Cosmos Holdings Inc. (COSM): Business Model Canvas [Dec-2025 Updated]

You're trying to see past the noise and understand exactly how Cosmos Holdings Inc. (COSM) is structuring itself to profit from its pivot to higher-margin nutraceuticals, and I've mapped the whole thing out for you. This isn't just about selling generics anymore; it's about vertical integration, from R&D to distribution, backed by a $300 million treasury facility and a projected FY 2025 revenue of $68.4 million. Their strategy is clear: control the supply chain and boost margins. Here's the quick math on how all nine building blocks fit together.

Cosmos Holdings Inc. (COSM) - Canvas Business Model: Key Partnerships

You're looking at the scaffolding that holds Cosmos Holdings Inc. (COSM) together, and honestly, the recent moves in late 2025 show a clear pivot toward digital finance and high-margin product manufacturing. These aren't just handshake deals; they involve significant capital and operational integration.

The most immediate, high-impact partnership is with Prime Ledger LLC. This is a long-term strategic agreement, announced on December 3, 2025, centered on a comprehensive digital transformation. The core of this deal involves Prime Ledger helping to oversee Cosmos Holdings Inc.'s $300,000,000 treasury facility. The initial phase, set to start in Q4 2025, focuses on strategy and architectural design for both treasury and IP tokenization platforms.

This partnership is designed to unlock new capitalization channels by tokenizing high-value Intellectual Property (IP) assets. Furthermore, the agreement explicitly includes integrating Cosmos Holdings Inc.'s data infrastructure using Prime Ledger's existing relationship with Conduit Network, which is key for managing on-chain and off-chain data for compliance and reporting.

When it comes to developing novel therapeutics, Cosmos Holdings Inc. relies on external expertise. They have established R&D partnerships specifically targeting major health disorders. Here's a breakdown of the focus areas and associated market context:

• Targeting major health disorders: obesity, diabetes, and cancer.
• Enhancement via artificial intelligence drug repurposing technologies.
• One specific project with Cloudpharm P.C. focuses on microbiome-based management of obesity.
• The global weight management market was valued at $132.7 billion in 2021, projecting a 9.7% CAGR.

For the proprietary nutraceuticals, like the Sky Premium Life brand, the manufacturing strategy has shifted to de-risk logistics and tariffs. You can see the numbers reflecting this strategic choice:

The commitment to quality in manufacturing is evidenced by the fact that all Sky Premium Life products for the U.S. market are made in GMP-certified, FDA-registered, and UL-audited U.S. facilities.

Cosmos Holdings Inc. maintains a broad network of pharmaceutical suppliers and logistics providers, primarily through its established European operations. This network supports the distribution of branded generics and OTC medications. The manufacturing arm, Cana Laboratories S.A., is a critical partner here, being licensed under European Good Manufacturing Practices (GMP) and certified by the European Medicines Agency (EMA). The financial upside from this manufacturing capability is substantial; Cana Laboratories is projected to generate over $10 million in recurring annual gross profit at full capacity. The company's Q3 2025 revenue, which hit an all-time high of $17.11 million, up 38% year-over-year, reflects the operational leverage from these integrated manufacturing and distribution channels.

Finance: review the Q4 2025 cash flow projections incorporating the initial operational costs of the Prime Ledger integration by next Tuesday.

Cosmos Holdings Inc. (COSM) - Canvas Business Model: Key Activities

You're looking at the core engine of Cosmos Health Inc. (COSM) operations as of late 2025. These are the things the company must do well to make the whole model work, blending traditional healthcare manufacturing with a very modern digital finance strategy.

Manufacturing proprietary brands at Cana Laboratories S.A.

The activity centers on the European manufacturing base, Cana Laboratories S.A., which is licensed under European Good Manufacturing Practices (GMP) and certified by the European Medicines Agency (EMA). The company completed Phase I of facility upgrades, positioning the subsidiary to potentially generate over $10 million in recurring annual gross profit at full capacity, which is expected by the end of 2025. As of the last update, Cana Laboratories had secured contracts to manufacture over 5,020,000 units of medicines and up to 500,000 CBD units. To be fair, these initial agreements utilized less than 20% of the company's existing capacity.

