Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Aquestive Therapeutics, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
66.9
67.4
52.6
45.8
50.8
47.7
50.6
57.6
44.5
Cost of revenue
20.4
13
19.4
20.8
17.9
18.6
Gross profit
32.2
32.9
28.3
29.8
39.7
26
Research and development
22.1
23.1
20.6
19.9
17
17.5
13.1
20.3
17.2
Selling, general and administrative
25.1
72.3
64.3
55.9
53.5
52.9
31.8
50.2
79.8
Operating expenses
67
116
105
88.7
85.5
89.7
Operating income
-0.11
-48.9
-52.7
-42.9
-34.7
-42.1
-15.1
-30.8
-71.1
Interest expense
7.71
7.71
9.32
11.1
10
6.55
6.34
11.1
11.1
Interest income
0.64
0.13
Pre-tax income
-8.94
-61.4
-66.2
-55.8
-70.5
-54.4
-7.63
-44.2
-83.8
Income tax
0
0
0
0
0
0
0.25
-0.01
0
Net income
-8.94
-61.4
-66.2
-55.8
-70.5
-54.4
-7.87
-44.1
-83.8
EBITDA
3.64
-45.7
-49.8
-39.5
-31.7
-39.7
-13.8
-30.1
-70.5
EPS, basic
-2.96
-2.61
-1.66
-1.85
-1.12
-0.13
-0.51
-0.78
EPS, diluted
-2.96
-2.61
-1.66
-1.85
-1.12
-0.13
-0.51
-0.78
Shares, basic (weighted)
20.7
25.4
33.7
38.1
48.7
61.3
86.7
107
Shares, diluted (weighted)
20.7
25.4
33.7
38.1
48.7
61.3
86.7
107
Balance sheet
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
17.4
60.6
49.3
31.8
28
27.3
23.9
71.5
121
Receivables
6.18
8.47
7.34
17.8
Inventory
4.01
5.44
2.86
2.46
4.04
5.78
6.77
6.04
6.17
Other current assets
0.59
1.68
3
3.4
3.08
2.13
1.85
3.29
4.17
Total current assets
28.2
74.2
68.3
44.6
47.3
39.9
41
88.2
149
Property, plant and equipment
13.5
12.2
9.73
6.87
5.06
4.09
4.18
3.8
3.89
Lease right-of-use assets
0
3.45
2.73
5.21
5.56
5.18
4.62
Intangible assets
0.25
0.2
0.15
0.1
0.05
1.44
1.28
0
0
Other non-current assets
1.24
0.24
0.29
7.84
6.9
6.45
5.44
4.22
2.64
Total assets
43.1
86.9
78.5
62.9
62
57.1
57.4
101
160
Accounts payable
9.6
20.4
12.3
7.09
8.31
9.95
8.93
10.3
29.9
Accrued liabilities
4.4
7.2
5.48
8.57
8.74
7.97
6.5
5.91
5.03
Deferred revenue
0.72
0.81
0.69
0.77
1.51
1.55
1.05
1.09
Short-term debt
9.99
Total current liabilities
15.4
33
18.6
21.1
22
39.5
18.3
18.9
47.6
Long-term debt
33.4
27.5
32.5
27.5
Lease liabilities
0
2.85
1.95
5.09
5.4
4.97
4.34
Other non-current liabilities
1.36
1.95
2.49
2.03
2.02
2.4
7.27
Total liabilities
69.6
76.8
84.6
111
144
176
164
162
194
Total debt
70
51.5
33.4
45
45
45
Paid-in capital
0
71.4
124
138
175
193
213
303
413
Retained earnings
-120
-61.4
-130
-186
-257
-311
-319
-363
-447
Shareholders' equity
-26.5
10.1
-6.12
-48.5
-82.1
-119
-106
-60.2
-33.7
Total equity
-26.5
10.1
-6.12
-48.5
-82.1
-119
-106
-60.2
-33.7
Total liabilities and equity
43.1
86.9
78.5
62.9
62
57.1
57.4
101
160
Shares outstanding
25
33.6
34.6
41.2
54.8
68.5
91.4
122
Cash flow statement
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-8.94
-61.4
-66.2
-55.8
-70.5
-54.4
-7.87
-44.1
-83.8
Depreciation and amortization
3.75
3.19
2.91
3.44
2.96
2.39
1.35
0.72
0.55
Stock-based compensation
0
29.9
7.07
6.58
6.82
4.38
2.69
7.1
7.62
Deferred income tax
0
0
0
0
Change in inventory
-1.13
-1.43
2.58
0.4
-1.58
-1.74
-0.99
0.73
-0.13
Change in payables
2.94
11.3
-7.87
-5.19
1.23
1.63
-1.02
2.78
19.5
Cash from operations
5.82
-13
-60.2
-45.5
-33
-9.82
-6.38
-35.8
-52.4
Capital expenditures
-2.07
-1.82
-0.66
-0.52
-0.91
-1.02
-1
-0.16
-0.56
Cash from investing
-2.07
-1.82
-0.66
-0.52
-0.91
-2.52
-1
-0.16
-0.56
