1. Imagine SkinCeuticals or Obagi Medical, but their core innovation is proprietary stem cell-derived exosome technology for advanced skin appearance enhancement.

2. Similar to how a brand like ZO Skin Health targets medical professionals with advanced skincare, ELAB provides next-generation topical products using proprietary stem cell exosome technology.

• Elevai Exosomes™-infused Topical Skincare Products: These are physician-dispensed cosmetic solutions designed to be topically applied to enhance the appearance of skin and address common cosmetic skin conditions such as fine lines, wrinkles, photodamage, and hyperpigmentation.

PMGC Holdings (ELAB) primarily employs a business-to-business (B2B) model. Its major customers are medical professionals and aesthetic practices that dispense skincare products containing Elevai Exosomes™ to their patients. These customers would typically include:

• Dermatologists
• Plastic Surgeons
• Medical Spas and Aesthetic Clinics

The provided company description does not list specific names of these customer companies.

Graydon Bensler, Chief Executive Officer, Chief Financial Officer, Principle Accounting Officer and Director

Graydon Bensler commenced his role as CEO, CFO, Secretary, and Director in 2020. He was appointed as the new non-employee CEO on June 21, 2024, following Dr. Jordan Plews' resignation, maintaining his CFO responsibilities. His annual consulting fee, provided through GB Capital Ltd, a company he wholly owns, is set at $300,000 per year, effective January 1, 2026. Bensler leads PMGC Holdings' active acquisition strategy, which recently secured a $40 million equity purchase facility to fund additional deals in the manufacturing sector.

Dr. Jordan R. Plews, Co-Founder, Head of Subsidiaries Elevai Skincare and Elevai Biosciences

Dr. Jordan R. Plews is a UCL and Stanford-trained Biochemical Engineer and Stem Cell Scientist. He has held key R&D and Product Management roles at companies such as Pfizer, Becton Dickinson, Xytogen, and Natera. Dr. Plews co-founded FactorFive Skincare in 2015 and Elevai Labs Inc. (now PMGC Holdings Inc.) in 2020, where he developed stem cell and exosome-based skincare and haircare products for the medical aesthetics market. He resigned as CEO of Elevai Labs Inc. effective June 21, 2024, but continues to lead the firm's subsidiaries, Elevai Skincare and Elevai Biosciences. He also advises clinicians, brands, and research groups through JP Bioconsulting.

Braeden Lichti, Co-Founder, Chairman of the Board

Braeden Lichti is a co-founder of PMGC Holdings Inc. He was appointed as non-executive chairman and director of the Board on June 21, 2024. He provides his services through an amended and restated consulting agreement with NorthStrive Companies Inc., a California corporation that he controls. His annual consulting fee through Northstrive Companies Inc. is $360,000 per year, effective January 1, 2026. Lichti has served as a strategic consultant for the company since July 2020 through his consulting firm.

The key risks to PMGC Holdings (ELAB) business include:

1. Regulatory Reclassification and Compliance Risk: PMGC Holdings' core business relies on its "stem cell-derived Elevai Exosomes™" products, which it explicitly classifies as topical cosmetic solutions, not drug products or regenerative medicine, and states they have not received FDA approval. The significant risk lies in the potential for regulatory bodies, such as the FDA, to challenge this classification and reclassify their products as drugs or medical devices. Such a reclassification would subject the company to considerably more stringent regulatory requirements, including potentially demanding extensive and costly clinical trials, which could lead to significant delays in commercialization, require product reformulation, or result in substantial fines and product recalls.
2. Intellectual Property Protection Risk: The foundation of PMGC Holdings' competitive advantage is its "proprietary stem cell-derived Elevai Exosomes™" and its "patent-pending Precision Regenerative Exosome Technology™" (PREx™). The "patent-pending" status indicates that the intellectual property protecting their core technology is not yet fully secured. There is a material risk that the necessary patents may not be granted, could be challenged successfully by competitors, or that third parties could develop similar or superior technologies that circumvent their pending patents, thereby eroding the company's competitive advantage and market position.

A significant shift in regulatory classification or increased regulatory scrutiny specific to exosome-based cosmetic products. If regulatory bodies, such as the FDA, reclassify exosome-infused topical products from cosmetics to drugs or medical devices, PMGC Holdings would be forced to pursue extensive and costly clinical trials and approval processes, which its current business model and product classifications explicitly avoid. This would fundamentally alter its ability to commercialize its products under the existing framework.

For PMGC Holdings (ELAB), based on its core business activities described as Elevai Labs, Inc., which focuses on physician-dispensed topical skincare products, the addressable markets are as follows:

• The global physician-dispensed cosmeceuticals market was valued at approximately USD 8.37 billion in 2025 and is projected to reach USD 13.84 billion by 2031, growing at a CAGR of 8.82% from 2026 to 2031.

