Recent Highlights
R&D and Product Innovation
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Advanced the pipeline with AI-driven patent filings targeting multiple sclerosis, allergic inflammation, gliomas and hematologic malignancies.
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Entered the final development phase for CCX0722, a proprietary weight management solution, with product launch expected in 2026.
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Secured two WIPO-patented anticancer drugs for prostate, ovarian, and colorectal cancers, valued at over $24.5 million, enhancing the oncology portfolio.
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Strengthened leadership with the appointment of Professor Dimitrios Trafalis, MD, as Head of Oncology.
Manufacturing
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Expanded Cana Laboratories’ facilities and production capabilities.
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Signed long-term manufacturing contracts with Pharmex and Provident Pharmaceuticals, covering over 9.5 million units across multiple product lines, enhancing revenue visibility and supporting margin expansion.
Global Commercial Expansion
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Expanded the Sky Premium Life nutraceutical brand with 60 new SKUs.
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Launched the Sky Premium Life brand in Albania, supported by a $300,000 initial order, and secured a $578,460 order in Qatar.
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Expanded distribution of avian influenza PCR kits across Europe and the GCC through an exclusive agreement with Virax Biolabs.
Strategic & Financial Milestones
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Strengthened the executive team with the appointment of Dimitris Moraitis as Vice President of Strategy & Operations.
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Secured a €2.2 million (approximately $2.29 million) secured bond loan from a European bank on competitive terms, with an option to upsize. The bond carries an interest rate of 2.95% plus the applicable 6-month Euribor.
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CEO Greg Siokas acquired over 1 million common shares through multiple transactions between December 20, 2024, and March 4, 2025.
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Integrated Bitcoin and Ethereum as treasury reserve assets.
Management Commentary
Greg Siokas, CEO of Cosmos Health, stated: "We have achieved a number of important milestones over the past year, but I believe we are still in the very early stages of what represents a key inflection point for Cosmos.
On the R&D front, we are leveraging AI-driven drug repurposing technologies to advance our research agenda, and our scientists are making meaningful progress toward the commercialization of our proprietary weight loss drug.
In manufacturing, we continue to invest in our Cana Laboratories facility and are securing long-term contract manufacturing agreements, a strategic and high-margin segment for us.
We are also investing in the development of our portfolio of proprietary brands, most notably through the rapid global expansion of Sky Premium Life, our high-margin nutraceutical line, which continues to grow with the addition of new SKUs and increasing market penetration across regions including Europe and the Middle East.
As we’ve previously noted, our hard assets offer valuable strategic flexibility. We recently capitalized on this by securing a €2.2 million loan against our CosmoFarm logistics center on highly attractive terms. Importantly, this is a structure we can replicate, particularly with our significantly more valuable real estate at Cana Laboratories.
Lastly, I continue to demonstrate my commitment to Cosmos. Since December 20, 2024, I have increased my personal ownership by over 1 million shares, a clear reflection of my confidence in the Company’s long-term strategy and future potential.”
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
| | Years Ended December 31, |
| | 2024 | 2023 |
| (in $) | | |
| GAAP - Figures | | |
| REVENUE | 54,426,402 | 53,376,874 |
| GROSS PROFIT | 4,311,323 | 4,349,569 |
| TOTAL OPERATING EXPENSES | (19,856,153) | (26,180,786) |
| GAIN (LOSS) FROM OPERATIONS | (15,544,830) | (21,831,217) |
| TOTAL OTHER INCOME (EXPENSE), NET | (638,188) | 3,288,563 |
| NET GAIN (LOSS) | (16,183,018) | (18,542,654) |
| | | |
| NON-GAAP Figures* | | |
| ADJUSTED EBITDA | (3,730,955) | 59,627 |
| ADJUSTED NET INCOME (LOSS) | (4,743,269) | (806,849) |
| | | |
(*) See "Definitions of Non-GAAP Measures" and "Reconciliation of Non-GAAP Measures" sections herein for an explanation and reconciliations of non-GAAP measures used throughout this release.
