Despite a 38.5% revenue surge in 2025Q4, the company continues to struggle with structural profitability, evidenced by a net margin of -51.5% in the same period.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Jul'11 | Jul'10 | Jul'09 |
|---|
| Sales/Revenue | 69.49M | 65.27M | 54.43M | 53.38M | 50.35M | 56.24M | 55.41M | 39.68M | 37.08M | 30.01M | 6.76M | 533.8K | 7.64M | 902.37K | 0 | 0 | 0 | 0 |
| Revenue Growth % | 29.75% | 19.93% | 1.97% | 6.02% | -10.48% | 1.5% | 39.65% | 6.99% | 23.56% | 344.28% | 1165.53% | -93.01% | 746.55% | - | - | - | - | - |
| Cost of Goods Sold | 62.26M | 57.38M | 50.12M | 49.03M | 44.39M | 47.91M | 47.35M | 36.01M | 34.68M | 28.06M | 6.15M | 484.81K | 70.81K | 557.49K | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 87.9% | 92.08% | 91.85% | 88.17% | 85.19% | 85.45% | 90.77% | 93.5% | 93.48% | 91.1% | 90.82% | 0.93% | 61.78% | - | - | - | - |
| Gross Profit | 7.23M | 7.9M | 4.31M | 4.35M | 5.96M | 8.33M | 8.06M | 3.66M | 2.41M | 1.96M | 601.04K | 48.99K | 7.57M | 344.88K | 0 | 0 | 0 | 0 |
| Gross Margin % | 10.4% | 12.1% | 7.92% | 8.15% | 11.83% | 14.81% | 14.55% | 9.23% | 6.5% | 6.52% | 8.9% | 9.18% | 99.07% | 38.22% | - | - | - | - |
| Gross Profit Growth % | - | 83.14% | -0.88% | -26.98% | -28.49% | 3.35% | 120.09% | 52.05% | 23.12% | 225.48% | 1126.79% | -99.35% | 2094.48% | - | - | - | - | - |
| Operating Expenses | 25.12M | 24.44M | 19.86M | 26.18M | 13.43M | 12.86M | 5.35M | 3.92M | 3.64M | 6.83M | 803.55K | 491.45K | 523.25K | 56.16K | 455 | 168.41K | 3.79M | 4.6K |
| OpEx % of Revenue | - | 37.44% | 36.48% | 49.05% | 26.68% | 22.87% | 9.65% | 9.88% | 9.81% | 22.75% | 11.89% | 92.07% | 6.85% | 6.22% | - | - | - | - |
| Selling, General & Admin | 19.9M | 22.55M | 12.09M | 25.57M | 13.24M | 12.41M | 4.95M | 3.52M | 3.59M | 4.85M | 794.1K | 486.04K | 442.96K | 56.16K | 455 | 168.41K | 3.79M | 4.6K |
| SG&A % of Revenue | - | 34.54% | 22.21% | 47.9% | 26.3% | 22.07% | 8.93% | 8.88% | 9.69% | 16.17% | 11.76% | 91.05% | 5.8% | 6.22% | - | - | - | - |
| Research & Development | 503.73K | 519.36K | 533.29K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 0.8% | 0.98% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2.67M | 1.37M | 7.23M | 614.38K | 188.89K | 449.69K | 397.6K | 394.63K | 43.93K | 1.98M | 9.45K | 5.42K | 9.48K | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -17.89M | -16.54M | -15.54M | -21.83M | -7.47M | -4.53M | 2.71M | -255.81K | -1.23M | -4.87M | -202.51K | -442.46K | 7.12M | 288.71K | -455 | -169.25K | -3.79M | -4.6K |
| Operating Margin % | -25.75% | -25.34% | -28.56% | -40.9% | -14.84% | -8.06% | 4.9% | -0.64% | -3.31% | -16.23% | -3% | -82.89% | 93.15% | 31.99% | - | - | - | - |
| Operating Income Growth % | - | -6.41% | 28.8% | -192.09% | -64.87% | -267.02% | 1161.06% | 79.18% | 74.79% | -2306% | 54.23% | -106.22% | 2364.66% | 63553.19% | 99.73% | 95.53% | -82252.8% | - |
| EBITDA | -16.49M | -15.17M | -14.3M | -21.22M | -7.29M | -4.08M | 3.11M | 138.82K | -1.18M | -4.85M | -193.06K | -437.04K | 7.13M | 288.71K | -22.48K | -168.41K | -3.79M | -4.6K |
| EBITDA Margin % | -23.74% | -23.24% | -26.27% | -39.75% | -14.47% | -7.26% | 5.62% | 0.35% | -3.19% | -16.15% | -2.86% | -81.87% | 93.27% | 31.99% | - | - | - | - |
| EBITDA Growth % | -24.1% | -6.13% | 32.62% | -191.23% | -78.4% | -231.23% | 2141.69% | 111.72% | 75.56% | -2410.33% | 55.83% | -106.13% | 2367.95% | 1384.48% | 86.65% | 95.55% | -82232.15% | - |
| D&A (Non-Cash Add-back) | 1.4M | 1.37M | 1.25M | 614.38K | 188.89K | 449.69K | 397.6K | 394.63K | 43.93K | 25.9K | 9.45K | 5.42K | 9.48K | 0 | 0 | 0 | 0 | 0 |
