including (i) completion of a PIPE financing, (ii) timely filing of required SEC reports, and (iii) receipt of an unqualified audit opinion for the fiscal year.

Subject to Board approval, Mr. O'Donnell will also receive 400,000 restricted stock units ("RSUs"), which vest in full after six months of continuous service. The RSUs were granted with a grant date fair value of $584,000 and are being recognized as stock-based compensation expense on a straight-line basis over the six-month vesting period. During the year ended December 31, 2025, the Company recognized $389,333 of stock-based compensation expense related to these RSUs. He is eligible to participate in the Company's employee benefit plans and will be reimbursed for reasonable business expenses.

Chief Financial Officer – Brett Vroman

Under his agreement, Mr. Vroman will receive an annualized base salary of $350,000. He is eligible for a one-time cash bonus equal to 175% of base salary ($612,500), payable within thirty days following the twelve-month anniversary of his start date, subject to the same performance conditions as Mr. O'Donnell's incentive bonus. Mr. Vroman will also be eligible to participate in employee benefit plans and receive reimbursement for reasonable business expenses.

*Equity Awards and Share-Based Compensation*

These awards were issued as inducement grants, outside of the Company's equity incentive plan.

The fair value of the grant will be expensed on a straight-line basis over the requisite service period.

Summary of Outstanding Warrant

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number<br> Outstanding** | **Weighted<br> Average<br> Exercise<br> Price** | **Exercisable** | **Weighted<br> Average <br> Remaining<br> Term** | **Classification** |
| Instrument: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Strategic Advisor Warrants | 9917844 | $1.752 | 9917844 | 3.5 | Equity |
| &nbsp;&nbsp;&nbsp;Placement Agent Warrants | 3855822 | 1.752 | 3855822 | 2.5 | Equity |
| &nbsp;&nbsp;&nbsp;Pre-Funded Warrants | 6646855 | 0.001 | 6646855 | n/a | Equity |
| &nbsp;&nbsp;&nbsp;Stock Options – Dan Ives | 856164 | 14.60 | 856164 | 3.5 | Equity |
| Total outstanding | 21276684 |  |  |  |  |

---

The aggregate intrinsic value as of December 31, 2025 is $11,492,312 and is calculated as the difference between the exercise price of the underlying awards and the closing price of the Common Stock, which was $1.73 per share on December 31, 2025.

As of December 31, 2025, the Company had outstanding equity-classified stock options held by Dan Ives to purchase 856,164 shares of common stock, with a weighted-average exercise price of $14.60 per share and a weighted-average remaining contractual term of 3.5 years. All such options were exercisable as of December 31, 2025. The intrinsic value as of December 31, 2025 is $0 and is calculated as the difference between the exercise price of the underlying awards and the closing price of the Common Stock

On December 29, 2025, the Company issued certain directors, officers and employees 727,500 shares of restricted stock units with a fair value of $1,214,925, which was recognized in full as stock-based compensation expense within selling, general and administrative expenses during the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **Restricted Stock Unit Activity** | **Restricted Stock Unit Activity** |
|  | **Number of Units** | **Weighted-Average Grant-Date Fair Value** |
| Nonvested, January 1, 2025 |  | $- |
| Granted | 1127500 | 1.60 |
| Vested | (727500) | 1.67 |
| Forfeited | - | - |
| Nonvested, December 31, 2025 | 400000 | $1.46 |

---

Share-based compensation expense recognized for the year ended December 31, 2025 was $10,254,724. The following is a disaggregated breakdown of stock compensation expense for the year ended December 31, 2025:

SCHEDULE OF DISAGGREGATED BREAKDOWN OF STOCK COMPENSATION EXPENSE

---

| | | | |
|:---|:---|:---|:---|
|  | **Fair Value** | **Expensed** | **Unrecognized Expense** |
| Instrument: |  |  |  |
| &nbsp;&nbsp;&nbsp;Strategic Advisor Warrants | $11533125 | $7688800 | $3844325 |
| &nbsp;&nbsp;&nbsp;Restricted Stock – Dan Ives | 6250000 | 416667 | 5833333 |
| &nbsp;&nbsp;&nbsp;Stock Options – Dan Ives | 273299 | 273299 |  |
| &nbsp;&nbsp;&nbsp;Restricted Stock Units – O'Donnell | 1377250 | 1182583 | 194667 |
| &nbsp;&nbsp;&nbsp;Restricted Stock Units – Others | 421675 | 421675 |  |
| &nbsp;&nbsp;&nbsp;Restricted Stock – Others | 271700 | 271700 |  |
| Total | $20127049 | $10254724 | $9872325 |

---

No liability-classified instruments were outstanding as of December 31, 2025.

**EIGHTCO HOLDINGS INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*For the Years ended December 31, 2025 and 2024*

**22. COMMITMENTS AND CONTINGENCIES**

*Operating Leases*. The Company leases certain office space from an entity affiliated through common ownership under an operating lease agreement on a month-to-month basis. The Company has elected not to recognize right-of-use assets and lease liabilities arising from short-term leases.

For the year ended December 31, 2025, rent expense was $115,065. For the year ended December 31, 2024, rent expense was $255,444.

*Consulting Agreement.* On September 9, 2025, the Company entered into a consulting agreement with Worldcoin Tower LLC to support the Company's digital asset treasury strategy. Fees include:

● 1% of AUM up to $1 billion,

● 0.5% of AUM between $1 – 5 billion,

● 0.25% of AUM above $5 billion,

● Milestone payments based on treasury AUM exceeding $2 billion and $20 billion,

● A $150,000 setup fee.

The agreement has a five-year initial term with automatic five-year renewal. No equity awards were issued under this agreement. Consulting expense paid for the year ended December 31, 2025 was $1,158,163.

*Master Loan Agreement.* On September 7, 2025, ORB Subsidiary One LLC, a wholly-owned subsidiary of the Company, entered into a Master Loan Agreement with one of our digital asset custodians providing up to $200 million in short-term financing to facilitate initial WLD purchases for the Company's digital asset treasury strategy. The loan bears interest at 8% per annum. The Company borrowed approximately $25 million and subsequently repaid the full amount and closed the facility. No equity securities were issued under this agreement.

**EIGHTCO HOLDINGS INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*For the Years ended December 31, 2025 and 2024*

**23. SEGMENT REPORTING**

The Company follows ASC 280, Segment Reporting, and determines its reportable segments based on the internal financial information reviewed by the Chief Executive Officer, who serves as the Company's Chief Operating Decision Maker ("CODM"). The CODM evaluates the business on a consolidated basis for purposes of assessing performance, making operating decisions, allocating resources, and planning for future periods.

Historically, the Company operated two reportable segments: (i) Forever 8, its Inventory Management Solutions business, and (ii) the Corrugated Packaging Business. On April 7, 2025, the Company completed the sale of the assets comprising the Corrugated Packaging Business. Following the divestiture, the Company operates as one business segment, consistent with how the CODM evaluates financial performance and manages resources.

On September 8, 2025, the Company initiated digital asset treasury management activities ("DAT Strategy") as part of its broader corporate strategy to diversify its cash and liquidity management. These digital asset activities do not constitute a separate operating segment under ASC 280 because:

● They are not managed as a distinct business unit.

● No discrete financial information is prepared or reviewed by the CODM for purposes of performance assessment.

● The CODM reviews digital asset activity only as part of consolidated corporate treasury management.

Accordingly, digital asset treasury management activities are included within Corporate and do not represent a separate operating or reportable segment.

The Company therefore reports as one operating and reportable segment:

● Forever 8 (Inventory Management Solutions) — the Company's sole revenue-generating business.

Corporate-level functions consisting primarily of centralized finance, treasury (including DAT-related activities), stock-based compensation, board costs, public company costs, interest expense, income taxes, and other non-operating items are not allocated to the Forever 8 segment. The CODM reviews Forever 8 working capital and operating assets to assess performance. Corporate assets include digital asset holdings, cash not used in Forever 8, goodwill, and other long-term corporate assets, none of which are allocated to operating segments. Segment assets reviewed by the CODM primarily include working capital assets for the Company's operating business. Digital asset balances are monitored as part of corporate treasury and are not allocated to a segment.

The Company had no intersegment revenues during the periods presented. Segment information is presented in accordance with the manner in which the CODM internally evaluates operating performance and allocates resources.

**EIGHTCO HOLDINGS INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*For the Years ended December 31, 2025 and 2024*

**23. SEGMENT REPORTING (continued)**

Segment information available with respect to these reportable business segments for the year ended December 31, 2025 and 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2025** | **2024** |
| Revenues: |  |  |
| &nbsp;&nbsp;&nbsp;Inventory Management Solutions | $32981126 | $39621272 |
| &nbsp;&nbsp;&nbsp;Corrugated Packaging (Discontinued Operations) | 1773929 | 6823277 |
| Total segment and consolidated revenues | $34755055 | $46444549 |
| Cost of revenues: |  |  |
| &nbsp;&nbsp;&nbsp;Inventory Management Solutions | $32446797 | $33639274 |
| &nbsp;&nbsp;&nbsp;Corrugated Packaging (Discontinued Operations) | 1276685 | 4980338 |
| Total segment and consolidated cost of revenues | $33723482 | $38619612 |
| Gross profit: |  |  |
| &nbsp;&nbsp;&nbsp;Inventory Management Solutions | $534329 | $5981998 |
| &nbsp;&nbsp;&nbsp;Corrugated Packaging (Discontinued Operations) | 497244 | 1842939 |
| Total segment and consolidated gross profit | $1031573 | $7824937 |
| Income from operations: |  |  |
| &nbsp;&nbsp;&nbsp;Inventory Management Solutions | $(40642348) | $(2753757) |
| &nbsp;&nbsp;&nbsp;Corrugated Packaging (Discontinued Operations) | 104231 | 402975 |
| &nbsp;&nbsp;&nbsp;Corporate | (16572201) | (6368802) |
| Total segment and consolidated income from operations | $(57110318) | $(8719584) |
| Depreciation and amortization: |  |  |
| &nbsp;&nbsp;&nbsp;Inventory Management Solutions | $2298572 | $2280836 |
| &nbsp;&nbsp;&nbsp;Corrugated Packaging (Discontinued Operations) | 37992 | 173836 |
| Total segment and consolidated depreciation and amortization | $2336564 | $2454672 |
| Revenues by geography: |  |  |
| &nbsp;&nbsp;&nbsp;North America | $4354360 | $13309349 |
| &nbsp;&nbsp;&nbsp;Europe | 30400695 | 33135200 |
| Total geography and consolidated revenues | $34755055 | $46444549 |
| Segment capital expenditures: |  |  |
| &nbsp;&nbsp;&nbsp;Inventory Management Solutions | $2208 | $826 |
| &nbsp;&nbsp;&nbsp;Corrugated Packaging (Discontinued Operations) | 44490 | 69272 |
| &nbsp;&nbsp;&nbsp;Corporate | - | - |
| Total segment and consolidated capital expenditures | $46698 | $70098 |
| Segment total assets: |  |  |
| &nbsp;&nbsp;&nbsp;Inventory Management Solutions | $10113361 | $46533449 |
| &nbsp;&nbsp;&nbsp;Corrugated Packaging (Discontinued Operations) | 1862455 | 1798239 |
| &nbsp;&nbsp;&nbsp;Corporate | 238217308 | 2516667 |
| Total segment and consolidated assets | $250193124 | $50848355 |

---

**EIGHTCO HOLDINGS INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*For the Years ended December 31, 2025 and 2024*

**24. SUBSEQUENT EVENTS**

On January 30, 2026, the Company filed a certificate of conversion with the Secretary of State of Delaware, and on February 2, 2026, filed a certificate of conversion and certificate of formation (the "Texas Charter") with the Secretary of State of Texas, completing the Company's redomestication from Delaware to Texas (the "Redomestication"). On February 5, 2026, the Company adopted amended and restated bylaws under Texas law. In connection with the Redomestication, the Company's authorized shares of common stock were increased from 500,000,000 to 10,000,000,000 shares, par value $0.001 per share. Each outstanding share of Delaware common stock automatically converted into one share of Texas common stock on a one-for-one basis with no action required by stockholders. The Company's equity incentive plans, outstanding awards, and obligations were assumed by the Texas corporation without adjustment. The Redomestication did not affect the Company's business, operations, assets, liabilities, management, or material contracts.

***ATM Issuances – Cantor Fitzgerald & Co.***

Subsequent to December 31, 2025, and through March 24, 2026, the Company issued an aggregate of 167,798,870 shares of common stock to Cantor Fitzgerald & Co. pursuant to the Company's At-The-Market Issuance Sales Agreement. These shares were issued across multiple settlement dates as follows:

January 2026: 8,668,400 shares issued across 20 settlement dates (January 2 through January 30, 2026).

February 2026: 1,456,032 shares issued across 15 settlement dates (February 2 through February 26, 2026).

March 2026: 150,856,631 shares issued across 12 settlement dates (March 3 through March 31, 2026).

April 2026: 6,817,807 shares issued across 6 settlement dates (April 1 through April 14, 2026).

Aggregate proceeds from the ATM issuances described above were approximately $172,339,562. The shares were issued pursuant to the Company's effective shelf registration statement.

***Equity Award and Compensation Issuances***

On January 5, 2026, the Company issued 100,000 shares of common stock to Douglas Ormond as compensation.

On March 11, 2026, the Company issued 1,390,657 shares of common stock to certain directors, officers and employees of the Company.

On March 25, 2026, the Company issued 856,165 shares of common stock to Daniel Ives related to his separation from the board of directors.

On March 12, 2026, the Company's Board authorized an increase of 15,000,000 additional shares of common stock available for issuance under the 2022 Long-Term Incentive Plan, and granted stock options to purchase an aggregate of 6,500,000 shares of common stock at a price of $1.01 per share, to certain directors, officers, employees, and consultants as equity compensation awards.

*<u>OpenAI Investment</u>*

On March 6, 2026, the Company, through an indirect wholly owned subsidiary, made an initial strategic investment of $50,000,000 to acquire indirect beneficial interests in OpenAI preferred stock. On March 20, 2026, the Company made an additional investment of $40,000,000, bringing its total commitment to $90,000,000 in OpenAI, one of the world's leading artificial intelligence companies. OpenAI now represents approximately 30% of the Company's total treasury position.

*<u>Beast Industries Investment</u>*

On March 12, 2026, the Company closed a $25,000,000 strategic investment in Beast Industries, the business platform of content creator MrBeast. Approximately $18,000,000 of the Company's investment was funded at closing and approximately $7,000,000 is in the form of a future capital commitment. The Company views this investment as consistent with its strategy of deploying capital into next-generation consumer and digital platforms.

*<u>Institutional Funding Commitments</u>*

On March 12, 2026, the Company announced $125,000,000 in new institutional funding commitments to support its expansion into artificial intelligence, blockchain infrastructure, and digital consumer platforms. The commitments were led by $75,000,000 from Bitmine Immersion Technologies, Inc. (NYSE: BMNR), with $25,000,000 each from ARK Invest and Payward, the parent company of Kraken.

*<u>Board Changes</u>*

Subsequent to December 31, 2025, Daniel Ives stepped down as Chairman of the Board. Thomas Lee, Chairman of Bitmine Immersion Technologies, joined the Company's Board of Directors. Brett Winton, Chief Futurist at ARK Invest, joined as an advisor to the Board.

In aggregate, the Company issued 170,145,692 shares of common stock subsequent to December 31, 2025 through April 14, 2026.

**ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE**

None.

**ITEM 9A. CONTROLS AND PROCEDURES**

**Disclosure Controls and Procedures**

The Company's management, with the participation of the Company's Principal Executive Officer and Principal Financial and Accounting Officer, has evaluated the effectiveness of the Company's disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Annual Report. Based on such evaluation, the Company's Principal Executive Officer and Principal Financial and Accounting Officer have concluded that, as of the end of such period, the Company's disclosure controls and procedures were not effective to provide reasonable assurance that information that it is required to disclose in reports that the Company files with the SEC is recorded, processed, summarized and reported within the time periods specified by the Exchange Act rules and regulations.

As of December 31, 2025, management completed an effective assessment of the Company's internal control over financial reporting based on the 2013 Committee of Sponsoring Organizations (COSO) framework. Management has concluded that as of December 31, 2025, our internal control over financial reporting was not effective to detect the inappropriate application of U.S. GAAP. Management identified the following material weakness set forth below in our internal control over financial reporting.

The Company was unable to provide a timely financial reporting package in connection with the year end audit. This was primarily the result of the Company's limited accounting personnel. This also limits the extent to which the Company can segregate incompatible duties and has a lack of controls in place to ensure that all material transactions and developments impacting the financial statements are reflected. There is a risk under the current circumstances that intentional or unintentional errors could occur and not be detected.

**Management's Report on Internal Control over Financial Reporting**

Management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rule 13a-15(f) under the Exchange Act.

Because of its inherent limitations, internal control over financial reporting is not intended to provide absolute assurance that a misstatement of our financial statements would be prevented or detected. Under the supervision of our Chief Executive Officer and Chief Financial Officer, the Company conducted an evaluation of the effectiveness of our internal control over financial reporting as of December 31, 2025 using the criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO") (2013 Framework).

A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. In our assessment of the effectiveness of internal control over financial reporting as of December 31, 2025, we determined that there were control deficiencies existing that constituted a material weakness.

As a result, our Chief Executive Officer and Chief Financial Officer concluded that the Company did not maintain effective internal control over financial reporting as of December 31, 2025 based on criteria established in Internal Control — Integrated Framework issued by COSO (2013 Framework).

This Annual Report does not include an attestation report of the Company's independent registered public accounting firm regarding internal controls over financial reporting because this is not required of the Company pursuant to Regulation S-K Item 308(b).

**Changes in Internal Control over Financial Reporting**

During the year ended December 31, 2025, the Company underwent significant operational changes in connection with the adoption of its Digital Asset Treasury strategy, including the onboarding of institutional digital asset custodians, the implementation of digital asset acquisition and approval workflows, and the adoption of ASU 2023-08 fair value accounting for digital assets. In connection with these activities, the Company implemented new controls and procedures related to the safeguarding, valuation, and reporting of digital assets. These changes represent material changes to the Company's internal control environment during the year ended December 31, 2025. The material weakness described above, which relates to the Company's limited accounting personnel and the associated risk of untimely financial reporting, was present throughout the year and was not remediated as of December 31, 2025. The Company is evaluating remediation steps, which may include additional accounting and finance personnel and enhanced review procedures.

**ITEM 9B. OTHER INFORMATION**

During the quarter ended December 31, 2025, no director or officer adopted or terminated any (i) "Rule 10b5-1 trading arrangement," as defined in Item 408(a) of Regulation S-K intending to satisfy the affirmative defense conditions of Rule 10b5–1(c) or (ii) "non-Rule 10b5-1 trading arrangement," as defined in Item 408(a) of Regulation S-K; and (ii) there was no information that was required to be disclosed on a Current Report on Form 8-K during such quarter that was not so disclosed.

**ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS**

Not Applicable.

**PART III**

**ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE**

The following table sets forth information about our directors and executive officers.

