Ethema Hlth Financials
This page shows Ethema Hlth (GRST) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Ethema Hlth has an operating margin of -22.2%, meaning the company retains $-22 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -10.1% the prior year.
Ethema Hlth's revenue grew 12.6% year-over-year to $6.0M, a solid pace of expansion. This earns a growth score of 65/100.
Ethema Hlth's current ratio of 0.05 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 0/100, which could limit financial flexibility.
While Ethema Hlth generated -$456K in operating cash flow, capex of $60K consumed most of it, leaving -$516K in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Ethema Hlth passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Ethema Hlth generates $0.21 in operating cash flow (-$456K OCF vs -$2.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Ethema Hlth generated $6.0M in revenue in fiscal year 2024. This represents an increase of 12.6% from the prior year.
Ethema Hlth's EBITDA was -$866K in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 1914.3% from the prior year.
Ethema Hlth generated -$516K in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 9.6% from the prior year.
Ethema Hlth reported -$2.2M in net income in fiscal year 2024. This represents a decrease of 315.2% from the prior year.
Ethema Hlth held $245K in cash against $0 in long-term debt as of fiscal year 2024.
Ethema Hlth had 7.73B shares outstanding in fiscal year 2024. This represents an increase of 107.3% from the prior year.
Ethema Hlth's operating margin was -22.2% in fiscal year 2024, reflecting core business profitability. This is down 12.0 percentage points from the prior year.
Ethema Hlth's net profit margin was -36.0% in fiscal year 2024, showing the share of revenue converted to profit. This is down 54.8 percentage points from the prior year.
Ethema Hlth invested $60K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 48.4% from the prior year.
GRST Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $5.5M+12.7% | $4.9M+39.4% | $3.5M+139.8% | $1.5M-1.5% | $1.5M+14.6% | $1.3M+15.6% | $1.1M-16.9% | $1.4M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $1.1M+11.7% | $943K+16.4% | $810K+63.5% | $495K+36.3% | $363K+32.3% | $275K-3.9% | $286K+14.7% | $249K |
| Operating Income | $546K+160.7% | $209K+132.4% | -$647K-529.5% | -$103K+62.9% | -$278K-21.1% | -$229K+66.4% | -$683K-2136.0% | $34K |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | -$13K0.0% | -$13K-8.8% | -$12K | N/A | N/A | N/A | -$143K-822.7% | -$16K |
| Net Income | $66K+122.4% | -$296K+66.6% | -$885K-107.0% | -$428K-17.7% | -$363K+2.9% | -$374K+67.7% | -$1.2M-154.9% | $2.1M |
| EPS (Diluted) | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | N/A | $0.00 |
GRST Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $30.3M+4.7% | $28.9M+1.2% | $28.5M+134.8% | $12.2M-1.5% | $12.3M+6.8% | $11.6M+0.3% | $11.5M-4.1% | $12.0M |
| Current Assets | $2.6M+30.0% | $2.0M+57.9% | $1.3M+140.4% | $529K+53.1% | $345K-32.2% | $510K+26.5% | $403K-49.3% | $795K |
| Cash & Equivalents | $114K-74.2% | $442K+109.9% | $210K-14.0% | $245K+687.0% | $31K-77.4% | $137K+100.5% | $69K+484.7% | $12K |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $2.4M+59.4% | $1.5M+47.2% | $1.0M+297.8% | $261K-4.4% | $273K-23.6% | $357K+13.9% | $313K-54.0% | $681K |
| Goodwill | $3.5M-2.2% | $3.6M0.0% | $3.6M | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $38.8M+3.5% | $37.5M+1.8% | $36.9M+88.0% | $19.6M-4.3% | $20.5M+13.0% | $18.1M+2.3% | $17.7M+1.2% | $17.5M |
| Current Liabilities | $14.8M+4.0% | $14.2M+9.1% | $13.0M+34.8% | $9.7M+13.0% | $8.5M-1.5% | $8.7M+4.5% | $8.3M+7.6% | $7.7M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$8.6M+0.8% | -$8.6M-3.5% | -$8.3M-11.9% | -$7.5M+8.4% | -$8.1M-23.8% | -$6.6M-6.0% | -$6.2M-12.6% | -$5.5M |
| Retained Earnings | -$45.5M+0.1% | -$45.6M-0.7% | -$45.3M-2.0% | -$44.4M-2.8% | -$43.2M-1.1% | -$42.7M-0.9% | -$42.4M-0.9% | -$42.0M |
GRST Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $124K+131.8% | -$389K-430.3% | -$73K+5.6% | -$78K+52.6% | -$164K-54.7% | -$106K-332.2% | $46K+107.5% | -$611K |
| Capital Expenditures | $80K+20.7% | $66K+424.2% | $13K+150.0% | -$25K-195.6% | $26K-18.6% | $32K+100.6% | -$5.2M-199.6% | $5.2M |
