GRST ETHEMA HEALTH Corp

Overview and Growth

In fiscal 2025, ETHEMA HEALTH Corp recorded $18.76M of revenue, net loss of $2.18M, and an operating cash outflow of $32.88K. At $18.76M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. The top line expanded 211.9% from $6.02M in fiscal 2024, increasing the company’s operating scale. Diluted earnings per share were $0.00, translating the period’s attributable earnings into the amount reported for each diluted share. A diluted share base of 7.73B links the aggregate earnings figure to diluted EPS and helps frame the per-share comparison. Compared with 5.61B diluted shares in fiscal 2024, the current 7.73B base was 37.8% higher. Total assets stood at $28.77M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Revenue equaled 0.65x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

The company recorded an operating loss of $260.13K after the reported operating expense base. An operating margin of -1.4% reflected costs exceeding revenue-level gross profit by 1.4% of sales. The bottom-line result was a net loss of $2.18M after operating, financing, tax, and other recognized items. Measured against revenue, the bottom-line deficit represented 11.6% after all recognized items. EBITDA was $552.14K, supplying an additional view of reported operating earnings before interest, taxes, depreciation, and amortization. Before income taxes, the company recorded a loss of $2.23M, bridging the operating result to the final net loss. The pretax loss equaled 11.9% of revenue, measuring the pre-tax deficit against sales. An income-tax benefit of $52.64K improved the final result relative to pretax income or loss. Relative to total assets, the net loss represented 7.6%. The bottom-line deficit increased from $2.06M in fiscal 2024 to $2.18M.

Liquidity and Capital Structure

Total assets were $28.77M, supported by $38.40M of liabilities and -$9.64M of shareholder equity. With total equity at -$9.64M, the company carried a negative book-capital position, increasing its reliance on liabilities and future earnings. Current assets were $1.56M against $15.36M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. The current ratio was 0.1x; current liabilities exceeded current assets, leaving a short-term liquidity deficit. The company held $59.51K in cash and equivalents, a narrower liquidity measure than total current assets. The cash balance equaled 0.4% of current liabilities, showing how much near-term coverage came from cash alone. The equity-to-assets relationship was -33.5%, placing book capital against the total resource base. Liabilities represented 133.5% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 0.2%, a balance-sheet composition measure rather than a liquidity forecast. The asset base changed 136.6% from $12.16M in fiscal 2024, leaving current total assets higher year over year. Cash and equivalents were 75.7% lower than fiscal 2024 cash of $244.77K, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Cash flow from operations was an outflow of $32.88K, showing that operations absorbed cash during the period. Capital spending of $277.74K added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. The company recorded a $310.62K cash deficit after capital spending for the period. The free-cash-flow deficit equaled 1.7% of revenue, showing the post-investment cash shortfall relative to sales. Relative to total assets, the post-investment cash deficit measured 1.1%. Cash absorbed by operations decreased from $455.70K in fiscal 2024 to $32.88K.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.