Wholesale logistics and distribution via CosmoFarm business.

The CosmoFarm division is a key logistics and distribution pillar, showing strong momentum. For the first 10 months of 2024, this division hit a record revenue of $43 million, accompanied by 21% gross profit growth. The Q3 2025 results confirmed this robust growth, supported by higher volumes and an expanding pharmacy network. Inventory levels, which support these sales activities, rose to $5.68 million as of September 30, 2025, up from $5.11 million on June 30, 2025.

Research and development (R&D) of new patented nutraceuticals and generics.

Cosmos Health Inc. maintains R&D partnerships focused on major health disorders like obesity, diabetes, and cancer, using artificial intelligence drug repurposing technologies. A specific focus is the obesity treatment candidate, CCX0722, which has advanced to the clinical trial preparation stage. The company is also focused on novel patented nutraceuticals and proprietary complex generics. The focus on higher-margin products is driving margin improvement; the gross margin for Q3 2025 reached a record 15.21%. This is a significant jump from the projected FY 2025 gross margin target of 19.4%, up from 8.7% in the prior period. That's a 549 basis point improvement year-over-year for Q3 2025.

Managing a $300 million treasury facility and tokenizing IP assets.

This is definitely the most unconventional key activity. Cosmos Health secured up to a $300 million financing facility in August 2025 via senior secured convertible promissory notes. A mandatory allocation of at least 72.5% of net proceeds from each tranche is directed toward building a digital asset treasury reserve, including Ethereum (ETH), Bitcoin (BTC), and Solana (SOL). The initial phase of a partnership to manage this treasury and tokenize IP assets is set to commence in the fourth quarter of 2025. The balance of the facility proceeds goes toward working capital and growth initiatives.

Expanding proprietary brand distribution globally, e.g., Sky Premium Life.

Global expansion is heavily focused on the Sky Premium Life brand. As of February 2025, the brand expanded its Stock Keeping Units (SKUs) by 60, bringing the total to over 150. The U.S. launch is a major component, with products manufactured locally in GMP-certified, FDA-registered facilities. The company projects the NOOR Collagen product alone to generate more than $12 million in annualized revenue in the U.S. market, with an anticipated gross margin of approximately 75%. This contrasts with the company's overall Q3 2025 gross margin of 15.21%. The brand already has a presence in the United Kingdom, Europe, and the United Arab Emirates.

Here's a quick look at the financial drivers supporting these activities as of Q3 2025:

The company's commitment to these activities is underscored by CEO share purchases; Mr. Siokas acquired 301,101 shares between November 19 and November 28, 2025, bringing his year-to-date 2025 total acquisition to 3,398,055 shares.

• Cana Laboratories facility size: 54,000-square-foot Athens facility.
• Investment in Cana Laboratories since July 2023: Approximately $5.5 million.
• Sky Premium Life SKU count: Over 150 total SKUs.
• U.S. Nutraceuticals Market Size (2024): $163.7 billion.

Cosmos Holdings Inc. (COSM) - Canvas Business Model: Key Resources

You're looking at the core assets that power Cosmos Holdings Inc. (COSM) right now, late in 2025. These aren't just line items; they are the tangible and intangible things the company absolutely must have to make its business model work. Honestly, the mix shows a clear pivot toward high-value manufacturing and digital asset backing.

Cana Laboratories S.A. (GMP-certified manufacturing facility)

This is your physical production backbone in the European Union. Cosmos Holdings Inc. invested approximately $5.5 million into this subsidiary since acquiring it in July 2023. The facility itself is a 54,000-square-foot operation in Athens, licensed under European Good Manufacturing Practices (GMP) and certified by the European Medicines Agency (EMA). This certification is key; it lets Cosmos Holdings Inc. manufacture pharmaceuticals, food supplements, and cosmetics at scale. The goal is for this facility, at full capacity, to generate over $10 million in recurring annual gross profit, a milestone expected to be reached by the end of 2025. The ramp-up of this contract manufacturing division was a key driver for the record Q3 2025 revenue of $17.11 million.

