$COSM earnings report

Cosmos Health Provides Update on United States Business; Q4 2026 U.S. Revenue Expected to Reach $15 Million, with Gross Profit of $10.5 Million. AlphAI read Cosmos Health's Q4 FY2026 filing as mixed. 3 quarters are on record below.

Q4 FY2026

AlphAI · Earnings readCOSM · Q4 2026 · ended December 31, 2026

Cosmos Health Provides Update on United States Business; Q4 2026 U.S. Revenue Expected to Reach $15 Million, with Gross Profit of $10.5 Million

→Mixed quarter

The filing presents a sizable forward outlook for the U.S. direct-to-consumer business and rapid five-day growth in platform activity, but it does not report completed-quarter financial results and states that the subscription and order figures are preliminary and unaudited.

fourth quarter ending December 31, 2026 outlook
approximately $15 million
GM approximately 70%

Key metrics

as reported
MetricValueq/qy/y
U.S. online checkout orders tracked as of October 19, 2026other14,624up 34%–
Active U.S. subscriptions as of October 19, 2026other8,940up 42%–
Monthly subscription value at standard renewal pricing as of October 19, 2026other$1,325,338up 44%–
U.S. online checkout orders including a subscription since inception of the subscription platformother65.2%––
Average product units per subscriptionotherapproximately 2.4 product units per subscription––

fourth quarter ending December 31, 2026 outlook

  • Revenueapproximately $15 million
  • Gross marginapproximately 70%
  • NoteU.S. gross profit: approximately $10.5 million
  • NoteFirst orders from new subscribers: ~$8.2 million
  • NoteRenewals of subscriptions started during the quarter: ~$3.3 million
  • NoteTotal subscription revenue: ~$11.5 million
  • NoteOne-time purchases: ~$3.5 million
  • NoteDecember expected to be the strongest month
  • NoteU.S. daily sales: from $60,000 at its start to more than $200,000 by year-end
  • NoteActive U.S. subscriptions: more than 40,000 expected by year-end

What drove it

  • Increased marketing investment in the U.S. direct-to-consumer platform
  • Expanded digital customer acquisition
  • Rising brand awareness
  • A broadening product offering
  • Growing repeat purchases
  • Strong subscription adoption at checkout
  • New subscription cohorts are expected to renew and add to the recurring revenue base.

Concerns

  • The fourth quarter 2026 U.S. outlook is based on the Company's current growth trajectory and internal assumptions.
  • Subscription and order figures are preliminary and unaudited and may differ from amounts reported in the Company's financial statements.
  • Monthly subscription value is calculated at standard renewal pricing, is an operating metric, is not a measure of revenue under U.S. GAAP and does not represent revenue earned to date.
  • The outlook reflects a significantly expanded marketing budget for the fourth quarter.

What to watch

  • Conversion of tracked checkout orders and active subscriptions into reported U.S. revenue.
  • Whether renewals build month after month as successive subscriber cohorts renew.
  • Progress toward more than 40,000 active U.S. subscriptions by year-end.
  • Whether daily U.S. sales exceed $200,000 by year-end.
  • Realization of the expected approximately 70% gross margin.

Analysis

This filing is a forward-looking U.S. business update rather than a release of completed-quarter financial results. Cosmos Health expects approximately $15 million of U.S. revenue and approximately $10.5 million of U.S. gross profit for the fourth quarter ending December 31, 2026, at an expected gross margin of approximately 70%. The outlook applies to the U.S. online direct-to-consumer business and is supported by a significantly expanded marketing budget.

Management, verbatim

Our U.S. business has strong momentum entering the fourth quarter, and it is building further. In the five days since our last update, active subscriptions grew 42% to 8,940 and their monthly value rose 44% to more than $1.3 million, which reinforces our confidence in the outlook. We expect approximately $15 million in U.S. revenue and $10.5 million in gross profit for the quarter, with daily sales exceeding $200,000 and more than 40,000 active subscriptions by year-end.

Greg Siokas, CEO of Cosmos Health

What matters most to us is the quality of that revenue. Every month, a new cohort of subscribers renews and adds to a recurring revenue base, at strong margins. We look forward to keeping investors updated on our progress in the weeks ahead.

