Aquestive Therapeutics Financials
This page shows Aquestive Therapeutics (AQST) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Aquestive Therapeutics has an operating margin of -53.5%, meaning the company retains $-53 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -29.9% the prior year.
Aquestive Therapeutics's revenue grew 13.8% year-over-year to $57.6M, a solid pace of expansion. This earns a growth score of 68/100.
With a current ratio of 4.68, Aquestive Therapeutics holds $4.68 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
While Aquestive Therapeutics generated -$35.8M in operating cash flow, capex of $159K consumed most of it, leaving -$35.9M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Aquestive Therapeutics passes 4 of 9 financial strength tests. 1 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Aquestive Therapeutics generates $0.81 in operating cash flow (-$35.8M OCF vs -$44.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Aquestive Therapeutics earns $-2.8 in operating income for every $1 of interest expense (-$30.8M vs $11.1M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Aquestive Therapeutics generated $57.6M in revenue in fiscal year 2024. This represents an increase of 13.8% from the prior year.
Aquestive Therapeutics's EBITDA was -$30.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 118.5% from the prior year.
Aquestive Therapeutics generated -$35.9M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 387.0% from the prior year.
Aquestive Therapeutics reported -$44.1M in net income in fiscal year 2024. This represents a decrease of 460.8% from the prior year.
Aquestive Therapeutics earned $-0.51 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 292.3% from the prior year.
Aquestive Therapeutics held $71.5M in cash against $45.0M in long-term debt as of fiscal year 2024.
Aquestive Therapeutics had 91M shares outstanding in fiscal year 2024. This represents an increase of 33.4% from the prior year.
Aquestive Therapeutics's gross margin was 69.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 10.1 percentage points from the prior year.
Aquestive Therapeutics's operating margin was -53.5% in fiscal year 2024, reflecting core business profitability. This is down 23.6 percentage points from the prior year.
Aquestive Therapeutics's net profit margin was -76.7% in fiscal year 2024, showing the share of revenue converted to profit. This is down 61.1 percentage points from the prior year.
Aquestive Therapeutics invested $20.3M in research and development in fiscal year 2024. This represents an increase of 54.8% from the prior year.
Aquestive Therapeutics invested $159K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 84.0% from the prior year.
AQST Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $12.8M+28.0% | $10.0M+14.7% | $8.7M-34.0% | $13.2M+1.6% | $13.0M-1.8% | $13.2M+18.9% | $11.1M+4.2% | $10.7M |
| Cost of Revenue | $4.5M-1.2% | $4.6M+24.9% | $3.7M-21.9% | $4.7M-2.5% | $4.8M-27.5% | $6.6M+39.7% | $4.7M-10.7% | $5.3M |
| Gross Profit | $8.3M+52.5% | $5.4M+7.4% | $5.1M-40.6% | $8.5M+3.9% | $8.2M+23.9% | $6.6M+3.5% | $6.4M+19.0% | $5.4M |
| R&D Expenses | $4.5M+10.4% | $4.1M-23.4% | $5.4M+85.6% | $2.9M-9.6% | $3.2M-8.0% | $3.5M-2.1% | $3.5M-17.1% | $4.3M |
| SG&A Expenses | $15.3M+20.0% | $12.7M-33.4% | $19.1M+99.7% | $9.6M+29.3% | $7.4M+0.3% | $7.4M-1.3% | $7.5M-36.9% | $11.8M |
| Operating Income | -$11.5M-1.0% | -$11.4M+41.3% | -$19.4M-395.1% | -$3.9M-64.5% | -$2.4M+43.5% | -$4.2M+8.6% | -$4.6M+57.0% | -$10.7M |
