Ethema Health Corporation (OTCPINK: GRST) has recently updated its shareholders regarding delays in its public filings and shared interim financial results. The company faced audit-related delays for its 2024 10-K filing, which subsequently postponed the submission of its first-quarter results. However, the first-quarter review is currently in progress and is anticipated to be filed by the end of the month, enabling the timely filing of the second-quarter results. This development is crucial for the company’s planned transition to the OTC-ID market, pending the submission of its first-quarter financials on form 10-Q.

Financially, Ethema reported revenues of approximately $3.5 million for the first quarter ended March 31, 2025, with $2.1 million stemming from its newly acquired Kentucky operations. The second quarter saw revenues rise to about $4.4 million, subject to audit review. Looking ahead, the company projects revenues of $5.5 million for the quarter ending September 30, 2025, aiming for optimal efficiency at $6.3 million quarterly revenues. This financial trajectory underscores Ethema’s growth and its strategy towards achieving maximum operational efficiency through both acquisitions and organic growth.

In Florida, Ethema’s commitment to quality care was reaffirmed with a three-year re-certification from the Joint Commission, following an audit of its West Palm Beach and Boca Raton facilities. The Boca Raton facility has reached full capacity, with Florida operations at 93% occupancy in July. The company is enhancing its properties and staff to improve customer experience further.

Kentucky operations are progressing well, with 70% completion in certification and listing processes with Managed Care Organizations for Medicaid. Ethema has successfully transitioned with Humana and Aetna and expects to join the Passport Molina system shortly. Additionally, the company has been approved as a provider by the Kentucky Department of Corrections, allowing client referrals to ARIA Kentucky for treatment. With 347 licensed beds, 275 of which are operational, and an additional 36 beds for outpatients, Ethema is poised for significant growth in Kentucky.

Shawn Leon, CEO of Ethema, praised the smooth integration of Kentucky operations and the outstanding results of the Joint Commission audit in Florida. The company remains focused on optimizing its assets in both states to enhance profitability and patient care.

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