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| Kevin O'Donnell | 51 | Chief Executive Officer, Chairman |
| Brett Vroman | 45 | Chief Financial Officer |
| Frank Jennings | 56 | Director |
| Louis Foreman | 58 | Director |
| Nicola Caiano | 53 | Director |
| Thomas Lee | 51 | Director |

---

**Executive Officers and Directors**

**Kevin O'Donnell**. Mr. O'Donnell has served as Chairman of the board of directors from October 15, 2021 to March 17, 2024 and from March 10, 2026 to present and as Chief Executive Officer since September 9, 2025. He also served as Interim Chief Executive Officer from February 22, 2024 to March 17, 2024 and from August 13, 2025 to September 9, 2025. Mr. O'Donnell founded Poptop Partners, LLC, a boutique investment firm specializing in small to mid-market companies with an emphasis on the retail sector in April 2011 and continues to serve as its Managing Partner. From May 2007 to June 2010, Mr. O'Donnell served as the Founder/President of KOR Capital, LLC, a private equity and consulting firm specializing in turn around management of mid-market companies. Mr. O'Donnell has been an early-stage investor in multiple industries including hospitality, beverage, cannabis, hemp and technology. Mr. O'Donnell has served or continues to serve on numerous private and public boards including but not limited to SRM Entertainment, Vinco, Lakeside Alternatives Hospital Foundation, and The University Club. Mr. O'Donnell brings to Eightco close to 25 years of strategic corporate growth, financial structuring, leadership, and business development initiatives to emerging growth companies.

**Brett Vroman.** Mr. Vroman has served as Chief Financial Officer since October 13, 2021. Mr. Vroman served as Vinco Venture, Inc.'s Chief Financial Officer from June 2019 to November 22, 2021, and previously served as its Controller from May 2018 through May 2019. From October 2014 to May 2018, Mr. Vroman was Director of Financial Reporting at Avantor, Inc., a global manufacturer and distributor of high-quality products, services and solutions to customers and suppliers in the life science, advanced technology, and applied materials industries. From March 2011 to October 2014, Mr. Vroman was employed as an Assurance Senior Manager at BDO USA, LLP, a public accounting, tax, consulting. Mr. Vroman is a certified public accountant (inactive) and holds a Bachelor of Science in Accounting from York College of Pennsylvania.

**Frank Jennings.** Mr. Jennings has served as a member of the board of directors since October 13, 2021. Mr. Jennings is currently the President of Pelago Health, a leading virtual clinic for substance use management. He previously has served as the Chief Sales Officer and Executive Vice President at Castlight Health. From August 2014 to 2019, Mr. Jennings was employed as the Vice President of Sales, North America by Doctor on Demand, Inc., an innovative healthcare telemedicine provider. He currently serves as an advisor at numerous early-stage companies. Mr. Jennings is a co-founder of the CMK Foundation, a charitable organization which has been helping people in local communities since 2009. Mr. Jennings brings to Eightco 30 years of experience in business development and management of sales professionals in a variety of technology-adjacent industries. He holds his degree from the Max M. Fisher College of Business at The Ohio State University.

**Louis Foreman.** Mr. Foreman has served as a member of the board of directors since October 15, 2021. Mr. Foreman was the founder and has been the Chief Executive of Enventys, an integrated product design and engineering firm, since 2001. Over the past 38 years, Mr. Foreman has created 10 successful start-ups and has been directly responsible for the creation of over 20 others. In 2013, Mr. Foreman was appointed by the SBA Administrator to serve on the National SBDC Advisory Board until the end of 2024. In 2008, Mr. Foreman was appointed by United States Secretary of Commerce Carlos M. Gutierrez to serve for a three-year term on the nine-person Patent Public Advisory Committee (PPAC) of the United States Patent and Trademark Office (USPTO). In 2011, he was appointed by Secretary Gary Locke to serve an additional three-year term. In addition to being an inventor, Mr. Foreman was the creator of the Emmy® Award winning PBS TV show, Everyday Edisons, and served as the Executive Producer and lead judge. Mr. Foreman currently serves as Chairman of the Board of Directors of the James Dyson Foundation. He is also a board member of the Intellectual Property Owners Association (IPOA), the Intellectual Property Owners Educational Foundation (IPOEF), The Federal Reserve Bank Industry Roundtable, the National Association of Corporate Directors (NACD) Carolinas Region, and serves on the advisory board of Park National Bank. Mr. Foreman has a Bachelor of Arts degree in Economics from the University of Illinois. Mr. Foreman brings to Eightco significant experience with start-ups and knowledge of intellectual property matters.

**Nicola Caiano.** Mr. Caiano has served as a member of the board of directors since April 26, 2025. Mr. Caiano has served as Chief Financial Officer of Cytometric Therapeutics, where he leads capital formation strategies to fund clinical trials for groundbreaking cancer therapies, since December 2024. He has also served as the Founding Partner of Olea Management LLC since March 2018, where he advises family offices and early-stage companies across diverse industries, including technology, finance, and consumer goods, on capital raising and mergers and acquisitions. Previously, Mr. Caiano was a Partner and Director of Research at Pinyon Asset Management, managing a global event-driven equity and credit portfolio, from May 2011 to December 2017. His career also includes senior roles at Paulson & Co. Inc., J.P. Morgan Chase, and Bear, Stearns & Co. Inc. Mr. Caiano holds a Bachelor of Science in Finance and Accounting from New York University's Stern School of Business, graduating Magna Cum Laude, and he completed advanced culinary training at The Italian Culinary Academy, where he was Valedictorian. Mr. Caiano brings to Eightco significant financial and business experience.

**Thomas Lee.** Mr. Lee has served as a member of the board of directors since March 10, 2026. Mr. Lee is a Managing Partner and co-founder of Fundstrat ("Fundstrat") Global Advisors, a research advisory firm he co-founded in 2014. Mr. Lee currently serves as Head of Research and Chief Investment Officer at Fundstrat and as Chief Investment Officer and Portfolio Manager at Fundstrat Capital, an affiliate of Fundstrat. He also serves as Executive Chairman of Bitmine Immersion Technologies, Inc (Ticker: BMNR). Mr. Lee has served as Chief Executive Officer and a Director of FutureCrest Acquisition Corp. since June 2025. Prior to founding Fundstrat, Mr. Lee served as Chief Equity Strategist at J.P. Morgan Chase & Co. from 1999 to 2014. Earlier in his career, Mr. Lee worked as a telecommunications equity research analyst and small-cap equity strategist at firms including Kidder, Peabody, and Salomon Smith Barney. In 2024, Mr. Lee launched Fundstrat Capital, which manages the Fundstrat Granny Shots US Large Cap ETF (Ticker: GRNY), an actively managed large-cap equity fund. Mr. Lee earned his BSE in Economics with dual concentrations in Finance and Accounting from the University of Pennsylvania's Wharton School and is a CFA Charterholder.

**Family Relationships**

There are no family relationships among any of our executive officers or directors.

**Delinquent Section 16(a) Reports**

Section 16(a) of the Securities Exchange Act of 1934, as amended, requires our directors and officers, and persons who own more than ten percent of our common stock, to file with the SEC initial reports of ownership and reports of changes in ownership of our common stock. To our knowledge, based solely on a review of the copies of such reports furnished to us, during the fiscal year ended December 31, 2025, we believe that all filing requirements applicable to our officers, directors and greater than ten percent stockholders were complied with for the fiscal year ended December 31, 2025.

**Director Nominations Process**

Each year the board of directors is expected to nominate a slate of directors for election by stockholders at the annual meeting of stockholders based on the recommendations of the Nominating and Corporate Governance Committee. In identifying prospective director candidates, the Nominating and Corporate Governance Committee may seek referrals from other members of the board of directors, management, stockholders and other sources, including third-party recommendations.

**Director and Executive Officer Qualifications**

Under our Corporate Governance Guidelines, our Nominating and Corporate Governance Committee is responsible for reviewing with our board of directors, on an annual basis, the appropriate experience, skills and characteristics for the board of directors as a whole and its individual members. In evaluating the suitability of individuals for board of directors membership, our Nominating and Corporate Governance Committee, pursuant to our Corporate Governance Guidelines, takes into account many factors, including but not limited to: the individual's qualification as independent, as well as consideration of diversity, skills, age, education and experience and the general needs of the board of directors. Our Nominating and Corporate Governance Committee evaluates each individual in the context of the board of directors as a whole, with the objective of recommending a group of directors that can best perpetuate the success of the business and represent stockholder interests through the exercise of sound judgment, using its diversity of experience. In determining whether to recommend a director for re-election, our Nominating and Corporate Governance Committee considers the director's past attendance at meetings and participation in and contributions to the activities of the board of directors.

The Company's officers and board of directors is composed of a diverse group of leaders in their respective fields. Many of these officers or directors have senior leadership experience at various companies. In these positions, they have also gained experience in core management skills, such as strategic and financial planning, public company financial reporting, compliance, risk management, and leadership development. Many of the Company's officers and directors also have experience serving on boards of directors and/or board committees of other public companies and private companies and have an understanding of corporate governance practices and trends, which provides an understanding of different business processes, challenges, and strategies. Further, these officers and directors have other experience that makes them valuable, such as managing and investing assets or facilitating the consummation of business investments and combinations.

The Company, along with its officers and directors, believe that the above-mentioned attributes, along with the leadership skills and other experiences of the Company's directors and executive officers described above, provide the Company with a diverse range of perspectives and judgment necessary to facilitate the Company's goals of stockholder value appreciation through organic and acquisition growth.

**Board Structure, Number and Terms of Office of Officers and Directors**

Our board of directors consists of five directors. In accordance with our Certificate of Formation and Bylaws, the number of directors that constitutes our board of directors shall be fixed from time to time by resolution of the board of directors. In accordance with our Bylaws and Texas law, our board of directors will oversee the management of the business and affairs of the Company. Our directors will be elected by our stockholders at our annual stockholders meeting for three-year terms and to serve until their successors are duly elected and qualified or until their earlier death, resignation, or removal. Stockholders will not be entitled to cumulative voting in the election of our directors. Our board of directors is classified, meaning the directors are divided into three classes each consisting of as close to 1/3 of the total Directors as possible.

Our directors are divided among the three classes as follows:

● the Class I director is Thomas Lee, and his term expires at the 2026 annual meeting of stockholders;

● the Class II directors are Frank Jennings and Kevin O'Donnell, and their terms will expire at 2027 annual meeting; and

● the Class III directors are Louis Foreman and Nicola Caiano, and their terms will expire at the 2028 annual meeting of stockholders.

At each annual meeting of the stockholders, one class of Directors will be up for election. Directors will serve three-year terms.

**Director Independence**

Nasdaq listing standards require that a majority of the Company's board of directors be independent. An "independent director" is defined generally as a person other than an officer or employee of the Company or its subsidiaries or any other individual having a relationship that, in the opinion of the Company's board of directors, would interfere with the director's exercise of independent judgment in carrying out the responsibilities of a director. The board of directors has determined that Frank Jennings, Louis Foreman, Nicola Caiano and Thomas Lee qualify as independent directors in accordance with the Nasdaq listing rules.

**Board Leadership Structure**

As of December 31, 2025, the roles of Chairman and Chief Executive Officer were separated. Kevin O'Donnell served as Chief Executive Officer and Daniel Ives served as Chairman of the Board during 2025. Subsequent to December 31, 2025, Daniel Ives stepped down as Chairman and Kevin O'Donnell was appointed Chairman of the Board.

The board of directors may reconsider this leadership structure from time to time based on the leadership needs of our board of directors and the Company at any particular time. The Nominating and Corporate Governance Committee is expected to evaluate on an ongoing basis whether the board of directors' leadership structure is appropriate to effectively address the evolving needs of the Company's business and the long-term interests of our stockholders. The committee is expected to then makes recommendations to the board of directors concerning the board of directors' leadership structure, including whether the roles of Chairman and Chief Executive Officer should be separated or combined.

**Lead Independent Director**

Under our Corporate Governance Guidelines, if the Chairman of the board of directors is not an independent director, as determined by the Nominating and Governance Committee and the board of directors, the independent directors will annually appoint one independent director to be the Lead Independent Director in accordance with the Director Nominating Agreement. Given that our Chairman will not be an independent director, our independent directors have appointed Frank Jennings as our Lead Independent Director. The Lead Independent Director's responsibilities are to: (i) preside over executive sessions of the independent directors and at all meetings at which the Chairman of the board of directors is not present; (ii) call meetings of the independent directors as he or she deems necessary; (iii) serve as a liaison between the Chairman of the board of directors and the independent directors; (iv) propose agendas and schedules for board of directors meetings in consultation with the Chairman of the board of directors; and (v) be available for consultation and communication if requested by stockholders.

**Board's Role in Risk Oversight**

Our management is responsible for identifying risks facing our Company, including strategic, financial, operational, and regulatory risks, implementing risk management policies and procedures and managing our day-to-day risk exposure. The board of directors is expected to have overall responsibility for risk oversight, including, as part of regular board of directors and committee meetings, general oversight of executives' management of risks relevant to the Company. While the full board of directors has overall responsibility for risk oversight and is currently overseeing the Company's business continuity risks, it is expected to be supported in this function by its Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee once the committees have been formed. The committees are expected to be formed prior to the Distribution, and each of the committees is expected to regularly reports to the board of directors.

The Audit Committee will review and discuss with management and the Company's auditors, as appropriate, the risks faced by the Company and the policies, guidelines, and process by which management assesses and manages the Company's risks, including the Company's major financial risk exposures and the steps management has taken to monitor and control such exposures.

The Compensation Committee will review the Company's incentive compensation arrangements to determine whether they encourage excessive risk-taking, to review and discuss at least annually the relationship between risk management policies and practices and compensation, and to evaluate compensation policies and practices that could mitigate any such risk.

The Nominating and Corporate Governance Committee will be responsible for developing and recommending to the board of directors for approval an officer succession plan (the "Succession Plan"), reviewing the Succession Plan periodically with the Chief Executive Officer, evaluating potential candidates for executive positions and recommending to the board of directors any changes to and any candidates for succession under the Succession Plan.

In addition, the board of directors will be presented with information at its regularly scheduled and special meetings regarding risks facing our Company, and management will provide more frequent, informal communications to the board of directors between regularly scheduled meetings which will be designed to give the board of directors regular updates about our business. The board of directors will consider this information and will provide feedback, will make recommendations, and, as appropriate, will authorize or direct management to address particular exposures to risk.

**Committees of the Board of Directors**

Our board of directors has three standing committees: Audit Committee, Compensation Committee, and Nominating and Corporate Governance Committee. Frank Jennings, Louis Foreman, and Nicola Caiano, have been appointed to serve on the Company's Audit Committee, with Louis Foreman serving as the chair and qualifying as an audit committee financial expert, as such term is defined in Item 407(d)(5) of Regulation S-K. Frank Jennings, Louis Foreman, and Nicola Caiano have been appointed to serve on the Company's Compensation Committee, with Frank Jennings serving as the chair. Frank Jennings, Louis Foreman, Nicola Caiano, and Thomas Lee have been appointed to serve on the Company's Nominating and Corporate Governance Committee, with Frank Jennings serving as the chair. Each of the committee charters is available on the Company's website at www.8co.holdings.

***Audit Committee***

The Audit Committee's duties, which are specified in its charter include, but are not limited to:

● reviewing and discussing with management and the independent auditor the annual audited financial statements, and recommending to the board of directors whether the audited financial statements should be included in our annual reports;

● discussing with management and the independent auditor significant financial reporting issues and judgments made in connection with the preparation of our financial statements;

● discussing with management major risk assessment and risk management policies;

● monitoring the independence of the independent auditor;

● verifying the rotation of the lead (or coordinating) audit partner having primary responsibility for the audit and the audit partner responsible for reviewing the audit as required by law;

● reviewing and approving all related-party transactions;

● inquiring and discussing with management our compliance with applicable laws and regulations;

● pre-approving all audit services and permitted non-audit services to be performed by our independent auditor, including the fees and terms of the services to be performed;

● appointing or replacing the independent auditor;

● determining the compensation and oversight of the work of the independent auditor (including resolution of disagreements between management and the independent auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or related work; and

● establishing procedures for the receipt, retention and treatment of complaints received by us regarding accounting, internal accounting controls or reports which raise material issues regarding our financial statements or accounting policies.

***Nominating and Corporate Governance Committee***

The Nominating and Corporate Governance Committee's duties, which are specified in its charter, include, but are not limited to:

● identifying, evaluating, and selecting, or recommending that the board of directors approve, nominees for election to the board of directors;

● evaluating the performance of the board of directors and of individual directors;

● reviewing developments in corporate governance practices;

● evaluating the adequacy of corporate governance practices and reporting;

● reviewing management succession plans; and

● developing and making recommendations to the board of directors regarding corporate governance guidelines and matters.

***Compensation Committee***

The Compensation Committee has overall responsibility for determining and approving the compensation of the Company's Chief Executive Officer and reviewing and approving the annual base salaries and annual incentive opportunities of the Company's executive officers. The Company may utilize the services of independent consultants to perform analyses and to make recommendations relative to executive compensation matters. These analyses and recommendations will be conveyed to the Compensation Committee, and the Compensation Committee takes such information into consideration in making its compensation decisions.

**Executive Sessions**

Independent directors are expected to regularly meet in executive session at board of directors meetings without any members of management being present. The Lead Independent Director will preside over the executive sessions, and may, as applicable, call executive sessions as appropriate.

**Board and Board Committee Meetings and Attendance**

Our Corporate Governance Guidelines provide that directors are expected to prepare themselves for and attend all board of directors meetings, the annual meeting of stockholders and the meetings of the board of directors' standing committees on which they serve.

**Corporate Code of Conduct and Ethics and Whistleblower Policy**

The board of directors adopted a Corporate Code of Conduct and Ethics and Whistleblower Policy that applies to all of the Company's directors, officers, and employees. The Corporate Code of Conduct and Ethics and Whistleblower Policy covers areas such as conflicts of interest, insider trading and compliance with laws and regulations. The Code of Conduct and Ethics is available on our website at www.8co.holdings. We intend to post any amendments to or waivers from our Code of Conduct and Ethics and Whistleblower Policy at this location on our website.

**Stockholder Communications**

Stockholders who wish to communicate with the board of directors may do so by writing the Company's Office of the Secretary by mail at 101 Larry Holmes Dr., Suite 313, Easton, PA 18042, Attention: Office of the Secretary or by email at investors@8co.holdings. All communications that relate to matters within the scope of the responsibilities of the board of directors and its standing committees will be forwarded to the Chairman of the board of directors. Communications that relate to ordinary business matters that are not within the scope of the responsibilities of the board of directors are to be sent to the appropriate executive officer or employee.

Our "whistleblower" policy prohibits our Company or any of our employees from retaliating or taking any adverse action against anyone for raising a concern. If a stockholder or an employee nonetheless prefers to raise his or her concern in a confidential or anonymous manner, he or she may call our external service provider, toll-free at 855-662-7233.

