Sales and operating margins continue to improve from Q2 to Q3 of FY 2016.
Strong revenue growth reported in the third quarter of FY 2016 over the previous quarter. Sales increased from $956k to $1,414k from Q2 2016 to Q3 2016 respectively, an over 47% increase. The increase was due to organic growth in the sales from our subsidiary Sky Pharm SA. Gross operating margins also improved from Q2 2016 to Q3 2016.
Cosmos Holdings was successful in raising a total of $2,030,729 of institutional capital as of the date of their Q3 report filing. The capital came in the form of debt from Luxembourg based fund. This fund initially provided SkyPharm (Cosmos Holding’s subsidiary) with a credit facility of up to €1,150,150 ($1,292,769) and the lender provided additional financing to the total of $2,030,729.
The Company had revenue for the nine months ended September 30, 2016 of $3,506,804, versus no revenue for the nine months ended September 30, 2015. During the Company's nine month period ended September 30, 2016, revenues increased by 100% as compared to no revenues in the period ended September 30, 2015. This variation was due to the fact that their subsidiary SkyPharm commenced its operations and sales at the end of 2015, and continued even more aggressively during the nine months ended September 30, 2016.