NASDAQ · Financial Statements

Liquidia Corporation (LQDA) Financial Statements

$42.65 NASDAQ: LQDA Market Cap $3.82B

Liquidia Corporation most recently reported annual revenue of $158.0M, a net loss of $69.0M. Revenue grew at an average annual rate of 175.3% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Liquidia Corporation: Revenue rose from $13.0M in 2016 to $158.0M in 2025, a change of +1115.4% over 9 years; net profit was positive in 0 of 10 reported years; operating margin moved from -120.0% to -32.5%, a shift of +87.6 percentage points; the most recent year shows a net loss of $69.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$13.0M$7.0M$3.0M$8.0M$1.0M$13.0M$16.0M$17.0M$14.0M$158.0M
Operating Expenses$29.0M$35.0M$38.0M$55.0M$60.0M$47.0M$55.0M$91.0M$135.0M$210.0M
Operating Profit$-16.0M$-28.0M$-35.0M$-47.0M$-59.0M$-34.0M$-39.0M$-73.0M$-121.0M$-51.0M
Operating Margin-120.0%-386.2%-1288.1%-580.1%-7989.0%-262.9%-243.3%-419.6%-866.6%-32.5%
Other Income$0$-1.0M$-18.0M$-1.0M$-1.0M$-1.0M$-2.0M$-5.0M$-9.0M$-18.0M
Interest$0$13.0M$19.0M$1.0M$1.0M$1.0M$2.0M$6.0M$12.0M$24.0M
Depreciation$1.0M$1.0M$2.0M$3.0M$3.0M$6.0M$4.0M$2.0M$2.0M$2.0M
Profit Before Tax$-16.0M$-29.0M$-53.0M$-48.0M$-60.0M$-35.0M$-41.0M$-79.0M$-130.0M$-69.0M
Tax$-90,000$0$0$0$0$0$0$0$0$0
Net Profit$-16.0M$-29.0M$-53.0M$-48.0M$-60.0M$-35.0M$-41.0M$-79.0M$-130.0M$-69.0M
EPS$-1.86$-3.40$-7.42$-2.51$-1.76$-0.70$-0.67$-1.21$-1.66$-0.80
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$4.0M$5.0M$3.0M$4.0M$4.0M$3.0M$3.0M$9.0M$54.0M$92.0M$133.0M$172.0M
Operating Expenses$19.0M$31.0M$32.0M$31.0M$34.0M$39.0M$39.0M$46.0M$53.0M$72.0M$71.0M$86.0M
Operating Profit$-15.0M$-26.0M$-29.0M$-27.0M$-29.0M$-36.0M$-35.0M$-38.0M$2.0M$20.0M$62.0M$86.0M
Operating Margin-404.9%-583.5%-969.1%-743.3%-656.2%-1237.8%-1135.4%-424.4%3.3%21.5%46.3%49.8%
Interest$2.0M$2.0M$3.0M$3.0M$3.0M$4.0M$5.0M$6.0M$7.0M$7.0M$6.0M$6.0M
Profit Before Tax$-16.0M$-27.0M$-41.0M$-28.0M$-23.0M$-38.0M$-38.0M$-42.0M$-4.0M$15.0M$57.0M$82.0M
Tax$0$0$0$0$0$0$0$0$0$0$6.9M$8.5M
Net Profit$-16.0M$-27.0M$-41.0M$-28.0M$-23.0M$-38.0M$-38.0M$-42.0M$-4.0M$15.0M$53.0M$75.0M
EPS$-0.24$-0.42$-0.54$-0.37$-0.30$-0.45$-0.45$-0.49$-0.04$0.15$0.52$0.74

Over the 10 years reported for Liquidia Corporation, borrowings increased from $9.0M in 2016 to $198.0M in 2025, cash stood at $191.0M in the latest year, shareholders' equity was $0, current assets covered current liabilities 1.40 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$8.0M$15.0M$49.0M$69.0M$100.0M$94.0M$129.0M$118.0M$230.0M$328.0M
Current Assets$3.0M$5.0M$40.0M$56.0M$66.0M$61.0M$100.0M$90.0M$185.0M$191.0M
Cash$1.0M$3.0M$40.0M$56.0M$65.0M$57.0M$93.0M$84.0M$176.0M$191.0M
Inventory$0$0$0$0$0$0$0$0$0$0
Receivables$1.0M$2.0M$0$0$0$3.0M$5.0M$4.0M$3.0M$54.0M
Fixed Assets$4.0M$8.0M$8.0M$12.0M$9.0M$7.0M$6.0M$6.0M$12.0M$0
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$0$0$0$0$0$0$0$0$0$4.0M
Other Assets$0$0$0$0$4.0M$4.0M$4.0M$4.0M$4.0M$4.0M
Total Liabilities$27.0M$49.0M$31.0M$34.0M$28.0M$28.0M$39.0M$71.0M$153.0M$283.0M
Current Liabilities$12.0M$31.0M$8.0M$17.0M$12.0M$7.0M$9.0M$19.0M$42.0M$136.0M
Borrowings$9.0M$22.0M$13.0M$24.0M$17.0M$16.0M$24.0M$50.0M$122.0M$198.0M
Other Liabilities$18.0M$26.0M$18.0M$9.0M$11.0M$12.0M$14.0M$22.0M$31.0M$85.0M
Equity$0$0$0$0$0$0$0$0$0$0
Reserves$-18.0M$-34.0M$19.0M$35.0M$71.0M$65.0M$90.0M$47.0M$77.0M$45.0M

For Liquidia Corporation, operating cash flow was positive in 0 of 10 reported years; free cash flow in the latest year was negative at $40.0M; free cash flow was positive in 0 of 10 years.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$-14.0M$-24.0M$-32.0M$-48.0M$-54.0M$-34.0M$-29.0M$-42.0M$-93.0M$-36.0M
Investing Cash Flow$-6.0M$-5.0M$-2.0M$-4.0M$-1.0M$0$-1.0M$-13.0M$-13.0M$-11.0M
Financing Cash Flow$0$-1.0M$-2.0M$0$-1.0M$5.0M$2.0M$0$4.0M$1.0M
Net Cash Flow$-11.0M$2.0M$36.0M$16.0M$10.0M$-8.0M$36.0M$-10.0M$93.0M$14.0M
Free Cash Flow$-17.0M$-27.0M$-33.0M$-50.0M$-55.0M$-34.0M$-29.0M$-43.0M$-98.0M$-40.0M

Valuation & Return Ratios

MetricValue
PEG Ratio0.01
EV / EBITDA14.26
FCF Yield2.25%
Quick Ratio2.12
Interest Coverage6.33
Return 1Y138.07%
Return 3Y882.26%
Return 5Y2443.07%

Liquidia Corporation (LQDA) financials — frequently asked questions

What is Liquidia Corporation's annual revenue?

Liquidia Corporation (LQDA) reported annual revenue of $158.0M in its most recent fiscal year.

What is Liquidia Corporation's net profit?

Liquidia Corporation (LQDA) reported a net loss of $69.0M in its most recent fiscal year.

What is LQDA EV/EBITDA?

Liquidia Corporation's enterprise value to EBITDA (EV/EBITDA) ratio is 14.26.

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