Greg Siokas, CEO of Cosmos Health

Not in the filing

stated, not guessed
  • Completed-quarter total revenue
  • Completed-quarter segment revenue
  • GAAP gross profit and gross margin
  • GAAP operating income or loss
  • Non-GAAP operating income or loss
  • GAAP net income or loss
  • Non-GAAP net income or loss
  • GAAP earnings or loss per share
  • Non-GAAP earnings or loss per share
  • Operating cash flow
  • Free cash flow
  • Cash and cash equivalents
  • Debt
  • Share repurchases
  • Dividends
  • Operating-expense guidance
  • Tax-rate guidance
  • Previous outlook for comparison

AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.

Nine months ended September 30, 2026

AlphAI · Earnings readCOSM · Nine months ended September 30, 2026 · ended September 30, 2026

Cosmos Health Reports Record Preliminary Nine-Month Revenue of $54.3 Million, Up 19% Year Over Year; Delivers Record Q3 Revenue of $17.4 Million and Reaffirms 2026 Revenue Outlook of Over $90 Million

✓Solid quarter

Preliminary nine-month revenue increased 19% to approximately $54.3 million and third-quarter revenue reached approximately $17.4 million, while the Company reaffirmed its full-year revenue outlook of over $90 million. The release does not report profitability, cash flow, balance-sheet figures, or segment revenue and results remain preliminary and unaudited.

Revenue
~$17.4M
+2% y/y
Full year 2026 outlook
Over $90M

Key metrics

as reported
MetricValueq/qy/y
Revenue, third quarter 2026other~$17.4M–+2%
Revenue, nine months to September 30, 2026other~$54.3M–+19%
Revenue, third quarter 2025other$17.1M–38%
Revenue, third quarter 2024other$12.4M––
Revenue, nine months to September 30, 2025other$45.6M––
Revenue, nine months to September 30, 2024other$40.2M––
Revenue, full year 2025other$65.3M––
Revenue, full year 2024other$54.4M––
Cana Laboratories contract manufacturing production pipelineothermore than 32.7 million units––
CosmoFarm pharmacy networkothermore than 1,500 pharmacies––

Full year 2026 outlook

  • RevenueOver $90M
  • NoteRevenue is expected to surpass $90 million, which would represent growth of approximately 38% over 2025.
  • NoteThe Company currently expects the fourth quarter of 2026 to be the strongest quarter in its history.

What drove it

  • The Company stated that growth occurred across contract manufacturing, pharmaceutical distribution and proprietary brands.
  • Cana Laboratories reached a record production pipeline of more than 32.7 million units.
  • CosmoFarm delivered record volumes across a network of more than 1,500 pharmacies that continues to expand.
  • Proprietary brands grew in established markets and entered new territories and channels globally.
  • The Company cited accelerating sales momentum in the United States.
  • The Company expects the fourth quarter to be supported by contract manufacturing orders, seasonal strength in distribution and accelerating sales in the United States.

Concerns

  • The 2026 third-quarter and nine-month revenue figures are preliminary and unaudited.
  • The preliminary figures are subject to completion of quarter-end financial closing procedures and review, and actual results may differ from the preliminary estimates.
  • The Company identified the conversion of contract manufacturing pipeline volumes into production and revenue, including timing, volume and terms of orders under multi-year agreements, as a risk.
  • The Company identified the realization of anticipated gross margins and the timing, cost and completion of planned capital investments as risks.
  • No profitability, margin, cash flow, liquidity, debt, or segment-revenue results were reported in the release.

What to watch

  • Completion of the third-quarter financial closing procedures and the Form 10-Q for the period ended September 30, 2026.
  • Whether fourth-quarter revenue becomes the strongest quarter in the Company’s history.
  • Execution against the reaffirmed full-year 2026 revenue outlook of over $90 million.
  • Conversion of the record contract manufacturing pipeline into production and revenue.
  • Distribution volumes, pharmacy-network expansion, proprietary-brand expansion and sales momentum in the United States.

