Ethema Health Corporation has announced delays in its public filings, specifically the 2024 10-K and first quarter results, citing audit-related challenges. The company expects to file its first quarter review by the month's end, ensuring the timely submission of second quarter results. This development comes as Ethema's application for listing on the OTC-ID market gains approval, contingent upon the filing of its first quarter financials. Meanwhile, its current Pink market listing is set to transition to the Expert Market on July 18, 2025.
Financially, Ethema reported first quarter revenues of approximately $3.5 million for 2025, with $2.1 million originating from its newly acquired Kentucky operations. Second quarter revenues are preliminarily estimated at $4.4 million, subject to audit review, with third quarter projections aiming for $5.5 million. The company targets quarterly revenues of $6.3 million to achieve optimal operational efficiency, exploring both acquisition and organic growth strategies to reach this goal.
In a significant operational milestone, Ethema's Florida facilities have been re-certified by the Joint Commission for another three years, underscoring the company's dedication to maintaining high standards of care and compliance. The Boca Raton facility is currently at full capacity, with Florida operations maintaining a 93% occupancy rate in July. Kentucky operations have also seen progress, with Ethema completing certification and listing processes with Managed Care Organizations Humana and Aetna, and nearing inclusion in the Passport Molina system. Additionally, approval by the Kentucky Department of Corrections enables client referrals to Ethema's ARIA Kentucky facility.
With 347 licensed beds in Kentucky, 275 of which are operational, Ethema serves approximately 230 customers, positioning the company for further expansion. CEO Shawn Leon highlighted the successful integration of Kentucky operations and the Joint Commission audit in Florida, reiterating Ethema's focus on asset optimization and increasing patient numbers to drive profitability. These developments signal Ethema's robust growth trajectory amidst the challenges of regulatory compliance and financial reporting.
