Cosmos Health posts record H1 revenue of $36.9m, retires debt early

The NASDAQ-listed healthcare group reported 29.7% revenue growth in H1 2026 and repaid an $8m convertible note twelve months ahead of schedule.

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Cosmos Health (NASDAQ: COSM) has reported first-half 2026 revenue of $36.91 million, up 29.7% year-on-year, extending a run of record quarterly results that began in the final quarter of 2025. Second-quarter revenue came in at $18.99 million, a 28.8% increase, while the company's adjusted gross profit rose 58% over the same period last year.

The company's balance sheet also improved materially. Total liabilities fell by $6.27 million to $40.79 million between December 2025 and June 2026, and stockholders' equity rose 12.2% to $20.67 million over the same period. On 28 August, the company repaid in full its $8 million senior secured convertible note issued to ATW Partners, doing so twelve months ahead of the August 2027 maturity date. The repayment eliminates any further conversion or dilution risk from that instrument.

Operational highlights

Growth was spread across multiple divisions. CosmoFarm, the Greek pharmacy distribution arm, added more than 80 pharmacies in the half and is running at an annualised revenue rate above $60 million. Contract manufacturer Cana Laboratories reached an all-time-high orderbook of more than 25 million units, underpinned by multi-year agreements with Verisfield, Pharmex and Provident. UK distributor Decahedron nearly doubled its revenue year-on-year in the second quarter.

On the brand side, the company secured listings for its C-Scrub surgical hand-scrub product at Tesco and Superdrug, the two largest health and beauty retailers in the United Kingdom. The product subsequently obtained EN 12791 certification for surgical hand disinfection, opening hospital procurement channels, and a veterinary-grade variant was launched into the animal health category in June. Sky Premium Life, the company's premium nutraceutical range, secured a five-year exclusive distribution agreement in Saudi Arabia with Innova Healthcare, with an initial purchase order of 126,000 units and a projected total volume exceeding five million units over the term.

The company also advanced international patent application WO2025108566A1 for CCX0722, a hydrogel weight-management compound that swells more than 100-fold in the stomach before passing through the gastrointestinal tract without systemic absorption. The application has entered national or regional phases in the United States, Europe, Australia and Canada. Cosmos acquired the underlying IP outright from Cloudpharm in June, with no licensing fees or royalty obligations. The global weight-management market was valued at $190.6 billion in 2025 and is projected to reach $562 billion by 2033, according to figures cited by the company.

Market context and outlook

Cosmos Health sits in a competitive segment where diversified consumer-health operators, spanning contract manufacturing, retail distribution, and proprietary nutraceutical brands, are under pressure to demonstrate margin expansion alongside top-line growth. The company's adjusted EBITDA remained negative in the first half, at approximately $1.4 million combined across the two quarters, though the trend is improving. Management has reaffirmed guidance for full-year 2026 revenue above $90 million and a longer-range target of $200.6 million by 2029, implying a 32% compound annual growth rate from the 2025 base. Those projections carry material execution risk across a large number of concurrent initiatives.

The company also holds $3.1 million in digital assets, principally Bitcoin and Ethereum, and has identified approximately $20 million in non-core assets, including owned real estate in Athens, for potential monetisation. Chief executive Greg Siokas said the company "enters the second half of 2026 with a solid balance sheet and a streamlined capital structure" and a "clear path to $200 million in revenue." Zacks Small-Cap Research initiated coverage in January with a $4.50 price target.

Investors will focus on the pace of margin improvement as the higher-margin 18 Series nutraceutical products scale in the United States, and on whether the CCX0722 hydrogel can attract a co-development or licensing partner in the weight-management category, where GLP-1 receptor agonists have become the dominant commercial frame of reference.

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