| Interest Expense | $2.8M-0.1% | $2.8M0.0% | $2.8M+22.4% | $2.3M+81.0% | $1.3M-8.5% | $1.4M-4.3% | $1.4M-13.0% | $1.6M |
| Income Tax | $0 | $0 | $0-100.0% | $101K+172.1% | -$140K-149.3% | $284K | $0 | $0 |
| Net Income | -$15.4M-14.0% | -$13.5M+40.9% | -$22.9M-182.7% | -$8.1M-298.6% | -$2.0M+64.9% | -$5.8M-171.8% | $8.1M+165.3% | -$12.4M |
| EPS (Diluted) | $-0.140.0% | $-0.14+41.7% | $-0.24-118.2% | $-0.11-266.7% | $-0.03 | $-0.10 | $0.11+152.4% | $-0.21 |
AQST Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $163.6M+74.6% | $93.7M-8.3% | $102.2M+78.1% | $57.4M-3.4% | $59.4M+4.3% | $57.0M-7.0% | $61.3M+7.4% | $57.1M |
| Current Assets | $151.7M+85.6% | $81.7M-8.4% | $89.2M+117.7% | $41.0M-3.5% | $42.5M+6.7% | $39.8M-9.0% | $43.7M+9.6% | $39.9M |
| Cash & Equivalents | $129.1M+113.2% | $60.5M-11.8% | $68.7M+187.6% | $23.9M-4.2% | $24.9M+11.1% | $22.4M-16.5% | $26.9M-1.4% | $27.3M |
| Inventory | $7.9M-3.0% | $8.1M+12.9% | $7.2M+6.3% | $6.8M-4.4% | $7.1M+19.0% | $6.0M-14.8% | $7.0M+20.8% | $5.8M |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $167.7M+0.8% | $166.3M+1.9% | $163.2M-0.5% | $163.9M+0.9% | $162.4M-0.8% | $163.6M-4.0% | $170.5M-2.9% | $175.6M |
| Current Liabilities | $25.6M+10.4% | $23.2M+26.5% | $18.3M-0.1% | $18.3M-23.9% | $24.1M-37.8% | $38.7M-4.3% | $40.4M+2.2% | $39.5M |
| Long-Term Debt | $45.0M0.0% | $45.0M0.0% | $45.0M0.0% | $45.0M+15.5% | $39.0M0.0% | $39.0M-8.1% | $42.4M+26.8% | $33.4M |
| Total Equity | -$4.1M+94.3% | -$72.6M-19.1% | -$60.9M+42.8% | -$106.5M-3.5% | -$102.9M+3.5% | -$106.7M+2.4% | -$109.2M+7.9% | -$118.6M |
| Retained Earnings | -$415.1M-3.9% | -$399.7M-3.5% | -$386.1M-21.0% | -$319.1M-2.6% | -$311.0M-0.7% | -$308.9M-1.9% | -$303.1M+2.6% | -$311.2M |
AQST Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$12.6M-59.8% | -$7.9M+66.2% | -$23.4M-373.5% | -$4.9M-110.6% | -$2.3M+70.3% | -$7.9M-189.7% | $8.8M+4.8% | $8.4M |
| Capital Expenditures | $235K+119.6% | $107K-20.7% | $135K+743.8% | $16K-89.4% | $151K-81.7% | $826K+41200.0% | $2K-92.3% | $26K |
| Free Cash Flow | -$12.9M-60.6% | -$8.0M+65.9% | -$23.5M-374.7% | -$5.0M-98.5% | -$2.5M+71.4% | -$8.7M-199.1% | $8.8M+5.1% | $8.4M |
| Investing Cash Flow | -$235K-119.6% | -$107K+20.7% | -$135K-743.8% | -$16K+89.4% | -$151K+81.7% | -$826K-41200.0% | -$2K+92.3% | -$26K |
| Financing Cash Flow | $81.4M+81511.0% | -$100K-100.5% | $20.6M+427.6% | $3.9M-21.4% | $5.0M+16.1% | $4.3M+146.6% | -$9.2M-4033.8% | $234K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
AQST Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 64.8%+10.4pp | 54.4%-3.7pp | 58.1%-6.5pp | 64.6%+1.5pp | 63.1%+13.1pp | 50.0%-7.4pp | 57.5%+7.1pp | 50.3% |
| Operating Margin | -89.6%+24.0pp | -113.7%+108.4pp | -222.1%-192.5pp | -29.6%-11.3pp | -18.3%+13.5pp | -31.8%+9.6pp | -41.4%+58.9pp | -100.3% |
| Net Margin | -120.6%+14.8pp | -135.4%+127.5pp | -263.0%-201.5pp | -61.4%-45.8pp | -15.7%+28.1pp | -43.7%-116.2pp | 72.5%+188.1pp | -115.6% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -9.4%+5.0pp | -14.5%+8.0pp | -22.4%-8.3pp | -14.1%-10.7pp | -3.4%+6.7pp | -10.2%-23.3pp | 13.2%+34.8pp | -21.6% |
| Current Ratio | 5.93+2.4 | 3.53-1.3 | 4.87+2.6 | 2.24+0.5 | 1.76+0.7 | 1.03-0.1 | 1.08+0.1 | 1.01 |
| Debt-to-Equity | -10.95-10.3 | -0.62+0.1 | -0.74-0.3 | -0.42-0.0 | -0.38-0.0 | -0.37+0.0 | -0.39-0.1 | -0.28 |
| FCF Margin | -100.6%-20.4pp | -80.2%+189.7pp | -269.9%-232.4pp | -37.5%-18.3pp | -19.2%+46.7pp | -66.0%-145.1pp | 79.2%+0.6pp | 78.5% |
Note: Shareholder equity is negative (-$60.2M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Frequently Asked Questions
What is Aquestive Therapeutics's annual revenue?