| EBIT | -18.28M | -16.52M | -15.17M | -17.68M | -9.09M | -4.27M | 3.99M | -1.38M | -2.24M | -4.57M | -394.22K | -6.6M | 7.12M | 288.71K | -22.48K | -168.41K | -3.79M | -4.6K |
| Net Interest Income | -2.7M | -2.23M | -605.87K | -203.62K | -3.73M | -3.53M | -2.73M | -1.73M | -6.81M | -1.64M | -206.01K | -89.32K | -73.9K | -2.44K | 0 | 0 | -900 | 0 |
| Interest Income | 351.76K | 396.41K | 406.45K | 662.86K | 236.35K | 46.32K | 65.86K | 0 | 0 | 0 | 0 | 1.06K | 433 | 0 | 0 | 0 | 52 | 0 |
| Interest Expense | 3.05M | 2.62M | 1.01M | 866.48K | 3.97M | 3.58M | 2.8M | 1.73M | 6.81M | 1.64M | 206.01K | 90.38K | 74.34K | 2.44K | 3.73K | 835 | 952 | 0 |
| Other Income/Expense | -3.24M | -2.6M | -638.19K | 3.29M | -5.58M | -3.31M | -1.52M | -2.86M | -7.81M | -1.33M | -397.73K | -6.25M | -73.9K | -2.44K | -330.13K | 0 | 0 | 0 |
| Pretax Income | -21.13M | -19.14M | -16.18M | -18.54M | -13.06M | -7.85M | 1.2M | -3.12M | -9.04M | -6.21M | -600.23K | -6.69M | 7.04M | 286.27K | -330.59K | -169.25K | -3.79M | 0 |
| Pretax Margin % | -30.41% | -29.33% | -29.73% | -34.74% | -25.93% | -13.95% | 2.16% | -7.85% | -24.39% | -20.68% | -8.89% | -1252.84% | 92.18% | 31.72% | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 775.05K | 114.01K | 377.54K | 182.81K | 17.33K | 2.8K | 769 | 203 | 997.18K | 39.68K | -455 | -835 | -952 | 4.6K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | -5.94% | -1.45% | 31.51% | -5.87% | -0.19% | -0.05% | -0.13% | -0% | 14.16% | 13.86% | 0.14% | 0.49% | 0.03% | - |
| Net Income | -21.13M | -19.14M | -16.18M | -18.54M | -13.83M | -7.96M | 820.79K | -3.3M | -9.06M | -6.21M | -601K | -6.69M | 6.04M | 246.59K | -455 | -169.25K | -3.79M | -4.6K |
| Net Margin % | -30.41% | -29.33% | -29.73% | -34.74% | -27.47% | -14.16% | 1.48% | -8.31% | -24.43% | -20.69% | -8.9% | -1252.88% | 79.13% | 27.33% | - | - | - | - |
| Net Income Growth % | -39.63% | -18.3% | 12.73% | -34.07% | -73.71% | -1070% | 124.88% | 63.59% | -45.91% | -933.24% | 91.01% | -210.64% | 2351.29% | 54296.04% | 99.73% | 95.53% | -82252.8% | - |
| Net Income (Continuing) | -21.13M | -19.14M | -16.18M | -18.54M | -13.83M | -7.96M | 820.79K | -3.3M | -9.06M | -6.21M | -601K | -6.69M | 6.04M | 246.59K | -330.59K | -169.25K | -3.79M | -4.6K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.45 | -0.63 | -1.17 | -2.15 | -33.16 | -23.74 | 1.54 | -6.21 | -17.02 | -12.25 | -1.20 | -13.31 | 12.50 | 0.58 | -0.00 | -1.73 | -45.30 | -0.06 |
| EPS Growth % | 41.99% | 46.15% | 45.58% | 93.52% | -39.68% | -1641.56% | 124.8% | 63.51% | -38.94% | -920.83% | 90.98% | -206.48% | 2055.17% | - | 99.73% | 96.18% | -78682.61% | - |
| EPS (Basic) | - | -0.63 | -1.17 | -2.15 | -33.16 | -23.74 | 1.55 | -6.21 | -17.02 | -12.25 | -1.25 | -13.31 | 12.50 | 0.58 | -0.00 | -1.73 | -45.30 | -0.06 |
| Diluted Shares Outstanding | 47.09M | 30.29M | 19.15M | 11.97M | 1.93M | 656.93K | 532.31K | 530.94K | 532.26K | 511.2K | 502.59K | 502.46K | 503.21K | 426.98K | 99.45K | 97.74K | 83.63K | 80K |
| Basic Shares Outstanding | 47.09M | 30.29M | 19.15M | 11.97M | 1.93M | 656.93K | 530.8K | 530.94K | 532.26K | 506.92K | 480.8K | 502.46K | 502.34K | 426.71K | 99.45K | 97.74K | 83.63K | 80K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and dilution risk
As reported in recent financial statements, COSM achieved a 38.5% revenue increase in 2025Q4, yet the trajectory remains inconsistent with quarterly growth rates fluctuating between -10.2% and 38.5% over the last ten quarters, suggesting that top-line expansion is likely driven by episodic acquisitions rather than organic momentum.
