Aquestive Therapeutics (AQST) Financial Statements & Analysis

Aquestive Therapeutics (AQST) Income Statement

Aquestive Therapeutics reported revenue of $44.55M in fiscal 2025 (fiscal year ended Dec 31, 2025), down 22.6% from $57.56M a year earlier. Aquestive Therapeutics posted a net loss of $83.78M, compared with a net loss of $44.14M a year earlier. Gross margin was 58.3% and operating margin -159.5%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $13.82M, up 38.1% from the same quarter a year earlier.

Aquestive Therapeutics Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Aquestive Therapeutics, Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	44.55	57.56	50.58	47.68	50.83	45.85	52.61	67.43	66.92
Cost of Revenue	18.56	17.87	20.83	19.39	14.99	12.96	20.36	20.99	19.82
Gross Profit	25.99	39.69	29.75	28.29	35.84	32.89	32.25	46.44	47.10
Operating Expenses
Research & Development	17.19	20.28	13.10	17.48	17.05	19.89	20.57	23.11	22.13
Selling, General & Administrative	79.85	50.18	31.75	52.88	53.48	55.89	64.34	72.26	25.08
Operating Expenses	97.04	70.46	44.85	70.36	70.52	75.78	84.92	95.38	47.21
Operating Income	-71.05	-30.77	-15.10	-42.07	-34.68	-42.89	-52.67	-48.93	-0.11
Other Income/Expense
Interest Income	4.37	3.44	16.32	0.10	0.42	0.13	0.64	0.55	0.00
Interest Expense	17.10	16.82	7.46	-12.44	22.46	-13.02	9.32	7.71	7.71
Other Income/Expense	-12.73	-13.38	7.48	-12.34	-13.82	-12.89	-13.58	-12.44	-8.83
Income
Income Before Tax	-83.78	-44.15	-7.63	-54.41	-70.54	-55.78	-66.25	-61.38	-8.94
Income Tax Expense	0.00	-0.01	0.25	0.00	0.00	0.00	0.00	0.00	0.00
Net Income	-83.78	-44.14	-7.87	-54.41	-70.54	-55.78	-66.25	-61.38	-8.94
Net Income - Continuous Operations	-83.78	-44.14	-7.87	-54.41	-70.54	-55.78	-66.25	-61.38	-8.94
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	-70.48	-26.62	1.18	-39.51	-45.11	-39.29	-53.88	-50.33	2.57
EBIT	-71.05	-27.33	-15.10	-42.07	-48.08	-42.89	-	-	-
Depreciation & Amortization	0.56	0.72	1.35	2.55	2.96	3.61	3.05	3.34	3.80
Earnings Per Share
Basic EPS	-1.00	-1.00	-	-1.00	-2.00	-2.00	-3.00	-3.00	-
Diluted EPS	-1.00	-1.00	-	-1.00	-2.00	-2.00	-3.00	-3.00	-
Basic Shares Outstanding	106.93	86.73	61.26	48.73	38.08	33.65	25.36	20.73	20.00
Diluted Shares Outstanding	106.93	86.73	61.26	48.73	38.08	33.65	25.36	20.73	20.00

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Aquestive Therapeutics Financial Statements

What was Aquestive Therapeutics's revenue in fiscal 2025?

Aquestive Therapeutics reported revenue of $44.55M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was down 22.6% from $57.56M a year earlier.

Is Aquestive Therapeutics profitable?

No. Aquestive Therapeutics reported a net loss of $83.78M in fiscal 2025. In fiscal 2024 it lost $44.14M.

What is Aquestive Therapeutics's operating margin?

Aquestive Therapeutics's operating income was −$71.05M on revenue of $44.55M in fiscal 2025, an operating margin of -159.5%, compared with -53.5% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition