Cosmos Health Inc. (NASDAQ:COSM) has issued a shareholder update from Chief Executive Officer Greg Siokas covering preliminary 2026 results, the expansion of its U.S. subscription operation and longer-term financial objectives. The company said preliminary nine-month 2026 revenue was approximately $54.3 million, up 19%, and reaffirmed its expectation that full-year revenue will surpass $90 million.
#2026 revenue outlook
Cosmos Health said each quarter of 2026 had set a record for its period. Third-quarter revenue was approximately $17.4 million, which the company described as its highest third quarter, while first-half revenue was up approximately 30% year over year.
The company expects fourth-quarter revenue of approximately $35.7 million or more, compared with approximately $19.7 million in the fourth quarter of 2025. Cosmos Health said the expected fourth-quarter contribution includes approximately $20.7 million or more from its established core segments and approximately $15 million from U.S. e-commerce. The established core-segment figure is implied by the consolidated outlook and is not separate segment guidance.
Cosmos Health said its 2026 outlook, including the implied fourth-quarter revenue figures, is based on current trends and internal assumptions. Actual results may differ materially. The company described the outlook as its largest single-year revenue increase in its history.
#U.S. subscription business
The company said its direct-to-consumer U.S. operation had 8,940 active subscriptions as of October 19, 2026, up 42% from 6,287 five days earlier. Its platform had also tracked 14,624 U.S. online checkout orders.
Cosmos Health expects approximately $15 million in U.S. revenue and approximately $10.5 million in gross profit during the fourth quarter. Those expectations are based on the company’s current growth trajectory and a significantly expanded marketing budget. The company also said its subscription model is being assessed through measures including renewals, customer retention and customer-acquisition efficiency.
Cosmos Health said its U.S. operation sells proprietary products through company-owned online stores, allowing customers to select recurring delivery at checkout. Subscription revenue expectations and other U.S. operating forecasts are estimates based on current trends and internal assumptions, and actual results may differ materially.
#Contract manufacturing and distribution
Cana Laboratories, Cosmos Health’s pharmaceutical manufacturing subsidiary, has a contract manufacturing pipeline of more than 32.7 million units across 11 therapeutic categories, according to the company. The pipeline has increased sixfold since mid-2024, with agreements averaging approximately four years and extending up to ten years.
The company said the pipeline represents more than $20 million in implied revenue and more than $18 million in implied gross profit over the life of the agreements. These figures are estimates, and actual orders, volumes and timing will depend on execution.
CosmoFarm, the company’s pharmaceutical distribution subsidiary, serves more than 1,500 pharmacies. Cosmos Health reported record second-quarter revenue of more than $15 million and said revenue was approximately 4.3 times the roughly $14 million generated in fiscal 2017, the year before its acquisition of CosmoFarm.
Cosmos Health also disclosed a proposed acquisition of a pharmacy distribution network serving the Greek market, with approximately €10 million in annual revenue. The proposal is covered by a non-binding letter of intent and is not a completed acquisition.
#Proprietary brands and international reach
Cosmos Health said more than 15 proprietary brands and product lines, together with ten branded generics, are sold in more than 40 countries across Europe, the Middle East, North America, Asia and Oceania.
The company highlighted Sky Premium Life, which it said has more than 150 SKUs and momentum in Europe and the Gulf. Other products mentioned in the update included C-Scrub, C-Sept PRO and C-ScrubVet. The company’s statements about market sizes and related market valuations are estimates.
#Balance sheet and capital allocation
Total liabilities declined 13.3% between December 31, 2025 and June 30, 2026, according to Cosmos Health. The company said its liabilities-to-assets ratio improved from approximately 71.9% to 66.4% over that period.
Cosmos Health reported approximately $20 million in non-core assets, including wholly owned real estate with an independent fair market valuation of approximately $15 million and digital assets. Asset values are estimates where identified by the company. Potential options involving those assets include a sale, a sale-and-leaseback or borrowing against them, subject to the company’s stated conditions.
The company said more than 5.1 million shares had been repurchased for approximately $1.1 million under its $5.0 million share repurchase program. Share repurchases are at management’s discretion.
#Research and development
Cosmos Health said it is advancing CCX0722, a hydrogel-based weight-management device, as well as two patented anticancer drug candidates. Its other research programs include the Cloudscreen AI drug-repurposing platform and nanotechnology-based nutraceutical formulations.
CCX0722 and the company’s anticancer drug candidates have not been approved by any regulatory authority.
#2029 financial guidance
For fiscal 2029, Cosmos Health provided guidance of $200.6 million in revenue, $71.2 million in gross profit, $44.2 million in adjusted EBITDA, $31.0 million in net income and $92.3 million in stockholders’ equity. The company also identified an objective for the business to become self-funding by 2027.
Cosmos Health said these targets depend on the mix of proprietary products, execution of manufacturing contracts, customer retention, marketing investment and control of operating expenses. The 2029 guidance and the 2027 self-funding objective are estimates based on current trends and internal assumptions, and actual results may differ materially. Adjusted EBITDA is a non-GAAP measure.
The company stated that implied CMO revenue, asset values and market sizes are estimates, while further terms and conditions apply to the proposed acquisition and other matters described in the update.
#Key Takeaways
- Cosmos Health reported preliminary nine-month 2026 revenue of approximately $54.3 million, up 19%.
- The company reaffirmed its expectation that full-year 2026 revenue will surpass $90 million, subject to current-trend and internal-assumption estimates.
- Active U.S. subscriptions reached 8,940 as of October 19, 2026, according to preliminary operating data.
- Cana Laboratories’ contract manufacturing pipeline exceeded 32.7 million units, while CosmoFarm served more than 1,500 pharmacies.
- Cosmos Health’s fiscal 2029 guidance includes $200.6 million in revenue and $44.2 million in adjusted EBITDA; the figures are estimates and actual results may differ materially.
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