**Board Diversity**

It is anticipated that we will seek diversity in experience, viewpoint, education, skill, and other individual qualities and attributes to be represented on our board of directors. We believe directors should have various qualifications, including individual character and integrity; business experience; leadership ability; strategic planning skills, ability, and experience; requisite knowledge of our industry and finance, accounting, and legal matters; communications and interpersonal skills; and the ability and willingness to devote time to our company. We also believe the skill sets, backgrounds, and qualifications of our anticipated directors, taken as a whole, should provide a significant mix of diversity in personal and professional experience, background, viewpoints, perspectives, knowledge, and abilities. Nominees will not be discriminated against on the basis of race, religion, national origin, sex, sexual orientation, disability, or any other basis proscribed by law. It is anticipated that the assessment of prospective directors will be made in the context of the perceived needs of our board of directors from time to time.

We expect that all of our directors will be individuals of high character and integrity, able to work well with others, and committed to devote sufficient time to the business and affairs of our company. In addition to these attributes, the description of each anticipated director's background set forth above indicates the specific qualifications, skills, perspectives, and experience necessary to conclude that each individual should serve as a director of our company.

**Clawback Policy**

We have adopted a clawback policy effective as of November 6, 2023, that complies with the Nasdaq's new clawback rules promulgated under the SEC's Rule 10D-1. Under this policy, the Compensation Committee must seek payment of incentive-based compensation, such as cash payments under our annual incentive plan or long-term equity-based incentive awards, that was paid to our executive officers based on financial statements that were subsequently restated. The policy provides that if the Compensation Committee determines that there has been a material restatement of publicly issued financial results from those previously issued to the public, the Compensation Committee will review all incentive-based compensation made to executive officers during the three-year period prior to the restatement. If such payments would have been lower had they been calculated based on such restated results, our Compensation Committee will recoup the payments in excess of the amount that would have been received had it been determined based on the restated amounts.

Additionally, the Sarbanes-Oxley Act of 2002 subjects incentive-based compensation and stock sale profits of our CEO and CFO to forfeiture in the event of an accounting restatement resulting from any non-compliance, as a result of their misconduct, with any financial reporting requirement under securities laws.

**Insider Trading Policy**

We have an insider trading policy governing the purchase, sale, and other dispositions of our securities that applies to our directors, officers, employees, and consultants. The policy generally prohibits the purchase, sale or trade of our securities with the knowledge of material nonpublic information. The policy also prohibits, among other things, our directors, officers, and employees from engaging in any hedging or monetization transactions with respect to our securities. In addition, the policy prohibits our directors, officers, and employees from engaging in certain short-term or speculative transactions in our securities, such as short-term trading, short sales, and publicly traded options, which could create heightened legal risk and/or the appearance of improper or inappropriate conduct by our directors, officers, and employees. We believe our insider trading policy is reasonably designed to promote compliance with insider trading laws, rules and regulations, and listing standards applicable to our company.

**ITEM 11. EXECUTIVE COMPENSATION**

**Summary Compensation Table**

The following table presents summary information regarding the total compensation incurred by Eightco Holdings Inc. for the years ended December 31, 2025 and 2024, for the named executive officers of the Company.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Year** | **Salary <br> ($)** | **Bonus <br> ($)** | **Stock<br> Awards<br> ($)** | **Non-Equity<br> Incentive <br> Plan<br> Compensation<br> ($)** | **All Other<br> Compensation<br> ($)** | **Total <br> ($)** |
| *Kevin O'Donnell\** | 2025 | 153846 | – | 1377250 |  | 43800 | 1574896 |
| *Chief Executive Officer* | 2024 |  | – |  |  |  |  |
| *Paul Vassilakos\*\** | 2025 | 184616 | – |  |  |  | 184616 |
| *Former Chief Executive Officer* | 2024 | 294231 | – |  |  |  | 294231 |
| *Brett Vroman\*\*\** | 2025 | 107692 | – | 100200 |  | 90000 | 297892 |
| *Chief Financial Officer* | 2024 |  | – |  |  | 120000 | 292000 |

---

\* Kevin O'Donnell has served as Chief Executive Officer of the Company since September 2025 and also served as the Executive Chairman of the Board of Directors from October 2021 to March 2024 and as Interim Chief Executive Officer from February 2024 to March 2024 and from August 2025 to September 2025. Mr. O'Donnell was to receive a severance of $584,000 per the terms of his employment agreement, which amount was reduced to $379,600 per a settlement agreement, of which all of it was unpaid as of December 31, 2024. In 2025, Mr. O'Donnell agreed to a reduced settlement amount of $175,200 to be paid over 8 equal installments.

\*\* Paul Vassilakos was appointed as Chairman and Chief Executive Officer of the Company on March 17, 2024 and resigned in September 2025. Before his appointment in March 2024, he was employed by Eightco solely as President of Forever 8.

\*\*\* Brett Vroman was appointed Chief Financial Officer of the Company on October 13, 2021. Mr. Vroman deferred fees of $70,000 until 2026 under his previous consulting agreement.

**Overview**

The Company expects to provide total compensation packages that are competitive, tailored to the unique characteristics and needs of the Company within its industry, and adequately reward its executives for their roles in creating value for our stockholders. The Company expects that it will be competitive in its executive compensation with other similarly situated companies in its industry. The compensation decisions regarding the Company's executives are expected to be based on its need to attract individuals with the skills necessary to achieve its business plan, to reward those individuals fairly over time and to retain those individuals who continue to perform at or above the Company's expectations.

The Company's executive compensation program is expected to consist of three primary components: salary, incentive bonus and stock-based awards issued under an equity incentive plan. The Company determines the appropriate level for each compensation component based in part, but not exclusively, on its view of internal equity and consistency, individual performance, the Company's performance, and other information deemed relevant and timely.

**Employment Agreements**

*Kevin O'Donnell Employment Agreement*

On February 22, 2024, the Board appointed Kevin O'Donnell as Interim Chief Executive Officer of the Company, effective as of the Separation Date, to serve until a successor is chosen and qualified, or until his earlier resignation or removal.

On March 17, 2024, Kevin O'Donnell resigned as Executive Chairman and Interim Chief Executive Officer of the Company, effective immediately. Mr. O'Donnell's resignation was not the result of any disagreement regarding any matter relating to the Company's operations, policies, or practices.

In connection with Mr. O'Donnell's resignation from these positions, on March 17, 2024, the Company and Kevin O'Donnell entered into a General Release and Severance Agreement (the "O'Donnell Severance Agreement"), effective as of March 17, 2024 (the "O'Donnell Effective Date"). The O'Donnell Severance Agreement terminated of the amended and restated employment agreement, by and between the Company and Mr. O'Donnell, effective as of October 21, 2022 (the "2022 O'Donnell Employment Agreement"). Pursuant to the O'Donnell Severance Agreement, as of the O'Donnell Effective Date, the 2022 O'Donnell Employment Agreement shall terminate forever, and no party shall have any further obligation or liability thereunder except as related to any obligations that survive employment termination, including but not limited to the obligations set forth under the Employee Confidential Disclosure, Invention Assignment, Non-Competition, Non-Solicitation and Non-Interference Agreement, attached to the 2022 O'Donnell Employment Agreement.

Pursuant to the O'Donnell Severance Agreement, the Company will provide Mr. O'Donnell with (i) back pay wages through the Separation Date in the amount of $138,000, less all lawful and authorized withholdings and deductions, to be paid as soon as practicable following the O'Donnell Effective Date and (ii) severance equal to 24 months of Mr. O'Donnell's base salary, less all lawful and authorized withholdings and deductions, under the 2022 O'Donnell Employment Agreement. Pursuant to the O'Donnell Severance Agreement, the Company shall also provide Mr. O'Donnell with (i) reimbursement of the premiums associated with the continuation of Mr. O'Donnell's health insurance for the period commencing on the Separation Date through and including September 27, 2024, pursuant to applicable law, (ii) reimbursement of expenses in accordance with the Company's expense reimbursement policy, and (iii) the full vesting of any earned, outstanding and unvested shares of Common Stock subject to the Plan (as define below). The O'Donnell Severance Agreement also provides for a mutual waiver and release of any claims in connection with Mr. O'Donnell's employment, separation and departure from the Company, and for certain customary covenants regarding confidentiality.

On September 8, 2025, the Company entered into an Employment Agreement with Kevin O'Donnell (the "O'Donnell Employment Agreement") as Chief Executive Officer, effective as of such date.

Pursuant to the terms of the O'Donnell Employment Agreement, Mr. O'Donnell will receive an annualized base salary of $500,000. He is eligible for a one-time signing bonus and an annual performance bonus based on objectives established by the Board. Subject to Board approval, Mr. O'Donnell will also receive 400,000 restricted stock units vesting over three years. The agreement contains standard confidentiality, non-competition, and indemnification provisions.

In the event the Company terminates Mr. O'Donnell's employment without cause (as defined in the O'Donnell Employment Agreement), Mr. O'Donnell is entitled to receive six months of base salary continuation and accelerated vesting of any outstanding equity awards, subject to execution of a release of claims.

A complete copy of the O'Donnell Employment Agreement is included as an exhibit to this Annual Report.

*Brett Vroman Employment Agreement*

On September 27, 2022, the Company entered into an Employment Agreement with Brett Vroman (the "Vroman Employment Agreement") as Chief Financial Officer, effective as of such date.

Pursuant to the terms of the Vroman Employment Agreement, Mr. Vroman's employment under the Vroman Employment Agreement was to last until September 27, 2024, unless earlier terminated pursuant to the terms of the agreement.

Pursuant to the terms of Mr. Vroman's employment agreement, Mr. Vroman was to receive, subject to approval by the Board, an annual grant of 180,000 restricted stock units convertible into shares of the Company's common stock, which shall be immediately vested and subject to the terms and conditions of the Company's 2022 Long-Term Incentive Plan. This reflects an increase from the 135,000 shares provided to Mr. Vroman under the March Vroman Agreement. Mr. Vroman will be entitled to a base salary payable at the annualized rate of $292,000 per year (the "Vroman Base Salary"), which reflects an increase from the $250,000 provided to Mr. Vroman under the March Vroman Agreement. Mr. Vroman is eligible for an annual cash bonus opportunity equal to 100% of the Vroman Base Salary (the "Vroman Bonus") based on the achievement of performance goals as determined by the Company's audit committee and the Board. The Vroman Bonus reflects a decrease on a percentage basis from the maximum 150% of base salary provided for in the March Vroman Agreement.

In addition, Mr. Vroman shall under some circumstances be entitled to receive additional shares of the Company's common stock contingent upon the satisfaction of certain additional performance goals. Mr. Vroman shall be entitled to receive a maximum total of 990,000 shares upon full satisfaction of certain corporate growth achievements based upon a review of the Company's audited financial statements and subject to the approval of the Board. This reflects an increase over the March Vroman Agreement, which provided that Mr. Vroman would be eligible to receive a maximum of 450,000 shares in connection with revenue growth. Mr. Vroman shall be eligible to receive a one-time bonus of 180,000 shares in the event that the Company achieves a positive cash flow based on a review of the Company's audited financial statements and subject to the review of the Board. The March Vroman Agreement provided for a substantially similar bonus in connection with cash flow. Mr. Vroman shall be eligible to receive a bonus of a maximum aggregate of 1,600,000 shares in the event that certain market capitalization milestones are met based on a review of the Company's audited financial statements and subject to approval by the Board. This reflects an increase above the maximum aggregate of 1,575,000 shares provided for in connection with meeting market capitalization milestones under the March Vroman Agreement. Subsequent to receiving the maximum aggregate 1,600,000 shares provided for under the first three market capitalization milestones, Mr. Vroman will be eligible to receive additional bonuses of 135,000 shares for each doubling in market capitalization of the Company over the market capitalization recorded at the prior bonus threshold, provided such increase is sustained for a period of at least three consecutive trading days. Though specific milestone thresholds and timing requirements vary, the March Vroman Agreement contained a substantially similar provision with respect to a continuing market capitalization bonus. Mr. Vroman may also be eligible for additional compensation in the sole and complete discretion of the Board.

Mr. Vroman will be eligible to participate in all health, medical, dental and life insurance policies offered to employees of the Company, and the Company will pay all applicable premiums. The Company will reimburse Mr. Vroman up to $10,000 per year as a car allowance, reimburse Mr. Vroman up to $2,500 for home office expenses and reimburse Mr. Vroman for all reasonable out-of-pocket expenses incurred by him in the conduct of the Company's business. The Vroman Employment Agreement provides Mr. Vroman with four (4) weeks of paid vacation and five (5) days of paid personal time. The Vroman Employment Agreement also provides Mr. Vroman with liability insurance coverage and shall reimburse certain financial planning expenses incurred by Mr. Vroman. All terms provided in this paragraph are substantially similar to those provided in the March Vroman Agreement.

In the event the Company terminates Mr. Vroman's employment without cause (as defined in the Vroman Employment Agreement), Mr. Vroman will receive (i) the Accrued Obligation (as defined in the Vroman Employment Agreement) and (ii) severance in the amount of equal to the Vroman Base Salary for twenty-four (24) months. In addition, this termination will cause the vesting of all Eightco common stock held by Mr. Vroman and entitle Mr. Vroman to reimbursement of premiums associated with the continuation of health insurance benefits provided under the Vroman Employment Agreement during the remaining Term of Employment (as defined in the Vroman Employment Agreement).

On February 26, 2024, the Company and Brett Vroman entered into General Release and Severance Agreement (the "Vroman Severance Agreement"), effective as of the eighth date following the Vroman Severance Agreement in connection with the termination of the amended and restated employment agreement, by and between the Company and Mr. Vroman, effective as of September 27, 2022. Pursuant to the Vroman Severance Agreement, as of the Separation Date, the Vroman Employment Agreement shall terminate, and no party shall have any further obligation or liability thereunder except as related to any obligations that survive employment termination, including but not limited to the obligations set forth under the Employee Confidential Disclosure, Invention Assignment, Non-Competition, Non-Solicitation and Non-Interference Agreement, attached to the Vroman Employment Agreement.

Pursuant to the Vroman Severance Agreement, the Company will provide Mr. Vroman with (i) back pay wages through the Separation Date in the amount of $151,615.46, less all lawful and authorized withholdings and deductions, to be paid as soon as practicable following the Vroman Effective Date and (ii) severance of 24 months of Mr. Vroman's base salary, less all lawful and authorized withholdings and deductions, under the Vroman Employment Agreement. Pursuant to the Vroman Severance Agreement, the Company shall also reimburse to Mr. Vroman the premiums associated with the continuation of Mr. Vroman's health insurance for the period commencing on the Separation Date through December 31, 2024, pursuant to applicable law, expenses in accordance with the Company's expense reimbursement policy, and the full vesting of any earned shares of Common Stock. The Vroman Severance Agreement also provides for a mutual waiver and release of any claims in connection with Mr. Vroman's employment, separation and departure from the Company, and for certain customary covenants regarding confidentiality.

Additionally, on February 22, 2024, the Company and CXO Lite, LLC, a limited liability company organized under the laws of Pennsylvania, of which Mr. Vroman is the sole member, entered into a consulting agreement (the "CXO Lite Consulting Agreement") pursuant to which Mr. Vroman shall be engaged and continue to serve the Company as its Chief Financial Officer.

In September 2025, Mr. Vroman entered into a new agreement. Mr. Vroman's new agreement provides that he will continue as Chief Financial Officer for a one-year term commencing in September 2025. Mr. Vroman will receive an annualized base salary of $350,000, payable in accordance with the Company's regular payroll practices. He is eligible for a one-time cash bonus equal to 175% of his base salary ($612,500), payable within thirty days following the twelve-month anniversary of the start date, subject to the same conditions as Mr. O'Donnell's bonus. Mr. Vroman is also eligible to participate in the Company's employee benefit plans and will be reimbursed for reasonable business expenses.

**Outstanding Equity Awards at Fiscal Year-End**

The following table sets forth information regarding outstanding equity awards held by our named directors and executive officers as of December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Grant Date** | **Number of Securities Underlying Unexercised Award - Exercisable** | **Number of Securities Underlying Unexercised Award - Unexercisable** | **Exercise Price** | **Expiration Date** | **Number of Unvested Shares** | **Fair Market Value of Award at Grant** |
| *Daniel Ives* | 9/8/25 |  | 856164 | $14.60 | 5 years | 856164 | 273299 |
| *Daniel Ives* | 9/8/25 |  | 4280822 |  | 5 years | 4280822 | 6250000 |
| *Kevin O'Donnell* | 9/8/25 |  | 400000 |  | n/a | 400000 | 584000 |
| *Kevin O'Donnell* | 12/29/25 | 475000 |  |  | n/a |  | 793250 |
| *Brett Vroman* | 12/29/25 | 60000 |  |  | n/a |  | 100200 |
| *Frank Jennings* | 12/29/25 | 60000 |  |  | n/a |  | 100200 |
| *Louis Foreman* | 12/29/25 | 55000 |  |  | n/a |  | 91850 |
| *Nicola Caiano* | 12/29/25 | 50000 |  |  | n/a |  | 83500 |

---

**Retirement Benefits**

The Company expects to maintain a tax-qualified defined contribution plan that meets the requirements of Section 401(k) of the Internal Revenue Code (the "Code"), commonly called a 401(k) plan, for substantially all of its employees. The 401(k) plan will be made available on the same basis to all employees, including the named executive officers. Each participant in the 401(k) plan will be able to elect to defer from 0% to 100% of compensation, subject to limitations under the Code and Employee Retirement Income Security Act.

**Director Compensation**

The Company's board of directors' compensation program is expected to be designed to provide competitive compensation necessary to attract and retain high quality non-employee directors and to encourage ownership of Company stock to further align their interests with those of our stockholders.

The director annual compensation program is expected to provide the following compensation for independent, non-employee directors following the Business Combination:

● A quarterly retainer (the "Quarterly Retainer") of $25,000, and 25,000 shares of the Company common stock, a supplemental 5,000 shares of the Company common stock as an annual retainer for each of the Audit Committee Chair, the Compensation Committee Chair, and the Nominating and Governance Committee Chair; and

● Additional compensation for ad hoc services on a case-by-case basis.

The following table presents summary information regarding the director compensation for each member of our board of directors for the years ended December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Year** | **Fees<br> Earned or<br> Paid in<br> Cash<br> ($)** | **Stock<br> Awards<br> ($)** | **Total<br> ($)** |
| Kevin O'Donnell | 2025 | $20000 | $– – – – – $| 20000 |
| Frank Jennings | 2025 | $51507 | $– – – – – $| 51507 |
| Louis Foreman | 2025 | $51507 | $– – – – – $| 51507 |
| Nicola Caiano (1) | 2025 | $35000 | $– – – – – $| 35000 |
| Daniel Ives (former) (2) | 2025 | $31507 | $– – – – – $| 31507 |
| Thomas Lee (3) | 2025 | $- | $– – – – – $|  |
| Mary Ann Halford (former) (4) | 2025 | $10000 | $– – – – – $| 10000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Mr. Caiano has served as a director since April 26, 2025.

(2) Mr. Ives served as a director from September 10, 2025 to March 10, 2026.

(3) Mr. Lee has served as a director since March
10, 2026.

(4) Ms. Halford resigned as a director on April 26, 2025.

**ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS**

**Security Ownership of Management and Certain Beneficial Owners**

The following table sets forth information regarding the beneficial ownership of our common stock as of March 31, 2026 for:

● each person known by the Company to be a beneficial owner of more than 5% of the common stock of the Company;

● each of the Company's named executive officers and directors; and

● all executive officers and directors of the Company as a group.