Analysis

Cosmos Health reported preliminary, unaudited revenue of approximately $54.3 million for the nine months ended September 30, 2026, up 19%, or $8.7 million, from $45.6 million in the same period of 2025. The Company described the result as a record and stated that revenue was up 35% against the first nine months of 2024. The nine-month total represented 83% of the record $65.3 million reported for the whole of 2025.

Third-quarter preliminary revenue was approximately $17.4 million, compared with $17.1 million in the third quarter of 2025, a reported increase of 2%. The Company also stated that third-quarter revenue was up 40% from $12.4 million in the third quarter of 2024. Each of the first, second and third quarters of 2026 exceeded the highest revenue previously reported for that respective quarter, according to the release.

Management attributed growth to all core segments, comprising contract manufacturing, pharmaceutical distribution and proprietary brands. Cana Laboratories had a record production pipeline of more than 32.7 million units, while CosmoFarm delivered record volumes across a network of more than 1,500 pharmacies. The release also cited proprietary-brand expansion into new territories and channels, alongside accelerating sales momentum in the United States. Segment revenue and profitability were not disclosed.

The Company reaffirmed its expectation that full-year 2026 revenue will surpass $90 million, which it said would represent growth of approximately 38% over 2025. Management expects the fourth quarter to be the strongest quarter in its history, supported by contract manufacturing orders, seasonal distribution strength and United States sales. The release provides no gross margin, operating expense, earnings, EPS, cash flow, cash, debt, capital-return, or detailed segment financial data, and states that the preliminary revenue estimates remain subject to closing procedures and review.

Management, verbatim

In nine months we have delivered approximately what took us a full year in 2024. Revenue of approximately $54.3 million is 19% ahead of last year, and it comes after a record first quarter, a record second quarter and now a record third quarter — the third achieved against the most demanding comparison in the Company’s history.

Greg Siokas, CEO of Cosmos Health

That growth is coming from every part of the business. Our contract manufacturing pipeline is at a record level, our distribution volumes are the highest we have recorded, and our proprietary brands are growing in their established markets while reaching new ones.

Greg Siokas, CEO of Cosmos Health

The infrastructure we have built over the past several years is now supporting every part of the business, and we enter the final quarter with momentum. We are reaffirming our outlook to surpass $90 million in revenue this year, and we currently expect the fourth quarter to be the strongest in our history.

Greg Siokas, CEO of Cosmos Health

Not in the filing

stated, not guessed
  • GAAP revenue presentation
  • Non-GAAP revenue presentation
  • Gross profit and gross margin
  • Operating expenses
  • Operating income or loss
  • Net income or loss
  • GAAP EPS
  • Non-GAAP EPS
  • Tax expense or tax rate
  • Operating cash flow
  • Free cash flow
  • Capital expenditures
  • Cash and cash equivalents
  • Debt
  • Share repurchases
  • Dividends
  • Segment revenue
  • Segment profit or loss
  • Revenue for the first quarter of 2026
  • Revenue for the second quarter of 2026
  • Third-quarter 2026 gross margin, earnings, EPS, cash flow and balance-sheet results
  • Prior-quarter comparison for third-quarter 2026 revenue
  • Prior-quarter comparison for nine-month 2026 revenue
  • Prior outlook document for comparison against actual reported results

AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.

Q2 2026 and six months ended June 30, 2026

AlphAI · Earnings readCOSM · Q2 2026 and six months ended June 30, 2026 · ended June 30, 2026

Cosmos Health Reports Q2 2026 Results: Record Q2 and H1 Revenue of $19.0M and $36.9M, Up 29% and 30%; Q2 Adjusted Gross Profit Up 58%; Total Liabilities Reduced 13%; Stockholders' Equity Up 12%; $5M Share Repurchase Program Underway

→Mixed half-year

Revenue, adjusted gross profit and adjusted EBITDA improved in Q2, while operating expenses grew more slowly than revenue and liabilities declined. However, GAAP net loss widened substantially, first-half gross profit and adjusted EBITDA deteriorated, and the quarter included $2.65 million of non-cash charges principally related to fair value adjustments on financing arrangements.