Aquestive Therapeutics (AQST) reported $57.6M in total revenue for fiscal year 2024. This represents a 13.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Aquestive Therapeutics's revenue growing?
Aquestive Therapeutics (AQST) revenue grew by 13.8% year-over-year, from $50.6M to $57.6M in fiscal year 2024.
Is Aquestive Therapeutics profitable?
No, Aquestive Therapeutics (AQST) reported a net income of -$44.1M in fiscal year 2024, with a net profit margin of -76.7%.
What is Aquestive Therapeutics's earnings per share (EPS)?
Aquestive Therapeutics (AQST) reported diluted earnings per share of $-0.51 for fiscal year 2024. This represents a -292.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Aquestive Therapeutics's EBITDA?
Aquestive Therapeutics (AQST) had EBITDA of -$30.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Aquestive Therapeutics have?
As of fiscal year 2024, Aquestive Therapeutics (AQST) had $71.5M in cash and equivalents against $45.0M in long-term debt.
What is Aquestive Therapeutics's gross margin?
Aquestive Therapeutics (AQST) had a gross margin of 69.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Aquestive Therapeutics's operating margin?
Aquestive Therapeutics (AQST) had an operating margin of -53.5% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Aquestive Therapeutics's net profit margin?
Aquestive Therapeutics (AQST) had a net profit margin of -76.7% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Aquestive Therapeutics's free cash flow?
Aquestive Therapeutics (AQST) generated -$35.9M in free cash flow during fiscal year 2024. This represents a -387.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Aquestive Therapeutics's operating cash flow?
Aquestive Therapeutics (AQST) generated -$35.8M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Aquestive Therapeutics's total assets?
Aquestive Therapeutics (AQST) had $101.4M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Aquestive Therapeutics's capital expenditures?
Aquestive Therapeutics (AQST) invested $159K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Aquestive Therapeutics spend on research and development?
Aquestive Therapeutics (AQST) invested $20.3M in research and development during fiscal year 2024.
How many shares does Aquestive Therapeutics have outstanding?
Aquestive Therapeutics (AQST) had 91M shares outstanding as of fiscal year 2024.
What is Aquestive Therapeutics's current ratio?
Aquestive Therapeutics (AQST) had a current ratio of 4.68 as of fiscal year 2024, which is generally considered healthy.
What is Aquestive Therapeutics's debt-to-equity ratio?
Aquestive Therapeutics (AQST) had a debt-to-equity ratio of -0.75 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Aquestive Therapeutics's return on assets (ROA)?
Aquestive Therapeutics (AQST) had a return on assets of -43.5% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Aquestive Therapeutics's cash runway?
Based on fiscal year 2024 data, Aquestive Therapeutics (AQST) had $71.5M in cash against an annual operating cash burn of $35.8M. This gives an estimated cash runway of approximately 24 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Aquestive Therapeutics's debt-to-equity ratio negative or unusual?
Aquestive Therapeutics (AQST) has negative shareholder equity of -$60.2M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Aquestive Therapeutics's Piotroski F-Score?
Aquestive Therapeutics (AQST) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Aquestive Therapeutics's earnings high quality?
Aquestive Therapeutics (AQST) has an earnings quality ratio of 0.81x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Aquestive Therapeutics cover its interest payments?
Aquestive Therapeutics (AQST) has an interest coverage ratio of -2.8x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Aquestive Therapeutics?
Aquestive Therapeutics (AQST) scores 42 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.