Cosmos Health Inc. reaffirmed its expectation that full-year 2026 revenue will surpass $90 million, a figure that implies a record fourth quarter of approximately $35.7 million or more. CEO Greg Siokas stated in a letter to shareholders that this projection represents an increase of approximately 81% from the $19.7 million generated in the same period in 2025, marking the largest single-year revenue increase in the company's history.
The company reported preliminary nine-month 2026 revenue of approximately $54.3 million, up 19% year over year. Siokas noted that every quarter of 2026 has set a record for its period, with the third quarter reaching approximately $17.4 million. This performance follows a fiscal 2025 in which revenue reached a record $65.3 million and gross profit rose 83% to $7.9 million.
The acceleration in growth is attributed to multiple business segments, including pharmaceutical contract manufacturing, distribution, and proprietary brands. The U.S. e-commerce division has seen rapid scaling, with 8,940 active subscriptions as of October 19, 2026, an increase of 42% in five days. The company expects this segment to contribute approximately $15 million in revenue and $10.5 million in gross profit during the fourth quarter.
Cosmos Health also highlighted significant expansion in its contract manufacturing operations at Cana Laboratories, where the pipeline has grown sixfold since mid-2024 to more than 32.7 million units. Distribution volumes have also increased, with CosmoFarm serving more than 1,500 pharmacies and generating revenue that is up approximately 4.3 times under Cosmos Health ownership. Proprietary brands are now sold in more than 40 countries, with particular momentum in Europe and the Gulf region.
Financial discipline remains a key focus for the company. The balance sheet includes approximately $20 million in non-core assets, such as real estate and digital assets, while total liabilities decreased by 13.3% in the first half of 2026. The company has also repurchased more than 5.1 million shares for approximately $1.1 million.
Looking ahead, Cosmos Health provided guidance for fiscal 2029, projecting revenue of $200.6 million, gross profit of $71.2 million, and adjusted EBITDA of $44.2 million. The company aims to become self-funding by 2027. Research and development efforts continue to advance, including CCX0722, a hydrogel-based weight-management device with patent applications in four major markets.
The strategic shift is intended to improve the quality of revenue and expand gross margins from 12.1% in fiscal 2025 to a targeted 35.5% by fiscal 2029. Siokas emphasized that while revenue growth is significant, the company's ambition focuses on broadening recurring customer relationships and moving toward sustainable profitability through higher-margin proprietary products and specialized contract manufacturing.