Ethema Health Corporation (OTCPINK: GRST) has recently updated its shareholders regarding delays in its public filings and shared interim financial results. The company anticipates filing its first quarter results by the end of the month, which will facilitate the timely submission of its second quarter filings. This development is crucial for investors tracking the company's compliance and financial health.
The company has been approved for listing on the new OTC-ID market, pending the submission of its first quarter financials on form 10-Q. Currently listed on the Pink market, Ethema will transition to the Expert Market on July 18, 2025, with plans to return to the OTC-ID market upon completing the necessary filings. This move is significant for the company's visibility and accessibility to investors.
Financially, Ethema reported revenues of approximately $3.5 million for the first quarter of 2025, with $2.1 million attributed to its newly acquired Kentucky operations. The second quarter saw revenues rise to about $4.4 million, with projections for the third quarter reaching $5.5 million. These figures underscore the company's growth trajectory and its nearing operational efficiency, with further expansion anticipated through acquisitions and organic growth.
In Florida, Ethema's re-certification by the Joint Commission for another three years highlights its commitment to quality care and regulatory compliance. The Boca Raton facility's full capacity and a 93% occupancy rate in Florida reflect the company's successful treatment programs and patient trust. Efforts to enhance customer experience through property and staff improvements are underway.
Kentucky operations are progressing well, with 70% completion in certification processes with Managed Care Organizations for Medicaid. The addition as an approved provider for the Department of Corrections in Kentucky marks a significant milestone, allowing for client referrals to ARIA Kentucky. With 347 licensed beds and a current census of approximately 230 customers, Ethema is poised for further growth in the region.
CEO Shawn Leon praised the integration of Kentucky operations and the successful Joint Commission audit in Florida, attributing these achievements to the dedicated teams in both states. The company's focus on optimizing assets and increasing patient counts is expected to enhance profitability, making this update a key indicator of Ethema's future prospects.
