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Financials · AQST

Aquestive Therapeutics Inc. (AQST) financials

For the twelve months ended Sep 30, 2026, Aquestive Therapeutics Inc. reported $48.84M of revenue and -$79.28M of net income.

Revenue, TTM
$48.84M
Revenue growth, YoY
+12.5%
Net income, TTM
-$79.28M
Net margin
-162.3%
Free cash flow, TTM
-$40.70M
EPS, diluted, TTM
-$0.64
Cash
$90.35M
Total debt
$50.79M
P/S
9.11
Market cap
$444.9M
Annual revenue$44.55M
FY2017FY2025
Annual net income-$83.78M
FY2017FY2025
Annual free cash flow-$52.99M
FY2017FY2025

AQST revenue and earnings growth

AQST revenueQ3 2026$7.56M

Quarter YoY
-41.0%
QoQ
-45.3%
FY YoY
-22.6%
5Y CAGR
-0.6%

AQST revenue was $7.56M in fiscal Q3 2026 (ended Sep 30, 2026), down 41.0% from a year earlier and down 45.3% from the prior quarter. For the full fiscal 2025 it was $44.55M, down 22.6% from fiscal 2024. Compound annual growth was -0.6% over 5 years. It rose in 4 of the last 8 fiscal years.

AQST net incomeQ3 2026-$16.50M

AQST net income was -$16.50M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$15.45M a year earlier. For the full fiscal 2025 it was -$83.78M, compared with -$44.14M in fiscal 2024.

AQST EPSQ3 2026-$0.13

AQST diluted EPS was -$0.13 in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$0.14 a year earlier. For the full fiscal 2025 it was -$0.78, compared with -$0.51 in fiscal 2024.

AQST free cash flowQ3 2026-$7.63M

AQST free cash flow was -$7.63M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$12.88M a year earlier. For the full fiscal 2025 it was -$52.99M, compared with -$35.92M in fiscal 2024.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
Revenue$44.55M$57.56M$50.58M$47.68M$50.83M$45.85M$52.61M$67.43M$66.92M
Cost of revenue$18.55M$17.87M$20.83M$19.39M-$12.96M$20.36M--
Gross profit$25.99M$39.69M$29.75M$28.29M-$32.88M$32.25M--
Research and development$17.19M$20.28M$13.10M$17.48M$17.05M$19.89M$20.57M$23.11M$22.13M
Selling, general and admin$79.85M$50.18M$31.75M$52.88M$53.48M$55.89M$64.34M$72.27M$25.08M
Operating income-$71.05M-$30.77M-$15.10M-$42.07M-$34.68M-$42.89M-$52.67M-$48.93M-$113.0K
Interest expense$11.12M$11.12M$6.34M$6.55M$10.05M$11.06M$9.32M$7.71M$7.71M
Pre-tax income-$83.78M-$44.15M-$7.63M-$54.41M-$70.54M-$55.78M-$66.25M-$61.38M-$8.94M
Income tax$0-$14.0K$245.0K$0$0$0$0$0$0
Net income-$83.78M-$44.14M-$7.87M-$54.41M-$70.54M-$55.78M-$66.25M-$61.38M-$8.94M
EPS, basic-$0.78-$0.51-$0.13-$1.12-$1.85-$1.66-$2.61-$2.96-
EPS, diluted-$0.78-$0.51-$0.13-$1.12-$1.85-$1.66-$2.61-$2.96-
Diluted shares106.9M86.7M61.3M48.7M38.1M33.7M25.4M20.7M-