Proprietary brand portfolio (Sky Premium Life, C-sept, Mediterranation)

The company owns a portfolio of brands that are central to its higher-margin revenue strategy. The focus here is on premium nutraceuticals and established product lines. For the nine months ended September 30, 2025, the strategic shift to these higher-margin segments helped push the Gross Margin to 12.76%, up from 8.23% the prior year. That's a tangible result of leaning on these assets.

Here's a quick breakdown of the key brands and their latest reported metrics:

To give you a concrete example of the potential, the Sky Premium Life NOOR Collagen product alone is projected to generate more than $12 million in annualized revenue from its U.S. launch.

Global distribution network across Europe, Asia, and North America

Cosmos Holdings Inc. uses its distribution infrastructure to move its manufactured and sourced products globally. The company maintains subsidiaries in Greece and the UK, with offices and distribution centers in Thessaloniki, Athens, and Harlow, UK. This network supports expansion across Europe, Asia, and North America. The growth in the CosmoFarm distribution business, supported by an expanding pharmacy network, was cited as a driver for the record Q3 2025 performance.

$300 million financing facility for digital asset investments

This is a major, unconventional financial resource secured in August 2025. It is structured as senior secured convertible promissory notes with a maximum aggregate principal amount of $300 million. The terms mandate that 72.5% of net proceeds from note sales must go toward building a digital treasury reserve. The company has been actively deploying capital under this facility to acquire digital assets like Ethereum (ETH), Bitcoin (BTC), and Solana (SOL). As of October 21, 2025, the total investment in ETH reached $2 million, up from $1.8 million reported just days earlier on October 13, 2025. This facility is now being managed through a strategic partnership announced in December 2025.

Here's the quick math on the facility deployment:

Telehealth platform via the ZipDoctor, Inc. acquisition

The acquisition of ZipDoctor, Inc. brought Cosmos Holdings Inc. into the direct-to-consumer telemedicine space. ZipDoctor offers subscription-based services providing 24/7 access to board-certified physicians and mental health counselors across the United States. The platform supports virtual visits via phone or secured video chat, offering services in both English and Spanish. This acquisition positions Cosmos Holdings Inc. to tap into the U.S. telehealth market, which was valued at $23.8 billion in 2021 and projected to reach $309.9 billion by 2030.

The company intends to expand ZipDoctor's current offerings to include treatments related to men's and women's health and wellness issues. The company's global distribution platform is being used to expand the reach of this U.S.-based asset throughout Europe, Asia, and North America.

• Platform Access: 24/7 access to professionals.
• Languages: English and Spanish coverage.
• Visit Method: Phone or secured video chat.

Cosmos Holdings Inc. (COSM) - Canvas Business Model: Value Propositions

You're looking at the core value Cosmos Holdings Inc. (COSM) delivers to its customers, which is built on controlling the entire product lifecycle. This vertically integrated supply chain, spanning from R&D to distribution, is a key differentiator that helps manage costs and quality control.

For instance, the company's subsidiary, Cana Laboratories S.A., is licensed under European Good Manufacturing Practices (GMP) and certified by the European Medicines Agency (EMA), handling the manufacturing side. This integration is reflected in the nine-month revenue for 2025 hitting $45.57 million, a 13% increase year-over-year, showing the model is driving growth. Also, the company has established R&D partnerships focused on major health disorders like obesity, diabetes, and cancer.

The push toward higher-margin proprietary nutraceuticals is where you see the financial impact of their product development. Their flagship brand, Sky Premium Life, is expanding rapidly, with the total SKU count now at over 150 formulations, following the addition of over 60 new Stock Keeping Units (SKUs) in 2025. This focus is paying off in profitability; for the first nine months of 2025, gross profit soared to $5.82 million. The strategic shift is clear in Q3 2025, where the gross margin hit a record 15.21%.