| Free Cash Flow | $44K+109.6% | -$456K-429.4% | -$86K+16.5% | -$103K+45.9% | -$190K-37.5% | -$138K+97.3% | -$5.2M+11.6% | -$5.8M |
| Investing Cash Flow | -$80K-19.4% | -$67K-650.6% | $12K-51.9% | $25K+102.6% | -$955K-1720.0% | -$52K-151.4% | -$21K-100.8% | $2.5M |
| Financing Cash Flow | -$363K-154.5% | $667K+2410.0% | $27K-89.8% | $260K-74.4% | $1.0M+327.2% | $238K+969.8% | $22K+101.2% | -$1.9M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
GRST Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 9.9%+5.6pp | 4.3%+22.7pp | -18.4%-11.4pp | -7.0%+11.6pp | -18.6%-1.0pp | -17.6%+43.0pp | -60.7%-63.2pp | 2.5% |
| Net Margin | 1.2%+7.2pp | -6.0%+19.1pp | -25.2%+4.0pp | -29.1%-4.8pp | -24.4%+4.4pp | -28.8%+74.1pp | -102.9%-258.5pp | 155.7% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 0.2%+1.2pp | -1.0%+2.1pp | -3.1%+0.4pp | -3.5%-0.6pp | -2.9%+0.3pp | -3.2%+6.8pp | -10.1%-27.6pp | 17.5% |
| Current Ratio | 0.18+0.0 | 0.14+0.0 | 0.10+0.0 | 0.05+0.0 | 0.04-0.0 | 0.06+0.0 | 0.05-0.1 | 0.10 |
| Debt-to-Equity | -4.53-0.2 | -4.34+0.1 | -4.42-1.8 | -2.63-0.1 | -2.52+0.2 | -2.76+0.1 | -2.86+0.3 | -3.18 |
| FCF Margin | 0.8%+10.1pp | -9.3%-6.8pp | -2.5%+4.6pp | -7.0%+5.8pp | -12.8%-2.1pp | -10.7%+447.8pp | -458.4%-27.6pp | -430.9% |
Note: Shareholder equity is negative (-$7.5M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.05), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Ethema Hlth's annual revenue?
Ethema Hlth (GRST) reported $6.0M in total revenue for fiscal year 2024. This represents a 12.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Ethema Hlth's revenue growing?
Ethema Hlth (GRST) revenue grew by 12.6% year-over-year, from $5.3M to $6.0M in fiscal year 2024.
Is Ethema Hlth profitable?
No, Ethema Hlth (GRST) reported a net income of -$2.2M in fiscal year 2024, with a net profit margin of -36.0%.
What is Ethema Hlth's earnings per share (EPS)?
Ethema Hlth (GRST) reported diluted earnings per share of $0.00 for fiscal year 2024. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Ethema Hlth's EBITDA?
Ethema Hlth (GRST) had EBITDA of -$866K in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Ethema Hlth's operating margin?
Ethema Hlth (GRST) had an operating margin of -22.2% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Ethema Hlth's net profit margin?
Ethema Hlth (GRST) had a net profit margin of -36.0% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Ethema Hlth's free cash flow?
Ethema Hlth (GRST) generated -$516K in free cash flow during fiscal year 2024. This represents a 9.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Ethema Hlth's operating cash flow?
Ethema Hlth (GRST) generated -$456K in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Ethema Hlth's total assets?
Ethema Hlth (GRST) had $12.2M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Ethema Hlth's capital expenditures?
Ethema Hlth (GRST) invested $60K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How many shares does Ethema Hlth have outstanding?
Ethema Hlth (GRST) had 7.73B shares outstanding as of fiscal year 2024.
What is Ethema Hlth's current ratio?
Ethema Hlth (GRST) had a current ratio of 0.05 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.
What is Ethema Hlth's debt-to-equity ratio?
Ethema Hlth (GRST) had a debt-to-equity ratio of -2.63 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Ethema Hlth's return on assets (ROA)?
Ethema Hlth (GRST) had a return on assets of -17.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Ethema Hlth's cash runway?
Based on fiscal year 2024 data, Ethema Hlth (GRST) had $245K in cash against an annual operating cash burn of $456K. This gives an estimated cash runway of approximately 6 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Ethema Hlth's debt-to-equity ratio negative or unusual?
Ethema Hlth (GRST) has negative shareholder equity of -$7.5M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Ethema Hlth's Piotroski F-Score?
Ethema Hlth (GRST) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Ethema Hlth's earnings high quality?
Ethema Hlth (GRST) has an earnings quality ratio of 0.21x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Ethema Hlth?
Ethema Hlth (GRST) scores 16 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.