COSM: COSM CEO letter: record revenue, U.S. expansion live and guidance to $200M revenue by 2029

AI Summary

Cosmos Health (NASDAQ: COSM) CEO Greg Siokas issued a shareholder letter reporting record FY2025 revenue of $65.3M and the strongest-ever Q1 2026 (Q1 revenue $17.9M, adjusted $18.4M), with FY2026 expected to exceed $90M and multi-year guidance targeting $200.6M revenue and $44.2M Adjusted EBITDA by 2029. The letter emphasizes the company’s active U.S. market entry (projected >$20M annualized U.S. revenue at ~75% gross margin within 12–18 months), pursuit of institutional R&D financing with the European Investment Bank, identification of ~$20M in non-core assets to unlock liquidity, and continued insider share purchases.

Positives

Recorded all-time FY2025 revenue of $65.3M and Q1 2026 was highest on record (Q1 revenue $17.9M; adj. $18.4M), with FY2026 guidance >$90M
U.S. market entry is active and revenue-generating; management projects >$20M annualized U.S. revenue at ~75% gross margins within 12–18 months
Pursuing potential institutional R&D financing with the European Investment Bank and has identified ~$20M of non-core assets to monetize

Negatives

Company acknowledges recent share-price decline despite operational progress
Modest reported cash balance (cash $2.2M; liquid assets $4.3M) leaving reliance on financing or asset monetization to fund growth
EIB financing and asset monetization are currently pursues/options, not guaranteed or closed