Specifically for the U.S. market entry, the projected gross margin for the Sky Premium Life U.S. operations is approximately 75%. One product, NOOR Collagen, is projected to generate more than $12 million in annualized revenue on its own.

Cosmos Holdings Inc. (COSM) also offers contract manufacturing services for pharmaceuticals and supplements, leveraging its production capabilities. Cana Laboratories S.A. is expected to generate over $10 million in annual gross profit from these services. Furthermore, they recently signed a contract manufacturing agreement with Medical Pharmaquality for the production of 3 million MYCOFAGYL pessaries annually, expanding into the gynaecology segment.

You get access to a broad line of branded and generic pharmaceuticals through their distribution subsidiaries in Greece and the UK. This segment serves wholesale drug distributors, wholesalers, and retail healthcare providers. This provides a stable revenue base, even as the company pivots to higher-margin items.

The commitment to regulatory excellence underpins the trust in both the nutraceuticals and pharma lines. For their European manufacturing, Cana Laboratories S.A. holds European GMP certification and EMA certification. When launching Sky Premium Life in the U.S., all products are manufactured locally in GMP-certified, FDA-registered, and UL-audited U.S. facilities. This local U.S. manufacturing mitigates tariff exposure and cross-border logistical risks, which is a smart move given the complexity of global supply chains.

Here's a quick look at the regulatory and operational footprint:

• European Manufacturing: Licensed under European GMP.
• U.S. Manufacturing: Utilizes FDA-registered facilities.
• Quality Assurance: Facilities are also UL-audited.
• Product Scope: Manufactures pharmaceuticals, food supplements, cosmetics, biocides, and medical devices.

Finance: draft 13-week cash view by Friday.

Cosmos Holdings Inc. (COSM) - Canvas Business Model: Customer Relationships

You're looking at how Cosmos Holdings Inc. manages its different customer types as of late 2025. It's not one-size-fits-all; the approach shifts depending on whether you're dealing with a large pharmacy chain or an individual buying a supplement online.

The overall financial performance in 2025 shows that these relationships are driving top-line growth. For the nine months ended September 30, 2025, total revenue reached $45.57 million, up from $40.20 million in the prior-year period. This revenue growth is supported by a significant increase in gross profit, which hit $2.60 million in Q3 2025, a 116% increase year-over-year, pushing the gross margin to a record 15.21%. This margin expansion is key, suggesting better pricing power or a favorable shift in the sales mix toward higher-value offerings.

Here's how Cosmos Holdings Inc. structures the engagement for its distinct customer groups:

• Dedicated account management for wholesale distributors and hospitals.
• Transactional relationship for generic pharmaceutical sales.
• Digital engagement via the telehealth platform (ZipDoctor).
• Brand loyalty programs for direct-to-consumer nutraceuticals.

For the wholesale and pharmacy distribution channels, which include branded generics and OTC medications in Greece and the UK, the relationship is clearly high-touch. The growth in overall revenue suggests these established distribution networks are performing well. The company distributes to retail pharmacies and wholesale distributors through its subsidiaries in Greece and the UK. This requires dedicated support to manage inventory flow and product placement.

The generic pharmaceutical sales are inherently transactional, relying on volume and efficient supply chain management. The nine-month revenue of $45.57 million reflects the scale of these ongoing product movements. Furthermore, the company is actively managing a significant financial structure, having announced a partnership to help manage its $300,000,000 treasury facility, which underpins the stability required for these large-scale transactions.

Digital engagement centers on the ZipDoctor, Inc. acquisition, positioning Cosmos Holdings Inc. in the telehealth space. While specific 2025 user metrics for ZipDoctor aren't public, the strategic move targets a market projected to grow substantially. The telehealth market was projected to expand to $309.9 billion by 2030, with a compound annual growth rate (CAGR) of 45.1% from 2021 levels. ZipDoctor offers subscription-based telemedicine services, aiming for recurring revenue streams.