The erratic nature of revenue growth indicates that the company's expansion strategy may be heavily reliant on inorganic additions to the distribution network. Investors should monitor whether this growth can stabilize into a predictable organic trend, as the current volatility complicates long-term forecasting of the company's market share.
Based on the provided income statement data, COSM's gross margin has struggled to maintain double-digit levels, peaking at 15.2% in 2025Q3 before retreating, which highlights the inherent difficulty of generating sustainable profitability within a low-margin pharmaceutical wholesale distribution model that lacks significant pricing power.
The inability to consistently expand gross margins suggests that the company remains a price-taker in its primary distribution markets. Without a successful pivot toward higher-margin proprietary brands, the current cost structure appears insufficient to support the overhead required for international operations.
According to the historical income statement data, COSM's operating margins have remained consistently negative, reaching as low as -85.8% in 2023Q4, which indicates that the company has failed to achieve the necessary scale to cover its fixed SG&A expenses despite recent top-line growth.
The lack of operating leverage implies that every incremental dollar of revenue is currently accompanied by disproportionate increases in operating costs. This trend suggests that the company's current business model is not yet optimized for profitability, necessitating a fundamental reassessment of its cost-to-revenue efficiency.
As evidenced by the quarterly filings, COSM consistently records stock-based compensation expenses, such as the $582K reported in 2025Q4, which further exacerbates the net losses and dilutes existing shareholders without providing a clear path to positive earnings per share in the near term.
The reliance on equity-based incentives while the company remains deeply unprofitable warrants caution regarding the alignment of management interests with shareholder value. Investors should consider the impact of ongoing dilution on future EPS, especially given the persistent negative net income figures.
Based on the reported figures, the company's extremely thin cash position relative to its quarterly operating expenses suggests a high risk of liquidity stress, which may force management to pursue further dilutive financing to sustain operations in the absence of positive cash flow generation.
The discrepancy between aggressive revenue growth and the lack of cash accumulation raises concerns about the quality of the company's working capital management. A failure to secure additional funding or achieve a rapid turnaround in profitability could lead to significant operational disruptions.
Quick answers to the most common questions about buying COSM stock.
For fiscal year 2025, Cosmos Health Inc. (COSM) reported total revenue of $65.3M.
Cosmos Health Inc. (COSM) reported a net loss of $19.1M for the fiscal year ending 2025.
Cosmos Health Inc. (COSM) reported an operating income of $-16.5M, resulting in an operating profit margin of -25.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Cosmos Health Inc. (COSM) generated $7.9M in gross profit for the year, representing a gross profit margin of 12.1%. This demonstrates the company's core pricing power and production efficiency.