The addresses of the executive officers and directors is 101 Larry Holmes Dr., Suite 313, Easton, PA 18042.

Beneficial ownership is determined according to the rules of the Securities and Exchange Commission, which generally provide that a person has beneficial ownership of a security if he, she, or it possesses sole or shared voting or investment power over that security, including options and warrants that are currently exercisable or exercisable within 60 days.

The beneficial ownership percentages set forth in the table below are based on 368,707,246 shares of common stock issued and outstanding as of March 31, 2026.

Unless otherwise indicated, the Company believes that all persons named in the table have sole voting and investment power with respect to all shares of common stock beneficially owned by them.

---

| | | |
|:---|:---|:---|
| | **Beneficial Ownership** | **Beneficial Ownership** |
| <br>**Name and Address of Beneficial Owner<sup>(1)</sup>** | **Number of Shares** | **Percentage** |
| **Named Executive Officers and Directors** |  |  |
| Kevin O'Donnell<sup>(1)</sup> | 3296233 | 0.89% |
| Brett Vroman<sup>(2)</sup> | 160568 | 0.04% |
| Frank Jennings<sup>(3)</sup> | 351808 | 0.10% |
| Louis Foreman<sup>(4)</sup> | 209792 | 0.06% |
| Nicola Caiano<sup>(5)</sup> | 400288 | 0.11% |
| Thomas Lee<sup>(6)</sup> | 4000000 | 1.08% |
| **Current Executive Officers and Directors as a group (six persons)** | 8418689 | 2.28% |

---

\* Less than 1%

(1) Includes 1,046,233 shares of common stock, and 2,250,000 shares of common stock issuable upon the exercise of options.

(2) Includes 60,568 shares of common stock, and 100,000 shares of common stock issuable upon the exercise of options.

(3) Includes 301,808 shares of common stock, and 50,000 shares of common stock issuable upon the exercise of options.

(4) Includes 159,792 shares of common stock, and 50,000 shares of common stock issuable upon the exercise of options.

(5) Represents 400,288 shares of common stock.

(6) Represents 4,000,000 shares of common stock issuable upon exercise of options.

**Equity Compensation Plan Information**

The following table sets forth information as of December 31, 2025 with respect to compensation plans (including individual compensation arrangements) under which equity securities of the registrant are authorized for issuance.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Plan Category** | **Number of<br> securities to <br> be issued<br> upon exercise <br> of outstanding<br> options, warrants<br> and rights** | **Weighted-<br> average <br> exercise <br> price of <br> outstanding <br> options, warrants <br> and rights** | **Number of<br> securities<br> remaining <br> available for<br> future issuance <br> under equity<br> compensation<br> plans (excluding <br> securities <br> reflected in <br> the first column)** |  |
| Equity compensation plans approved by security holders | 6364486 | $1.96 | 1247208 | (1) |
| Equity compensation plans not approved by security holders | - | - | - |  |
| Total | 6364486 | $1.96 | 1247208 |  |

---

(1) The
 Company was authorized to issue up to an aggregate of 7,611,694 shares under our 2022 Long-Term Incentive Plan as of December 31,
 2025.

**ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE**

**Policies and Procedures for Related Person Transactions**

The Company's board of directors has adopted a written related person transaction policy that sets forth the following policies and procedures for the review and approval or ratification of related person transactions.

A "Related Party Transaction" is a transaction, arrangement, or relationship in which the Company or any of its subsidiaries was, is or will be a participant, the amount of which involved exceeds $120,000, and in which any related party had, has or will have a direct or indirect material interest. A "Related Party" means:

● any person who is, or at any time during the applicable period was, one of the Company's executive officers or a member of or nominee for the board of directors;

● any person (including any entity or group) who is known by the Company to be the beneficial owner of more than five percent (5%) of our voting stock;

● any immediate family member of any of the foregoing persons, which means any child, stepchild, parent, stepparent, spouse, sibling, mother-in-law, father-in-law, daughter-in-law, brother-in-law or sister-in-law of a director, officer, or a beneficial owner of more than five percent (5%) of our voting stock, and any person (other than a tenant or employee) sharing the household of such director, executive officer, or beneficial owner of more than five percent (5%) of our voting stock;

● any of the foregoing persons that qualify as such at any time during the fiscal year in which a transaction that would otherwise be subject to this the policy occurs, even if such person has ceased to have such status during such fiscal year; and

● any firm, corporation, or other entity in which any of the foregoing persons is a partner or principal or in a similar position or in which such person has a ten percent (10%) or greater beneficial ownership interest.

In addition, we will have in place policies and procedures designed to minimize potential conflicts of interest arising from any dealings the Company may have with its affiliates and to provide appropriate procedures for the disclosure of any real or potential conflicts of interest that may exist from time to time. Specifically, pursuant to the Audit Committee charter, the Audit Committee will have the responsibility to review related party transactions.

**Related Party Transactions**

During the period from January 1, 2024 to the date of this Annual Report, we have not entered into or participated in any Related Party Transactions other than as disclosed below.

On February 14, 2024, Forever 8 and Brett Vroman, the Company's Chief Financial Officer, entered into the Series B Loan and Security Agreement whereby Mr. Vroman advanced Forever 8 $100,000. Forever 8 issued Mr. Vroman a Promissory Note in the amount of $100,000 on this same date.

On February 26, 2024, Mainspring, LLC, an entity controlled by the Company's Former Chief Executive Officer, purchased 60,976 shares of common stock though the Company's February 2024 private placement.

On February 29, 2024, Forever 8 and Mainspring, LLC entered into the Series B Loan and Security Agreement whereby Mainspring advanced Forever 8 $50,000. Forever 8 issued Mainspring a Promissory Note in the amount of $50,000 on this same date.

On May 1, 2025, Forever 8 and Frank Jennings, a board member, entered into the Series C Loan and Security Agreement whereby Mr. Jennings advanced Forever 8 $50,000. Forever 8 issued Mr. Jennings a Promissory Note in the amount of $50,000 on this same date.

On September 8, 2025, the Company entered into a Seller Note Termination Agreement with the holders of the convertible seller notes originally issued in the 2022 acquisition of Forever 8 Fund. The holders converted the remaining outstanding principal and accrued interest of $23,957,599 into 800,000 shares of common stock. The Seller Note was held by various individuals but controlled by Paul Vassilakos, the former CEO.

On December 1, 2025, Forever 8 and two employees, entered into the Series C Loan and Security Agreement whereby they advanced Forever 8 $50,000 and $40,000. Forever 8 issued Promissory Notes in the amount of $50,000 and $40,000 on this same date.

On December 3, 2025, Forever 8 and Frank Jennings, a board member, entered into the Series C Loan and Security Agreement whereby Mr. Jennings advanced Forever 8 $100,000. Forever 8 issued Mr. Jennings a Promissory Note in the amount of $100,000 on this same date.

On December 3, 2025, Forever 8 and Foreman Consulting, whose controlling member was Louis Foreman, a board member, entered into the Series C Loan and Security Agreement whereby Foreman Consulting advanced Forever 8 $100,000. Forever 8 issued Foreman Consulting a Promissory Note in the amount of $100,000 on this same date.

**Other Related Party Transactions**

We have entered into indemnification agreements with each of our directors and executive officers. These agreements require us to indemnify and advance litigation expenses incurred by such individuals by reason of (i) their status as directors and/or officers of the Company, (ii) acts or omissions made in good faith, (iii) their service in any capacity with respect to an employee benefit plan of our company or one or more of our majority owned subsidiaries, or (iv) their service as directors, officers, managers, general partners, trustees, employees, or agents of another entity (including a majority owned subsidiary of our company) at our request while directors and/or officers of our company to the fullest extent permitted by applicable law.

Pursuant to the indemnification agreements, the Company will advance all reasonable expenses to be incurred by the indemnitee related to a proceeding for which the indemnitee is entitled to indemnification. The indemnitee shall repay to the Company any expenses advance to the indemnitee if it is ultimately be determined that indemnitee is not entitled to be indemnified against such expenses.

**ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES**

The following is a summary of the fees billed to the Company by our auditors and tax professionals for professional accounting services rendered for the fiscal years ended December 31, 2025 and 2024.

---

| | | |
|:---|:---|:---|
|  | **Fiscal Year <br> 2025** | **Fiscal Year <br> 2024** |
| Audit Fees (1) | $286823 | $213766 |
| Audit-Related Fees |  |  |
| Tax Fees (2) |  |  |
| Other Fees (3) | - | - |
| **Total** | $286823 | $213766 |

---

(1) Audit fees consist of fees billed for services rendered for the audit of our financial statements and review of our financial statements included in our quarterly reports on Form 10–Q. Other fees consist of comfort letter service fees.

(2) Tax fees consist of fees billed for professional services related to the preparation of our U.S. federal and state income tax returns.

(3) Other fees consist of fees billed for professional services related to non-recurring fees for the initial public offering and the acquisitions completed during the year.

**PART IV**

**ITEM 15. EXHIBITS**

---

| | |
|:---|:---|
| **Exhibit** <br> **No.** | **Description** |
| 2.1# | [Separation and Distribution Agreement, dated May 5, by and between Vinco Ventures, Inc. and the Registrant (previously filed with the Securities and Exchange Commission as Exhibit 2.1 to the Registrant's Registration Statement on Form S-1 filed May 9, 2022)](https://www.sec.gov/Archives/edgar/data/1892492/000149315222012406/ex2-1.htm) |
| 2.2# | [Membership Interest Purchase Agreement, dated September 14, 2022, by and among Eightco Holdings Inc., Forever8 Fund, LLC, members of Forever 8, LLC set forth on the signature pages thereto and Paul Vassilakos (previously filed with the Securities and Exchange Commission as Exhibit 2.1 to the Registrant's Current Report on Form 8-K filed September 15, 2022)](https://www.sec.gov/Archives/edgar/data/1892492/000149315222025924/ex2-1.htm) |
| 2.3 | [Asset Purchase Agreement, dated as of November 22, 2024, by and among Ferguson Containers, Inc., Eightco Holdings, Inc., Ferguson Containers, LLC and Edward Reichard and Derick Reichard (previously filed with the Securities and Exchange Commission as Exhibit 2.1 to the Registrant's Current Report on Form 8-K filed on November 27, 2024)](https://www.sec.gov/Archives/edgar/data/1892492/000149315224048011/ex2-1.htm) |
| 3.1 | [Certificate of Formation (previously filed with the Securities and Exchange Commission as Exhibit 3.1 to the Registrant's Form 8-K filed on February 5, 2026)](https://www.sec.gov/Archives/edgar/data/1892492/000149315226005309/ex3-1.htm) |
| 3.2 | [Amended and Restated Bylaws (previously filed with the Securities and Exchange Commission as Exhibit 3.2 to the Registrant's Form 8-K filed on February 5, 2026)](https://www.sec.gov/Archives/edgar/data/1892492/000149315226005309/ex3-2.htm) |
| 4.1 | [Description of Securities (previously filed with the Securities and Exchange Commission as Exhibit 4.1 to the Registrant's Annual Report on Form 10-K filed April 2, 2024)](https://www.sec.gov/Archives/edgar/data/1892492/000149315224012608/ex4-1.htm) |
| 4.2 | [Form of Senior Indenture (previously filed with the Securities and Exchange Commission as Exhibit 4.1 to the Registrant's Registration Statement on Form S-3 filed February 5, 2024)](https://www.sec.gov/Archives/edgar/data/1892492/000149315224004958/ex4-1.htm) |
| 4.3 | [Form of Subordinated Indenture (previously filed with the Securities and Exchange Commission as Exhibit 4.2 to the Registrant's Registration Statement on Form S-3 filed February 5, 2024)](https://www.sec.gov/Archives/edgar/data/1892492/000149315224004958/ex4-2.htm) |
| 4.4 | [Form of Indenture (previously filed with the Securities and Exchange Commission as Exhibit 4.1 to the Registrant's Registration Statement on Form S-3 filed on September 11, 2025)](https://www.sec.gov/Archives/edgar/data/1892492/000149315225013022/ex4-1.htm) |
| 10.1 | [Amended and Restated Tax Matters Agreement, dated June 7, 2022 by and between Vinco Ventures, Inc. and the Registrant (previously filed with the Securities and Exchange Commission as Exhibit 10.1 to the Registrant's Amendment No. 1 to Form S-1 dated June 7, 2022, with a filing date of June 8, 2022)](https://www.sec.gov/Archives/edgar/data/1892492/000149315222016123/ex10-1.htm) |
| 10.2+ | [2022 Incentive Compensation Plan (previously filed with the Securities and Exchange Commission as Exhibit 10.2 to the Registrant's Registration Statement on Form S-1 filed May 9, 2022)](https://www.sec.gov/Archives/edgar/data/1892492/000149315222012406/ex10-2.htm) |
| 10.3+ | [Form of Restricted Stock Unit Award Grant Notice and Agreement to the 2022 Incentive Compensation Plan (previously filed with the Securities and Exchange Commission as Exhibit 10.3 to the Registrant's Registration Statement on Form S-1 filed May 9, 2022)](https://www.sec.gov/Archives/edgar/data/1892492/000149315222012406/ex10-3.htm) |

---

---

| | |
|:---|:---|
| 10.4+ | [Employment Agreement by and between the Registrant and Brian McFadden (previously filed with the Securities and Exchange Commission as Exhibit 10.2 to the Registrant's Current Report on Form 8-K dated October 5, 2022)](https://www.sec.gov/Archives/edgar/data/1892492/000149315222027640/ex10-2.htm) |
| 10.5+ | [Employment Agreement by and between the Registrant and Brett Vroman (previously filed with the Securities and Exchange Commission as Exhibit 10.3 to the Registrant's Current Report on Form 8-K dated October 5, 2022)](https://www.sec.gov/Archives/edgar/data/1892492/000149315222027640/ex10-3.htm) |
| 10.6 | [Form of Indemnification Agreement entered into between the Registrant and each of its directors and executive officers (previously filed with the Securities and Exchange Commission as Exhibit 10.6 to the Registrant's Registration Statement on Form S-1 filed May 9, 2022)](https://www.sec.gov/Archives/edgar/data/1892492/000149315222012406/ex10-6.htm) |
| 10.7 | [Form of Amendment Agreement between Eightco Holdings Inc., Vinco Ventures, Inc., and Hudson Bay Master Fund Ltd., dated November 11, 2021 (previously filed with the Securities and Exchange Commission as Exhibit 10.11 to the Registrant's Amendment No. 1 to Form 10 on January 25, 2022)](https://www.sec.gov/Archives/edgar/data/1892492/000149315222002210/ex10-11.htm) |
| 10.7.1 | [First Amendment to the Amendment Agreement between Eightco Holdings Inc., Vinco Venture. Inc., and Hudson Bay Master Fund Ltd., dated May 5, 2022 (previously filed with the Securities and Exchange Commission as Exhibit 10.7.1 to the Registrant's Registration Statement on Form S-1 filed May 9, 2022)](https://www.sec.gov/Archives/edgar/data/1892492/000149315222012406/ex10-7.htm) |
| 10.8 | [Form of Eightco Holdings Inc. Warrant to Purchase Common Stock (previously filed with the Securities and Exchange Commission as Exhibit 10.12 to the Registrant's Amendment No. 1 to Form 10 on January 25, 2022)](https://www.sec.gov/Archives/edgar/data/1892492/000149315222002210/ex10-12.htm) |
| 10.9 | [Form of Registration Rights Agreement between Eightco Holdings Inc. and Hudson Bay Master Fund Ltd., dated November 11, 2021 (previously filed with the Securities and Exchange Commission as Exhibit 10.13 to the Registrant's Amendment No. 1 to Form 10 on January 25, 2022)](https://www.sec.gov/Archives/edgar/data/1892492/000149315222002210/ex10-13.htm) |
| 10.10# | [Note Securities Purchase Agreement, dated January 26, 2022 (previously filed with the Securities and Exchange Commission as Exhibit 10.10 to the Registrant's Registration Statement on Form S-1 filed May 9, 2022)](https://www.sec.gov/Archives/edgar/data/1892492/000149315222012406/ex10-10.htm) |
| 10.11 | [First Amendment to Note Securities Purchase Agreement between Hudson Bay Master Fund Ltd., and Eightco Holdings Inc., dated May 5, 2022 (previously filed with the Securities and Exchange Commission as Exhibit 10.10.1 to the Registrant's Registration Statement on Form S-1 filed May 9, 2022)](https://www.sec.gov/Archives/edgar/data/1892492/000149315222012406/ex10-10_1.htm) |
| 10.12 | [Registration Rights Agreement, dated January 26, 2022 (previously filed with the Securities and Exchange Commission as Exhibit 10.13 to the Registrant's Amendment No. 2 to Form 10 dated March 18, 2022)](https://www.sec.gov/Archives/edgar/data/1892492/000149315222007228/ex10-13.htm) |
| 10.13 | [Form of Note related to the January 26, 2022 Note Securities Purchase Agreement (previously filed with the Securities and Exchange Commission as Exhibit 10.14 to the Registrant's Amendment No. 2 to Form 10 dated March 18, 2022)](https://www.sec.gov/Archives/edgar/data/1892492/000149315222007228/ex10-14.htm) |
| 10.14 | [Form of Warrant related to the January 26, 2022 Note Securities Purchase Agreement (previously filed with the Securities and Exchange Commission as Exhibit 10.15 to the Registrant's Amendment No. 2 to Form 10 dated March 18, 2022)](https://www.sec.gov/Archives/edgar/data/1892492/000149315222007228/ex10-15.htm) |
| 10.15 | [Form of Pledge Agreement related to the January 26, 2022 Note Securities Purchase Agreement (previously filed with the Securities and Exchange Commission as Exhibit 10.16 to the Registrant's Amendment No. 2 to Form 10 dated March 18, 2022)](https://www.sec.gov/Archives/edgar/data/1892492/000149315222007228/ex10-16.htm) |