Revenue
$36,914,268
29.7% y/y
CosmoFarm
over $15 million
Gross margin · GAAP
7.84%

Key metrics

as reported
MetricValueq/qy/y
Revenue, Q2 2026GAAP$18,986,376–28.8%
Revenue, six months ended June 30, 2026GAAP$36,914,268–29.7%
Adjusted revenue, Q2 2026non-GAAP$19,318,302–31.0%
Adjusted revenue, six months ended June 30, 2026non-GAAP$37,716,796–32.5%
Gross profit, Q2 2026GAAP$1,511,662–29.9%
Gross profit, six months ended June 30, 2026GAAP$2,892,833––
Adjusted gross profit, Q2 2026non-GAAP$1,843,588–58.4%
Adjusted gross profit, six months ended June 30, 2026non-GAAP$3,695,361–15.0%
Gross margin, Q2 2026GAAP7.96%––
Gross margin, six months ended June 30, 2026GAAP7.84%––
Adjusted gross margin, Q2 2026non-GAAP9.54%–expanded 165 basis points
Adjusted gross margin, six months ended June 30, 2026non-GAAP9.80%––
Total operating expenses, Q2 2026GAAP$4,437,269–16.5%
Total operating expenses, six months ended June 30, 2026GAAP$8,002,619–19.6%
Loss from operations, Q2 2026GAAP($2,925,607)––
Loss from operations, six months ended June 30, 2026GAAP($5,109,786)––
Total other expense, net, Q2 2026GAAP($3,160,915)––
Total other expense, net, six months ended June 30, 2026GAAP($3,782,159)––
Net loss, Q2 2026GAAP($6,086,522)––
Net loss, six months ended June 30, 2026GAAP($8,891,945)––
EBITDA, Q2 2026non-GAAP($5,180,717)––
EBITDA, six months ended June 30, 2026non-GAAP($7,261,405)––
Adjusted EBITDA, Q2 2026non-GAAP($1,130,888)––
Adjusted EBITDA, six months ended June 30, 2026non-GAAP($1,719,040)––
Adjusted net loss, Q2 2026non-GAAP($1,687,511)––
Adjusted net loss, six months ended June 30, 2026non-GAAP($2,652,219)––
Sales discount reversal, Q2 2026other$331,926––
Sales discount reversal, six months ended June 30, 2026other$802,528––
Non-cash interest expense / Change in fair value of convertible notes, Q2 2026other$2,785,787––
Change in fair value of derivative liability, Q2 2026other($577,347)––
Gain/(Loss) on digital assets, Q2 2026other$404,145––

Segments

SegmentRevenueq/qy/y
CosmoFarmDelivered record quarterly revenue, a $60+ million annualized run-rate, and added over 75 new pharmacies.over $15 million––

Capital returns

  • On June 26, 2026, the Board of Directors authorized a share repurchase program of up to $5.0 million, expiring December 31, 2026 and renewable at the Company's sole discretion.
  • The Company repurchased 2,650,000 shares for approximately $513,000 during the second quarter.
  • Open market purchases continued into Q3 2026, bringing total repurchases as of this date to 5,112,000 shares for approximately $1.11 million.
  • 4,874,126 Series B warrants expired unexercised, eliminating approximately 38% of total warrant overhang with no dilution.

What drove it

  • Higher sales volumes across all core segments drove Q2 and first-half revenue growth.
  • Decahedron nearly doubled its revenue in the United Kingdom.
  • Cana Laboratories built its contract manufacturing orderbook to an all-time high of over 25 million units.
  • CosmoFarm added more than 75 new pharmacies to its distribution network.
  • Higher administrative costs supporting Decahedron's United Kingdom expansion and higher advertising and promotional spend behind proprietary nutraceutical brands increased operating expenses.
  • Salaries and wages declined 0.7% year-over-year in Q2 2026 despite significant revenue growth.
  • Sales discount reversals of $0.33 million in Q2 and $0.80 million for the first half affected GAAP revenue, gross profit and gross margin, with no corresponding reduction in cost of goods sold.

