Ethema Health Corporation has notified shareholders of delays in its public filings, specifically the postponement of its 2024 10-K and first quarter results, due to audit-related challenges. The company expects to file its first quarter review by the month's end, which will enable the timely submission of its second quarter results. This development comes as Ethema's application for listing on the OTC-ID market has been approved, contingent upon the filing of its first quarter financials, with its current Pink market listing set to transition to the Expert Market on July 18, 2025.
For the first quarter of 2025, Ethema reported revenues of approximately $3.5 million, with $2.1 million generated from its newly acquired Kentucky operations. The company estimates second quarter revenues at $4.4 million, subject to audit review, and projects third quarter revenues to reach $5.5 million. Ethema is targeting quarterly revenues of $6.3 million to achieve optimal efficiency, exploring both acquisitions and organic growth for expansion.
In Florida, Ethema's facilities have been re-certified by the Joint Commission for another three years, underscoring the company's dedication to quality care and adherence to regulatory standards. The Boca Raton facility is operating at full capacity, with Florida operations maintaining a 93% occupancy rate in July. Meanwhile, in Kentucky, Ethema has made notable strides in certification and listing with Managed Care Organizations, completing processes with Humana and Aetna, and anticipates joining the Passport Molina system soon. Additionally, the company has gained approval as a provider by the Kentucky Department of Corrections, facilitating client referrals to its ARIA Kentucky facility.
With 347 licensed beds in Kentucky, 275 of which are currently operational, Ethema is well-positioned for further expansion, serving around 230 customers. CEO Shawn Leon highlighted the successful integration of Kentucky operations and the favorable outcome of the Joint Commission audit in Florida, reiterating the company's commitment to asset optimization and increasing patient numbers to boost profitability.
