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 15 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).
Revenue growth is being financed rather than self-funded, with deeper operating losses and persistent liquidity strain defining the business.
As revenue expanded across FY2022-FY2024, operating margin fell from10.1% to-22.2% , showing that extra sales were not absorbing overhead but arriving with a heavier cost structure. That is why FY2023’s positive net income of$1.0M is less reassuring than it looks: operating cash flow was still-$530K , so the profit line and cash engine were moving in opposite directions.
FY2024 cash increased to
The funding burden did not just sit on the liability side: shares outstanding jumped from 3.7B to 7.7B in FY2024, so part of the gap appears to have been bridged by expanding the equity base as well. At the same time, SG&A rose to
Financial Health Signals
We are recalculating Ethema Hlth's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.
Ethema Hlth scores -2.21, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($773K) relative to total liabilities ($38.4M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Ethema Hlth passes 5 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Ethema Hlth generates $0.02 in operating cash flow (-$33K 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
Earnings & Revenue
Ethema Hlth generated $18.8M in revenue in fiscal year 2025. This represents an increase of 211.9% from the prior year.
Ethema Hlth's EBITDA was $552K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 163.7% from the prior year.
Ethema Hlth reported -$2.2M in net income in fiscal year 2025. This represents a decrease of 5.5% from the prior year.
Cash & Balance Sheet
Ethema Hlth generated -$311K in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 39.8% from the prior year.
Ethema Hlth held $60K in cash against $0 in long-term debt as of fiscal year 2025.
Ethema Hlth had 7.73B shares outstanding in fiscal year 2025. This represents a decrease of 0.0% from the prior year.
Margins & Returns
Ethema Hlth's operating margin was -1.4% in fiscal year 2025, reflecting core business profitability. This is up 20.8 percentage points from the prior year.
Ethema Hlth's net profit margin was -11.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 22.7 percentage points from the prior year.
Capital Allocation
Ethema Hlth invested $278K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 360.9% from the prior year.
GRST Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.8M-13.0% | $5.5M+12.7% | $4.9M+39.4% | $3.5M+139.8% | $1.5M-16.6% | $1.8M+18.1% | $1.5M+14.6% | $1.3M |
| 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+7.2% | $1.1M+11.7% | $943K+16.4% | $810K+63.5% | $495K+18.5% | $418K+15.0% | $363K+32.3% | $275K |
| Operating Income | -$368K-167.4% | $546K+160.7% | $209K+132.4% | -$647K-529.5% | -$103K+85.8% | -$724K-160.8% | -$278K-21.1% | -$229K |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | -$13K0.0% | -$13K0.0% | -$13K-8.8% | -$12K | N/A | N/A | N/A | N/A |
| Net Income | -$1.1M-1707.6% | $66K+122.4% | -$296K+66.6% | -$885K-171.7% | -$326K+67.4% | -$1.0M-175.4% | -$363K+2.9% | -$374K |
| EPS (Diluted) | N/A | $0.00 | $0.00 | $0.00 | N/A | $0.00 | $0.00 | $0.00 |
GRST Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $28.8M-5.0% | $30.3M+4.7% | $28.9M+1.2% | $28.5M+134.8% | $12.2M-1.3% | $12.3M-0.3% | $12.3M+6.8% | $11.6M |
| Current Assets | $1.6M-40.3% | $2.6M+30.0% | $2.0M+57.9% | $1.3M+140.4% | $529K+11.9% | $472K+36.7% | $345K-32.2% | $510K |
| Cash & Equivalents | $60K-47.8% | $114K-74.2% | $442K+109.9% | $210K-14.0% | $245K+302.2% | $61K+95.7% | $31K-77.4% | $137K |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $1.4M-40.6% | $2.4M+59.4% | $1.5M+47.2% | $1.0M+297.8% | $261K-31.6% | $381K+39.7% | $273K-23.6% | $357K |
| Goodwill | $3.4M-1.9% | $3.5M-2.2% | $3.6M0.0% | $3.6M | N/A | N/A | N/A | N/A |
| Total Liabilities | $38.4M-1.1% | $38.8M+3.5% | $37.5M+1.8% | $36.9M+88.0% | $19.6M+0.9% | $19.5M-5.1% | $20.5M+13.0% | $18.1M |
