- Revenue increased by 2% to $54.43 million in 2024.
- Operating expenses decreased significantly by 24.16% to $19.86 million.
- Cosmos Health (COSM, Financial) secured a €2.2 million bond loan at competitive terms.
Cosmos Health Inc. (COSM) reported a modest revenue growth of 2% for the full year 2024, with total revenue reaching $54.43 million, compared to $53.38 million in 2023. Despite this growth, the company experienced a decline in profitability metrics, as evidenced by an adjusted EBITDA of negative $3.73 million, a drop from positive $0.06 million in the previous year.
Operating expenses saw a substantial reduction, dropping by 24.16% to $19.86 million. This included a notable 40.26% reduction in administrative expenses and a 71% decrease in marketing costs, highlighting effective cost-cutting measures by the management.
The gross margin for Cosmos Health declined slightly to 7.92% in 2024, down from 8.15% in 2023, indicating pricing pressures or a shift in product mix. The company also reported a decrease in total assets by 17.72% to $54.31 million, maintaining a 55% liabilities-to-assets ratio.
Key 2024 developments for Cosmos Health included strategic R&D initiatives, such as AI-driven patent filings for various diseases and advancements in their weight management solution, CCX0722, scheduled for a 2026 launch. The company also expanded its manufacturing capabilities with long-term contracts covering 9.5 million units, supporting margin expansion.
Further broadening its business scope, Cosmos Health secured a €2.2 million bond loan on terms of 2.95% interest plus Euribor and integrated cryptocurrency as treasury reserve assets. The expansion of the Sky Premium Life brand globally, including 60 new SKUs and new market entries, represents strategic growth in their consumer health segment.
CEO Greg Siokas demonstrated confidence in the company's long-term strategy by acquiring over 1 million additional shares, signaling management's belief in the company's potential, despite current financial challenges.
