Cosmos Health Inc. reported record full‑year 2025 revenue of $65.27 million, up 20% from $54.43 million in 2024. Gross profit rose 83% to $7.90 million, and gross margin expanded 418 basis points to 12.10%, the highest level in the company’s history. Net loss for the year was $19.14 million, compared with $16.18 million in 2024, reflecting higher operating expenses and the impact of the new financing structure.
The margin expansion was driven by a shift toward higher‑margin contract‑manufacturing and nutraceutical segments, as well as operational efficiencies that reduced cost of goods sold. The company’s product mix improved, with the U.S. launch of NOOR Collagen contributing over $12 million in annualized revenue and a 75% gross margin, while long‑term contract agreements through Cana Laboratories added more than 12 million units of production capacity.
Cash and cash equivalents increased to $3.46 million, a more than ten‑fold jump from $0.32 million at the end of 2024. The increase was largely financed by a $300 million convertible note facility announced on August 6, 2025, which is being used to build a digital‑asset treasury reserve in Ethereum. No equity raise of $4.6 million was reported; the primary financing event was the convertible note.
The company also highlighted its real‑estate portfolio, which it believes exceeds its current market capitalization, and said it is evaluating strategic options to unlock that value. Insider activity was significant, with CEO Greg Siokas increasing his ownership by over 3.3 million shares in 2025, underscoring management’s confidence in the company’s intrinsic value.
"2025 was the year Cosmos Health proved its model. Not with promises – with numbers. We delivered $65.3 million in revenue – a new all‑time record, up 20% year‑over‑year. More importantly, our gross profit nearly doubled, growing 83% to $7.9 million, while gross margin expanded 418 basis points to 12.1%. Our Adjusted EPS improved by 82%, from ($0.65) to ($0.12). These are not incremental improvements. This is the structural transformation of a healthcare platform that has been methodically built over the past several years to be vertically integrated, globally diversified, and increasingly high‑margin," said CEO Greg Siokas. "We ended the year with $3.5 million in cash, more than ten times our year‑end 2024 cash position. We also own real estate assets with a fair market value that we believe exceeds our current market capitalization, and we are actively evaluating strategic options to unlock that value for our shareholders. I personally increased my ownership by over 3.3 million shares in 2025. I do not do that as a formality. I do that because I believe – with full conviction – that the intrinsic value of Cosmos Health is a significant multiple of where this stock trades today. Our revenue is at a record. Our margins are expanding."
The company’s focus on high‑margin segments, coupled with the new digital‑asset treasury strategy, positions it to sustain growth and improve profitability in the coming years. While the net loss remains a concern, the significant cash infusion and margin gains suggest a stronger financial footing and a clearer path toward profitability.
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