| Current Liabilities | $15.4M+4.1% | $14.8M+4.0% | $14.2M+9.1% | $13.0M+34.8% | $9.7M+28.0% | $7.5M-11.8% | $8.5M-1.5% | $8.7M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$9.6M-12.4% | -$8.6M+0.8% | -$8.6M-3.5% | -$8.3M-11.9% | -$7.5M-4.5% | -$7.1M+12.4% | -$8.1M-23.8% | -$6.6M |
| Retained Earnings | -$46.6M-2.3% | -$45.5M+0.1% | -$45.6M-0.7% | -$45.3M-2.0% | -$44.4M-0.7% | -$44.1M-2.1% | -$43.2M-1.1% | -$42.7M |
GRST Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $306K+147.7% | $124K+131.8% | -$389K-430.3% | -$73K+5.6% | -$78K+28.0% | -$108K+34.1% | -$164K-54.7% | -$106K |
| Capital Expenditures | $119K+49.0% | $80K+20.7% | $66K+424.2% | $13K+150.0% | -$25K-194.8% | $27K+0.8% | $26K-18.6% | $32K |
| Free Cash Flow | $187K+328.2% | $44K+109.6% | -$456K-429.4% | -$86K+16.5% | -$103K+23.5% | -$135K+29.3% | -$190K-37.5% | -$138K |
| Investing Cash Flow | -$119K-49.0% | -$80K-19.4% | -$67K-650.6% | $12K-51.9% | $25K+194.8% | -$27K+97.2% | -$955K-1720.0% | -$52K |
| Financing Cash Flow | -$248K+31.6% | -$363K-154.5% | $667K+2410.0% | $27K-89.8% | $260K+62.2% | $160K-84.2% | $1.0M+327.2% | $238K |
| 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 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -7.6%-17.5pp | 9.9%+5.6pp | 4.3%+22.7pp | -18.4%-11.4pp | -7.0%+34.1pp | -41.1%-22.5pp | -18.6%-1.0pp | -17.6% |
| Net Margin | -22.1%-23.3pp | 1.2%+7.2pp | -6.0%+19.1pp | -25.2%-3.0pp | -22.2%+34.7pp | -56.9%-32.5pp | -24.4%+4.4pp | -28.8% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -3.7%-3.9pp | 0.2%+1.2pp | -1.0%+2.1pp | -3.1%-0.4pp | -2.7%+5.4pp | -8.1%-5.2pp | -2.9%+0.3pp | -3.2% |
| Current Ratio | 0.10-0.1 | 0.18+0.0 | 0.14+0.0 | 0.10+0.0 | 0.050.0 | 0.06+0.0 | 0.04-0.0 | 0.06 |
| Debt-to-Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| FCF Margin | 3.9%+3.1pp | 0.8%+10.1pp | -9.3%-6.8pp | -2.5%+4.6pp | -7.0%+0.6pp | -7.6%+5.1pp | -12.8%-2.1pp | -10.7% |
Note: Shareholder equity is negative (-$9.6M), 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 (0.10), 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 $18.8M in total revenue for fiscal year 2025. This represents a 211.9% 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 211.9% year-over-year, from $6.0M to $18.8M in fiscal year 2025.
Is Ethema Hlth profitable?
No, Ethema Hlth (GRST) reported a net income of -$2.2M in fiscal year 2025, with a net profit margin of -11.6%.
What is Ethema Hlth's EBITDA?
Ethema Hlth (GRST) had EBITDA of $552K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Ethema Hlth's operating margin?
Ethema Hlth (GRST) had an operating margin of -1.4% in fiscal year 2025, 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 -11.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Ethema Hlth's free cash flow?
Ethema Hlth (GRST) generated -$311K in free cash flow during fiscal year 2025. This represents a 39.8% 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 -$33K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Ethema Hlth's total assets?
Ethema Hlth (GRST) had $28.8M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Ethema Hlth's capital expenditures?
Ethema Hlth (GRST) invested $278K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Ethema Hlth's current ratio?
Ethema Hlth (GRST) had a current ratio of 0.10 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Ethema Hlth's return on assets (ROA)?
Ethema Hlth (GRST) had a return on assets of -7.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Ethema Hlth's cash runway?
Based on fiscal year 2025 data, Ethema Hlth (GRST) had $60K in cash against an annual operating cash burn of $33K. This gives an estimated cash runway of approximately 22 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 not reported?
Ethema Hlth (GRST) has negative shareholder equity of -$9.6M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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 Altman Z-Score?
Ethema Hlth (GRST) has an Altman Z-Score of -2.21, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Ethema Hlth's Piotroski F-Score?
Ethema Hlth (GRST) has a Piotroski F-Score of 5 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 0.02x, 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.