Cosmos Health reports first-quarter 2026 revenue of $17.93 million

Cosmos Health Inc. reported first-quarter 2026 results in a release dated May 21, 2026. Revenue for the quarter was $17.93 million, up 30.7% from $13.71 million in the first quarter of 2025. Adjusted revenue, which reflects a $470,601 sales discount reversal, was $18.40 million, up 34.2% year over year. The company said the quarter was its highest first-quarter revenue in its history.

Margins, costs and losses

Gross profit was $1.38 million, compared with $2.05 million in the first quarter of 2025. The company linked the decline to a revenue mix shift toward wholesale distribution at CosmoFarm, compounded by the sales discount adjustment. Adjusted gross profit was $1.85 million. Total operating expenses rose to $3.57 million from $2.88 million, which the company attributed to investments in personnel, infrastructure, technology and AI-driven efficiencies.

The net loss was $2.81 million, compared with $0.82 million a year earlier. The company said $1.15 million of non-cash, non-operational items drove most of the increase. They included $390,350 of non-cash interest on convertible facilities, $442,439 of digital asset mark-to-market losses and $313,157 of foreign currency translation losses. Adjusted EBITDA, the company's own measure, was a loss of $229,596, which the company described as near breakeven. The reported net loss more than tripled from a year earlier. Adjusted net loss was $996,502, including $766,906 of interest expense.

Balance sheet and management's claims

Total liabilities decreased by $4.51 million, or 9.6%, to $42.54 million as of March 31, 2026, from $47.05 million at December 31, 2025. The company said the reduction was driven by a substantial reduction in convertible note and credit facility balances. Total assets were $62.37 million, against $65.48 million at year-end 2025. Stockholders' equity rose $1.40 million, or 7.6%, to $19.83 million. Liquid assets totaled $4.3 million, including $2.2 million in cash and cash equivalents and $2.1 million in digital assets and marketable securities. The liabilities-to-assets ratio improved to 68.2% from 71.9%.

Chief Executive Greg Siokas said the company expects adjusted EBITDA to turn positive as its growth investments produce returns. He described the company's entry into the U.S. nutraceuticals market through its 18 Series platform as a key pillar of growth. He said the momentum was continuing into the second quarter of 2026, and that the company is focused on sustaining it well beyond this year.

Business and financial background

The company describes itself as a diversified, vertically integrated global healthcare group, incorporated in 2009 in Nevada. Its 10-K says it works across generic medicines, nutraceuticals, biocides, medical devices, novel oncology drugs, drug repurposing and telehealth services. For fiscal 2025, revenue was $65.3 million, up from $54.4 million, and the net loss was $19.1 million, compared with $16.2 million. Cash used in operations was $8.4 million in fiscal 2025. Research and development expense was $519,363.

The release says the company added more than 75 new pharmacies at CosmoFarm and expanded its contract manufacturing agreements at Cana Laboratories. It also says the first-quarter results reflect strategic investments to support global growth.

The 10-K says the company's main strategy is to become a global healthcare company through a lean, efficient and vertically integrated operating model.

Falling margins and a small cash pile

The chief executive says adjusted EBITDA should turn positive as growth investments pay off. That is a hope, not a result. Revenue grew while first-quarter gross profit fell to $1.38 million from $2.05 million, the net loss was $2.81 million, and adjusted EBITDA was still a loss of $229,596. Liquid assets were $4.3 million, of which $2.1 million is digital assets and marketable securities and only $2.2 million is cash, against total liabilities of $42.54 million. The company used $8.4 million of cash in operations in fiscal 2025. Part of the recent liability reduction came from smaller convertible note and credit facility balances, and the company still carries that debt.

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