Definitions of Non-GAAP Measures
We collect and analyze operating and financial data to evaluate the health of our business and assess our performance. In addition to Revenue, Income (Loss) from Operations and Net Income (Loss) under GAAP, we use: EBITDA, Adjusted EBITDA, and Adjusted Net Income (Loss). We have included these non-GAAP financial measures because they are key measures used by our management to evaluate our operating performance. Accordingly, we believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team and Board of Directors. Our calculation of these non-GAAP financial measures may differ from similarly titled non-GAAP measures, if any, reported by our peer companies. These non-GAAP financial measures should not be considered in isolation from, or as substitutes for, financial information prepared in accordance with GAAP.
Adjusted EBITDA
We define Adjusted EBITDA as Income (Loss) before Income Taxes, excluding (i) depreciation and amortization expense, (ii) interest income (expense), (iii) non-cash interest expense, (iv) stock-based compensation expense, (v) non-recurring and extraordinary items (vi) other income (expense), net, (vii) gain (loss) on equity investments, net, (viii) gain on extinguishment of debt, (ix) change in fair value of derivative liability (x) foreign currency transaction, net, and (xi) prior years bad debt allowances.
We have included Adjusted EBITDA because it is a key measure used by our management team to evaluate our operating performance, generate future operating plans, and make strategic decisions. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team and Board of Directors. In addition, it provides a useful measure for period-to-period comparisons of our business, as it removes the effect of certain non-cash expenses and non-recurring and extraordinary items.
Adjusted EBITDA has limitations as a financial measure, should be considered as supplemental in nature, and is not meant as a substitute for the related financial information prepared in accordance with GAAP.
Adjusted Net Income (Loss)
We define Adjusted Net Income (Loss) as Adjusted EBITDA (see above) adding provision for income taxes and deducting interest expense.
Adjusted Net Income has limitations as a financial measure, should be considered as supplemental in nature, and is not meant as a substitute for the related financial information prepared in accordance with GAAP.
Reconciliation of Non-GAAP Measures
Adjusted EBITDA & Adjusted Net Income (Loss)
The following table presents reconciliations of Adjusted EBITDA & Adjusted Net Income (Loss) to the most directly comparable GAAP financial measure for each of the periods indicated.
| | Years Ended December 31, |
| | 2024 | 2023 |
| (in $) | | |
| | | |
| INCOME (LOSS) BEFORE INCOME TAXES | (16,183,018) | (18,542,654) |
| Adjustments (add back): | | |
| Depreciation and amortization expense | 1,249,238 | 614,377 |
| Interest income / (expense), net | 1,012,314 | 866,476 |
| EBITDA | (13,921,466) | (17,061,801) |
| Non-recurring and extraordinary items | 3,926,891 | 4,128,741 |
| Stock based compensation | 1,689,712 | 498,279 |
| Other income (expense), net | (86,737) | 65,867 |
| Gain (loss) on equity investments, net | (2,470) | (4,584) |
| Gain on extinguishment of debt | - | - |
| Change in fair value of derivative liability | - | (3,384) |
| Foreign currency transaction, net | 121,530 | (198,863) |
| Bad Debt Allowances | 4,541,584 | 11,850,788 |
| Other provisions | - | 784,584 |
| ADJUSTED EBITDA | (3,730,955) | 59,627 |
| Interest income / (expense), net | (1,012,314) | (866,476) |
| Provision for income taxes | - | - |
| ADJUSTED NET INCOME | (4,743,269) | (806,849) |
CONDENSED CONSOLIDATED BALANCE SHEET DATA
| | December 31, 2024 | September 30, 2024 | December 31, 2023 |
| (in $) | | | |
| ASSETS | | | |
| Cash & cash equivalents | 315,105 | 3,314,845 | 3,833,195 |
| Inventory | 4,355,365 | 4,885,015 | 4,789,054 |
| Accounts receivable, prepaid expenses and other current assets | 19,618,932 | 27,101,314 | 27,131,193 |
