NASDAQ : AQST
Aquestive Therapeutics, Inc. — Financial statements
Healthcare · Drug Manufacturers - Specialty & Generic · United States
Last price 3.89 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 488.24M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Aquestive Therapeutics, Inc. (AQST) reported revenue of 54.09M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 54.09M | 44.55M | 57.56M | 50.58M | 47.68M | 50.83M |
| Cost of Revenue | 17.83M | 18.55M | 17.87M | 20.83M | 19.39M | 14.99M |
| Gross Profit | 36.26M | 25.99M | 39.69M | 29.75M | 28.29M | 35.84M |
| Selling, General & Admin | 73.11M | 79.85M | 50.18M | 31.75M | 52.88M | 53.48M |
| Research & Development | 15.89M | 17.19M | 20.28M | 13.10M | 17.48M | 17.05M |
| Operating Expenses | 89.00M | 97.04M | 70.46M | 44.85M | 70.36M | 70.52M |
| Operating Income | -52.74M | -71.05M | -30.77M | -15.10M | -42.07M | -34.68M |
| Interest Expense | -16.32M | -17.10M | -16.82M | -7.46M | -12.44M | -22.46M |
| Interest & Investment Income | 2.52M | 4.37M | 3.14M | 1.82M | 99.00K | 423.00K |
| Other Non Operating Income (Expenses) | 6.00M | |||||
| EBT Excluding Unusual Items | -66.54M | -83.78M | -44.45M | -14.74M | -54.41M | -56.72M |
| Legal Settlements | 8.50M | |||||
| Other Unusual Items | -11.68M | 300.00K | -1.38M | -13.82M | ||
| Pretax Income | -78.23M | -83.78M | -44.15M | -7.62M | -54.41M | -70.54M |
| Income Tax Expense | -14.00K | 245.00K | ||||
| Net Income | -78.23M | -83.78M | -44.14M | -7.87M | -54.41M | -70.54M |
| Net Income to Common | -78.23M | -83.78M | -44.14M | -7.87M | -54.41M | -70.54M |
| Shares Outstanding (Basic) | 120.12M | 106.93M | 86.73M | 61.26M | 48.73M | 38.08M |
| Shares Outstanding (Diluted) | 120.12M | 106.93M | 86.73M | 61.26M | 48.73M | 38.08M |
| EPS (Basic) | -0.65 | -0.78 | -0.51 | -0.13 | -1.12 | -1.85 |
| EPS (Diluted) | -0.65 | -0.78 | -0.51 | -0.13 | -1.12 | -1.85 |
| Free Cash Flow | -45.95M | -52.99M | -35.92M | -7.38M | -10.84M | -33.89M |
| Free Cash Flow Per Share | -0.38 | -0.50 | -0.41 | -0.12 | -0.22 | -0.89 |
| Gross Margin | 67.04% | 58.34% | 68.95% | 58.82% | 59.34% | 70.51% |
| Operating Margin | -97.52% | -159.50% | -53.46% | -29.86% | -88.23% | -68.22% |
| Profit Margin | -144.63% | -188.09% | -76.68% | -15.56% | -114.12% | -138.77% |
| Free Cash Flow Margin | -84.95% | -118.97% | -62.40% | -14.58% | -22.74% | -66.67% |
| EBITDA | -52.20M | -70.48M | -30.03M | -13.73M | -39.51M | -31.53M |
| EBITDA Margin | -96.51% | -158.22% | -52.17% | -27.14% | -82.87% | -62.02% |
| D&A For EBITDA | 544.00K | 574.00K | 741.00K | 1.37M | 2.55M | 3.15M |
| EBIT | -52.74M | -71.05M | -30.77M | -15.10M | -42.07M | -34.68M |
| EBIT Margin | -97.52% | -159.50% | -53.46% | -29.86% | -88.23% | -68.22% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 98.49M | 121.17M | 71.55M | 23.87M | 27.27M | 28.02M |
| Cash & Short-Term Investments | 98.49M | 121.17M | 71.55M | 23.87M | 27.27M | 28.02M |
| Accounts Receivable | 9.33M | 17.76M | 7.34M | 8.47M | 4.70M | 12.12M |
| Receivables | 9.33M | 17.76M | 7.34M | 8.47M | 4.70M | 12.12M |
| Inventory | 7.37M | 6.17M | 6.04M | 6.77M | 5.78M | 4.04M |
| Prepaid Expenses | 3.31M | 4.17M | 3.29M | 1.85M | 2.13M | 3.08M |
