Aquestive Therapeutics, Inc. income statement
In fiscal 2025, Aquestive Therapeutics, Inc. reported revenue of $44.5m, down 22.6% on the year before, operating income of −$71.1m (a -159.5% margin) and net income of −$83.8m, or −$0.78 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMJun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 67 | 67 | 53 | 46 | 51 | 48 | 51 | 58 | 45 | 54 |
| Cost of revenue | — | — | 20 | 13 | — | 19 | 21 | 18 | 19 | 18 |
| Gross profit | — | — | 32 | 33 | — | 28 | 30 | 40 | 26 | 36 |
| Research and development | 22 | 23 | 21 | 20 | 17 | 17 | 13 | 20 | 17 | 16 |
| Selling, general and administrative | 25 | 72 | 64 | 56 | 53 | 53 | 32 | 50 | 80 | 73 |
| Operating income | −0 | −49 | −53 | −43 | −35 | −42 | −15 | −31 | −71 | −53 |
| Interest expense | 8 | 8 | 9 | 11 | 10 | 7 | 6 | 11 | 11 | 11 |
| Income before tax | −9 | −61 | −66 | −56 | −71 | −54 | −8 | −44 | −84 | −78 |
| Income tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | −0 | 0 | 0 |
| Net income | −9 | −61 | −66 | −56 | −71 | −54 | −8 | −44 | −84 | −78 |
| Diluted EPS | — | −$2.96 | −$2.61 | −$1.66 | −$1.85 | −$1.12 | −$0.13 | −$0.51 | −$0.78 | −$0.65 |
| Diluted shares (average) | — | 21m | 25m | 34m | 38m | 49m | 61m | 87m | 107m | 120m |
| EBITDA | 4 | −46 | −50 | −39 | −32 | −40 | −14 | −30 | −71 | −52 |
| Quarter | 2024 Q3Sept 2024 | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 14 | 12 | 9 | 10 | 13 | 13 | 14 | 14 |
| Cost of revenue | 4 | 5 | 4 | 5 | 5 | 6 | 3 | 4 |
| Gross profit | 9 | 7 | 5 | 5 | 8 | 7 | 11 | 10 |
| Research and development | 5 | 5 | 5 | 4 | 5 | 3 | 4 | 4 |
| Selling, general and administrative | 12 | 16 | 19 | 13 | 15 | 33 | 11 | 14 |
| Operating income | −8 | −14 | −19 | −11 | −11 | −29 | −4 | −8 |
| Interest expense | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Income before tax | −12 | −17 | −23 | −14 | −15 | −32 | −8 | −23 |
| Income tax | 0 | −0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net income | −12 | −17 | −23 | −14 | −15 | −32 | −8 | −23 |
| Diluted EPS | −$0.13 | −$0.19 | −$0.24 | −$0.14 | −$0.14 | −$0.27 | −$0.07 | −$0.18 |
| EBITDA | −8 | −13 | −19 | −11 | −11 | −29 | −4 | −8 |
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