GRST · Ethema Health Corp - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.53M | $4.91M | $3.52M | - | $1.76M | $1.49M | $1.30M | - | $1.35M | $1.57M |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $1.05M | $942.6K | $809.7K | - | $417.9K | $363.2K | $274.5K | - | $249.3K | $265.2K |
| Total Operating Expenses | $4.98M | $4.70M | $4.17M | - | $2.48M | $1.77M | $1.53M | - | $1.32M | $1.53M |
| D&A | $206.2K | $203.3K | $196.2K | - | $122.7K | $112.1K | $111.2K | - | $110.2K | $139.6K |
| Operating Income | $546.0K | $209.5K | ($647.4K) | - | ($723.7K) | ($277.5K) | ($229.1K) | - | $33.5K | $32.1K |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | ($13.4K) | ($13.4K) | ($12.3K) | - | ($15.5K) | ($219.3K) | - | - | - | - |
| Net Income | ($1.00M) | ($295.5K) | ($885.1K) | - | ($1.00M) | ($363.4K) | ($374.2K) | - | $2.11M | ($232.2K) |
| EPS - Basic | $0.00 | $0.00 | $0.00 | - | $0.00 | $0.00 | - | - | - | - |
| EPS - Diluted | $0.00 | $0.00 | $0.00 | - | $0.00 | $0.00 | - | - | - | - |
Balance Sheet
| Line item | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $114.0K | $441.7K | $210.4K | $244.8K | $60.9K | $31.1K | $137.5K | $68.6K | $11.7K | $27.8K |
| Accounts Receivable | $2.44M | $1.53M | $1.04M | $260.8K | $381.3K | $272.9K | $356.9K | $313.3K | $681.1K | $470.8K |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Current Assets | $2.61M | $2.01M | $1.27M | $528.8K | $472.4K | $345.5K | $509.8K | $403.1K | $794.5K | $579.9K |
| Total Assets | $30.27M | $28.90M | $28.54M | $12.16M | $12.32M | $12.35M | $11.56M | $11.52M | $12.01M | $3.84M |
| Current Liabilities | $14.76M | $14.20M | $13.02M | $9.65M | $7.54M | $8.55M | $8.68M | $8.30M | $7.71M | $9.86M |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $38.84M | $37.54M | $36.89M | $19.62M | $19.45M | $20.49M | $18.13M | $17.72M | $17.51M | $11.72M |
| Stockholders' Equity | ($8.57M) | ($8.64M) | ($8.34M) | ($7.46M) | ($7.13M) | ($6.57M) | ($6.57M) | ($6.20M) | ($5.51M) | ($7.89M) |
| Retained Earnings | ($45.53M) | ($45.60M) | ($45.30M) | ($44.42M) | ($44.09M) | ($43.19M) | ($42.73M) | ($42.36M) | ($41.96M) | ($44.04M) |
Cash Flow
| Line item | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | - | - | ($73.4K) | - | - | - | ($106.0K) | - | - | - |
| Investing Cash Flow | - | - | $12.2K | - | - | - | ($52.5K) | - | - | - |
| Financing Cash Flow | - | - | $26.6K | - | - | - | $238.0K | - | - | - |
| CapEx | - | - | $12.6K | - | - | - | $32.5K | - | - | - |
| Free Cash Flow | - | - | ($86.0K) | - | - | - | ($138.4K) | - | - | - |
Ratios
| Metric | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | 9.9% | 4.3% | -18.4% | - | -41.1% | -18.6% | -17.6% | - | 2.5% | 2.1% |
| EBITDA margin | 13.6% | 8.4% | -12.8% | - | -34.1% | -11.1% | -9.1% | - | 10.6% | 11.0% |
| Net margin | -18.1% | -6.0% | -25.2% | - | -56.9% | -24.4% | -28.8% | - | 155.7% | -14.8% |
| Free cash flow margin | - | - | -2.4% | - | - | - | -10.6% | - | - | - |
| FCF / Net income | - | - | 0.10 | - | - | - | 0.37 | - | - | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 19.0% | 19.2% | 23.0% | - | 23.7% | 24.4% | 21.1% | - | 18.4% | 16.9% |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -3.3% | -1.0% | -3.1% | - | -8.1% | -2.9% | -3.2% | - | 17.6% | -6.1% |
| Return on equity | 11.7% | 3.4% | 10.6% | - | 14.0% | 5.5% | 5.7% | - | -38.3% | 2.9% |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 0.18 | 0.14 | 0.10 | 0.05 | 0.06 | 0.04 | 0.06 | 0.05 | 0.10 | 0.06 |
| Quick ratio | 0.18 | 0.14 | 0.10 | 0.05 | 0.06 | 0.04 | 0.06 | 0.05 | 0.10 | 0.06 |
| Cash ratio | 0.01 | 0.03 | 0.02 | 0.03 | 0.01 | 0.00 | 0.02 | 0.01 | 0.00 | 0.00 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | -3.53 | -3.34 | -3.42 | -1.63 | -1.73 | -1.88 | -1.76 | -1.86 | -2.18 | -0.49 |
| Liabilities / Assets | 1.28 | 1.30 | 1.29 | 1.61 | 1.58 | 1.66 | 1.57 | 1.54 | 1.46 | 3.06 |
| Efficiency | ||||||||||
| Asset turnover | 0.18 | 0.17 | 0.12 | - | 0.14 | 0.12 | 0.11 | - | 0.11 | 0.41 |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 161d | 114d | 108d | - | 79d | 67d | 100d | - | 184d | 110d |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - | - | - | - | - |
| P / S | 0.4x | 0.7x | 0.4x | - | 1.6x | 1.8x | - | - | - | - |
| EV / EBITDA | 2.9x | 6.8x | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 214.2% | 229.2% | 170.6% | - | 30.0% | -4.8% | 0.0% | - | -5.0% | 37.6% |
| Revenue CAGR (3y) | 57.1% | 62.7% | 50.9% | - | 26.6% | 149.3% | 142.8% | - | 147.0% | 167.0% |
| Revenue CAGR (5y) | 128.0% | 126.5% | - | - | 64.1% | 72.3% | 73.8% | - | 38.0% | 88.0% |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | - | - | -182.6% | - | - | - | - | - | -86.9% | -37.9% |
| Net income growth (YoY) | 0.0% | 18.7% | -136.5% | - | - | -56.5% | -113.0% | - | 311.6% | -19.8% |
| EPS growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | 37.8% | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -20.2% | -31.4% | -26.9% | -20.3% | -29.6% | 16.6% | 30.3% | 38.6% | 48.5% | 28.2% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2024-12-31.
Business segments
$6.02M totalIn Patients Services$6.02M · 100.0%
Peer comparison
Same SIC group: Services-General Medical & Surgical Hospitals, NEC
Comparing ETHEMA HEALTH Corp against the 5 most active filers in the same SIC group.