Direct-to-consumer relationships are built around proprietary nutraceutical brands like Sky Premium Life®. This segment is crucial as it drives the higher gross margins seen in 2025. Cosmos Holdings Inc. is entering the U.S. Nutraceuticals Market, valued at $164 billion, with this brand. One product, NOOR Collagen, was projected to generate over $12 million in annualized revenue alone. The improved Q3 2025 gross margin of 15.21%, up from 9.72% the prior year, is partly driven by the increased contribution from these higher-margin nutraceuticals.

Finance: draft 13-week cash view by Friday.

Cosmos Holdings Inc. (COSM) - Canvas Business Model: Channels

You're looking at how Cosmos Holdings Inc. gets its products and services to the customer base as of late 2025. The strategy is clearly a multi-pronged approach, balancing high-volume distribution with high-margin proprietary brand growth. Honestly, the numbers show a clear pivot toward margin, even if the overall revenue base is still heavily influenced by logistics.

Wholesale Logistics Distribution Network (CosmoFarm)

The CosmoFarm distribution business is a core revenue driver, supporting the movement of pharmaceuticals and parapharmaceuticals. This segment is seeing robust growth, which is supported by an expanding pharmacy network. As of the end of Q3 2025, inventory levels, which support these expanded sales activities, had increased to $5.68 million from $5.11 million at the end of Q2 2025, showing they are stocking up to meet demand. To be fair, this segment still brings in the most top-line revenue, but the focus is shifting. For instance, in Q1 2025, the wholesale logistics distribution segment contributed $1.18 million to the gross profit. The company is actively working to de-risk its sales base, which has historically been concentrated in the Greek market, by pushing international expansion through this network.

Retail Pharmacies and Hospitals in Europe and the UK

Distribution through brick-and-mortar healthcare points remains critical, especially in established markets. Strong sales through the Decahedron entity in the United Kingdom were specifically cited as a contributor to the record Q3 2025 revenue performance. Furthermore, the manufacturing arm, Cana Laboratories S.A., is licensed under European Good Manufacturing Practices (GMP) and certified by the European Medicines Agency (EMA), which is essential for supplying hospitals and pharmacies across the EU. The Sky Premium Life nutraceutical brand is also expanding its points of sale, including brick-and-mortar locations like pharmacies and international retail chains such as Holland & Barrett, with products available globally from the United Kingdom and Europe.

Direct-to-Consumer Sales for Proprietary Brands (e.g., Sky Premium Life U.S. Launch)

This is where you see the margin-expansion story playing out. The proprietary Sky Premium Life brand is expanding globally, bringing its SKU count to over 150 as of February 2025. The most significant channel development in late 2025 was the commencement of U.S. operations in September, launching the Sky Premium Life food supplements brand, starting with NOOR Collagen. The company projects this single U.S. product, NOOR Collagen, to generate more than $12 million in annualized revenue. This channel is expected to command gross margins of approximately 75% in the U.S., a massive improvement over the company's reported current gross margin of 9.85% prior to this launch. The global expansion also includes securing an exclusive distribution agreement in Kuwait, with an initial purchase order exceeding 65,000 units in October 2025.

Contract Manufacturing Organization (CMO) Sales Channel

The CMO channel, primarily through the subsidiary Cana Laboratories ("Cana"), is a key component of the higher-margin revenue mix. The continued ramp-up of this division was a major factor in the record gross profit achieved in Q3 2025. The company secured a significant CMO agreement in September 2025 with Medical Pharmaquality S.A. for the annual production of 3 million MYCOFAGYL® Pessaries. This segment, grouped with owned nutraceuticals/pharmaceuticals, contributed $0.87 million to gross profit in Q1 2025. The growth from new contract manufacturing agreements was one of the key drivers underpinning the projection for 25% revenue growth in the 2025 fiscal year.

Telehealth Platform for Virtual Healthcare Services

Cosmos Health Inc. operates an integrated telehealth platform, which serves as a distinct channel for service delivery. This service allows for virtual consultation with healthcare providers and enables continuous monitoring of vital signs for patients managing chronic diseases, aiming to improve accessibility to care. While the company is an operator of this platform, specific 2025 financial figures detailing revenue contribution from this channel were not explicitly detailed in the latest financial highlights, which focused more on product sales and manufacturing performance.

