GRST · ETHEMA HEALTH Corp · Financials
Substantial doubt about the company's ability to continue as a going concern.
“Based on the uncertainties described above, we believe our business plan does not alleviate the existence of substantial doubt about our ability to continue as a going concern within one year from the date of the issuance of these consolidated financial statements.”View the 10-K filed Jul 1, 2026
Key customers — 100% of revenue (the years ended December 31, 2025 and 2024)
“During the years ended December 31, 2025 and 2024, the Company derived approximately 100% of its in-patient revenues from a group of commercial health care insurers.”
Income-statement, balance-sheet and cash-flow figures from SEC filings, plus a debt profile anchored in the latest 10-K and updated by each 10-Q and debt exhibit.
Chart any reported metric, KPI or segment over time — the full statement history lives here
| Line Item | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| — | $18.76M | $6.02M | $5.34M | $4.82M | $1.94M | $339K | $359.95K | $432.52K | $929.42K | — | $3.14M | $3.42M | $5.96M | $5.54M | $1.68M | |
| — | — | — | — | — | -$829.53K | -$676.63K | — | — | — | — | — | — | — | — | — | |
| $1.27M | — | — | — | — | — | — | — | — | — | — | — | — | $1.26M | $1.05M | — | |
| $4.5M | — | — | — | — | — | — | — | — | — | — | — | — | $4.71M | $4.49M | -$1.03M | |
| — | — | — | — | — | — | — | — | — | — | — | — | — | 78.93% | 81.05% | -61.36% | |
| — | $3.93M | $1.55M | $1.04M | $805.37K | $531.39K | $55.76K | $909.61K | $664.78K | $473.2K | $144.54K | $55.58K | $903.02K | $601.86K | $546.56K | $510.15K | |
| — | $812.28K | $466.95K | $498.92K | $540.12K | $325.35K | $121.28K | $217.02K | $273.65K | $223.62K | — | $90.86K | $83.7K | $183.26K | $223.98K | — | |
| — | $19.02M | $7.35M | $5.89M | $4.33M | $1.94M | $502.34K | — | — | — | — | — | — | — | $5.98M | $3.75M | |
| — | — | — | — | — | — | $502.34K | $4.56M | $3.32M | $2.38M | $790.88K | $450.22K | $4.76M | $6.34M | $5.98M | $2.72M | |
| — | -$260.14K | -$1.33M | -$541.92K | $489.12K | $2105 | -$163.34K | -$4.2M | -$2.88M | -$1.45M | -$790.88K | -$450.22K | -$1.34M | -$1.32M | -$1.55M | — | |
| — | -1.39% | -22.16% | -10.14% | 10.15% | 0.11% | -48.18% | -1166.76% | -666.87% | -156.35% | — | -14.34% | -39.27% | -22.13% | -28.04% | — | |
| — | $552.14K | -$866.18K | -$43K | $1.03M | $327.46K | -$42.07K | -$3.98M | -$2.61M | -$1.23M | — | -$359.36K | -$1.26M | -$1.14M | -$1.33M | — | |
| — | — | — | — | — | — | $631.43K | $1.08M | $696.94K | $367.55K | $29.5K | $19.58K | $310.58K | $397.3K | $214.21K | $26.57K | |
| — | — | — | — | — | — | $629 | $17.23K | $5334 | $32.07K | — | — | — | — | — | — | |
| — | — | — | — | $15.76K | $273.37K | $1183 | — | — | — | — | — | — | — | — | — | |
| — | — | — | — | — | — | — | -$1.02M | — | — | — | — | — | — | — | — | |
| — | -$2.23M | -$2.17M | $614.45K | $407.41K | -$1.85M | $3.08M | — | — | — | — | — | — | — | — | — | |
| — | -$52.64K | — | -$391.96K | -$112.22K | $280.9K | — | — | — | — | — | — | — | — | — | — | |
| — | -$2.18M | -$2.06M | $1.01M | $295.19K | -$1.54M | $3.08M | -$14.96M | -$8.18M | -$1.37M | -$260.71K | -$1.16M | -$1.9M | -$3.53M | -$1.48M | -$2.5M | |
| — | -11.61% | -34.3% | 18.83% | 6.12% | -79.43% | 910.04% | -4156.96% | -1890.95% | -147.24% | — | -36.8% | -55.62% | -59.16% | -26.79% | -148.73% | |
| — | — | -$101.84K | -$170.18K | -$47.31K | $30.46K | — | — | — | — | — | — | — | — | — | — | |
| — | — | -$2.06M | $1.13M | $150.1K | -$1.64M | $3.03M | -$14.96M | — | — | — | — | -$1.9M | -$1.63M | -$1.48M | -$2.5M | |
| -$2.14M | — | — | $1.13M | -$671.5K | -$1.63M | $3.11M | -$14.87M | -$8.34M | -$1.38M | -$386.97K | -$466.54K | -$1.83M | — | — | — | |
| USD/shares | — | $0.00 | $0.00 | $0.00 | — | — | — | — | -$0.07 | -$0.02 | — | — | — | — | — | — |
| USD/shares | — | $0.00 | $0.00 | $0.00 | — | — | — | — | -$0.07 | -$0.01 | — | — | — | — | — | — |
| shares | — | 7.73B | 5.61B | 3.73B | — | — | 1.59B | 136.17M | 123.85M | 107.35M | 48.31M | 47.18M | 46.7M | 33.59M | 19.45M | 7.44M |
| shares | — | 7.73B | 5.61B | 3.9B | — | — | 2.05B | 136.17M | 123.85M | — | 48.31M | 47.18M | 46.7M | — | 19.45M | 7.44M |
Debt Profile
Reported borrowing balances, repayment dates and agreement terms, with links to the underlying filings.
