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Ethema Health Corporation (GRST) filings document public-company reporting status for the behavioral health issuer, including Form 12b-25 notifications tied to delayed Form 10-K reporting. The late-filing notices describe additional time required to compile and review information for annual reporting, and they identify periodic-report timing, extension relief under SEC rules, and disclosures related to the company’s financial condition.
Ethema Health Corporation notified the SEC that it cannot timely file its Quarterly Report on Form 10-Q for the period ended March 31, 2026 and is using Rule 12b-25 relief to file within the five-calendar-day extension. The notification was signed on May 15, 2026.
The company states it is still compiling and reviewing financial information and does not anticipate material changes in results versus the prior year period. The company previously did not file its December 31, 2025 periodic report on schedule.
Ethema Health Corporation notified the SEC it cannot timely file its Form 10-K for the fiscal year ended December 31, 2025 and submitted a Form 12b-25 (NT 10-K) claiming it needs additional time to compile and review certain financial information. The company expects to file the Annual Report within the 15-calendar-day extension period provided by Rule 12b-25. The notice was signed by Shawn E. Leon on April 13, 2026.
Ethema Health Corporation reported sharply higher activity for the quarter ended September 30, 2025, driven by its expanded addiction treatment footprint. Quarterly revenue rose to $5.53 million from $1.76 million a year earlier, helped by the January 2025 acquisition of Edgewater Recovery Centers’ Kentucky operations. For the first nine months of 2025, revenue reached $13.95 million versus $4.55 million in the prior-year period.
Operating income for the quarter was $546,015, compared with an operating loss a year ago, and net income was $66,136, though the company still recorded a $1.11 million net loss year‑to‑date. The Edgewater transaction added customer relationships, licenses and other intangibles, plus $3.49 million of goodwill, and was funded in part by new bank debt, including a $4.25 million promissory note.
Ethema’s balance sheet remains highly leveraged. At September 30, 2025, total liabilities of $38.84 million exceeded total assets of $30.27 million, with a working capital deficit of about $12.2 million, an accumulated deficit of $45.5 million, and cash of $114,030. Management states these conditions raise substantial doubt about the company’s ability to continue as a going concern and indicates it will need additional capital and continued revenue growth to support operations.