Eightco's Forever 8 Revenue Falls 98.3% in Q3 2026

The Tip Desk · November 14, 2026 · 3 min read

Third-quarter 2026 net income was $54.4 million on a $59.3 million digital-asset fair-value gain as Forever 8 revenue fell to $88,739.

Eightco Holdings Inc. (ORBS) reported revenue of $88,739, down 98.3%, for the three months ended September 30, 2026, and net income of $54,370,775, reversing a $25,844,218 net loss a year earlier. The swing came primarily from a $59,264,739 gain on the fair value of digital assets, after an $18,639,017 loss on those holdings in the year-ago quarter.

Forever 8, the company’s sole operating segment, generated $88,739 of revenue in the quarter, down 98.3% from $5,300,527 a year earlier. The company said the decline reflected the suspension of new order fulfillment for Forever 8’s largest customer and the cessation of new inventory purchases under the legacy model.

During the nine months ended September 30, 2026, that customer accounted for approximately 98% of Forever 8 revenue, versus 86% a year earlier. The company said the customer’s financial condition deteriorated significantly, that Eightco suspended new order fulfillment for the customer and ceased purchasing new inventory to support the relationship, and that Forever 8 generated minimal revenue in the third quarter. It is in ongoing discussions about amounts owed.

Cost of revenues was $377,109. The company recorded a $288,370 gross loss, which it said reflected liquidation of remaining Forever 8 inventory below carrying value.

Selling, general and administrative expenses were $3,284,814, down from $6,002,208 a year earlier. The company attributed the decline to lower share-based compensation of $0.2 million, lower professional fees after the 2025 PIPE and DAT launch costs, and lower Forever 8 liquidation-brand costs. It recorded no impairment or bad-debt expense in either third quarter.

Other items included a $2,224,252 credit loss on the Wattum Management Inc. note, a full allowance on a note that matured in October 2026 and had not been repaid, and $1,235,897 of other income, primarily USDC rewards on stablecoin balances. Net interest expense was $308,759. Income tax expense was zero, with a full valuation allowance on deferred tax assets.

Forever 8 is transitioning to a funding model in which it purchases goods under customer purchase orders, invoices on shipment, and does not hold inventory after shipment. The company said it is onboarding customers under that model.

Digital assets had a fair value of $205,358,377 at September 30, 2026, including Worldcoin of $161.5 million and Ethereum of $43.8 million. Stablecoins were $82,598,374. Cash and cash equivalents were $43,953,392. Near-cash liquidity was about $126.7 million. Outstanding lines of credit were $7,075,000.

During the nine months ended September 30, 2026, the company raised $226.2 million of net ATM proceeds, including $10.2 million in the third quarter. It purchased $39.9 million of digital assets and received $22.5 million from sales. Operating cash use was $12.3 million, or about $1.4 million a month. The company said near-cash liquidity is sufficient to fund operating cash needs substantially in excess of the next 12 months, before additional ATM capital or monetization of other holdings.