Ethema Health Corporation has recently updated its shareholders regarding delays in its public filings and shared interim financial results, alongside updates on its expansion and accreditation efforts. The company experienced audit-related delays for its 2024 10-K filing, which subsequently affected the timely 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 second quarter filings to proceed as scheduled.

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. In the interim, its current listing on the Pink market will transition to the Expert Market, with plans to return to the OTC-ID market upon filing the necessary documents. Ethema reported revenues of approximately $3.5 million for the first quarter of 2025, with significant contributions from its Kentucky operations. Projections for the second and third quarters indicate continued growth, with revenues expected to reach $4.4 million and $5.5 million, respectively, moving closer to the company’s optimal efficiency target of $6.3 million in quarterly revenues.

In Florida, Ethema has achieved re-certification for another three years by the Joint Commission, underscoring its commitment to quality care and regulatory compliance. The company’s facilities in Florida are operating near capacity, prompting efforts to enhance customer experience through property and staff improvements. Meanwhile, in Kentucky, Ethema is making strides in certification and listing with Managed Care Organizations, with significant progress reported in partnerships with Humana, Aetna, and the Department of Corrections. The Kentucky operations boast 347 licensed beds, with plans to fully staff and operationalize the remaining beds as patient numbers increase.

Shawn Leon, CEO of Ethema, commended the teams in Florida and Kentucky for their dedication and achievements, particularly highlighting the successful Joint Commission audit in Florida. The company remains focused on optimizing its assets and increasing patient counts to improve profitability prospects. These developments reflect Ethema’s ongoing efforts to expand its footprint in the behavioral healthcare sector and enhance its treatment offerings for substance use disorders.

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