Polomar Health Services Reports 66.7% Revenue Decline and Increased Net Loss in Q1 2025

Polomar Health Services, Inc. (formerly Trustfeed Corp.) reported its financial results for the first quarter of 2025, revealing a significant decline in revenue and an increase in net loss compared to the same period in 2024. The company generated revenue of $4.54 million for the three months ended March 31, 2025, a decrease of approximately 66.7% from $13.61 million in the prior year. The cost of goods sold also fell to $1.36 million from $10.90 million, resulting in a gross profit of $3.18 million, up from $2.71 million year-over-year. However, total operating expenses surged to $418.59 million, compared to $163.18 million in the previous year, leading to a net loss of $456,855, which is a 184% increase from the net loss of $160,468 reported in the first quarter of 2024.

The company’s balance sheet as of March 31, 2025, showed total assets of $9.81 million, a decrease from $9.95 million at the end of 2024. Current liabilities increased to $1.66 million from $1.35 million, while stockholders' deficit improved slightly to $8.14 million from $8.60 million. The increase in liabilities was primarily driven by a rise in accounts payable and accrued liabilities, which totaled $118,304, down from $164,891. The company also reported a significant increase in cash reserves, ending the quarter with $129,331 compared to $6,191 at the end of 2024.

Strategically, Polomar Health Services is focusing on expanding its operations in the specialty pharmacy sector. The company operates Polomar Specialty Pharmacy, which is licensed to dispense compounded medications in 28 states and is actively seeking to expand its reach to more states by the end of 2025. Additionally, Polomar is preparing to launch PoloMeds, a new platform aimed at fulfilling prescriptions for diabetes medications and other health products. The company is also leveraging its SlimRx platform to connect patients with licensed physicians for weight loss medications, which it expects to grow steadily over the next 12 to 18 months.

Operationally, Polomar has undergone significant changes, including a corporate name change and a reverse stock split that took effect on November 1, 2024. The company has also seen a change in management, with new leadership appointed following a change in control in December 2023. The company’s employee headcount remains stable, with 27,657,679 shares of common stock issued and outstanding. The management team is evaluating potential acquisitions and business opportunities to enhance growth and profitability.

Looking ahead, Polomar Health Services anticipates that its strategic initiatives, including the launch of new products and expansion into additional states, will contribute positively to its revenue streams. The company is also exploring opportunities to enhance its intellectual property portfolio, which it believes could lead to significant revenue growth in the future. However, the management cautions that the operating results for the interim period may not be indicative of the full year’s performance, and the company will continue to monitor market conditions and adjust its strategies accordingly.