PMGC Holdings Inc. (formerly Elevai Labs Inc.) reported its financial results for the third quarter of 2025, revealing a revenue of $285,948, a significant increase from zero revenue in the same period last year. The company attributed this growth to its newly acquired subsidiaries, Pacific Sun Packaging Inc. and AGA Precision Systems LLC, which contributed to its revenue streams in IT packaging and precision machining, respectively. The cost of goods sold for the quarter was $207,918, resulting in a gross profit of $78,030.
In terms of operational performance, PMGC's total operating expenses surged to $2,276,931 for the quarter, compared to $625,615 in the prior year. This increase was driven by higher consulting fees, office and administrative costs, and professional fees, reflecting the company's ongoing restructuring and acquisition activities. The net loss from continuing operations for the quarter was $2,616,018, compared to a loss of $1,201,853 in the same quarter of 2024. The basic and diluted loss per share from continuing operations was $(4.950), a notable increase from $(265.779) in the previous year.
Strategically, PMGC has undergone significant changes, including the sale of its skincare business in January 2025, which has been classified as discontinued operations. The company has since pivoted to a diversified holding company model, focusing on managing and growing its portfolio through strategic acquisitions and investments across various industries. In the third quarter, PMGC completed the acquisitions of Pacific Sun and AGA, enhancing its capabilities in packaging and precision engineering.
As of September 30, 2025, PMGC reported total assets of $14,938,018, up from $8,993,165 at the end of 2024. The company’s cash position improved to $7,700,562, reflecting successful financing activities, including the issuance of common stock and convertible debt. However, PMGC also reported an accumulated deficit of $18,034,757, indicating ongoing financial challenges. The company’s management expressed plans to focus on increasing revenue through strategic investments and acquisitions, while also addressing its liquidity needs through potential equity financing and cash flow generation from its new subsidiaries.
Looking ahead, PMGC aims to leverage its acquisitions to drive growth and profitability, with a focus on clinical validation studies for its biopharmaceutical assets and exploring additional business opportunities. However, the company acknowledges substantial doubt regarding its ability to continue as a going concern, contingent on securing further financial support and achieving profitable operations.
About PMGC Holdings Inc.
PMGC Holdings Inc. is a biotechnology holding company focused on developing and acquiring assets in the biopharmaceutical sector. Its subsidiaries, including Northstrive Biosciences, develop innovative therapies for obesity and muscle preservation, leveraging proprietary probiotic and biotech platforms. The company emphasizes strategic investments, licensing, and partnerships to commercialize clinical-stage assets and address unmet medical needs in metabolic and regenerative medicine markets.
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