| Total Current Assets | 118.49M | 149.27M | 88.22M | 40.97M | 39.89M | 47.26M |
| Property, Plant & Equipment | 11.91M | 8.51M | 8.98M | 9.74M | 9.30M | 7.78M |
| Other Intangible Assets | 1.28M | 1.44M | 51.00K | |||
| Other Long-Term Assets | 1.70M | 2.64M | 4.22M | 5.44M | 6.45M | 6.90M |
| Total Assets | 132.10M | 160.43M | 101.42M | 57.42M | 57.07M | 61.99M |
| Accounts Payable | 8.96M | 29.86M | 10.29M | 8.93M | 9.95M | 8.31M |
| Accrued Expenses | 4.57M | 5.03M | 5.99M | 6.50M | 7.97M | 8.74M |
| Current Portion of Long-Term Debt | 32.00K | 9.99M | 26.00K | 22.00K | 18.70M | 2.02M |
| Current Portion of Leases | 820.00K | 631.00K | 510.00K | 390.00K | 255.00K | 899.00K |
| Current Unearned Revenue | 2.09M | 2.09M | 2.05M | 2.47M | 2.66M | 1.99M |
| Total Current Liabilities | 16.48M | 47.61M | 18.86M | 18.31M | 39.53M | 21.96M |
| Long-Term Debt | 50.56M | 27.41M | 32.35M | 27.34M | 33.45M | 51.55M |
| Long-Term Leases | 7.62M | 4.45M | 5.11M | 5.57M | 5.08M | 1.95M |
| Long-Term Unearned Revenue | 80.01M | 81.41M | 82.72M | 95.91M | 95.53M | 66.18M |
| Other Long-Term Liabilities | 34.02M | 33.21M | 22.52M | 16.78M | 2.03M | 2.48M |
| Total Liabilities | 188.69M | 194.09M | 161.58M | 163.91M | 175.62M | 144.13M |
| Common Stock | 126.00K | 122.00K | 91.00K | 69.00K | 55.00K | 41.00K |
| Additional Paid-In Capital | 421.21M | 413.21M | 302.97M | 212.52M | 192.60M | 174.62M |
| Retained Earnings | -477.92M | -447.00M | -363.21M | -319.08M | -311.21M | -256.80M |
| Total Common Equity | -56.59M | -33.66M | -60.16M | -106.49M | -118.55M | -82.13M |
| Shareholders' Equity | -56.59M | -33.66M | -60.16M | -106.49M | -118.55M | -82.13M |
| Total Liabilities & Equity | 132.10M | 160.43M | 101.42M | 57.42M | 57.07M | 61.99M |
| Total Debt | 59.03M | 42.48M | 38.00M | 33.32M | 57.49M | 56.42M |
| Net Cash (Debt) | 39.46M | 78.69M | 33.54M | -9.45M | -30.21M | -28.40M |
| Net Cash Per Share | 0.33 | 0.74 | 0.39 | -0.15 | -0.62 | -0.75 |
| Filing Date Shares Outstanding | 125.51M | 122.05M | 98.87M | 73.30M | 55.87M | 41.47M |
| Total Common Shares Outstanding | 125.51M | 122.04M | 91.41M | 68.53M | 54.83M | 41.23M |
| Working Capital | 102.02M | 101.66M | 69.36M | 22.66M | 360.00K | 25.30M |
| Book Value Per Share | -0.45 | -0.28 | -0.66 | -1.55 | -2.16 | -1.99 |
| Tangible Book Value | -56.59M | -33.66M | -60.16M | -107.77M | -119.99M | -82.19M |
| Tangible Book Value Per Share | -0.45 | -0.28 | -0.66 | -1.57 | -2.19 | -1.99 |
| Machinery | 26.43M | 24.29M | 23.77M | 23.64M | 23.21M | 22.49M |
| Construction In Progress | 376.00K | 2.20M | 2.11M | 2.03M | 1.47M | 1.16M |
| Leasehold Improvements | 21.42M | 21.42M | 21.42M | 21.39M | 21.38M | 21.27M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -78.23M | -83.78M | -44.14M | -7.87M | -54.41M | -70.54M |
| Depreciation & Amortization | 544.00K | 574.00K | 741.00K | 1.37M | 2.55M | 3.15M |
| Other Amortization | 9.55M | 10.99M | 10.71M | 1.97M | 215.00K | 3.73M |
| Stock-Based Compensation | 9.37M | 7.62M | 7.10M | 2.69M | 4.38M | 6.82M |
| Other Operating Activities | 12.63M | -25.00K | -219.00K | 798.00K | 5.46M | 25.59M |
| Change in Accounts Receivable | 2.54M | -10.37M | 1.09M | -3.07M | 7.35M | -5.35M |