---

---

| | |
|:---|:---|
| 10.16 | [Amendment Agreement, dated July 28, 2022, by and between Eightco Holdings Inc. and Hudson Bay Master Fund Ltd. (previously filed with the Securities and Exchange Commission as Exhibit 10.1 to the Registrant's Current Report on Form 8-K dated July 28, 2022)](https://www.sec.gov/Archives/edgar/data/1892492/000149315222020485/ex10-1.htm) |
| 10.17# | [Form of Securities Purchase Agreement dated January 26, 2022 (previously filed with the Securities and Exchange Commission as Exhibit 10.17 to the Registrant's Amendment No. 2 to Form 10 dated March 18, 2022)](https://www.sec.gov/Archives/edgar/data/1892492/000149315222007228/ex10-17.htm) |
| 10.18 | [Amendment to Securities Purchase Agreement, by and among Eightco Holdings Inc. and BHP Capital NY, Inc., dated April 18, 2022 (previously filed with the Securities and Exchange Commission as Exhibit 10.15.1 to the Registrant's Registration Statement on Form S-1 filed May 9, 2022)](https://www.sec.gov/Archives/edgar/data/1892492/000149315222012406/ex10-15_1.htm) |
| 10.19 | [Form of Warrant related to the January 26, 2022 Equity Private Placement (previously filed with the Securities and Exchange Commission as Exhibit 10.18 to the Registrant's Amendment No. 2 to Form 10 dated March 18, 2022)](https://www.sec.gov/Archives/edgar/data/1892492/000149315222007228/ex10-18.htm) |
| 10.20# | [Milestone Agreement, entered into in April 2022, between Eightco Holdings Inc., Emmersive Entertainment, Inc., and certain former shareholders of Emmersive Entertainment, Inc. identified therein. (previously filed with the Securities and Exchange Commission as Exhibit 10.17 to the Registrant's Registration Statement on Form S-1 filed May 9, 2022)](https://www.sec.gov/Archives/edgar/data/1892492/000149315222012406/ex10-17.htm) |
| 10.21 | [Hudson Bay Master Fund Ltd. Warrants dated May 18, 2022 (previously filed with the Securities and Exchange Commission as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed May 24, 2022)](https://www.sec.gov/Archives/edgar/data/1892492/000149315222014966/ex10-1.htm) |
| 10.22 | [BHP Capital NY, Inc. Warrants dated May 20, 2022 (previously filed with the Securities and Exchange Commission as Exhibit 10.5 to the Registrant's Current Report on Form 8-K filed May 24, 2022)](https://www.sec.gov/Archives/edgar/data/1892492/000149315222014966/ex10-5.htm) |
| 10.23 | [Form of Seller Promissory Note issued under the Membership Interest Purchase Agreement, by and among Eightco Holdings Inc., Forever 8 Fund, LLC, members of Forever 8, LLC set forth on the signature pages thereto and Paul Vassilakos (previously filed with the Securities and Exchange Commission as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed September 15, 2022)](https://www.sec.gov/Archives/edgar/data/1892492/000149315222025924/ex10-1.htm) |
| 10.24# | [Form of Operating Agreement by and among Eightco Holdings Inc. Forever 8 Fund, LLC and the members listed on Exhibit B thereto (previously filed with the Securities and Exchange Commission as Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed September 15, 2022)](https://www.sec.gov/Archives/edgar/data/1892492/000149315222025924/ex10-2.htm) |
| 10.25 | [Form of Subordination Agreement by and among Eightco Holdings Inc., Hudson Bay and the persons listed on Annex A thereto (previously filed with the Securities and Exchange Commission as Exhibit 10.3 to the Registrant's Current Report on Form 8-K filed September 15, 2022)](https://www.sec.gov/Archives/edgar/data/1892492/000149315222025924/ex10-3.htm) |
| 10.26 | [First Amendment to Amendment Agreement, dated September 14, 2022, by and among Eightco Holdings Inc. and Hudson Bay (previously filed with the Securities and Exchange Commission as Exhibit 10.5 to the Registrant's Current Report on Form 8-K filed September 15, 2022)](https://www.sec.gov/Archives/edgar/data/1892492/000149315222025924/ex10-5.htm) |
| 10.27 | [Waiver, dated September 14, 2022, by and among Eightco Holdings Inc. and Hudson Bay (previously filed with the Securities and Exchange Commission as Exhibit 10.6 to the Registrant's Current Report on Form 8-K filed September 15, 2022)](https://www.sec.gov/Archives/edgar/data/1892492/000149315222025924/ex10-6.htm) |
| 10.28 | [Registration Rights Agreement, dated October 1, 2022 (previously filed with the Securities and Exchange Commission as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed October 5, 2022)](https://www.sec.gov/Archives/edgar/data/1892492/000149315222027640/ex10-1.htm) |

---

---

| | |
|:---|:---|
| 10.29+ | [Amended and Restated Employment Agreement, dated October 18, 2022, by and between the Company and Brett Vroman. (previously filed with the Securities and Exchange Commission as Exhibit 10.30 to the Registrant's Registration Statement on Form S-1/A filed November 14, 2022)](https://www.sec.gov/Archives/edgar/data/1892492/000149315222032296/ex10-30.htm) |
| 10.30+ | [Amended and Restated Employment Agreement, dated October 18, 2022, by and between the Company and Brian McFadden. (previously filed with the Securities and Exchange Commission as Exhibit 10.31 to the Registrant's Registration Statement on Form S-1/A filed November 14, 2022)](https://www.sec.gov/Archives/edgar/data/1892492/000149315222032296/ex10-31.htm) |
| 10.31 | [Form of Second Amendment Agreement, dated January 6, 2023, by and between Eightco Holdings Inc. and the Investor (previously filed with the Securities and Exchange Commission as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed January 6, 2023)](https://www.sec.gov/Archives/edgar/data/1892492/000149315223000761/ex10-1.htm) |
| 10.32 | [Waiver Agreement, dated January 6, 2023, by and between Eightco and BHP (previously filed with the Securities and Exchange Commission as Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed January 6, 2023)](https://www.sec.gov/Archives/edgar/data/1892492/000149315223000761/ex10-2.htm) |
| 10.33 | [Waiver Agreement, dated January 19, 2023 by and between Eightco and Palladium Capital Group, LLC (previously filed with the Securities and Exchange Commission as Exhibit 10.34 to the Registrant's Registration Statement on Form S-1/A filed on January 24, 2023)](https://www.sec.gov/Archives/edgar/data/1892492/000149315223002248/ex10-34.htm) |
| 10.34 | [Waiver Agreement, dated January 18, 2023, among the members of Forever 8 Fund, LLC set forth on the signature pages to the Membership Interest Purchase Agreement, dated September 14, 2022, by and among Eightco Holdings Inc., Forever 8 Fund, LLC and members of Forever 8 Fund, LLC set forth on the signature pages thereto and Paul Vassilakos (previously filed with the Securities and Exchange Commission as Exhibit 10.35 to the Registrant's Registration Statement on Form S-1 filed January 23, 2023)](https://www.sec.gov/Archives/edgar/data/1892492/000149315223002248/ex10-35.htm) |
| 10.35 | [Securities Purchase Agreement, dated March 15, 2023 (previously filed with the Securities and Exchange Commission as Exhibit 10.1 to the Registrant's Current Report on Form 8-K dated March 16, 2023)](https://www.sec.gov/Archives/edgar/data/1892492/000149315223007844/ex10-1.htm) |
| 10.36 | [Form of Warrant related to the March 15, 2023 Securities Purchase Agreement (previously filed with the Securities and Exchange Commission as Exhibit 10.2 to the Registrant's Current Report on Form 8-K dated March 16, 2023)](https://www.sec.gov/Archives/edgar/data/1892492/000149315223007844/ex10-2.htm) |
| 10.37 | [Form of Note related to the March 15, 2023 Securities Purchase Agreement (previously filed with the Securities and Exchange Commission as Exhibit 10.3 to the Registrant's Current Report on Form 8-K dated March 16, 2023)](https://www.sec.gov/Archives/edgar/data/1892492/000149315223007844/ex10-3.htm) |
| 10.38 | [Form of Registration Rights Agreement related to the March 15, 2023 Securities Purchase Agreement (previously filed with the Securities and Exchange Commission as Exhibit 10.4 to the Registrant's Current Report on Form 8-K dated March 16, 2023)](https://www.sec.gov/Archives/edgar/data/1892492/000149315223007844/ex10-4.htm) |
| 10.39 | [Form of Lock-Up Agreement related to the March 15, 2023 Securities Purchase Agreement (previously filed with the Securities and Exchange Commission as Exhibit 10.5 to the Registrant's Current Report on Form 8-K dated March 16, 2023)](https://www.sec.gov/Archives/edgar/data/1892492/000149315223007844/ex10-5.htm) |
| 10.40 | [Form of Pledge and Security Agreement related to the March 15, 2023 Securities Purchase Agreement (previously filed with the Securities and Exchange Commission as Exhibit 10.6 to the Current Report on Form 8-K dated March 16, 2023)](https://www.sec.gov/Archives/edgar/data/1892492/000149315223007844/ex10-6.htm) |
| 10.41 | [Form of Guarantee Agreement related to the March 15, 2023 Securities Purchase Agreement (previously filed with the Securities and Exchange Commission as Exhibit 10.7 to the Registrant's Current Report on Form 8-K dated March 16, 2023)](https://www.sec.gov/Archives/edgar/data/1892492/000149315223007844/ex10-7.htm) |

---

10.42 [Form of Subordination Agreement Amendment related to the March 15, 2023 Securities Purchase Agreement (previously filed with the Securities and Exchange Commission as Exhibit 10.8 to the Registrant's Current Report on Form 8-K dated March 16, 2023)](https://www.sec.gov/Archives/edgar/data/1892492/000149315223007844/ex10-8.htm)

10.43 [Form of Pledge and Security Agreement, dated as of March 16, 2023 (previously filed with the Securities and Exchange Commission as Exhibit 10.6 to the Registrant's Current Report on Form 8-K filed March 16, 2023).](https://www.sec.gov/Archives/edgar/data/1892492/000149315223007844/ex10-6.htm)

10.44 [Form of Lock-Up Agreement, dated as of March 16, 2023 (previously filed with the Securities and Exchange Commission as Exhibit 10.5 to the Registrant's Current Report on Form 8-K filed March 16, 2023)](https://www.sec.gov/Archives/edgar/data/1892492/000149315223007844/ex10-5.htm)

10.45 [Form of Registration Rights Agreement, dated as of March 16, 2023 (previously filed with the Securities and Exchange Commission as Exhibit 10.4 to the Registrant's Current Report on Form 8-K filed March 16, 2023)](https://www.sec.gov/Archives/edgar/data/1892492/000149315223007844/ex10-4.htm)

10.46 [Form of Note, dated as of March 16, 2023 (previously filed with the Securities and Exchange Commission as Exhibit 10.3 to the Registrant's Current Report on Form 8-K filed March 16, 2023)](https://www.sec.gov/Archives/edgar/data/1892492/000149315223007844/ex10-3.htm)

10.47 [Form of Warrant, dated as of March 16, 2023 (previously filed with the Securities and Exchange Commission as Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed March 16, 2023)](https://www.sec.gov/Archives/edgar/data/1892492/000149315223007844/ex10-2.htm)

10.48 [Securities Purchase Agreement, dated as of March 15, 2023, by and between Cryptyde, Inc. and Buyers (previously filed with the Securities and Exchange Commission as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed March 16, 2023)](https://www.sec.gov/Archives/edgar/data/1892492/000149315223007844/ex10-1.htm)

10.49 [Letter Agreement, dated as of May 8, 2023, by and between Eightco Holdings Inc. and Sellers' Representative (previously filed with the Securities and Exchange Commission as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed May 10, 2023)](https://www.sec.gov/Archives/edgar/data/1892492/000149315223016202/ex10-1.htm)

10.50 [Debt Exchange Agreement, dated as of May 30, 2023, by and between Forever 8 Fund, LLC and TXC Services, LLC (previously filed with the Securities and Exchange Commission as Exhibit 10.4 to the Registrant's Current Report on Form 8-K filed June 5, 2023)](https://www.sec.gov/Archives/edgar/data/1892492/000149315223020145/ex10-4.htm)

10.51 [Debt Exchange Agreement, dated as of May 30, 2023, by and between Forever 8 Fund, LLC and Paul Vassilakos (previously filed with the Securities and Exchange Commission as Exhibit 10.3 to the Registrant's Current Report on Form 8-K filed June 5, 2023)](https://www.sec.gov/Archives/edgar/data/1892492/000149315223020145/ex10-3.htm)

10.52 [Form of Promissory Note (previously filed with the Securities and Exchange Commission as Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed June 5, 2023)](https://www.sec.gov/Archives/edgar/data/1892492/000149315223020145/ex10-2.htm)

10.53 [Loan and Security Agreement (previously filed with the Securities and Exchange Commission as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed June 5, 2023)](https://www.sec.gov/Archives/edgar/data/1892492/000149315223020145/ex10-1.htm)

10.54 [Form of Promissory Note (previously filed with the Securities and Exchange Commission as Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed June 27, 2023)](https://www.sec.gov/Archives/edgar/data/1892492/000149315223022621/ex10-2.htm)

10.55 [Loan and Security Agreement (previously filed with the Securities and Exchange Commission as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed June 27, 2023)](https://www.sec.gov/Archives/edgar/data/1892492/000149315223022621/ex10-1.htm)

10.56 [Loan and Security Agreement Series C (previously filed with the Securities and Exchange Commission as Exhibit 10.3 to the Registrant's Current Report on Form 8-K filed October 24, 2023)](https://www.sec.gov/Archives/edgar/data/1892492/000149315223038158/ex10-3.htm)

10.57 [Lender Joinder Agreement (previously filed with the Securities and Exchange Commission as Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed October 24, 2023)](https://www.sec.gov/Archives/edgar/data/1892492/000149315223038158/ex10-2.htm)

---

| | |
|:---|:---|
| 10.58 | [Loan and Security Agreement Series B (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed October 24, 2023)](https://www.sec.gov/Archives/edgar/data/1892492/000149315223038158/ex10-1.htm) |
| 10.59 | [Prepayment and Redemption Agreement, dated as of October 23, 2023, by and between Eightco Holdings Inc. and the investor signatory thereto (previously filed with the Securities and Exchange Commission as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed October 24, 2023)](https://www.sec.gov/Archives/edgar/data/1892492/000149315223038043/ex10-1.htm) |
| 10.60 | [Loan and Security Agreement and Promissory Note between Forever 8 Fund, LLC and Todd Kuimjian (previously filed with the Securities and Exchange Commission as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed August 25, 2023)](https://www.sec.gov/Archives/edgar/data/1892492/000149315223030253/ex10-1.htm) |
| 10.61 | [Loan and Security Agreement and Promissory Note between Forever 8 Fund, LLC and Joseph Johnston (previously filed with the Securities and Exchange Commission as Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed August 22, 2023)](https://www.sec.gov/Archives/edgar/data/1892492/000149315223029843/ex10-2.htm) |
| 10.62 | [Loan and Security Agreement and Promissory Note between Forever 8 Fund, LLC and Kevin O'Donnell (previously filed with the Securities and Exchange Commission as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed August 22, 2023)](https://www.sec.gov/Archives/edgar/data/1892492/000149315223029843/ex10-1.htm) |
| 10.63 | [Subordination Agreement(previously filed with the Securities and Exchange Commission as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed December 5, 2023)](https://www.sec.gov/Archives/edgar/data/1892492/000149315223043733/ex10-1.htm) |
| 10.64 | [Form of Securities Purchase Agreement, dated as of February 26, 2024, by and between Eightco Holdings Inc. and the investors named therein (previously filed with the Securities and Exchange Commission as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed February 26, 2024)](https://www.sec.gov/Archives/edgar/data/1892492/000149315224007829/ex10-1.htm) |
| 10.65+ | [General Release and Severance Agreement, dated as of February 26, 2024, by and between Eightco Holdings Inc. and Brian McFadden (previously filed with the Securities and Exchange Commission as Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed February 26, 2024)](https://www.sec.gov/Archives/edgar/data/1892492/000149315224007829/ex10-2.htm) |
| 10.66+ | [General Release and Severance Agreement, dated as of February 26, 2024, by and between Eightco Holdings Inc. and Brett Vroman (previously filed with the Securities and Exchange Commission as Exhibit 10.3 to the Registrant's Current Report on Form 8-K filed February 26, 2024)](https://www.sec.gov/Archives/edgar/data/1892492/000149315224007829/ex10-3.htm) |
| 10.67+ | [Consulting Agreement, dated as of February 22, 2024, by and between Eightco Holdings Inc. and CXO Lite, LLC (previously filed with the Securities and Exchange Commission as Exhibit 10.4 to the Registrant's Current Report on Form 8-K filed February 26, 2024)](https://www.sec.gov/Archives/edgar/data/1892492/000149315224007829/ex10-4.htm) |
| 10.68 | [Series D Loan and Guaranty Agreement, dated as of March 15, 2024 (previously filed with the Securities and Exchange Commission as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed March 18, 2024)](https://www.sec.gov/Archives/edgar/data/1892492/000149315224010198/ex10-1.htm) |
| 10.69 | [Subordination Agreement, dated as of March 15, 2024 (previously filed with the Securities and Exchange Commission as Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed March 18, 2024)](https://www.sec.gov/Archives/edgar/data/1892492/000149315224010198/ex10-2.htm) |
| 10.70 | [Intercreditor Agreement, dated as of March 15, 2024 (previously filed with the Securities and Exchange Commission as Exhibit 10.3 to the Registrant's Current Report on Form 8-K filed March 18, 2024)](https://www.sec.gov/Archives/edgar/data/1892492/000149315224010198/ex10-3.htm) |
| 10.71 | [Seller Notes Amendment, dated as of March 17, 2024 (previously filed with the Securities and Exchange Commission as Exhibit 10.4 to the Registrant's Current Report on Form 8-K filed March 18, 2024)](https://www.sec.gov/Archives/edgar/data/1892492/000149315224010198/ex10-4.htm) |

