shares of Cryptide (Nasdaq:tide) got off to a hot start to the new year. TYDE’s stock price is up almost 100% after his TYDE, a blockchain company, announced his 2023 corporate priorities.
Cryptyde highlighted five key priorities for 2023. This includes a focus on free cash flow (FCFMore) and earnings before interest, taxes, deductions and amortization (EBITDA) from new Software as a Service (SaaS) product releases and acquisitions. CEO Brian McFadden added:
“As we enter 2023, we are thrilled to see the growth and particularly encouraged by the year-end performance of our newest holding, Forever 8. We will continue to focus on driving growth and innovation. May we continue to be successful next year and beyond.”
TYDE Stock Soars on Update of Corporate Priorities for 2023
Through Priority 1, Cryptyde seeks to identify new revenue generating opportunities that help drive FCF and EBITDA. This may include expansion into new markets, acquisitions, and the launch of new products or services.
Our second priority is to efficiently raise capital to drive long-term growth. To achieve this, the company may create new partnerships, utilize debt financing, or accept new investments. Specifically, the recently acquired Forever 8 is likely to benefit the most from this.
Our next priority is to introduce new SaaS offerings that contribute to FCF and profitability. Cryptyde is using Forever 8’s capabilities as a service to improve its customers’ inventory processes.
Priority 4 details plans to identify and evaluate further acquisition targets. Cryptyde explains:
Finally, Priority 5 is to monitor market conditions and adjust the company’s strategy based on those conditions.
McFadden, on the other hand, is very optimistic about Forever 8. He believes the company’s current business model allows it to become a “world-class asset.” Since its inception, Forever 8 has funded over 1,000 of his SKUs (Stock Keeping Units) and maintains a 96% customer retention rate. In addition, it has provided capital to more than 30 brands, with “funded sales in excess of $32 million.”
As of the date of publication, Eddie Pang did not hold any positions (directly or indirectly) in any of the securities referred to in this article. The opinions expressed in this article are those of the subject author of InvestorPlace.com. Publication guidelines.