| Change in Inventory | 765.00K | -126.00K | 725.00K | -989.00K | -1.74M | -1.58M |
| Change in Accounts Payable | -3.46M | 19.52M | 2.78M | -1.02M | 1.63M | 1.23M |
| Change in Unearned Revenue | -1.09M | -571.00K | -12.84M | 966.00K | 25.04M | 3.56M |
| Change in Other Net Operating Assets | 2.01M | 3.73M | -1.72M | -1.23M | -308.00K | 414.00K |
| Operating Cash Flow | -45.37M | -52.43M | -35.76M | -6.38M | -9.82M | -32.98M |
| Capital Expenditures | -584.00K | -562.00K | -159.00K | -995.00K | -1.02M | -913.00K |
| Sale (Purchase) of Intangibles | -1.50M | |||||
| Investing Cash Flow | -584.00K | -562.00K | -159.00K | -995.00K | -2.52M | -913.00K |
| Long-Term Debt Issued | 31.14M | |||||
| Long-Term Debt Repaid | -26.00K | -23.00K | -51.53M | |||
| Net Debt Issued (Repaid) | 9.31M | -26.00K | -23.00K | -20.39M | ||
| Issuance of Common Stock | 87.61M | 103.46M | 84.72M | 17.26M | 13.62M | 30.12M |
| Repurchase of Common Stock | -3.66M | -810.00K | -1.10M | -11.00K | -3.00K | -14.00K |
| Other Financing Activities | -9.36M | -11.00K | -5.00K | 7.11M | -2.02M | |
| Financing Cash Flow | 83.90M | 102.62M | 83.59M | 3.97M | 11.59M | 30.11M |
| Net Cash Flow | 37.95M | 49.62M | 47.67M | -3.40M | -751.00K | -3.78M |
| Free Cash Flow | -45.95M | -52.99M | -35.92M | -7.38M | -10.84M | -33.89M |
| Free Cash Flow Margin | -84.95% | -118.97% | -62.40% | -14.58% | -22.74% | -66.67% |
| Free Cash Flow Per Share | -0.38 | -0.50 | -0.41 | -0.12 | -0.22 | -0.89 |
| Levered Free Cash Flow | -26.89M | -29.24M | -10.49M | -16.22M | -21.29M | -28.10M |
| Unlevered Free Cash Flow | -26.24M | -29.54M | -10.70M | -13.53M | -13.73M | -17.80M |
| Cash Interest Paid | 5.32M | 6.10M | 7.10M | 4.60M | 6.44M | 6.44M |
| Cash Income Tax Paid | -65.00K | 305.00K | ||||
| Change in Working Capital | 768.00K | 12.18M | -9.96M | -5.34M | 31.98M | -1.73M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 473.18M | 788.14M | 324.59M | 134.87M | 48.85M | 156.24M |
| Enterprise Value | 433.72M | 700.45M | 283.57M | 154.99M | 85.29M | 168.52M |
| Last Close Price | 3.77 | 6.46 | 3.56 | 2.02 | 0.90 | 3.89 |
| PS Ratio | 8.75 | 17.69 | 5.64 | 2.67 | 1.02 | 3.07 |
| PB Ratio | -23.41 | -5.40 | -1.27 | -0.41 | -1.90 | |
| EV/Sales Ratio | 8.02 | 15.72 | 4.93 | 3.06 | 1.79 | 3.31 |
| Debt / Equity Ratio | -1.04 | -1.26 | -0.63 | -0.31 | -0.48 | -0.69 |
| Net Debt / Equity Ratio | 0.70 | 2.34 | 0.56 | -0.09 | -0.26 | -0.35 |
| Net Debt / EBITDA Ratio | 0.76 | 1.12 | 1.12 | -0.69 | -0.77 | -0.90 |
| Net Debt / FCF Ratio | 0.86 | 1.49 | 0.93 | -1.28 | -2.79 | -0.84 |
| Asset Turnover | 0.48 | 0.34 | 0.72 | 0.88 | 0.80 | 0.81 |
| Inventory Turnover | 2.30 | 3.04 | 2.79 | 3.32 | 3.95 | 4.61 |
| Quick Ratio | 6.54 | 2.92 | 4.18 | 1.77 | 0.81 | 1.83 |
| Current Ratio | 7.19 | 3.13 | 4.68 | 2.24 | 1.01 | 2.15 |
| Return on Assets (ROA) | -29.20% | -33.92% | -24.21% | -16.49% | -44.16% | -34.71% |
| Return on Capital Employed (ROCE) | -45.60% | -63.00% | -37.30% | -38.60% | -239.80% | -86.60% |
| Earnings Yield | -17.27% | -10.63% | -13.60% | -5.83% | -111.37% | -45.15% |
| FCF Yield | -9.71% | -6.72% | -11.07% | -5.47% | -22.20% | -21.69% |
| Buyback Yield / Dilution | -27.37% | -23.29% | -41.58% | -25.69% | -27.99% | -13.15% |