Polomar Health Services, Inc.

What they do

Polomar Health Services operates Polomar Specialty Pharmacy, a Florida-licensed retail compounding pharmacy in Palm Harbor, FL, licensed as a Special Sterile Compounding Pharmacy (permit #PH35277) to dispense sterile compounds like injectables and eye drops. The pharmacy compounds dermatological medications and, since October 2025, has been fulfilling GLP-1 agonist prescriptions under a services agreement with CareValidate, Inc. It is currently licensed to fulfill prescriptions in 28 states.

Revenue drivers

• Dermatological compounded prescriptions — Historically the core business—local fulfillment of topical compounded dermatological medications for conditions like acne and vitiligo. Revenue from this segment declined as the business model shifted.
• Sterile GLP-1 agonist fulfillment — New and primary growth driver: fulfilling GLP-1 agonist prescriptions for CareValidate's online clinic network under a one-year non-exclusive agreement signed September 26, 2025. Fulfillment began October 6, 2025, driving a large revenue spike in Q4 2025.
• Other sterile compounds — Limited sales of sterile compounded drugs (e.g., eye drops, infused therapeutics) authorized by the Special Sterile Compounding Permit received in August 2024.

Recent performance

Annual revenue grew from $58,824 in 2024 to $648,231 in 2025, with a net loss of $10.7 million. Quarterly revenue jumped from $6,163 in Q3 2025 to $632,056 in Q4 2025, and reached $1.0 million in Q1 2026, reflecting the CareValidate rollout. Operating cash flow was negative $395,995 in 2025. As of March 31, 2026, cash was $87,818, total assets $516,600, total liabilities $1.8 million, and shareholder equity negative $1.2 million.

Strategy

Management is shifting from local dermatological compounding to online national fulfillment, centered on sterile GLP-1 agonists. They are actively seeking licenses in additional states and expect to deliver medications in more states during Q3 2026. The company is investing in sterile compounding capabilities and has entered and terminated several material agreements (including the CareValidate agreement) as it repositions its business model.

Risks

• Going concern and capital needs — The company is a development-stage entity with a history of net losses, negative working capital, and reliance on additional financing to continue operations.
• Revenue concentration in one customer — The Q4 2025 revenue surge is heavily dependent on the CareValidate agreement, which is a one-year non-exclusive contract and was recently terminated per the 8-K on June 15, 2026.
• Regulatory and licensing risk — Operations are subject to 503A compounding rules and state pharmacy licenses; failure to maintain or expand licenses could halt interstate fulfillment.
• Internal control weaknesses — Management and auditors have identified material weaknesses in internal controls, which could lead to financial reporting errors.

Outlook

Management expects to continue fulfilling GLP-1 prescriptions and to expand into additional states, but the termination of the CareValidate agreement creates uncertainty for future revenue. The company acknowledges it will incur continued losses and needs additional financing to execute its plan. Forward-looking statements caution that actual results may differ materially due to the risks above.