---

---

| | |
|:---|:---|
| 10.72+ | [First Amendment to the General Release and Severance Agreement, dated as of March 17, 2024, by and between Eightco Holdings Inc. and Brian McFadden (previously filed with the Securities and Exchange Commission as Exhibit 10.5 to the Registrant's Current Report on Form 8-K filed March 18, 2024)](https://www.sec.gov/Archives/edgar/data/1892492/000149315224010198/ex10-5.htm) |
| 10.73+ | [General Release and Severance Agreement, dated as of March 17, 2024, by and between Eightco Holdings Inc. and Kevin O'Donnell (previously filed with the Securities and Exchange Commission as Exhibit 10.6 to the Registrant's Current Report on Form 8-K filed March 18, 2024)](https://www.sec.gov/Archives/edgar/data/1892492/000149315224010198/ex10-6.htm) |
| 10.74+ | [Employment Agreement, dated as of March 17, 2024, by and between Eightco Holdings Inc. and Paul Vassilakos (previously filed with the Securities and Exchange Commission as Exhibit 10.7 to the Registrant's Current Report on Form 8-K filed March 18, 2024)](https://www.sec.gov/Archives/edgar/data/1892492/000149315224010198/ex10-7.htm) |
| 10.75+ | [Indemnification Agreement, dated as of March 17, 2024, by and between Eightco Holdings Inc. and Paul Vassilakos (previously filed with the Securities and Exchange Commission as Exhibit 10.8 to the Registrant's Current Report on Form 8-K filed March 18, 2024)](https://www.sec.gov/Archives/edgar/data/1892492/000149315224010198/ex10-8.htm) |
| 10.76 | [Form of Non-Qualified Stock Option Agreement (previously filed with the Securities and Exchange Commission as Exhibit 10.9 to the Registrant's Current Report on Form 8-K filed March 18, 2024)](https://www.sec.gov/Archives/edgar/data/1892492/000149315224010198/ex10-9.htm) |
| 10.77 | [At-the-Market Issuance Sales Agreement, dated April 25, 2024, by and between Eightco Holdings Inc. and Univest Securities, LLC (previously filed with the Securities and Exchange Commission as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on April 25, 2024)](https://www.sec.gov/Archives/edgar/data/1892492/000149315224015939/ex10-1.htm) |
| 10.78 | [Agreement, dated May 6, 2024, by and between Eightco Holdings Inc. and representative of members of Forever 8 set forth on signature pages to Membership Interest Purchase Agreement, dated September 14, 2022 (previously filed with the Securities and Exchange Commission as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on May 7, 2024)](https://www.sec.gov/Archives/edgar/data/1892492/000149315224018032/ex10-1.htm) |
| 10.79 | [Agreement, dated June 14, 2024, by representative of members of Forever 8 set forth on signature pages to Membership Interest Purchase Agreement, dated September 14, 2022 (previously filed with the Securities and Exchange Commission as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on June 21, 2024).](https://www.sec.gov/Archives/edgar/data/1892492/000149315224024627/ex10-1.htm) |
| 10.80 | [Agreement, dated June 20, 2024, by and between Eightco Holdings Inc. and representative of members of Forever 8 set forth on signature pages to Membership Interest Purchase Agreement, dated September 14, 2022 (previously filed with the Securities and Exchange Commission as Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed on June 21, 2024)](https://www.sec.gov/Archives/edgar/data/1892492/000149315224024627/ex10-2.htm) |
| 10.81 | [Agreement, dated June 19, 2024, by and between Eightco Holdings Inc. and TXC Services LLC, as parent of Foxx Trot Tango, LLC (previously filed with the Securities and Exchange Commission as Exhibit 10.3 to the Registrant's Current Report on Form 8-K filed on June 21, 2024)](https://www.sec.gov/Archives/edgar/data/1892492/000149315224024627/ex10-3.htm) |
| 10.82 | [Agreement, dated June 20, 2024, by and between Vinco Ventures, Inc. and Eightco Holdings Inc. (previously filed with the Securities and Exchange Commission as Exhibit 10.4 to the Registrant's Current Report on Form 8-K filed on June 21, 2024)](https://www.sec.gov/Archives/edgar/data/1892492/000149315224024627/ex10-4.htm) |
| 10.83 | [Amendment No. 1, dated September 25, 2024, by and between Univest Securities, LLC, to At-the-Market Issuance Sales Agreement, dated April 25, 2024 (previously filed with the Securities and Exchange Commission as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on September 26, 2024)](https://www.sec.gov/Archives/edgar/data/1892492/000149315224038345/ex10-1.htm) |
| 10.84 | [Agreement, dated December 12, 2024, by and among Eightco Holdings Inc, Forever 8 Fund, LLC, and representative of members of Forever 8 set forth on signature pages to Membership Interest Purchase Agreement, dated September 14, 2022 (previously filed with the Securities and Exchange Commission as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on December 20, 2024)](https://www.sec.gov/Archives/edgar/data/1892492/000149315224050898/ex10-1.htm) |
| 10.85 | [Form of Loan and Security Agreement (Series A), dated December 19, 2024, of Forever 8 Fund, LLC (previously filed with the Securities and Exchange Commission as Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed on December 20, 2024)](https://www.sec.gov/Archives/edgar/data/1892492/000149315224050898/ex10-2.htm) |
| 10.86 | [Form of Loan and Security Agreement (Series C), dated December 19, 2024, of Forever 8 Fund, LLC (previously filed with the Securities and Exchange Commission as Exhibit 10.3 to the Registrant's Current Report on Form 8-K filed on December 20, 2024)](https://www.sec.gov/Archives/edgar/data/1892492/000149315224050898/ex10-3.htm) |
| 10.87 | [Form of Securities Purchase Agreement, dated September 8, 2025, by and between Eightco Holdings Inc. and each Purchaser (as defined therein) (previously filed with the Securities and Exchange Commission as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on September 10, 2025)](https://www.sec.gov/Archives/edgar/data/1892492/000149315225013003/ex10-1.htm) |
| 10.88 | [Form of Pre-Funded Warrant (previously filed with the Securities and Exchange Commission as Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed on September 10, 2025)](https://www.sec.gov/Archives/edgar/data/1892492/000149315225013003/ex10-2.htm) |
| 10.89 | [Form of Registration Rights Agreement, dated September 8, 2025, between Eightco Holdings Inc. and each Purchaser (as defined therein) (previously filed with the Securities and Exchange Commission as Exhibit 10.3 to the Registrant's Current Report on Form 8-K filed on September 10, 2025)](https://www.sec.gov/Archives/edgar/data/1892492/000149315225013003/ex10-3.htm) |

---

---

| | |
|:---|:---|
| 10.90 | [Placement Agent Agreement, dated September 8, 2025, between Eightco Holdings Inc. and R.F. Lafferty & Co., Inc. (previously filed with the Securities and Exchange Commission as Exhibit 10.4 to the Registrant's Current Report on Form 8-K filed on September 10, 2025)](https://www.sec.gov/Archives/edgar/data/1892492/000149315225013003/ex10-4.htm) |
| 10.91 | [Form of Placement Agent Warrant (previously filed with the Securities and Exchange Commission as Exhibit 10.5 to the Registrant's Current Report on Form 8-K filed on September 10, 2025)](https://www.sec.gov/Archives/edgar/data/1892492/000149315225013003/ex10-5.htm) |
| 10.92 | [Agreement, dated September 8, 2025, by and among Eightco Holdings Inc, Forever 8 Fund, LLC, and representative of members of Forever 8 set forth on signature pages to Membership Interest Purchase Agreement, dated September 14, 2022 (previously filed with the Securities and Exchange Commission as Exhibit 10.6 to the Registrant's Current Report on Form 8-K filed on September 10, 2025)](https://www.sec.gov/Archives/edgar/data/1892492/000149315225013003/ex10-6.htm) |
| 10.93 | [Master Loan Agreement, dated September 7, 2025, by and between Orb Subsidiary One LLC and Payward Interactive, Inc. (previously filed with the Securities and Exchange Commission as Exhibit 10.7 to the Registrant's Current Report on Form 8-K filed on September 10, 2025)](https://www.sec.gov/Archives/edgar/data/1892492/000149315225013003/ex10-7.htm) |
| 10.94 | [Consulting Agreement by and between Eightco Holdings Inc. and Worldcoin Tower LLC (previously filed with the Securities and Exchange Commission as Exhibit 10.8 to the Registrant's Current Report on Form 8-K filed on September 10, 2025)](https://www.sec.gov/Archives/edgar/data/1892492/000149315225013003/ex10-8.htm) |
| 10.95 | [Strategic Advisor Agreement by and between Eightco Holdings Inc. and Worldcoin Tower Instant LLC (previously filed with the Securities and Exchange Commission as Exhibit 10.9 to the Registrant's Current Report on Form 8-K filed on September 10, 2025)](https://www.sec.gov/Archives/edgar/data/1892492/000149315225013003/ex10-9.htm) |
| 10.96 | [Form of Strategic Advisor Warrant (previously filed with the Securities and Exchange Commission as Exhibit 10.10 to the Registrant's Current Report on Form 8-K filed on September 10, 2025)](https://www.sec.gov/Archives/edgar/data/1892492/000149315225013003/ex10-10.htm) |
| 10.97 | [Board of Directors Agreement, dated September 8, 2025, by and between Eightco Holdings Inc. and Daniel Ives (previously filed with the Securities and Exchange Commission as Exhibit 10.11 to the Registrant's Current Report on Form 8-K filed on September 10, 2025)](https://www.sec.gov/Archives/edgar/data/1892492/000149315225013003/ex10-11.htm) |
| 10.98 | [Compensation Agreement, dated September 8, 2025, between Eightco Holdings Inc. and Kevin O'Donnell (previously filed with the Securities and Exchange Commission as Exhibit 10.12 to the Registrant's Current Report on Form 8-K filed on September 10, 2025)](https://www.sec.gov/Archives/edgar/data/1892492/000149315225013003/ex10-12.htm) |
| 10.99 | [Compensation Agreement, dated September 8, 2025, between Eightco Holdings Inc. and Brett Vroman (previously filed with the Securities and Exchange Commission as Exhibit 10.13 to the Registrant's Current Report on Form 8-K filed on September 10, 2025)](https://www.sec.gov/Archives/edgar/data/1892492/000149315225013003/ex10-13.htm) |
| 10.100 | [Amended and Restated Sale Agreement, dated October 27, 2025, by and among Eightco Holdings Inc., Cantor Fitzgerald & Co., and R.F. Lafferty & Co., Inc. (previously filed with the Securities and Exchange Commission as Exhibit 1.1 to the Registrant's Current Report on Form 8-K filed on October 27, 2025)](https://www.sec.gov/Archives/edgar/data/1892492/000149315225019484/ex1-1.htm) |
| 14.1\* | [Corporate Code of Conduct and Ethics and Whistleblower Policy](ex14-1.htm) |
| 19.1 | [Insider trading policy (previously filed with the Securities and Exchange Commission as Exhibit 19.1 to the Registrant's Annual Report on Form 10-K filed on April 15, 2025)](https://www.sec.gov/Archives/edgar/data/1892492/000164117225004802/ex19-1.htm) |
| 21.1 | [Subsidiaries of the Registrant (previously filed with the Securities and Exchange Commission as Exhibit 21.1 to the Registrant's Annual Report on Form 10-K filed April 17, 2023)](https://www.sec.gov/Archives/edgar/data/1892492/000149315223012596/ex21-1.htm) |
| 23.1\* | [Consent of Stephano Slack LLC](ex23-1.htm) |
| 31.1\* | [Certification of the Chief Executive Officer of the Company, pursuant to the Section 302 of the Sarbanes-Oxley Act of 2002.](ex31-1.htm) |
| 31.2\* | [Certification of the Chief Financial Officer of the Company, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex31-2.htm) |
| 32.1\* | [Certification of the Chief Executive Officer and Chief Financial Officer of the Company, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ex32-1.htm) |
| 97.1 | [Clawback Policy (previously filed with the Securities and Exchange Commission as Exhibit 97.1 to the Registrant's Annual Report on Form 10-K filed April 2, 2024)](https://www.sec.gov/Archives/edgar/data/1892492/000149315224012608/ex97-1.htm) |
| 101.INS\* | Inline XBRL Instance Document – the XBRL Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document. |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB\* | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101), |

---

---

| | |
|:---|:---|
| \* | Filed herewith. |
| \*\* | To be filed by amendment or as an exhibit to a report pursuant to Section 13(a), 13(c) or 15(d) of the Exchange Act. |
| + | Management contract or compensatory plan or arrangement. |
| # | Schedules and/or exhibits have been omitted from this filing pursuant to Item 601(a)(5) of Regulation S-K. We agree to furnish supplementally a copy of any omitted schedule or exhibit to the Securities and Exchange Commission upon request. |

---

**ITEM 16. FORM 10-K SUMMARY**

None.

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: April 14, 2026

---

| | |
|:---|:---|
| **EIGHTCO HOLDINGS, INC.** | **EIGHTCO HOLDINGS, INC.** |
| By: | */s/ Kevin O'Donnell* |
|  | Kevin O'Donnell |
|  | Chief Executive Officer and President |
|  | *(Principal Executive Officer)* |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this Annual Report on Form 10-K has been signed by the following persons on behalf of the Registrant and in the capacities and on the dates indicated:

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| */s/ Kevin O'Donnell* | Chief Executive Officer and Chairman | April 14, 2026 |
| Kevin O'Donnell | (principal executive officer) |  |
| */s/ Brett Vroman* | Chief Financial Officer | April 14, 2026 |
| Brett Vroman | (principal financial and principal accounting officer) |  |
| */s/ Frank Jennings* | Director | April 14, 2026 |
| Frank Jennings |  |  |
| */s/ Louis Foreman* | Director | April 14, 2026 |
| Louis Foreman |  |  |
| */s/ Nicola Caiano* | Director | April 14, 2026 |
| Nicola Caiano |  |  |
| */s/ Thomas Lee* | Director | April 14, 2026 |
| Thomas Lee |  |  |

---

## Exhibit 14.1

**Exhibit 14.1**

**<u>EIGHTCO HOLDINGS, INC.</u>**

**<u>CORPORATE CODE OF CONDUCT AND ETHICS AND</u>**

**<u>WHISTLEBLOWER POLICY</u>**

**Effective April 2023**

**INTRODUCTION**

Eightco Holdings, Inc. ("**we**" or the "**Company**") has adopted this Corporate Code of Conduct and Ethics and Whistleblower Policy (the "**Code**") to provide our associates, as defined below, with a clear understanding of the principles of business conduct and ethics that are expected of them and to aid them in making decisions when conducting the Company's business and performing day-to-day duties. The standards set forth in the Code apply to us all. Each associate of the Company must acknowledge his or her review of, and agree to comply with, the Code as a condition of his or her relationship with the Company (see <u>Appendix A</u> attached hereto). The term "**us**" or "**associate**" as used throughout the Code means (i) every full and part-time employee of the Company and its subsidiaries, (ii) all members of the Company's senior management, including the President, Chief Executive Officer and Chief Financial Officer, and (iii) every member of the Company's Board of Directors (the "**Board**"), even if such member is not employed by the Company. The term "**you**" means any associate.

**REPORTING VIOLATIONS UNDER THE CODE; ANTI-RETALIATION PLEDGE**

It is the responsibility of each of us to conduct ourselves in an ethical business manner and also to ensure that others do the same. If any one of us violates these standards, he or she can expect a disciplinary response, up to and including termination of employment or other relationship with the Company or, potentially, legal action. If you are aware of any breach of the Code, you are obligated to report violations to the Corporate Compliance Officer, to the chairperson of the Audit Committee of the Board (the "**Audit Committee**") or to the anonymous Whistleblower Compliance Website that the Company utilizes to receive such reports, as described in more detail below.

The Code contains a clear anti-retaliation pledge, meaning that if you in good faith report a violation of the Code by any associate, or by the Company or agents acting on its behalf, on the Whistleblower Compliance Website, or to the Corporate Compliance Officer or the chairperson of the Audit Committee, you will not be fired, demoted, reprimanded or otherwise harmed for reporting the violation. Note however that, although you will not be disciplined for reporting a violation, you may be subject to discipline if you are involved in the underlying conduct or violation. You are entitled to make the report on a confidential and anonymous basis. To the extent an investigation must be initiated, the Company will endeavor to keep confidential any report you make, except to the extent disclosure is required by applicable law, regulation or court order or is necessary to permit a complete investigation of such report.

**COMPLYING WITH THE CODE**

The ultimate responsibility for maintaining the Code rests with each of us. As individuals of personal integrity, we can do no less than to behave in a way that will continue to bring credit to ourselves and our company. Applying these standards to our business lives is an extension of the values by which we are known as individuals and by which we want to be known as a company. To that end, the Company has made the Code publicly available on its website. It is our responsibility to conduct ourselves in an ethical business manner and also to ensure that others do the same. If any one of us violates these standards, he or she can expect a disciplinary response, up to and including termination of employment or other relationship with the Company or, potentially, legal action.

While it is impossible for this Code to address specifically every situation that may arise, the principles embodied in the Code should govern our conduct at all times. If you are confronted with a situation not covered by the Code, or have questions regarding any matter that is specifically addressed in the Code, you are urged to consult with the Corporate Compliance Officer or another member of senior management of the Company. Furthermore, the policies set forth in this Code are in addition to other policies of the Company that associates must comply with, including those set forth in any Employee Handbook in effect from time to time or in any other policy referenced in the Code.

The provisions of the Code regarding the actions the Company will take are guidelines which the Company intends to follow. There may be circumstances, however, that in the Company's judgment require different measures or actions and, in such cases, the Company may act accordingly while still seeking to remain consistent with the principles embodied in the Code.

In the case of any inconsistency between the provisions set out in this Code and the rules contained in any mandatory text, laws or interpretive case law applicable to the Company or associates, such mandatory text, laws or interpretive case law controls. In no instance should this Code be interpreted as modifying, amending or otherwise changing any legal text or precedent that applies to the Company or associates.

ii

**TABLE OF CONTENTS**

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **Page** |
| I. | WHISTLEBLOWER POLICY | WHISTLEBLOWER POLICY | 1 |
|  | A. | Obligation to Report Violations or Suspected Violations | 1 |
|  | B. | Whistleblower Compliance Website for Confidential and Anonymous Reporting | 1 |
|  | C. | Anti-Retaliation Pledge | 1 |
| II. | IMPLEMENTATION OF THE CODE | IMPLEMENTATION OF THE CODE | 2 |
| III. | GENERAL REQUIREMENTS | GENERAL REQUIREMENTS | 3 |
| IV. | CONFLICTS OF INTEREST | CONFLICTS OF INTEREST | 3 |
| V. | PROTECTION AND PROPER USE OF COMPANY ASSETS | PROTECTION AND PROPER USE OF COMPANY ASSETS | 5 |
|  | A. | Proper Use of Company Property | 5 |
|  | B. | Confidential Information | 5 |
|  | C. | No Interference and Immunity | 6 |
|  | D. | Accurate Records and Reporting | 6 |
|  | E. | Document Retention | 7 |
|  | F. | Corporate Advances | 7 |
| VI. | FAIR DEALING WITH CUSTOMERS, SUPPLIERS, COMPETITORS AND ASSOCIATES | FAIR DEALING WITH CUSTOMERS, SUPPLIERS, COMPETITORS AND ASSOCIATES | 8 |
|  | A. | Giving Gifts | 8 |
|  | B. | Receiving Gifts | 8 |
|  | C. | Unfair Competition | 9 |
|  | D. | Antitrust Concerns | 9 |
|  | E. | Unfair Practices in International Business | 11 |
| VII. | GOVERNMENT RELATIONS | GOVERNMENT RELATIONS | 11 |
|  | A. | Government Procurement and Funding | 11 |
|  | B. | Payments to Officials | 11 |
|  | C. | Political Contributions | 11 |
| VIII. | COMPLIANCE WITH LAWS, RULES AND REGULATIONS | COMPLIANCE WITH LAWS, RULES AND REGULATIONS | 12 |
|  | A. | Insider Trading Policy | 12 |
|  | B. | Equal Employment Opportunity | 12 |
|  | C. | Sexual Harassment Policy | 12 |
|  | D. | Health, Safety & Environment Laws | 13 |
| IX. | QUESTIONS UNDER THE CODE AND WAIVER PROCEDURES | QUESTIONS UNDER THE CODE AND WAIVER PROCEDURES | 13 |
| X. | FREQUENTLY ASKED QUESTIONS AND ANSWERS (FAQ'S) REGARDING REPORTING VIOLATIONS UNDER THE CODE, WHISTLEBLOWER POLICY AND WHISTLEBLOWER COMPLIANCE WEBSITE | FREQUENTLY ASKED QUESTIONS AND ANSWERS (FAQ'S) REGARDING REPORTING VIOLATIONS UNDER THE CODE, WHISTLEBLOWER POLICY AND WHISTLEBLOWER COMPLIANCE WEBSITE | 13 |
| APPENDIX A ASSOCIATE'S AGREEMENT TO COMPLY | APPENDIX A ASSOCIATE'S AGREEMENT TO COMPLY | APPENDIX A ASSOCIATE'S AGREEMENT TO COMPLY | 16 |

---

iii

**I.** **WHISTLEBLOWER POLICY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Obligation to Report Violations or Suspected Violations** 

Any associate having any information or knowledge regarding the existence of any violation or suspected violation of the Code has a duty to report the violation or suspected violation on the Whistleblower Compliance Website (the contact details for which are below), the Corporate Compliance Officer or the chairperson of the Audit Committee. Associates are also encouraged to raise any issues or concerns regarding the Company's business or operations. Failure to report a suspected or actual violation is itself a violation of the Code and may subject the associate to disciplinary action, up to and including termination of employment or other relationship with the Company or, potentially, legal action. Reports may be made on a completely confidential and anonymous basis. To the extent any investigation is necessitated by a report, the Company will endeavor to keep the proceedings and the identity of the reporting associate confidential, except to the extent disclosure is required by law, regulation or court order or is necessary to permit a complete investigation of such report.

