Cosmos Health reports Q2 adjusted EPS 1c vs. (35c) last year

Reports Q2 revenue $12.36M vs. $13.21M last year. Greg Siokas, Chief Executive Officer of Cosmos Health, stated: “We delivered solid financial results in Q2 2023. Adjusted EBITDA was once again positive, highlighting the stability of our business model, and we also generated positive Adjusted Net Income, in contrast to a loss during the corresponding period last year. Looking at the broader picture, the first half of 2023 has been particularly strong. Both Adjusted EBITDA and Adjusted Net Income exceeded the $3 million mark, with Adjusted EBITDA increasing by over 180% and Adjusted Net Income increasing by 3550%, marking a major turnaround from the loss in the corresponding period last year. I am also pleased to report a strengthening in our financial position and building of equity. Total assets have increased, with tangible assets growing by more than 488% and goodwill and intangible assets expanding by 435%. Meanwhile, total liabilities have decreased, resulting in total stockholders’ equity of $44.35 million, and a stockholder equity to asset ratio in excess of 60%, indicating our prudent approach to financing. Importantly, our book value per share exceeds $4.04. This past quarter, we not only delivered solid financial results, but also closed transformative acquisitions like Cana and advanced in game-changing R&D. All of this was achieved while still maintaining a prudent, essentially debt-free balance sheet. As we build on this solid foundation, our eyes are fixed on the future. Our ambitious strategy focuses on key areas such as creating synergies, improving operational efficiency, pursuing vertical integration, investing in innovative R&D, expanding our brands, and strategically growing our distribution network and facilities on a global scale. We look forward to providing our investors with some exciting updates that are in the works.”