Concerns

  • GAAP net loss was ($6,086,522) in Q2 2026 versus ($2,828,068) in Q2 2025, and was ($8,891,945) for the first half versus ($3,646,165) in the prior-year period.
  • The quarter's net loss primarily reflected $2.65 million of non-cash charges, principally related to fair value adjustments on financing arrangements.
  • Gross profit for the first half was $2,892,833, compared to $3,213,613 in the prior-year period, and first-half GAAP gross margin was 7.84%, compared to 11.29%.
  • Adjusted EBITDA remained negative at ($1,130,888) in Q2 2026 and ($1,719,040) for the first half.
  • Adjusted net loss was ($1,687,511) in Q2 2026 and ($2,652,219) for the first half, with the Company citing higher net interest expense for the first-half result.

What to watch

  • Execution against the all-time-high contract manufacturing orderbook of over 25 million units across nine therapeutic categories.
  • The contribution from the U.S. nutraceutical platform and skincare sales, which management said had already begun.
  • Progress of C-Scrub and C-Sept planned EU expansion targeting $7.4 million in revenue and $5.3 million in gross profit.
  • Further open-market repurchases under the up to $5.0 million program, which expires December 31, 2026.
  • Potential financing under the European Investment Bank advisory agreement, under which EIB financing could represent up to €25 million.
  • Progress on the letter of intent to acquire Doc Pharma S.A. and monetization of approximately $20 million in identified non-core assets.

Balance sheet and cash flow

  • Cash & cash equivalents were $2,445,168 as of June 30, 2026, compared to $2,158,921 as of March 31, 2026 and $3,459,893 as of December 31, 2025.
  • Digital assets and marketable securities were $1.70 million, and liquid assets were $4.15 million, as of June 30, 2026.
  • Inventory was $4,518,560 as of June 30, 2026, compared to $5,650,458 as of March 31, 2026 and $5,778,142 as of December 31, 2025.
  • Accounts receivable, prepaid expenses and other current assets were $29,217,388 as of June 30, 2026, compared to $28,594,752 as of March 31, 2026 and $28,662,583 as of December 31, 2025.
  • Property and equipment, net, was $10,140,150 as of June 30, 2026, compared to $10,280,203 as of March 31, 2026 and $10,578,858 as of December 31, 2025.
  • Goodwill and intangible assets, net, were $6,965,934 as of June 30, 2026, compared to $7,225,011 as of March 31, 2026 and $7,569,695 as of December 31, 2025.
  • Loans receivable were $3,472,916 as of June 30, 2026, compared to $3,605,388 as of March 31, 2026 and $3,633,839 as of December 31, 2025.
  • Other noncurrent assets were $4,701,838 as of June 30, 2026, compared to $4,854,278 as of March 31, 2026 and $5,794,508 as of December 31, 2025.
  • Total assets were $61,461,954 as of June 30, 2026, compared to $62,369,011 as of March 31, 2026 and $65,477,518 as of December 31, 2025.
  • Accounts payable and accrued expenses were $15,297,625 as of June 30, 2026, compared to $15,689,061 as of March 31, 2026 and $17,412,973 as of December 31, 2025.
  • Other current liabilities were $6,760,621 as of June 30, 2026, compared to $6,701,051 as of March 31, 2026 and $6,047,940 as of December 31, 2025.
  • Lines of credit were $8,745,807 as of June 30, 2026, compared to $7,856,208 as of March 31, 2026 and $9,177,684 as of December 31, 2025.
  • Notes payable were $7,075,633 as of June 30, 2026, compared to $9,954,812 as of March 31, 2026 and $11,485,084 as of December 31, 2025.
  • Other non-current and finance/lease liabilities were $2,907,785 as of June 30, 2026, compared to $2,341,520 as of March 31, 2026 and $2,929,208 as of December 31, 2025.
  • Total liabilities decreased by $6.27 million, or 13.3%, to $40.79 million as of June 30, 2026, from $47.05 million at year-end 2025.
  • Stockholders' and mezzanine equity was $20,674,483 as of June 30, 2026, compared to $19,826,359 as of March 31, 2026 and $18,424,629 as of December 31, 2025.
  • The liabilities-to-assets ratio improved by 550 basis points to 66.4% from 71.9%.

