NGM · Financial Statements

Aquestive Therapeutics, Inc. (AQST) Financial Statements

$4.00 NGM: AQST Market Cap $502.05M

Aquestive Therapeutics, Inc. most recently reported annual revenue of $45.0M, a net loss of $84.0M. Revenue declined at an average annual rate of 0.4% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Aquestive Therapeutics, Inc.: Revenue fell from $52.0M in 2016 to $45.0M in 2025, a change of -13.5% over 9 years; net profit was positive in 0 of 10 reported years; operating margin moved from -1.6% to -156.4%, a shift of -154.7 percentage points; the most recent year shows a net loss of $84.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$52.0M$67.0M$67.0M$53.0M$46.0M$51.0M$48.0M$51.0M$58.0M$45.0M
Operating Expenses$53.0M$67.0M$116.0M$105.0M$89.0M$86.0M$90.0M$66.0M$88.0M$114.0M
Operating Profit$-1.0M$0$-49.0M$-53.0M$-43.0M$-35.0M$-42.0M$-15.0M$-31.0M$-70.0M
Operating Margin-1.6%-0.2%-72.6%-100.1%-93.5%-68.2%-88.2%-29.9%-53.5%-156.4%
Other Income$-9.0M$-9.0M$-12.0M$-14.0M$-13.0M$-36.0M$-12.0M$7.0M$-13.0M$-14.0M
Interest$6.0M$8.0M$8.0M$9.0M$13.0M$22.0M$12.0M$7.0M$17.0M$17.0M
Depreciation$4.0M$4.0M$3.0M$3.0M$3.0M$3.0M$2.0M$1.0M$1.0M$1.0M
Profit Before Tax$-10.0M$-9.0M$-61.0M$-66.0M$-56.0M$-71.0M$-54.0M$-8.0M$-44.0M$-84.0M
Tax$0$0$0$0$0$0$0$-3.2M$30,000$0
Net Profit$-10.0M$-9.0M$-61.0M$-66.0M$-56.0M$-71.0M$-54.0M$-8.0M$-44.0M$-84.0M
EPS$-0.39$-0.45$-2.96$-2.87$-1.66$-1.85$-1.12$-0.13$-0.51$-0.76
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$13.0M$13.0M$12.0M$20.0M$14.0M$12.0M$9.0M$10.0M$13.0M$13.0M$14.0M$14.0M
Operating Expenses$15.0M$17.0M$21.0M$20.0M$22.0M$25.0M$28.0M$21.0M$24.0M$42.0M$19.0M$22.0M
Operating Profit$-2.0M$-4.0M$-9.0M$0$-8.0M$-14.0M$-19.0M$-11.0M$-11.0M$-29.0M$-4.0M$-8.0M
Operating Margin-18.3%-29.6%-74.3%0.3%-61.2%-114.4%-222.1%-113.7%-89.6%-221.6%-29.1%-59.5%
Interest$1.0M$3.0M$4.0M$4.0M$4.0M$4.0M$4.0M$4.0M$4.0M$4.0M$4.0M$4.0M
Profit Before Tax$-2.0M$-8.0M$-13.0M$-3.0M$-12.0M$-17.0M$-23.0M$-14.0M$-15.0M$-32.0M$-8.0M$-23.0M
Tax$6.4M$-1.3M$0$0$0$80,000$0$0$0$0$0$0
Net Profit$-2.0M$-8.0M$-13.0M$-3.0M$-12.0M$-17.0M$-23.0M$-14.0M$-15.0M$-32.0M$-8.0M$-23.0M
EPS$-0.03$-0.12$-0.17$-0.03$-0.13$-0.19$-0.24$-0.14$-0.14$-0.26$-0.07$-0.18

Over the 10 years reported for Aquestive Therapeutics, Inc., borrowings increased from $39.0M in 2016 to $131.0M in 2025, cash stood at $121.0M in the latest year, shareholders' equity was $0, current assets covered current liabilities 3.10 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$39.0M$43.0M$87.0M$78.0M$63.0M$62.0M$57.0M$57.0M$101.0M$160.0M
Current Assets$23.0M$28.0M$74.0M$68.0M$45.0M$47.0M$40.0M$41.0M$88.0M$149.0M
Cash$9.0M$17.0M$61.0M$49.0M$32.0M$28.0M$27.0M$24.0M$72.0M$121.0M
Inventory$3.0M$4.0M$5.0M$3.0M$2.0M$4.0M$6.0M$7.0M$6.0M$6.0M
Receivables$11.0M$6.0M$6.0M$13.0M$7.0M$12.0M$5.0M$8.0M$7.0M$18.0M
Fixed Assets$15.0M$13.0M$12.0M$10.0M$10.0M$8.0M$9.0M$10.0M$9.0M$9.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$0$0$0$0$0$6.0M$0$4.0M$3.0M$2.0M
Other Assets$0$0$0$0$0$0$0$0$0$0
Total Liabilities$57.0M$70.0M$77.0M$85.0M$111.0M$144.0M$176.0M$164.0M$162.0M$194.0M
Current Liabilities$11.0M$15.0M$33.0M$19.0M$21.0M$22.0M$40.0M$18.0M$19.0M$48.0M
Borrowings$39.0M$46.0M$47.0M$60.0M$40.0M$56.0M$57.0M$33.0M$38.0M$131.0M
Other Liabilities$18.0M$24.0M$30.0M$24.0M$71.0M$88.0M$118.0M$131.0M$124.0M$63.0M
Equity$11.0M$13.0M$0$0$0$0$0$0$0$0
Reserves$-18.0M$-26.0M$10.0M$-6.0M$-48.0M$-82.0M$-119.0M$-106.0M$-60.0M$-34.0M

For Aquestive Therapeutics, Inc., operating cash flow was positive in 1 of 10 reported years; free cash flow in the latest year was negative at $53.0M; free cash flow was positive in 1 of 10 years; financing activities used $1.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$-8.0M$6.0M$-13.0M$-60.0M$-45.0M$-33.0M$-10.0M$-6.0M$-36.0M$-52.0M
Investing Cash Flow$0$-4.0M$-4.0M$-1.0M$-1.0M$-2.0M$-5.0M$-2.0M$0$-1.0M
Financing Cash Flow$-1.0M$-1.0M$-11.0M$-7.0M$45.0M$0$0$15.0M$0$-1.0M
Net Cash Flow$-2.0M$8.0M$43.0M$-11.0M$-18.0M$-4.0M$-1.0M$-3.0M$48.0M$50.0M
Free Cash Flow$-9.0M$4.0M$-15.0M$-61.0M$-46.0M$-34.0M$-12.0M$-7.0M$-36.0M$-53.0M

Valuation & Return Ratios

MetricValue
PEG Ratio-5.59
EV / EBITDA-7.70
FCF Yield-8.97%
Quick Ratio6.74
Interest Coverage-3.23
Return 1Y-11.50%
Return 3Y143.23%
Return 5Y18.98%

Aquestive Therapeutics, Inc. (AQST) financials — frequently asked questions

What is Aquestive Therapeutics, Inc.'s annual revenue?

Aquestive Therapeutics, Inc. (AQST) reported annual revenue of $45.0M in its most recent fiscal year.

What is Aquestive Therapeutics, Inc.'s net profit?

Aquestive Therapeutics, Inc. (AQST) reported a net loss of $84.0M in its most recent fiscal year.

What is AQST EV/EBITDA?

Aquestive Therapeutics, Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is -7.70. A negative value means EBITDA was negative over the period, so the ratio is not a meaningful valuation measure.

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