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
Cash and equivalents$121.17M$71.55M$23.87M$27.27M$28.02M$31.81M$49.33M$60.60M$17.38M
Receivables$17.76M$7.34M$8.47M-----$6.18M
Inventory$6.17M$6.04M$6.77M$5.78M$4.04M$2.46M$2.86M$5.44M$4.01M
Current assets$149.27M$88.22M$40.97M$39.89M$47.26M$44.63M$68.31M$74.20M$28.16M
Total assets$160.43M$101.42M$57.42M$57.07M$61.99M$62.88M$78.48M$86.85M$43.12M
Current liabilities$47.61M$18.86M$18.31M$39.53M$21.96M$21.10M$18.55M$32.95M$15.35M
Short-term debt$9.99M--------
Long-term debt$27.52M$32.50M$27.51M$33.45M-----
Total debt$37.51M$32.50M$27.51M$33.45M-$51.50M$70.00M--
Total liabilities$194.09M$161.58M$163.91M$175.62M$144.13M$111.38M$84.60M$76.77M$69.61M
Shareholders' equity-$33.66M-$60.16M-$106.49M-$118.55M-$82.13M-$48.50M-$6.12M$10.08M-$26.50M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
Operating cash flow-$52.43M-$35.76M-$6.38M-$9.82M-$32.98M-$45.46M-$60.21M-$12.99M$5.82M
Capital expenditures$562.0K$159.0K$995.0K$1.02M$913.0K$517.0K$663.0K$1.82M$2.07M
Free cash flow-$52.99M-$35.92M-$7.38M-$10.84M-$33.89M-$45.98M-$60.87M-$14.81M$3.76M
Investing cash flow-$562.0K-$159.0K-$995.0K-$2.52M-$913.0K-$517.0K-$663.0K-$1.82M-$2.07M
Financing cash flow$102.62M$83.59M$3.97M$11.59M$30.11M$28.46M$49.60M$58.03M$4.41M
Stock-based compensation$7.62M$7.10M$2.69M$4.38M$6.82M$6.58M$7.07M$29.94M$0
Depreciation and amortization$548.0K$718.0K$1.34M$2.39M$2.96M$3.44M$2.90M$3.24M$3.75M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
Revenue growth, YoY-22.6%13.8%6.1%-6.2%10.9%-12.8%-22.0%0.8%-
Gross margin58.3%69.0%58.8%59.3%-71.7%61.3%--
Operating margin-159.5%-53.5%-29.9%-88.2%-68.2%-93.6%-100.1%-72.6%-0.2%
Net margin-188.1%-76.7%-15.6%-114.1%-138.8%-121.7%-125.9%-91.0%-13.4%
Free cash flow margin-119.0%-62.4%-14.6%-22.7%-66.7%-100.3%-115.7%-22.0%5.6%
Return on equity--------608.9%-
Return on assets-52.2%-43.5%-13.7%-95.3%-113.8%-88.7%-84.4%-70.7%-20.7%
Current ratio3.144.682.241.012.152.113.682.251.83

Source: XBRL data Aquestive Therapeutics Inc. files with the SEC, latest filing dated Nov 3, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

AQST peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
AQST$48.84M+12.5%-$79.28M-162.3%$444.9M
LLY$86.46B+45.5%$27.58B31.9%$1.33T
JNJ$99.33B+7.8%$16.09B16.2%$679.13B
ABBV$66.01B+10.7%$10.34B15.7%$518.44B
MRK$67.38B+4.9%$2.45B3.6%$366.73B
NVS$54.53B+8.4%$13.98B25.6%$312.35B
AZN$58.74B+8.6%$10.22B17.4%$293.69B
ABT$48.23B+10.0%$4.70B9.7%$191.40B
NVODKK 309.06B+6.4%DKK 102.43B33.1%$183.23B

AQST FAQ

9 questions
  • What is AQST revenue?
    Aquestive Therapeutics Inc. (AQST) reported $48.84M of revenue for the twelve months ended Sep 30, 2026. That is up 12.5% from the year before. Revenue for fiscal 2025 was $44.55M.
  • Is AQST profitable?
    No. Aquestive Therapeutics Inc. reported a net loss of $79.28M for the twelve months ended Sep 30, 2026.
  • How much cash and debt does AQST have?
    Aquestive Therapeutics Inc. reported $90.35M in cash and cash equivalents and $50.79M of debt on its most recent balance sheet in SEC filings.
  • How fast is AQST revenue growing?
    Aquestive Therapeutics Inc.'s revenue changed -22.6% in fiscal 2025, to $44.55M. Its compound annual growth rate was -0.6% over 5 years.
  • What is AQST gross margin?
    Aquestive Therapeutics Inc.'s gross profit was $31.91M on $48.84M of revenue for the twelve months ended Sep 30, 2026, a gross margin of 65.3%.
  • What is AQST free cash flow?
    Aquestive Therapeutics Inc. generated -$40.70M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of -$39.76M less capital expenditures.
  • What is AQST earnings per share?
    Diluted earnings per share were -$0.64 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did AQST last report financial results?
    The latest statements here come from Aquestive Therapeutics Inc.'s 10-Q filed on Nov 3, 2026, covering the period ended Sep 30, 2026.
  • Where does this AQST financial data come from?
    Quantisnow builds these statements from the structured XBRL data Aquestive Therapeutics Inc. files with the SEC. It is provided for information only and is not investment advice.