• North America commanded a 39.91% revenue share of the global physician-dispensed cosmeceuticals market in 2025. This suggests the North American market was approximately USD 3.34 billion in 2025.

• Another estimate places the global physician dispensed skin care products market size at USD 8.1 billion in 2025, with a projection to reach USD 14.6 billion by 2033, growing at a CAGR of 7.5%. The United States leads this global market with over 35% market share in 2025.

• The broader global professional skincare market, which includes physician-dispensed products, was valued at USD 45.57 billion in 2025 and is projected to reach USD 60.41 billion by 2030, at a compound annual growth rate (CAGR) of 5.7%.

PMGC Holdings (NASDAQ: ELAB), which has evolved into a diversified holding company, is expected to drive future revenue growth over the next 2-3 years through a multi-faceted strategy across its core operating segments.

Here are 3-5 expected drivers of future revenue growth for PMGC Holdings:

1. Acquisition-led Expansion in Precision Manufacturing: PMGC Holdings is actively pursuing a "targeted roll-up strategy" in U.S.-based precision manufacturing, with an intent to grow through "continued acquisitions" in the defense, aerospace, and industrial sectors. This strategy has already contributed to significant asset and revenue growth.
2. Organic Growth and Technological Advancements in Precision Manufacturing: Beyond acquisitions, the company plans to enhance its precision manufacturing platform through "operational integration" and "targeted investments in automation, workforce development, and advanced manufacturing capabilities, including AI-enabled production systems." This growth is bolstered by "structural tailwinds" such as increasing U.S. defense spending, aerospace production backlogs, and federal reshoring initiatives.
3. Market Expansion and Product Diversification in Specialty IT Hardware Packaging: The company's specialty IT hardware packaging segment, Pacific Sun Packaging, aims to expand its market presence by "Broadening its Customer Base" to include new OEMs, distributors, and ITAD firms in growing areas like cloud computing and AI infrastructure. Additionally, it plans on "Expanding Product Offerings" to develop new packaging solutions for next-generation IT hardware components.
4. Advancement and Potential Commercialization of Bioscience Pipeline: Through its subsidiary, NorthStrive Biosciences, PMGC is developing drug candidates, EL-22 and EL-32, which target the preservation of lean muscle mass during weight loss (including GLP-1 related) and other muscle-wasting conditions. The filing of new patent applications for these candidates indicates potential future revenue streams through development, licensing, or commercialization.
5. Entry into the Drone Technology Market: NorthStrive Defense Tech, another PMGC subsidiary, has secured an exclusive license for a patented multi-domain drone payload system and is engaged in a sponsored research program to develop and test a prototype. This represents a strategic entry into the drone technology market, offering a new avenue for future revenue generation.

Share Repurchases

• PMGC Holdings made share repurchases from select existing shareholders around March 2025.
• The total amount purchased in repurchases was reported as -$828,000.00.

Share Issuance

• In November 2023, Elevai Labs, Inc. (now PMGC Holdings) completed its Initial Public Offering (IPO) of 1,500,000 shares of common stock at $4.00 per share, raising gross proceeds of $6,000,000.
• The company entered into a secured equity line facility providing up to $20,000,000 in pre-paid share purchases, fully utilizing this facility by April 2026, with an initial $5,000,000 pre-paid purchase yielding net proceeds of $3,990,000 in September 2025.
• In April 2026, PMGC Holdings secured a $40,000,000 equity purchase facility with an institutional investor, including an initial tranche of approximately $10,000,000.

Inbound Investments

• PMGC Holdings received net proceeds of $3,990,000 from an initial $5,000,000 pre-paid purchase in September 2025 as part of a secured equity line facility providing up to $20,000,000. This $20 million facility was fully drawn by April 2026.
• The company secured a $40,000,000 equity purchase facility with an institutional investor in April 2026, with an initial tranche of approximately $10,000,000.

Outbound Investments

• Around November 2025, PMGC Holdings completed cash acquisitions of AGA Precision Systems for $650,000 and Pacific Sun Packaging for $1,148,000 plus an earnout.
• The company acquired a series of businesses since mid-2025, including Pacific Sun Packaging (July 2025), AGA Precision Systems LLC (July 2025), Indarg Engineering, Inc. (October 2025), and SVM Machining, Inc. (February 2026), focusing on custom packaging, precision manufacturing for aerospace, defense, industrial, and medical devices.
• In May 2026, PMGC Holdings acquired A&B Aerospace for approximately $4.5 million.

Capital Expenditures

• For the last 12 months prior to October 7, 2026, capital expenditures totaled -$777,773.
• Proceeds from the November 2023 IPO were allocated for business expansion, broadening sales reach, strengthening market position, expanding product offerings, and working capital.
• The $40,000,000 equity facility secured in April 2026 is intended to fund acquisitions, invest in automation, and workforce development.