Individuals should consider leaving, but are not required to leave, their name or a contact number when submitting a report. Such information may facilitate a more thorough and efficient investigation. The Corporate Compliance Officer will strive to maintain the integrity and confidentiality of all compliance-related communications. However, in certain circumstances, the identity of the person reporting the issue may become known or may need to be revealed, particularly if federal or state enforcement authorities become involved in the investigation. The Company cannot guarantee confidentiality, particularly when material evidence of a violation of the law is disclosed or if the person is identified during the normal course of an investigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Whistleblower Compliance Website for Confidential and Anonymous Reporting** 

If you are aware of any breach of the Code, you are obligated to report violations on the Whistleblower Compliance Website, or to the Corporate Compliance Officer or to the chairperson of the Audit Committee. The Whistleblower Compliance Website is operated by a third party service provider, which the Company has engaged to receive such reports, the contact details for which are below. You may make such reports on a completely anonymous and confidential basis by reporting complaints on the Whistleblower Compliance Website. Associates may report on the Whistleblower Compliance Website any concerns he or she may have with respect to the Company, including, but not limited to, concerns with the Company's business or operations, suspected violations of the Code, securities or antifraud laws, accounting issues, any law relating to fraud against stockholders, or any other issue concerning the Company or such associate's employment or other relationship with the Company. Reports made on the Whistleblower Compliance Website will, in turn, be provided directly to the Corporate Compliance Officer and the Audit Committee on an anonymous (to the extent the report was made anonymously) and confidential basis. The confidential third party Whistleblower Compliance Website may be reached 24 hours a day, 7 days a week at https://investors.drop.car/.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Anti-Retaliation Pledge** 

Any associate who in good faith (a) reports a suspected violation under the Code by any associate, or by the Company or its agents acting on its behalf, or (b) raises issues or concerns regarding the Company's business or operations, in either case on the Whistleblower Compliance Website, or to the Corporate Compliance Officer, to any other member of the Compliance Committee or to the chairperson of the Audit Committee, may not be fired, demoted, reprimanded or otherwise harmed for, or because of, the reporting of the suspected violation, issue or concern, regardless of whether the suspected violation, issue or concern involves the associate, his or her supervisor or senior management of the Company.

In addition, any associate who in good faith reports a suspected violation under the Code that he or she reasonably believes constitutes a violation of a federal statute by the Company, or its agents acting on its behalf, to a federal regulatory or law enforcement agency may not be reprimanded, discharged, demoted, suspended, threatened, harassed or in any manner discriminated against in the terms and conditions of his or her employment for, or because of, the reporting of the suspected violation, regardless of whether the suspected violation involves the associate, his or her manager or senior management of the Company.

**II.** **IMPLEMENTATION OF THE CODE** 

The following questions and answers address the Company's implementation of the Code. The Company has attempted to design procedures that promote confidentiality, anonymity and, most importantly, freedom from the fear of retaliation for complying with and reporting violations under the Code. In addition, each associate shall be required from time to time to sign the Associate's Agreement to Comply with the Code in substantially the form attached as <u>Appendix A</u> hereto.

**Q: Who is responsible for administering, updating and enforcing the Code?**

A: The Board has appointed a Corporate Compliance Officer to administer, update and enforce the Code. Ultimately, the Board of Directors of the company must ensure that the Corporate Compliance Officer and the Compliance Committee fulfill their responsibilities.

The Corporate Compliance Officer has overall responsibility for overseeing the implementation of the Code. Specific responsibilities of the position are to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Develop
 the Code based on legal requirements, regulations and ethical considerations that are raised
 in the company's operations;

2. Ensure
 that the Code is distributed to all associates and that all associates acknowledge the principles
 of the Code;

3. Work
 with the Audit Committee to provide a reporting mechanism so that associates have a confidential
 and anonymous method of reporting not only suspected violations of the Code but concerns
 regarding federal securities or antifraud laws, accounting issues, or any federal law relating
 to fraud against stockholders;

4. Implement
 a training program to ensure that associates are aware of and understand the Code;

5. Audit
 and assess compliance with the Code;

6. Serve
 as a point person for reporting violations and asking questions under the Code; and

7. Revise
 and update the Code as necessary to respond to detected violations and changes in the law.

The Corporate Compliance Officer will provide a summary of all matters considered under the Code to the Board of Directors or a committee thereof at each regular meeting thereof, or sooner if warranted by the severity of the matter. All proceedings and the identity of the person reporting will be kept confidential to the extent required by applicable law.

**Q: How can I contact the Corporate Compliance Officer?**

**A:** The name, phone number and email address of the initial Corporate Compliance Officer is listed below. The Corporate Compliance Officer can assist you in answering questions or reporting violations or suspected violations under the Code.

Kevin O'Donnell Compliance@Eightco

Holdings.com

The Corporate Compliance Officer may change from time to time. You are encouraged to consult the copy of the Code that is included on the Company's website to obtain the most current information.

**III.** **GENERAL REQUIREMENTS** 

Each of us is expected to be honest, fair, and accountable in all business dealings and obligations, and to ensure:

● the ethical handling of conflicts of interest between personal and professional relationships;

● full, fair, accurate, timely and understandable disclosure in the reports required to be filed by the Company with the Securities and Exchange Commission (the "SEC") and in other public communications made by the Company; and

● compliance with applicable governmental laws, rules and regulations.

**IV.** **CONFLICTS OF INTEREST** 

Associates should avoid any situation that may involve, or even appear to involve, a conflict between their personal interests and the interests of the Company. In dealings with current or potential customers, suppliers, contractors, and competitors, each associate should act in the best interests of the Company to the exclusion of personal advantage. Immediate family members of associates, executive officers and directors are also covered in certain circumstances. For purposes of this section, an "immediate family member" in respect of any person means any child, stepchild, parent, stepparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law of such person, and any person (other than a tenant or employee) sharing the household of such person.

Associates and, in certain circumstances, their immediate family members, are prohibited from any of the following activities which could represent an actual or perceived conflict of interest:

● No associate or immediate family member of an associate shall have a financial interest in, or significant obligation to, any outside enterprise which does or seeks to do business with the Company or which is an actual or potential competitor of the Company, without prior approval of the Corporate Compliance Officer and the Company's Chief Executive Officer or, in the case of executive officers or members of the Board, without prior approval of the Board or a committee thereof; provided however, that this provision shall not prevent any associate from investing in any mutual fund or owning up to 1% of the outstanding stock of any publicly traded company.

● No associate shall conduct business on the Company's behalf with an outside enterprise which does or seeks to do business with the Company if an immediate family member of such associate is a principal or officer of such enterprise, or an employee of such enterprise who will play a significant role in the business done or to be done between the Company and such enterprise, without prior approval of the Corporate Compliance Officer and the Company's Chief Executive Officer or, in the case of executive officers or members of the Board, without prior approval of the Board or a committee thereof.

● No executive officer or employee of the Company, or immediate family member of an executive officer or employee of the Company, shall serve as a director, officer or in any other management or consulting capacity of any actual competitor of the Company.

● No director or immediate family member of a director shall serve as a director, officer or in any other management or consulting capacity of any actual competitor of the Company, without prior approval of the Board or a committee thereof.

● No associate shall use any Company property or information or his or her position at the Company for his or her personal gain.

● No associate shall engage in activities that are directly competitive with those in which the Company is engaged.

● No associate shall divert a business opportunity from the Company to his or her own benefit. If an associate becomes aware of an opportunity to acquire or profit from a business opportunity or investment in which the Company is or may become involved or has or may have an existing interest, the associate should disclose the relevant facts to the Corporate Compliance Officer. The associate may proceed to take advantage of such opportunity only if the Company is unwilling or unable to take advantage of such opportunity as notified in writing by the Corporate Compliance Officer.

● No associate or immediate family member of an associate shall receive any loan or advance from the Company or be the beneficiary of a guarantee by the Company of a loan or advance from a third party, except for customary advances or corporate credit in the ordinary course of business or approved by the Corporate Compliance Officer and the Company's Chief Executive Officer. Please see Section V.F. below, "Corporate Advances," for more information on permitted corporate advances.

In addition, the Audit Committee will review and approve, in advance, all related-person transactions, as required by the SEC, The Nasdaq Stock Market or any other regulatory body to which the Company is subject from time to time.

Each associate should make prompt and full disclosure in writing to the Corporate Compliance Officer of any situation that may involve a conflict of interest. Failure to disclose any actual or perceived conflict of interest is a violation of the Code.

**V.** **PROTECTION AND PROPER USE OF COMPANY ASSETS** 

Proper protection and use of Company assets and assets entrusted to it by others, including proprietary information, is a fundamental responsibility of each associate of the Company. Associates must comply with security programs to safeguard such assets against unauthorized use or removal, as well as against loss by criminal act or breach of trust. The provisions hereof relating to protection of the Company's property also apply to property of others entrusted to it (including proprietary and confidential information).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Proper Use of Company Property** 

The removal from the Company's facilities of the Company's property is prohibited, unless authorized by the Company or for the purpose of carrying out the Company's business. This applies to furnishings, equipment, and supplies, as well as property created or obtained by the Company for its exclusive use – such as vendor lists, files, personnel information, reference materials and reports, computer software, data processing programs and data bases. Neither originals nor copies of these materials may be removed from the Company's premises, except for the purpose of out the Company's business, or used for purposes other than the Company's business without prior written authorization from the Corporate Compliance Officer and the Company's Chief Executive Officer.

The Company's products and services are its property; contributions made by any associate to their development and implementation are the Company's property and remain the Company's property even if the associate's employment or other relationship with the Company terminates.

Each associate has an obligation to use the time for which he or she receives compensation from the Company productively. Work hours should be devoted to activities directly related to the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Confidential Information** 

The Company provides its associates with confidential information relating to the Company and its business with the understanding that such information is to be held in confidence and not communicated to anyone who is not authorized to see it, except as may be required by law. The types of information that each associate must safeguard include, by way of example only, to the extent unannounced or otherwise nonpublic, the Company's plans and business strategy; inventions, discoveries, results, protocols or other similar information; products; products under development; technology; hardware; software; intellectual property, regulatory, corporate partnering or M&A information, developments, prospects or communications; contracts; sales data; significant projects; customer and supplier lists; trade secrets; manufacturing techniques and sensitive financial information, in each case whether in electronic or paper format ("Confidential Information"). These are costly, valuable resources developed for the exclusive benefit of the Company. Without the prior written consent of the appropriate authority, an employee shall not, directly or indirectly, use for his or her own account, use for any other purpose, acquire, access, copy, disclose to anyone, publish, exploit, destroy, modify or remove from the offices of the Company, nor solicit, allow or assist another person or entity to use, acquire, access, copy, disclose, publish, exploit, destroy, modify or remove from the offices of the Company, any Confidential Information or part thereof, except: (1) as permitted in the proper performance of his or her duties for the Company; (2) as permitted in the ordinary course of the Company's business for the benefit of the Company; (3) as permitted by applicable law or regulation where such employee believes a violation of applicable law or regulation has occurred (as set forth in more detail in the No Interference and Immunity Policy below); or (4) as otherwise required by applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **No Interference and Immunity** 

Notwithstanding any other provision of the Confidential Information policy discussed above or any other policy or written agreement of the Company (including, without limitation, any confidentiality/non- disclosure provision of an employment agreement between an employee and the Company), an employee may disclose Confidential Information of the Company when required to do so by a court of competent jurisdiction, by any governmental agency having authority over the employee or the business of the company or by any administrative body or legislative body (including a committee thereof) with jurisdiction to order the employee to divulge, disclose, or make accessible such information. In addition, nothing in this handbook, including, without limitation, the confidentiality policy, or any other policy or written agreement of the Company (including, without limitation, any employment agreement between an employee and the company), is intended to interfere with an employee's right to (i) report possible violations of federal, state or local law or regulation to any governmental agency or entity charged with the enforcement of any such laws; (ii) make other disclosures that are protected under the whistleblower provisions of federal, state, or local law or regulation; (iii) file a claim or charge with the Equal Employment Opportunity Commission ("EEOC"), any state human rights commission, or any other governmental agency or entity; or (iv) testify, assist, or participate in an investigation, hearing, or proceeding conducted by the EEOC, any state human rights commission, any other governmental or law enforcement agency or entity, or any court. In making or initiating any such reports or disclosures, or engaging in any of the conduct set forth in the preceding sentence, an employee may disclose Confidential Information to the extent necessary to such governmental or law enforcement agency or entity or such court, need not seek prior authorization from the Company, and is not required to notify the company of any such reports, disclosures or conduct.

All employees of the Company are hereby notified in accordance with the Defend Trade Secrets Act of 2016 that no employee will be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding. If an employee files a lawsuit for retaliation against the Company for reporting a suspected violation of law, the employee may disclose the Company's trade secrets to the employee's attorney and use the trade secret information in the court proceeding if the employee files any document containing the trade secret under seal, and does not disclose the trade secret, except pursuant to court order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Accurate Records and Reporting** 

Under law, the Company is required to keep books, records and accounts that accurately and fairly reflect all Company transactions, dispositions of assets and other events that are the subject of specific regulatory record keeping requirements, including generally accepted accounting principles and other applicable rules, regulations and criteria for preparing financial statements and for preparing periodic reports filed with the SEC. All Company reports, accounting records, sales reports, expense accounts, invoices, purchase orders, and other documents must accurately and clearly represent the relevant facts and the true nature of transactions. Reports and other documents should state all material facts of a transaction and not omit any information that would be important in interpreting such report or document. Under no circumstance shall there be any unrecorded liability or fund of the Company, regardless of the purposes for which the liability or fund may have been intended, or any improper or inaccurate entry knowingly made on the books or records of the Company. No payment on behalf of the Company may be approved or made with the intention, understanding or awareness that any part of the payment is to be used for any purpose other than that described by the documentation supporting the payment. In addition, intentional accounting misclassifications (e.g., expense versus capital) and intentional improper acceleration or deferral of expenses or revenues are unacceptable reporting practices that are expressly prohibited.

The Company has developed or will develop and maintain (a) a system of internal controls to provide reasonable assurance that transactions are executed in accordance with management's authorization, are properly recorded and posted and are in compliance with regulatory requirements and (b) disclosure controls and procedures to ensure that all of the information required to be disclosed by the Company in the reports that it files or submits under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified by the SEC's rules and forms.

Associates are expected to be familiar with, and to adhere strictly to, these internal controls and disclosure controls and procedures, in each case to the extent applicable to their roles at the Company. For clarity, responsibility for compliance with these internal controls and disclosure controls and procedures rests not solely with the Company's accounting personnel, but with all associates involved in approving transactions, supplying documentation for transactions, and recording, processing, summarizing and reporting of transactions and other information required by periodic reports filed with the SEC. **Because the integrity of the Company's external reports to stockholders and the SEC depends on the integrity of the Company's internal reports and recordkeeping, all associates must adhere to the highest standards of care with respect to our internal records and reporting. The Company is committed to full, fair, accurate, timely, and understandable disclosure in its periodic reports required to be filed with the SEC.**

Any associate who believes the Company's books and records are not in accord with these requirements should immediately report the matter on the Whistleblower Compliance Website, or to the Corporate Compliance Officer or the chairperson of the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Document Retention** 

Numerous federal and state statutes require the proper retention of many categories of records and documents that are commonly maintained by companies. In consideration of those legal requirements and the Company's business needs, all associates must maintain records in accordance with these laws and any records retention policy that the Company may adopt from time to time.

Any record, in paper or electronic format, relevant to a threatened, anticipated or actual internal or external inquiry, investigation, matter or lawsuit may not be discarded, concealed, falsified, altered or otherwise made unavailable after the associate in possession of such record has become aware of the existence of such threatened, anticipated or actual internal or external inquiry, investigation, matter or lawsuit.

When in doubt regarding retention of any record, do not discard or alter the record in question and instead seek guidance from the Corporate Compliance Officer. Associates should also direct all questions regarding document retention and related procedures to the Corporate Compliance Officer. **In addition, from time to time, the Company may adopt additional specific written policies and procedures with respect to document retention or amend existing policies and procedures. All associates will be notified if such policies and procedures are adopted or if existing policies and procedures are amended.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Corporate Advances** 

Under law, the Company may not loan money to associates except in limited circumstances. It shall be a violation of the Code for any associate to advance Company funds to any other associate or to himself or herself except for usual and customary business advances for legitimate corporate purposes that are approved by a manager or pursuant to any corporate credit card for usual and customary, legitimate business purposes. It is the Company's policy that any advance to an associate over $5,000 be approved in advance by the Corporate Compliance Officer and the Company's Chief Executive Officer.

Any Company credit cards are to be used only for authorized, legitimate business purposes. An associate will be responsible for any unauthorized charges to a Company credit card.

**VI.** **FAIR DEALING WITH CUSTOMERS, SUPPLIERS, COMPETITORS AND ASSOCIATES** 

The Company does not seek to gain any advantage through the improper use of favors or other inducements. Good judgment and moderation must be exercised to avoid misinterpretation and adverse effect on the reputation of the Company or associates. Offering, giving, soliciting or receiving any form of bribe to or from a vendor, service provider, supplier or regulatory official to influence its conduct is strictly prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Giving Gifts** 

Cash or cash-equivalent gifts must not be given by any associate to any person or enterprise. Gifts, favors and entertainment may be given to non-governmental employees if what is given:

● is consistent with customary business practice;

● is not excessive in value and cannot be construed as a bribe or pay-off;

● is not in violation of applicable law or ethical standards; and

● will not embarrass the Company or any associate if publicly disclosed.

See also subsection E below for considerations relating to gifts to foreign officials and Section VII. B below for considerations relating to gifts to government employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Receiving Gifts** 

Gifts, favors, entertainment or other inducements may not be accepted by associates or members of their immediate families from any person or organization that does or seeks to do business with, or is a competitor of, the Company, except as common courtesies usually associated with customary business practices. If the gift is of more than token value, the Corporate Compliance Officer and the Company's Chief Executive Officer must approve its acceptance.

**An especially strict standard applies when suppliers are involved. If a gift unduly influences or makes an associate feel obligated to "pay back" the other party with business, receipt of the gift is unacceptable.**

**It is never acceptable to accept a gift in cash or cash equivalent. Even cash gifts of token value must be declined and returned to the sender.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Unfair Competition** 

Although the free enterprise system is based upon competition, rules have been imposed providing what can and what cannot be done in a competitive environment. The following practices can lead to liability for "unfair competition" and should be avoided. They are violations of the Code.

