Cosmos Health: A Company Transformed — 2026 Year-to-Date
Cosmos Health reported record revenue in every 2026 reporting period, with H1 2026 revenue of $36.91M, up 29.7% year-over-year, building on FY2025 revenue of $65.27M. Management reaffirmed FY2026 guidance of more than $90M in revenue and 2029 targets of $200.6M revenue, $31.0M net income and $44.2M adjusted EBITDA. The company retired its $8.0M ATW convertible note a full year early, withdrew its S-1/S-3 shelf registrations, and saw 4.87M Series B warrants expire unexercised, cutting roughly 38% of the warrant overhang. Total liabilities fell 13.3% to $40.79M while stockholders' equity rose 12.2%, and 5.1M+ shares have been repurchased for about $1.11M under a $5.0M authorization.
Key figures
- Revenue
- H1 2026 $36.91M (+29.7% YoY); FY2025 $65.27M (+20%)
- Guidance
- Reaffirmed: FY2026 revenue >$90M (+38%); 2027 revenue $130.7M, net income $8.7M, Adj. EBITDA $16.5M; 2029 revenue $200.6M, gross profit $71.2M, net income $31.0M, Adj. EBITDA $44.2M (32% CAGR from FY2025)
- Revenue Yoy
- 29.7% (H1 2026)
- Ceo ownership
- 14.6M shares (added 3.3M+ in 2025, 7.8M+ in 2026)
- Cana orderbook
- 25M+ units all-time high
- Fy2025 revenue
- $65.27M (+20%)
- Q1 2026 revenue
- $17.93M (+31%)
- Q2 2026 revenue
- $18.99M (+28.8%)
- Warrants expired
- 4,874,126 Series B warrants expired unexercised, removing ~38% of warrant overhang
- Shares repurchased
- 5,112,000 shares for approximately $1.11M under $5.0M authorization
- Zacks price target
- $4.50
- Annualized run rate
- >$75M
- Gross profit fy2025
- $7.9M (+83%)
- Eib financing program
- €50M R&D program; EIB could fund up to 50% (€25 million)
- Real estate fair value
- ~$15M (Athens manufacturing facility and logistics center)
- Adjusted ebitda q1 2026
- -$229K (near breakeven)
- Adjusted ebitda q2 2026
- -$1.13M (improved)
- Convertible note repaid
- $8.0M ATW senior secured convertible note retired 12 months ahead of August 2027 maturity
- Digital assets invested
- $3.1M (BTC + ETH); Bitcoin in a gain position
- Non core assets identified
- ~$20M for potential monetization
- Next warrant exercise price
- $0.95 per share
- Total liabilities jun 30 2026
- $40.79M (-13.3% vs Dec 31, 2025 $47.05M)
- Stockholders equity jun 30 2026
- $20.67M (+12.2%)
- Operating cash requirements reduction
- >30% vs prior two-year average
- Projected us annualized revenue 18 series noor
- $22.7M+ at ~$17.0M gross profit (70%+ margins)
AI analysis
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