Shares of Cryptyde (NASDAQ:TYDE) are off to a hot start in the New Year. TYDE stock is accelerating higher by about 100% after the blockchain company released its corporate priorities for 2023.
Cryptyde highlighted five key priorities for 2023, which include focusing on free cash flow (FCF) and earnings before interest, taxes, deductions and amortizations (EBITDA) through the release of new software-as-a-service (SaaS) products and acquisitions. CEO Brian McFadden added:
“As we enter 2023, we are excited to see our growth and are particularly encouraged by the year-end performance of our newest holding, Forever 8. We believe that by staying focused on driving growth and innovation, we will be well-positioned to succeed in the coming year and beyond.”
TYDE Stock Soars on 2023 Corporate Priorities Update
Through priority No. 1, Cryptyde seeks to identify new revenue-producing opportunities that will help drive FCF and EBITDA. This may include expanding into new markets, acquisitions and the launch of new products or services.
The second priority is to acquire capital efficiently in order to drive long-term growth. To achieve this, the company may create new partnerships, use debt financing or accept new investments. Specifically, the recently acquired Forever 8 may gain the most from this.
The next priority is to introduce new SaaS products that will contribute toward FCF and profitability. Cryptyde seeks to utilize Forever 8’s features as a service to help improve the inventory process for customers.
Priority #4 details a plan to identify and evaluate further acquisition targets. Cryptyde explained, “We believe that strategic acquisitions can be a powerful tool for driving growth and creating value and we are open to exploring opportunities that align with our long-term objectives and provide potential for success.”
Finally, priority No. 5 is to monitor market conditions and to adjust the company’s strategy based on those conditions.
Meanwhile, McFadden remains highly optimistic about Forever 8. He believes that the company’s current business model can propel it to become a “world class asset.” Since its inception, Forever 8 has financed over 1,000 stock keeping units (SKUs) and has maintained a customer retention rate of 96%. In addition, it has provided capital to over 30 brands and has “an excess of $32 million of funded sales.”
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.