*Disparagement of Competitors.* It is not illegal to point out weaknesses in a competitor's product, service or operation; however, associates may not spread false rumors about competitors or make misrepresentations about their businesses. For example, an associate may not pass on anecdotal or unverified stories about a competitor's product, service or operation as the absolute truth.

*Disrupting a Competitor's Business.* This includes bribing a competitor's employees, posing as prospective customers or using deceptive practices such as enticing away employees in order to obtain secrets or destroy a competitor's organization.

*Misrepresentations of Price and Product*. Lies or misrepresentations about the nature, quality or character of any Company product or service are both illegal and contrary to Company policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Antitrust Concerns** 

Federal and state antitrust laws are intended to preserve the free enterprise system by ensuring that competition is the primary regulator of the economy. Every corporate decision that involves customers, competitors, and business planning with respect to output, sales and pricing raises antitrust issues.

Compliance with the antitrust laws is in the public interest, in the interest of the business community at large, and in the Company's interest.

Failing to recognize antitrust risk is costly. Antitrust litigation can be very expensive and time consuming. Moreover, violations of the antitrust laws can, among other things, subject you and the Company to the imposition of injunctions, treble damages and heavy fines. Criminal penalties may also be imposed, and individual associates can receive heavy fines or even be imprisoned. For this reason, antitrust compliance should be taken seriously at all levels within the Company.

A primary focus of antitrust laws is on dealings between competitors. In all interactions with actual or potential competitors, associates must follow these rules:

● Never agree with a competitor or a group of competitors to charge the same prices or to use the same pricing methods, to allocate services, customers, private or governmental payor contracts, territories or on any other improper basis, to boycott or refuse to do business with a provider, vendor, payor or any other third party, or to refrain from the sale or marketing of, or limit the supply of, particular products or services.

● Never discuss past, present, or future prices, pricing policies, bundling, discounts or allowances, royalties, terms or conditions of sale, costs, choice of customers, territorial markets, production quotas, allocation of customers or territories, or bidding on a job with a competitor.

● Be careful of your conduct. An "agreement" that violates the antitrust laws may be not only a written or oral agreement, but also a "gentlemen's agreement" or a tacit understanding. Such an "agreement" need not be in writing. It can be inferred from conduct, discussions or communications of any sort with a representative of a competitor.

● Make every output- and sales-related decision (pricing, volume, etc.) independently, in light of costs and market conditions and competitive prices.

● Carefully monitor trade association activity. These forums frequently create an opportunity for competitors to engage in antitrust violations.

Another focus of antitrust law is how a company deals with customers, suppliers, contractors and other third parties. The following practices could raise issues, and associates should always consult with the Corporate Compliance Officer before doing any of the following:

● refusing to sell to any customer or prospective customer;

● conditioning a sale on the customer's purchasing another product or service, or on not purchasing the product of a competitor;

● agreeing with a customer on a minimum or maximum resale price of our products;

● imposing restrictions on the geographic area to which our customers may resell our products;

● requiring a supplier to purchase products from the Company as a condition of purchasing products from that supplier;

● entering into an exclusive dealing arrangement with a supplier or customer; or

● offering different prices, terms, services or allowances to different customers who compete or whose customers compete in the distribution of commodities.

If the Company has a dominant or potentially dominant position with respect to a particular product or market, especially rigorous standards of conduct must be followed. In these circumstances, associates should:

● Consult with the Corporate Compliance Officer before selling at unreasonably low prices or engaging in any bundling practices; and

● Keep the Corporate Compliance Officer fully informed of competitive strategies and conditions in any areas where the Company may have a significant market position.

Finally, always immediately inform the Corporate Compliance Officer if local, state or federal law enforcement officials request information from the Company concerning its operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Unfair Practices in International Business** 

Under the Foreign Corrupt Practices Act ("**FCPA**"), associates are prohibited from making certain gifts to foreign officials. "Foreign officials" include not only persons acting in an official capacity on behalf of a foreign government, agency, department or instrumentality, but also representatives of international organizations, foreign political parties and candidates for foreign public office. The gift is "corrupt" under the FCPA if it is made for the purpose of:

● influencing any act or decision of a foreign official in his official capacity;

● inducing a foreign official to do or omit to do any act in violation of his lawful duty;

● inducing a foreign official to use his position to affect any decision of the government; or

● inducing a foreign official to secure any "improper advantage."

A gift is still "corrupt" even when paid through an intermediary. Any associate who has any questions whatsoever as to whether a particular gift might be "corrupt" under the FCPA, please contact the Corporate Compliance Officer.

**VII.** **GOVERNMENT RELATIONS** 

Associates must adhere to the highest standards of ethical conduct in all relationships with government employees and must not improperly attempt to influence the actions of any public official.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Government Procurement and Funding** 

The U.S. government, governments of other countries and many state, regional and local governments have adopted comprehensive laws and regulations governing the purchase of products from private contractors or the provision of funds to the private sector for research and development. These laws and regulations are intended to assure that governmental entities receive pricing, terms, and conditions equivalent to those granted to the Company's most favored commercial counterparties and that there is full and open competition in contracting.

When selling products or services to, or seeking funding from, government agencies, the Company is accountable for complying with all applicable laws, regulations and other requirements. Certifications to, and contracts with, government agencies are to be signed by an associate authorized by the Board to sign such documents, based upon knowledge that all requirements have been fully satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Payments to Officials** 

Payments or gifts shall not be made directly or indirectly to any government official or other government associate if the gift or payment is illegal under the laws of the country having jurisdiction over the transaction, or if it is for the purpose of influencing or inducing the recipient to do, or omit to do, any act in violation of his or her lawful duty. Under no circumstances should gifts be given to any government employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Political Contributions** 

Company funds, property or services may not be contributed to any political party or committee, or to any candidate for or holder of any office of any government. This policy does not preclude, where lawful, company expenditures to support or oppose public referendum or separate ballot issues, or, where lawful and when reviewed and approved in advance by the Corporate Compliance Officer and the Company's Chief Executive Officer, the formation and operation of a political action committee.

**VIII.** **COMPLIANCE WITH LAWS, RULES AND REGULATIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Insider Trading Policy** 

The Company expressly forbids any associate from trading on material nonpublic information or communicating material nonpublic information to others in violation of the law. This conduct is frequently referred to as "insider trading." This policy applies to every associate and extends to activities both within and outside their duties to the Company, including trading for a personal account.

The concept of who is an "insider" is broad. It includes officers, directors and employees of a company. In addition, a person can be a "temporary insider" if he or she enters into a special confidential relationship in the conduct of a company's affairs and as a result is given access to information solely for the company's purpose. A temporary insider can include, among others, a company's investment advisors, agents, attorneys, accountants and lending institutions, as well as the employees of such organizations. One may also become a temporary insider of *another company* with which the Company has a contractual or other relationship.

Trading while aware of inside information is not a basis for liability unless the information is material. Generally, this is information that a reasonable investor would consider important in making his or her investment decisions or information that is likely to have a significant effect on the price of a company's securities.

Information is nonpublic until it has been effectively communicated to the marketplace. Tangible evidence of such dissemination is the best indication that the information is public. For example, information found in a report filed with the SEC or appearing in a national newspaper would be considered public.

Each associate should be familiar with and abide by the Company's Insider Trading Policy. A copy of this policy is given to all new associates and is available from the Human Resources Department or the Corporate Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Equal Employment Opportunity** 

The Company makes employment-related decisions without regard to a person's race, color, religious creed, age, sex, sexual orientation, marital status, national origin, ancestry or any other legally protected status. "Employment decisions" generally mean decisions relating to hiring, recruiting, training, promotions and compensation, but the term may encompass other employment actions as well.

The Company encourages its associates to bring any problem, complaint or concern regarding any alleged employment discrimination to the attention of the Chief of Staff or the Corporate Compliance Officer. Associates who have concerns regarding conduct they believe is discriminatory should also feel free to make a report on the Whistleblower Compliance Website, or to the Corporate Compliance Officer or to the chairperson of the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Sexual Harassment Policy** 

The Company is committed to maintaining a collegial work environment in which all individuals are treated with respect and dignity and which is free of sexual harassment. In keeping with this commitment, the Company will not tolerate sexual harassment of associates by anyone, including any manager, coworker, director, consultant, vendor, supplier or customer, whether in the workplace, at assignments outside the workplace, at Company-sponsored social functions or elsewhere.

Each associate should be familiar with and abide by the Company's Sexual Harassment Policy. A copy of this policy is given to all associates and is available from the Human Resources Department or the Corporate Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Health, Safety & Environment Laws** 

Health, safety, and environmental responsibilities are fundamental to the Company's values. Associates are responsible for ensuring that the Company complies with all provisions of the health, safety, and environmental laws of each country in which the Company has operations.

The penalties that can be imposed against the Company and associates for failure to comply with health, safety, and environmental laws can be substantial and include imprisonment and fines.

**IX.** **QUESTIONS UNDER THE CODE AND WAIVER PROCEDURES** 

Each associate is encouraged to consult with the Corporate Compliance Officer about any uncertainty or questions he or she may have about the Code.

If any situation should arise where a course of action would likely result in a violation of the Code but for which you think a valid reason for the course of action exists, you should contact the Corporate Compliance Officer to obtain a waiver prior to the time the action is taken. You should never pursue a course of action that is unclear under the Code without first consulting the Corporate Compliance Officer, and, if necessary, obtaining a waiver from the Code. Except as noted below, the Corporate Compliance Officer will review all the facts surrounding the proposed course of action, consult with the Company's Chief Executive Officer and determine whether a waiver from any policy in the Code should be granted.

*Waiver Procedures for Executive Officers and Directors.* Waiver requests by an executive officer or member of the Board shall be referred by the Corporate Compliance Officer to the Board or a committee thereof for consideration. If either (i) a majority of the independent directors on the Board or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a committee comprised solely of independent directors agrees that the waiver should be granted, it will be granted and, to the extent required by the rules of the SEC or The Nasdaq Stock Market, disclosed publicly. If the Board denies the request for a waiver, the waiver will not be granted and the associate shall not pursue the intended course of action.

**Waivers from the Code will be granted only in limited and extraordinary circumstances.**

**X.** **FREQUENTLY ASKED QUESTIONS AND ANSWERS (FAQ'S) REGARDING REPORTING VIOLATIONS UNDER THE CODE, WHISTLEBLOWER POLICY AND WHISTLEBLOWER COMPLIANCE WEBSITE** 

The following questions and answers address each associate's obligation to comply with the Code. The Company has attempted to design procedures that promote confidentiality and, most importantly, freedom from the fear of retaliation for complying with and reporting violations under the Code.

**Q: Do I have a duty to report violations under the Code?**

**A:** Yes, participation in the Code is mandatory. You must immediately report any violation or suspected violation of the Code on the Whistleblower Compliance Website, or to the Corporate Compliance Officer or to the chairperson of the Audit Committee. The Company will endeavor to keep reports confidential, except to the extent disclosure is required by law, regulation or court order or is necessary to permit a complete investigation of such report. Failure to report violations or suspected violations is itself a violation of the Code and may subject you to disciplinary action, up to and including termination of employment or other relationship with the Company or, potentially, legal action.

**Q: I'm afraid of being fired for raising questions or reporting violations under the Code. Will I be risking my job if I do?**

**A:** The Code contains a clear anti-retaliation pledge, meaning that if you in good faith report a violation of the Code by any associate, or by the Company or its agents acting on its behalf, on the Whistleblower Compliance Website, or to the Corporate Compliance Officer or to the chairperson of the Audit Committee, you will not be fired, demoted, reprimanded or otherwise harmed for reporting the violation, even if the violation involves you, your manager, or senior management of the Company. Note however that, although you will not be disciplined for reporting a violation, you may be subject to discipline if you are involved in the underlying conduct or violation. You are entitled to make the report on a confidential and anonymous basis. To the extent an investigation must be initiated, the Company will endeavor to keep confidential any report you make, except to the extent disclosure is required by law, regulation or court order or is necessary to permit a complete investigation of such report.**

In addition, if you in good faith report a suspected violation under the Code that you reasonably believe constitutes a violation of a federal statute by any associate, or by the Company or its agents acting on its behalf, to a federal regulatory or law enforcement agency, you may not be reprimanded, discharged, demoted, suspended, threatened, harassed or in any manner discriminated against in the terms and conditions of your employment for reporting the suspected violation, regardless of whether the suspected violation involves you, your manager or senior management of the Company.

Individuals should consider leaving, but are not required to leave, their name or a contact number when submitting a report. Such information may facilitate a more thorough and efficient investigation. The Corporate Compliance Officer will strive to maintain the integrity and confidentiality of all compliance-related communications. However, in certain circumstances, the identity of the person reporting the issue may become known or may need to be revealed, particularly if federal or state enforcement authorities become involved in the investigation. The Company cannot guarantee confidentiality when material evidence of a violation of the law is disclosed.

Nothing in the Code prohibits you from reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the SEC, the Congress, and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal law or regulation. You do not need the prior authorization of the Corporate Compliance Officer or any other party to make any such reports or disclosures and you are not required to notify the Company that you have made such reports or disclosures.

**Q: How are suspected violations investigated under the Code?**

**A:** When a suspected violation is reported on the Whistleblower Compliance Website, or to the Corporate Compliance Officer, the Corporate Compliance Officer (or his or her delegate) will gather information about the allegation by interviewing the associate reporting the suspected violation, the associate who is accused of the violation or any co-workers or associates of the accused associates to determine if a factual basis for the allegation exists. The reporting associate's immediate manager will not be involved in the investigation if the reported violation involved that manager. The Company will endeavor to keep the identity of the reporting associate confidential, except to the extent disclosure is required by law, regulation or court order or is necessary to permit a complete investigation of such report.

If the report is not substantiated, the reporting associate will be informed and at that time will be asked for any additional information not previously communicated. If there is no additional information, the Corporate Compliance Officer will close the matter as unsubstantiated.

If the allegation is substantiated, the Corporate Compliance Officer and the Company's Chief Executive Officer will make a judgment as to the degree of severity of the violation and the appropriate disciplinary response. In more severe cases, the Corporate Compliance Officer will refer the matter to the Board. The Board's decision as to disciplinary and corrective action will be final. In the case of less severe violations, the Corporate Compliance Officer may refer the violation to the individual's manager for appropriate disciplinary action.

The Corporate Compliance Officer shall provide a summary of all matters considered under the Code to the Board or a committee thereof at each regular meeting thereof, or sooner if warranted.

**Q: Do I have to participate in any investigation under the Code?**

**A:** Your full cooperation with any pending investigation under the Code is a condition of your continued employment or other relationship with the Company. The refusal to cooperate fully with any investigation is a violation of the Code and grounds for discipline, up to and including termination.

**Q: What are the consequences of violating the Code?**

**A:** As explained above, associates who violate the Code may be subject to discipline, up to and including termination of employment or other relationship with the Company or, potentially, legal action. Associates who violate the Code may simultaneously violate federal, state, local or foreign laws, regulations or policies. Such associates may be subject to prosecution, imprisonment and fines, and may be required to make reimbursement to the Company, the government or any other person for losses resulting from the violation. They may be subject to punitive or treble damages depending on the severity of the violation and applicable law.

**Q: What if I have questions under the Code or want to obtain a waiver under any provision of the Code?**

**A:** The Corporate Compliance Officer can help answer questions you may have under the Code. In addition, Section IX of the Code provides information on how you may obtain a waiver from the Code. Waivers will be granted only in very limited circumstances. You should never pursue a course of action that is unclear under the Code without first consulting the Corporate Compliance Officer and, if necessary, obtaining a waiver from the Code.

**APPENDIX A**

**ASSOCIATE'S AGREEMENT TO COMPLY**

I have read the Eightco Holdings, Inc. Corporate Code of Conduct and Ethics and Whistleblower Policy (the "Code"). I have obtained an interpretation of any provision about which I had a question. I agree to abide by the provisions of the Code. Based on my review, I acknowledge that

---

| | |
|:---|:---|
| _______ | To the best of my knowledge, I am not in violation of, or aware of any violation by others of, any provision contained in the Code; |
|  | OR |
| _______ | I have made a full disclosure on the reverse side of this acknowledgement of the facts regarding any possible violation of the provisions set forth in the Code. |

---

In addition, I understand that I am required to report any violation or suspected violation of the Code and that I may make such reports on a fully anonymous basis through the mechanisms described in this Code. I understand that I am required to cooperate fully with the Company in connection with the investigation of any suspected violation. I understand that my failure to comply with the Code or its procedures may result in disciplinary action, up to and including termination of employment or other relationship with the Company or, potentially, legal action.

By:   Date:   <br> Name (Please print): <br> Department/Location:

## Exhibit 23.1

**Exhibit 23.1**

<u>Consent of Independent Registered Public Accounting Firm</u>

We hereby consent to the incorporation by reference in the Registration Statements on Form S-8 of Eightco Holdings, Inc., of our report dated April 14, 2026, relating to the consolidated financial statements of Eightco Holdings Inc. as of December 31, 2025 and for the year ended December 31, 2025.

/s/ Stephano Slack LLC

Wayne, Pennsylvania

April 14, 2026

## Exhibit 31.1

**EXHIBIT 31.1**

**EIGHTCO HOLDINGS INC.**

**CERTIFICATION PURSUANT TO RULE 13a-14 OR 15d-14 OF**

**THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, AS ADOPTED PURSUANT TO SECTION 302 OF THE**

**SARBANES-OXLEY ACT OF 2002**

I, Kevin O'Donnell, certify that:

1. I
 have reviewed this annual report on Form 10-K of Eightco Holdings Inc.;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
 to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
 the period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
 respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
 this report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
 (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The
 registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
 financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or
 persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: April 14, 2026 | */s/ Kevin O'Donnell* |
|  | Kevin O'Donnell |
|  | Chief Executive Officer |
|  | (Principal Executive Officer) |

---

## Exhibit 31.2

**EXHIBIT 31.2**

**EIGHTCO HOLDINGS INC.**

**CERTIFICATION PURSUANT TO RULE 13a-14 OR 15d-14 OF**

**THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, AS ADOPTED PURSUANT TO SECTION 302 OF THE**

**SARBANES-OXLEY ACT OF 2002**

I, Brett Vroman, certify that:

1. I
 have reviewed this annual report on Form 10-K of Eightco Holdings Inc.;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
 to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
 the period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
 respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
 this report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
 (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The
 registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
 financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or
 persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: April 14, 2026 | */s/ Brett Vroman* |
|  | Brett Vroman |
|  | Chief Financial Officer |
|  | (Principal Financial Officer) |

---

## Exhibit 32.1

**EXHIBIT 32.1**

**EIGHTCO HOLDINGS INC.**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE**

**SARBANES-OXLEY ACT OF 2002**

In connection with the annual report on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "**Report**"), of Eightco Holdings Inc. (the "**Company**"), each of the undersigned officers of the Company hereby certify, in their capacity as an executive officer of the Company, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of their knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: April 14, 2026 | */s/ Kevin O'Donnell* |
|  | Kevin O'Donnell |
|  | Chief Executive Officer |
|  | (Principal Executive Officer) |
| Date: April 14, 2026 | */s/ Brett Vroman* |
|  | Brett Vroman |
|  | Chief Financial Officer |
|  | (Principal Financial Officer) |

---