Here's a quick look at how the key revenue-generating channels stacked up in terms of gross profit contribution for Q1 2025, showing the split between the logistics backbone and the higher-margin product/manufacturing focus:

The overall gross margin for the company reached a record 15.21% in Q3 2025, a 549 basis point improvement year-over-year, which signals that the channel mix is successfully tilting toward higher-margin sales like the U.S. Sky Premium Life launch and CMO work. Finance: draft 13-week cash view by Friday.

Cosmos Holdings Inc. (COSM) - Canvas Business Model: Customer Segments

You're looking at the customer base for Cosmos Holdings Inc. (COSM) as of late 2025, and the picture shows a clear pivot toward higher-margin, proprietary products, even as the foundational distribution business remains active globally.

The customer segments are quite diverse, reflecting the company's vertically integrated structure across distribution, manufacturing, and proprietary brands. The financial data from the third quarter of 2025 shows the overall revenue momentum, with Q3 2025 revenue hitting an all-time high of $17.11 million, up 38% from Q3 2024.

Here is a breakdown of the key customer groups Cosmos Holdings Inc. serves:

• Wholesale drug distributors and wholesalers globally.
• Retail pharmacies and hospital networks.
• Consumers seeking high-quality nutraceuticals (e.g., Sky Premium Life).
• Pharmaceutical and healthcare companies needing contract manufacturing.
• Patients utilizing the telehealth services.

The distribution arm, which serves the first two segments, still contributes meaningfully, though the focus is shifting. For the first quarter of 2025, the Wholesale logistics distribution segment contributed $1.18 million to gross profit. This business involves distributing branded generics and OTC medications through subsidiaries in Greece and the UK. The CosmoFarm distribution business is specifically noted as being supported by an expanding pharmacy network.

The consumer segment, driven by the proprietary nutraceutical brand, is a major growth area. The flagship brand, Sky Premium Life, has seen significant expansion, with the total SKU count now exceeding 150 products. The launch of NOOR Collagen in the U.S. market is projected to generate more than $12 million in annualized revenue alone, with an anticipated gross margin of approximately 75%. Furthermore, global expansion is evident, such as the distribution agreement signed in Oman, which included an initial purchase order of 42,000 Units of Sky Premium Life products.

The contract manufacturing segment is another high-margin focus. This activity, combined with owned nutraceuticals/pharmaceuticals, contributed $0.87 million to gross profit in Q1 2025. The ramp-up of the contract manufacturing division at Cana Laboratories ("Cana") was cited as a driver for the record Q3 2025 gross margin of 15.21%.

The telehealth segment is served through the acquisition of ZipDoctor, Inc., based in Texas, USA. Specific utilization or revenue data for this segment as of late 2025 wasn't explicitly broken out in the latest reports, but it represents a strategic entry point for the company.

Here's a look at the segment contributions to gross profit where data is available for Q1 2025, showing the relative weight before the full impact of the U.S. nutraceutical launch:

The overall financial performance in the first nine months of 2025 shows total revenue of $45.57 million, with gross profit rising 76% year-over-year to $5.82 million. This margin expansion is directly tied to serving these higher-value segments.

For the telehealth segment, Cosmos Holdings Inc. has entered the space via the acquisition of ZipDoctor, Inc.. The company is also leveraging a $300 million financing facility to support growth initiatives, which includes accelerated product development and enhanced commercial initiatives.

Finance: draft 13-week cash view by Friday.

Cosmos Holdings Inc. (COSM) - Canvas Business Model: Cost Structure

You're looking at the cost side of the Cosmos Holdings Inc. (COSM) business as of late 2025. The company has been actively managing expenses while simultaneously investing in growth, which shows up clearly in the recent quarterly figures. Honestly, tracking these costs against revenue shifts is key to understanding their path to sustained profitability.