| Property and equipment, net | 9,689,505 | 10,575,928 | 10,455,499 |
| Goodwill and intangible assets, net | 7,756,534 | 7,746,761 | 7,684,183 |
| Loans receivable | 6,946,749 | 7,398,180 | 7,903,378 |
| Other noncurrent assets | 5,629,702 | 3,497,939 | 4,218,309 |
| TOTAL ASSETS | 54,311,892 | 64,519,982 | 66,014,811 |
| | | | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | | | |
| Accounts payable and accrued expenses | 12,648,882 | 12,818,143 | 12,309,890 |
| Other current liabilities | 3,564,569 | 4,769,933 | 3,487,353 |
| Lines of credit | 6,985,052 | 5,989,425 | 6,630,273 |
| Notes payable | 4,119,471 | 4,279,340 | 4,617,510 |
| Other non-current and finance/lease liabilities | 2,460,990 | 1,686,542 | 2,926,757 |
| Stockholders' and mezzanine equity | 24,532,929 | 34,976,599 | 36,043,028 |
| TOTAL LIABILITIES AND STOCKHOLDERS'/MEZZANINE EQUITY | 54,311,892 | 64,519,982 | 66,014,811 |
About Cosmos Health Inc.
Cosmos Health Inc. (Nasdaq:COSM), incorporated in 2009 in Nevada, is a diversified, vertically integrated global healthcare group. The Company owns a portfolio of proprietary pharmaceutical and nutraceutical brands, including Sky Premium Life®, Mediterranation®, bio-bebe®, C-Sept® and C-Scrub®. Through its subsidiary Cana Laboratories S.A., licensed under European Good Manufacturing Practices (GMP) and certified by the European Medicines Agency (EMA), it manufactures pharmaceuticals, food supplements, cosmetics, biocides, and medical devices within the European Union. Cosmos Health also distributes a broad line of pharmaceuticals and parapharmaceuticals, including branded generics and OTC medications, to retail pharmacies and wholesale distributors through its subsidiaries in Greece and the UK. Furthermore, the Company has established R&D partnerships targeting major health disorders such as obesity, diabetes, and cancer, enhanced by artificial intelligence drug repurposing technologies, and focuses on the R&D of novel patented nutraceuticals, specialized root extracts, proprietary complex generics, and innovative OTC products. Cosmos Health has also entered the telehealth space through the acquisition of ZipDoctor, Inc., based in Texas, USA. With a global distribution platform, the Company is currently expanding throughout Europe, Asia, and North America, and has offices and distribution centers in Thessaloniki and Athens, Greece, and in Harlow, UK. More information is available at www.cosmoshealthinc.com, www.skypremiumlife.com, www.cana.gr, www.zipdoctor.co, www.cloudscreen.gr, as well as LinkedIn and X.
Forward-Looking Statements
With the exception of the historical information contained in this news release, the matters described herein, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by, or that otherwise, include the words "believes," "expects," "anticipates," "intends," "projects," "estimates," "plans" and similar expressions or future or conditional verbs such as "will," "should," "would," "may" and "could", are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. These statements, involve unknown risks and uncertainties that may individually or materially impact the matters discussed, herein for a variety of reasons that are outside the control of the Company, including, but not limited to, the Company's ability to raise sufficient financing to implement its business plan, the impact of the war in Ukraine, on the Company's business, operations and the economy in general, and the Company's ability to successfully develop and commercialize its proprietary products and technologies. Readers are cautioned not to place undue reliance on these forward- looking statements, as actual results could differ materially from those described in the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the Company's filings with the SEC, which are available at the SEC's website (www.sec.gov). The Company disclaims any intention or obligation to update, or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Relations Contact:
BDG Communications
cosm@bdgcommunications.com
+44 207 0971 653