Analysis

Cosmos Health reported record revenue for both Q2 and the first half. Q2 GAAP revenue rose 28.8% to $18,986,376, while first-half revenue rose 29.7% to $36,914,268. The company attributed the growth to higher sales volumes across all core segments. Commercial indicators included CosmoFarm revenue of over $15 million, more than 75 new pharmacies, Decahedron's near doubling of United Kingdom revenue, and Cana Laboratories' orderbook exceeding 25 million units.

The Q2 operating picture improved on an adjusted basis. Adjusted gross profit rose 58.4% to $1,843,588 and adjusted gross margin expanded 165 basis points to 9.54%. GAAP gross profit increased 29.9% to $1,511,662, broadly in line with revenue, while operating expenses rose 16.5% to $4,437,269. Management identified lower salaries and wages, which declined 0.7% year-over-year, as an indication of operating leverage, although administrative and brand-promotion costs increased.

The first-half comparison was less favorable at the GAAP gross-profit line. Gross profit was $2,892,833 versus $3,213,613 in the prior-year period, and gross margin was 7.84% versus 11.29%. The company attributed the difference to $0.80 million of sales discount reversals with no corresponding reduction in cost of goods sold. On the adjusted basis, first-half gross profit increased 15.0% to $3,695,361 and adjusted revenue increased 32.5% to $37,716,796.

Profitability remains the principal financial constraint. The Q2 GAAP net loss widened to ($6,086,522), with total other expense, net, of ($3,160,915). The company cited $2.65 million of non-cash charges, principally fair value adjustments on financing arrangements. Adjusted EBITDA improved to ($1,130,888) from ($1,312,280) in Q2, but the first-half adjusted EBITDA loss widened to ($1,719,040) from ($1,139,948). Higher net interest expense was cited as the primary factor in the adjusted net-loss comparison.

The balance sheet showed lower liabilities and inventory, but cash declined from year-end. Total liabilities fell to $40.79 million and stockholders' equity increased to $20.67 million, while the liabilities-to-assets ratio improved to 66.4%. Inventory declined to $4,518,560 and cash and cash equivalents were $2,445,168. The company also began repurchasing shares under its up to $5.0 million authorization. No quantified financial outlook was issued, although management said momentum carried into Q3 2026 and expected second-half seasonality to be materially stronger again this year.

Management, verbatim

Q2 2026 was a record second quarter, with revenue of $18.99 million, up 29% year-over-year, capping a record first half of $36.91 million.

Greg Siokas, CEO of Cosmos Health

Adjusted gross profit rose 58% in the quarter with adjusted gross margin expanding 165 basis points, operating expenses grew at little more than half the rate of revenue, and we reduced both receivables and inventory while revenue grew nearly 30%.

Greg Siokas, CEO of Cosmos Health

Moving forward, we are starting to see the benefits of economies of scale and vertical integration, and we expect increased efficiencies to play an important role as we progress toward sustained profitability.

Greg Siokas, CEO of Cosmos Health

Not in the filing

stated, not guessed
  • GAAP diluted EPS and basic EPS
  • Non-GAAP diluted EPS and basic EPS
  • Operating cash flow
  • Free cash flow
  • Capital expenditures
  • Dividend declaration or payment
  • Formal segment revenue disclosure for Decahedron, Cana Laboratories, proprietary brands, and other segments
  • Quantified forward revenue, gross margin, operating expense, tax rate, earnings, EBITDA, or cash flow guidance
  • Prior-release outlook for comparison
  • Income tax expense or benefit
  • Effective tax rate
  • Total debt as a single reported line item
  • Shares outstanding

AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.

Questions about COSM earnings dates

When is Cosmos Health's next earnings date?
AlphAI has no confirmed date for COSM yet. We publish an earnings date only once the company has set it, so this page shows one the day that happens.
Where does the date come from, and why is there no estimate?
A confirmed date comes from the company's own announcement. Many sites fill the gap by adding about 91 days to the last report, but that arithmetic is a guess, and a wrong date costs a reader more than a missing one, so AlphAI shows nothing until the company confirms. Every quarter already on this page is read straight from the SEC filing: an 8-K item 2.02 for US filers, a 6-K earnings release for foreign private issuers.