The cost structure is heavily influenced by the dual focus on wholesale logistics distribution and the higher-margin owned nutraceuticals/pharmaceuticals and manufacturing segments. For the first quarter of 2025 (Q1 2025), the revenue contribution from these segments was reported as:

• Wholesale logistics distribution: $1.18 million.
• Owned nutraceuticals/pharmaceuticals and manufacturing: $0.87 million.

We can calculate the Cost of Goods Sold (COGS) based on the reported Gross Profit and Revenue for the periods where data is available. For Q1 2025, revenue was $13.71 million and Gross Profit was $2.05 million, implying a COGS of $11.66 million. By the third quarter of 2025 (Q3 2025), with revenue at $17.11 million and Gross Profit at $2.60 million, the implied COGS rose to $14.51 million, reflecting the higher sales volume in that record quarter.

Operating expenses show a clear trend of cost discipline in early 2025, though they increased later in the year to support expansion. In Q1 2025, total operating expenses were $2.88 million, a decline of 9.05% from the prior year period's $3.17 million. This reduction was driven by specific internal initiatives.

The breakdown of those Q1 2025 operating expense reductions is telling:

• Salaries and wages saw a 17.34% reduction, driven by efficiency initiatives.
• Sales and marketing expenses declined by 83.78% due to a strategic cut in promotional spend.
• General and administrative expenses (G&A) decreased by 14.46% (adjusted for non-cash items).

However, by Q3 2025, the company was strategically increasing spending to fuel growth. Total operating expenses in Q3 2025 reached $4.42 million, up from $3.45 million in Q3 2024, reflecting investments in talent and scientific personnel. For the nine-month period ending September 30, 2025, total operating expenses were $11.11 million.

Regarding Research and Development (R&D), while specific expense figures aren't isolated in the latest reports, the company confirms active projects, such as the CCX0722 weight management solution entering its final development phase. These scientific personnel investments are embedded within the increased Q3 2025 operating expenses.

Finally, on the balance sheet side, the company's obligations are significant. As of the third quarter of 2025 (Q3 2025), total liabilities stood at $46.36 million. This increase from $35.65 million in Q2 2025 reflects the strategic utilization of the $300 million financing facility to support digital asset investments and working capital. While the specific dollar amount for debt servicing (interest expense) isn't itemized in the provided data, the liability figure itself dictates the scale of required servicing payments.

Here's a quick look at the key expense and liability figures we have for Cosmos Holdings Inc. as of late 2025:

Cosmos Holdings Inc. (COSM) - Canvas Business Model: Revenue Streams

Cosmos Health Inc. revenue streams are diversified across several core operational segments, reflecting its vertically integrated structure. The company reported a record quarter for Q3 2025, with revenue hitting $17.11 million, marking a 38% increase from $12.41 million in Q3 2024. The full-year 2025 revenue is projected to reach $68.4 million.

The key components driving this revenue include:

• Revenue from wholesale logistics distribution, specifically mentioning the CosmoFarm distribution business supported by higher volumes.
• Sales of proprietary nutraceutical brands, such as Sky Premium Life, which saw significant global expansion. The Sky Premium Life NOOR Collagen product alone is projected to generate over $12 million in annualized revenue from its U.S. launch.
• Contract manufacturing fees from Cana Laboratories, which is noted for its ramp-up and contribution to the stronger sales mix. Cana Laboratories is projected to generate over $10M+ in annual gross profit.
• Sales of generic and branded over-the-counter (OTC) pharmaceuticals, which the company distributes to retail pharmacies and wholesale distributors.

The performance in Q3 2025 also showed a gross margin expansion to a record 15.21%, up from 9.72% a year earlier. This margin improvement is attributed to a stronger sales mix, including increased contributions from higher-margin nutraceuticals and contract manufacturing divisions.

Here's a look at the recent financial performance metrics:

The company's gross margin for the nine-month period ending September 30, 2025, was 12.76%, up from 8.23% in the prior-year period. To be fair, the high projection for the NOOR Collagen revenue suggests a strong focus on high-margin proprietary products, with an expected gross margin of approximately 75% for those U.S. nutraceutical sales. Finance: draft 13-week cash view by Friday.