Reported debt balances
Each amount keeps its reported scope. Related balance-sheet measures appear under the borrowing they describe.
| Reported balance | As of | Amount | Source |
|---|---|---|---|
| Current debt and lease obligations | 2025-12-31 | USD 4,552,297 | 10-K filed 2026-07-01 |
| Current portion of convertible notes payable | 2025-12-31 | USD 4,017,962 | 10-K filed 2026-07-01 |
| Current portion of other notes payable | 2025-12-31 | USD 1,155,217 | 10-K filed 2026-07-01 |
| Finance lease liabilities | 2025-12-31 | USD 7,363 | 10-K filed 2026-07-01 |
Related accounting measures — not additional borrowingCarrying amounts can reflect issuance costs or discounts. Differences between these measures are not necessarily repayments due within a year.
| |||
| Operating lease liabilities | 2025-12-31 | USD 19,642,838 | 10-K filed 2026-07-01 |
Related accounting measures — not additional borrowingCarrying amounts can reflect issuance costs or discounts. Differences between these measures are not necessarily repayments due within a year.
| |||
| Short-term borrowings | 2025-12-31 | USD 3,253,727 | 10-K filed 2026-07-01 |
Covenants
Covenant terms have not yet been verified for this profile.
The balance figures do not establish whether covenants apply or whether the company complies with them.
Loans, facilities and notes
The instrument breakdown is not yet verified. Read the debt note in the linked report for borrowing terms and maturity conditions.
Price & Valuation
Multiples computed on the strict TTM/EV methodology — today's snapshot against peers, and each ratio recomputed as of past filing dates.
Valuation
Valuation over time computed as of each quarter's filing date
Revenue Breakdown
Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.
Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.
By Segment (USD)
| Component | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Detox and Rehab Services | $18,764,817 | $6,017,204 | — | — | — | — |
| In Patient Services | — | — | — | $4,452,156 | $1,568,071 | — |
| In Patients Services | — | — | $5,164,454 | $4,452,156 | — | — |
| Rental In Patient Services | — | — | — | $4,820,747 | — | — |
| Rental Operations | — | — | $180,522 | $368,591 | $374,517 | $338,996 |
| Total | — | — | — | $4,820,747 | — | — |
Segment Operating Income
Annual operating income by business segment, as tagged in the company's own XBRL filings. Segments need not sum to the consolidated figure — corporate costs and eliminations are typically unallocated.
By Segment (USD)
| Component | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Detox and Rehab Services | -$260,135 | -$1,333,129 | — | — | — | — |
| In Patient Services | — | — | — | $249,953 | -$244,229 | -$367,953 |
| In Patients Services | — | — | -$476,915 | $249,953 | — | — |
| Rental In Patient Services | — | — | -$541,920 | $489,117 | — | — |
| Rental Operations | — | — | -$65,005 | $239,164 | $246,334 | $204,609 |
| Total | — | — | — | $489,117 | $2,105 | -$163,344 |
Operating Margin by Segment (%)
| Component | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Detox and Rehab Services | -1.4% | -22.2% | — | — | — | — |
| In Patient Services | — | — | — | 5.6% | -15.6% | — |
| In Patients Services | — | — | -9.2% | 5.6% | — | — |
| Rental In Patient Services | — | — | — | 10.1% | — | — |
| Rental Operations | — | — | -36% | 64.9% | 65.8% | 60.4% |
| Total | — | — | — | 10.1% | — | — |