$COSMJun 10, 2026, 1:00 PMAI processed
Cosmos Health (COSM) CEO letter: record revenue, U.S. expansion active and $200M-by-2029 guidance
AI Summary
CEO Greg Siokas issued a shareholder letter saying Cosmos Health hit record FY2025 revenue of $65.3M and delivered its strongest Q1 2026 ($17.9M), with management forecasting >$90M in FY2026 and $200.6M revenue by 2029 (Adjusted EBITDA $44.2M). The letter highlights operational wins (GMP contract manufacturing at Cana, record CosmoFarm distribution, C‑Scrub clinical validation and veterinary launch), an active U.S. commercial rollout projecting >$20M annualized at ~75% gross margins within 12–18 months, pursuit of up to €25M EIB financing, and ~$20M of non‑core assets (including real estate) identified to unlock value.
Positives
- Record revenue: FY2025 $65.3M and Q1 2026 $17.9M (management expects >$90M in FY2026)
- U.S. commercial platform now active and projected to deliver >$20M annualized at ~75% gross margins within 12–18 months
- Company is pursuing institutional EIB financing and issued guidance targeting $200.6M revenue and $44.2M Adjusted EBITDA by 2029
Negatives
- Management acknowledges recent share‑price decline and market valuation appears below the company's stated real‑estate value
- Low reported cash balance: $2.2M in cash (liquid assets $4.3M)
- Guidance is forward‑looking and contingent on execution and obtaining financing (standard execution/financing risk)