Cosmos Health revenue rises 31% to record as U.S. expansion offsets widening net loss

Cosmos Health (NASDAQ:COSM) generated record revenue in the first quarter of 2026, driven by sustained distribution gains and market expansions, even as a shifting business mix and operational investments weighed on bottom-line profitability.

The Chicago-based healthcare group reported Wednesday that first-quarter revenue climbed 30.7% to $17.93 million, up from $13.71 million in the same period last year.

Adjusted revenue for the quarter reached $18.40 million.

Management attributed the top-line growth to operational momentum that has carried into the second quarter, alongside an aggressive push to scale its nutraceuticals footprint in the U.S. market.

However, the company’s bottom-line results highlighted the costs of its rapid expansion.

Net loss widened significantly to $2.81 million for the quarter, while adjusted EBITDA finished near breakeven at negative $0.23 million.

Gross profit stood at $1.38 million, with adjusted gross profit reported at $1.85 million, reflecting a lower-margin profile often associated with scaling wholesale distribution channels.

On the balance sheet, Cosmos Health made progress in optimizing its capital structure.

Total liabilities decreased by 9.6% to $42.54 million, while stockholders' equity improved by 7.6% to $19.83 million.

The company concluded the quarter with $4.3 million in liquid assets, which includes a cash balance of $2.2 million.