Aquestive Therapeutics, Inc. (AQST) Financial Statements
Industry: Pharmaceutical Preparations
In fiscal 2025, Aquestive Therapeutics reported revenue of $44.5M, down 22.6% from $57.6M the year before. Net income was -$83.8M (a -188.1% net margin), or -$0.78 per diluted share. Gross margin was 58.3% and operating margin was -159.5%. Operating activities generated -$52.4M of cash, leaving -$53.0M of free cash flow. At fiscal year end, Aquestive Therapeutics held $160.4M in total assets against $194.1M in total liabilities.
Open the full interactive Aquestive Therapeutics financials → Quarterly statements, key ratios, valuation history and price charts.
Aquestive Therapeutics Key Stats
| Share Price | $4.67 |
|---|---|
| Market Cap | $583.7M |
| Revenue YoY Growth | -22.6% |
| 52-Week Range | $2.95 – $7.49 |
| Shares Outstanding | 125.0 million (basic, 2026 Q2) |
Aquestive Therapeutics Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $45.8M | $50.8M | $47.7M | $50.6M | $57.6M | $44.5M |
| Cost of Goods Sold | $13.0M | — | — | $20.8M | $17.9M | $18.6M |
| Gross Profit | $32.9M | — | — | $29.8M | $39.7M | $26.0M |
| Operating Income | -$42.9M | -$34.7M | -$42.1M | -$15.1M | -$30.8M | -$71.1M |
| Pre-Tax Income | -$55.8M | -$70.5M | -$54.4M | -$7.6M | -$44.2M | -$83.8M |
| Income Tax | $0 | $0 | $0 | $245,000 | -$14,000 | $0 |
| Net Income | -$55.8M | -$70.5M | -$54.4M | -$7.9M | -$44.1M | -$83.8M |
| Diluted EPS | -$1.66 | -$1.85 | -$1.12 | -$0.13 | -$0.51 | -$0.78 |
Aquestive Therapeutics Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $12.8M | $13.0M | $14.4M | $13.8M |
| Net Income | -$15.4M | -$31.9M | -$8.1M | -$22.9M |
| Diluted EPS | -$0.14 | -$0.30 | -$0.07 | -$0.18 |
Aquestive Therapeutics Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $31.8M | — | — | — | — | — |
| Current Assets | $44.6M | $47.3M | $39.9M | $41.0M | $88.2M | $149.3M |
| Total Assets | $62.9M | $62.0M | $57.1M | $57.4M | $101.4M | $160.4M |
| Current Liabilities | $21.1M | $22.0M | $39.5M | $18.3M | $18.9M | $47.6M |
| Total Long-Term Debt | $51.5M | $51.6M | $33.4M | $27.5M | $32.5M | $27.5M |
| Total Liabilities | $111.4M | $144.1M | $175.6M | $163.9M | $161.6M | $194.1M |
| Shareholders' Equity | -$48.5M | -$82.1M | -$118.6M | -$106.5M | -$60.2M | -$33.7M |
Aquestive Therapeutics Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | -$45.5M | -$33.0M | -$9.8M | -$6.4M | -$35.8M | -$52.4M |
| Cash From Investing | -$517,000 | -$913,000 | -$2.5M | -$995,000 | -$159,000 | -$562,000 |
| Cash From Financing | $28.5M | $30.1M | $11.6M | $4.0M | $83.6M | $102.6M |
| Free Cash Flow | -$46.0M | -$33.9M | -$10.8M | -$7.4M | -$35.9M | -$53.0M |
Figures from Aquestive Therapeutics' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Aquestive Therapeutics financials page for every line item.
Aquestive Therapeutics Company Profile
| Ticker | AQST |
|---|---|
| Exchange | Nasdaq |
| Industry | Pharmaceutical Preparations |
| Headquarters | Warren, New Jersey |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Non-accelerated filer, smaller reporting company |
| SEC CIK | 0001398733 |
Frequently Asked Questions
What was Aquestive Therapeutics' revenue in fiscal 2025?
Aquestive Therapeutics (AQST) reported revenue of $44.5M for fiscal 2025.
What is Aquestive Therapeutics' annual revenue history?
Aquestive Therapeutics' annual revenue by fiscal year: 2020: $45.8M; 2021: $50.8M; 2022: $47.7M; 2023: $50.6M; 2024: $57.6M; 2025: $44.5M.
What was Aquestive Therapeutics' net income in fiscal 2025?
Aquestive Therapeutics reported net income of -$83.8M for fiscal 2025.
What was Aquestive Therapeutics' earnings per share (EPS) in fiscal 2025?
Aquestive Therapeutics' diluted EPS was -$0.78 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Aquestive Therapeutics generate in fiscal 2025?
Aquestive Therapeutics generated -$53.0M of free cash flow in fiscal 2025.
What was Aquestive Therapeutics' revenue last quarter?
In its most recent reported quarter (2026 Q2), Aquestive Therapeutics reported revenue of $13.8M.
How much debt does Aquestive Therapeutics have?
Aquestive Therapeutics reported $27.5M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Aquestive Therapeutics are outstanding?
Aquestive Therapeutics reported a weighted average of 125.0 million basic shares outstanding in 2026 Q2.
What is Aquestive Therapeutics' market cap?
Based on its latest closing price, Aquestive Therapeutics (AQST) has a market capitalization of about $583.7M.
When does Aquestive Therapeutics' fiscal year end?
Aquestive Therapeutics' fiscal year end, as registered with the SEC, is December 31.
Where is Aquestive Therapeutics headquartered?
Aquestive Therapeutics lists its business address in Warren, New Jersey in its SEC filings.