Debt issued
5
0
70
0
0
31.1
0
Debt repaid
0
-50
-22.5
0
0
-51.5
-0.02
-0.03
Stock issued
0
0.19
0
0
0.73
1.27
Cash from financing
4.41
58
49.6
28.5
30.1
11.6
3.97
83.6
103
Net change in cash
8.17
43.2
-11.3
-17.5
-3.78
-0.75
-3.4
47.7
49.6
Free cash flow
3.76
-14.8
-60.9
-46
-33.9
-10.8
-7.38
-35.9
-53
Interest paid
5.81
6.05
7.34
8.49
6.44
6.44
4.6
7.1
6.1
Income taxes paid
0
0.31
0
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $4.68 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
67.0%
Gross profit / revenue.
Operating margin
-97.5%
Operating income / revenue.
EBITDA margin
-96.6%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-144.6%
Pre-tax income / revenue.
Net margin
-144.6%
Net income / revenue.
FCF margin
-85.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-83.9%
Cash from operations / revenue.
Return on assets (ROA)
-59.2%
Net income / average total assets.
R&D / revenue
29.4%
Research and development expense / revenue.
SG&A / revenue
135.2%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
17.3%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
1.1%
Capital expenditures / revenue.
D&A / revenue
1.0%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-22.6%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-2.2%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-0.6%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
-34.5%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-2.8%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
-4.6%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
58.2%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
41.1%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
20.6%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
23.3%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
29.9%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
26.0%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
7.19x
Current assets / current liabilities.
Quick ratio
6.54x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
5.98x
(Cash + short-term investments) / current liabilities.
Debt / assets
41.6%
Total debt / total assets.
Liabilities / assets
142.8%
Total liabilities / total assets.
Net debt
-$43.5M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.63
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.43
Revenue / diluted weighted shares.
FCF per share
-$0.37
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.36
Cash from operations / diluted weighted shares.
Book value per share
-$0.45
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
10.9x
Market cap / revenue.
EV/Sales
10.1x
Enterprise value / revenue.
FCF yield
-7.8%
Free cash flow / market cap.
Earnings yield
-13.3%
Net income / market cap (the inverse of P/E).
What was Aquestive Therapeutics, Inc.'s revenue in fiscal 2025?
Aquestive Therapeutics, Inc. reported revenue of $44.5M for fiscal 2025, 22.6% lower than the year before.
Was Aquestive Therapeutics, Inc. profitable in fiscal 2025?
No. It reported a net loss of $83.8M.
How much free cash flow did Aquestive Therapeutics, Inc. generate in fiscal 2025?
Cash from operations of $52.4M minus capital expenditures of $562.0K left free cash flow of -$53.0M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.