Revenue growth remains highly volatile, swinging from a 50.2% contraction in 2025Q2 to a 65.7% expansion in 2026Q1, while operating expenses continue to outpace gross profits.
| Sales/Revenue | 50.27M | 44.55M | 57.56M | 50.58M | 47.68M | 50.83M | 45.85M | 52.61M | 67.43M | 66.92M | 51.78M |
| Revenue Growth % | -7.3% | -22.61% | 13.8% | 6.09% | -6.2% | 10.87% | -12.85% | -21.98% | 0.77% | 29.22% | - |
| Cost of Goods Sold | 18.37M | 17.15M | 17.87M | 20.83M | 19.39M | 14.99M | 12.96M | 20.36M | 20.99M | 19.82M | 16.38M |
| COGS % of Revenue | - | 38.51% | 31.05% | 41.18% | 40.66% | 29.49% | 28.28% | 38.7% | 31.13% | 29.62% | 31.63% |
| Gross Profit | 31.9M | 27.39M | 39.69M | 29.75M | 28.29M | 35.84M | 32.88M | 32.25M | 46.44M | 47.1M | 35.41M |
| Gross Margin % | 63.45% | 61.49% | 68.95% | 58.82% | 59.34% | 70.51% | 71.72% | 61.3% | 68.87% | 70.38% | 68.37% |
| Gross Profit Growth % | - | -30.99% | 33.4% | 5.15% | -21.06% | 9% | 1.98% | -30.56% | -1.39% | 33.02% | - |
| Operating Expenses | 87.79M | 97.04M | 70.46M | 44.85M | 70.36M | 70.52M | 75.78M | 84.92M | 95.38M | 47.21M | 36.25M |
| OpEx % of Revenue | - | 217.85% | 122.41% | 88.67% | 147.57% | 138.74% | 165.28% | 161.41% | 141.44% | 70.55% | 70.01% |
| Selling, General & Admin | 71.75M | 79.85M | 50.18M | 31.75M | 52.88M | 53.48M | 55.89M | 64.34M | 72.26M | 25.08M | 20.8M |
| SG&A % of Revenue | - | 179.25% | 87.18% | 62.77% | 110.9% | 105.2% | 121.9% | 122.3% | 107.17% | 37.48% | 40.17% |
| