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Cosmos Health Inc. (COSM-0.59%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports revenue of $12,411,048 for the quarter, a slight decrease from $12,823,797 in the same quarter of the previous year. The nine-month revenue increased to $40,202,238 from $37,537,003 in the previous year.
Net loss for the quarter was $2,182,534, an improvement from the $3,415,077 loss in the same quarter last year. For the nine months, the net loss was $6,639,935 compared to $4,790,597 in the prior year.
Operating expenses for the quarter included general and administrative costs of $1,782,957, salaries and wages of $1,317,782, and sales and marketing expenses of $41,848, leading to a loss from operations of $2,239,864.
The company reported a gross profit of $1,206,862 for the quarter, slightly down from $1,214,758 in the previous year. The nine-month gross profit was $3,307,736, up from $3,118,669.
Interest expense for the quarter was $181,429, compared to $151,274 in the previous year. Interest income was $101,236, down from $110,596.
The company had cash and cash equivalents of $3,314,845 as of September 30, 2024, with net cash used in operating activities amounting to $3,883,215 for the nine-month period.
Cosmos Health reported positive working capital of $11,027,653 and stockholders’ equity of $34,976,599 as of September 30, 2024.
The company acknowledges substantial doubt about its ability to continue as a going concern due to its financial condition and plans to address this through capital raising and strategic initiatives.
Recent acquisitions include Cloudscreen, a platform specialized in drug repurposing, and Cana Laboratories Holdings, enhancing the company's manufacturing capabilities.
Cosmos Health continues to focus on expanding its distribution network and product lines, with plans to further access capital markets to support its operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cosmos Health Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.