Cosmos Health Inc. has announced a financial trajectory targeting $200.6 million in revenue by 2029, following a record FY2025 performance. Chief Executive Officer Greg Siokas outlined the company's strategic progress in a letter to shareholders, highlighting record revenue, a strengthening balance sheet, and active expansion into the United States. The company reported FY2025 revenue of $65.3 million, a 20% increase year-over-year, with Q1 2026 revenue reaching $17.9 million, up 31% year-over-year.

Financial Performance and Guidance

The company's financial results indicate a shift toward higher-margin proprietary products. Gross profit surged 83% to $7.9 million in FY2025, with gross margin expanding 418 basis points to 12.1%. Cosmos Health projects this margin will expand to 35.5% by FY2029 as the business mix transforms. The company has issued multi-year guidance through FY2029, expecting to achieve $44.2 million in Adjusted EBITDA and $92.3 million in stockholders' equity by the end of the period.

Strategic Pillars and U.S. Expansion

Cosmos Health is executing on four strategic pillars: a higher-margin proprietary portfolio, AI and automation, a global integrated healthcare platform, and financial discipline. The company's U.S. market entry is active and generating revenue, with local manufacturing capabilities supporting the launch of the 18 Series platform. Management projects annualized U.S. revenue exceeding $20 million at approximately 75% gross margins within the next 12 to 18 months.

Balance Sheet and Financing

The balance sheet strengthened in Q1 2026, with total liabilities decreasing by $4.5 million, or 9.6%, and stockholders' equity increasing by $1.4 million to $19.8 million. The liabilities-to-assets ratio improved to 68.2%. The company has identified approximately $20 million in non-core assets, including real estate valued at roughly $15 million, which it may monetize to unlock value. Additionally, subsidiary Cana Laboratories is pursuing a financing program of up to €25 million with the European Investment Bank to support R&D initiatives.

R&D and Innovation

Research and development efforts are advancing across weight management, oncology, and neurology. The proprietary weight-management product CCX0722 is in the final development phase, targeting a global market projected to reach approximately $299 billion by 2030. The company's AI-driven Cloudscreen platform and new nanotechnology investments underpin its pipeline, which includes exclusive worldwide licences for two patented anticancer therapies.

Cosmos Health Inc. has expanded its contract manufacturing capabilities through its wholly-owned subsidiary Cana Laboratories, which inaugurated a new ACG capsule-filling line and secured a five-year agreement with Provident Pharmaceuticals. The deal involves the production of 385,000 units of CERTORUN (sertraline hydrochloride), an antidepressant in the selective serotonin reuptake inhibitor (SSRI) class used to treat depression, anxiety, and related disorders. This strategic move is designed to generate high-margin, recurring revenue and strengthen the company's order book across multiple therapeutic areas.

Under the terms of the agreement, Cana Laboratories will manufacture an annual volume of 77,000 units. The product will be produced in two specific strengths: CERTORUN Caps 50mg/cap and CERTORUN Caps 100mg/cap, both packaged in blister formats of 3x10 (BTx30). Production will be executed on Cana's newly installed ACG capsule-filling line, a development that marks the company's ongoing investment in upgrading and modernizing its European GMP-certified infrastructure.

Contract Details and Production Capacity

The new contract builds upon an existing relationship between Cana and Provident, which previously included manufacturing agreements for products such as DE3-SOLE, MIOREL, CALCIFOLIN, and DEXA-DOSE. The integration of the ACG capsule-filling machine is intended to enhance solid-dosage production capacity and support the fulfillment of this new order.

Strategic Growth and Revenue Impact

Greg Siokas, CEO of Cosmos Health, emphasized that the contract manufacturing division is a core pillar of the company's long-term growth strategy. He stated that multi-year agreements with established partners like Provident build a stable, predictable revenue base while diversifying the order book across categories ranging from central nervous system to musculoskeletal and anti-inflammatory. The continued modernization of manufacturing infrastructure is aimed at securing new contracts and accelerating the growth of this segment.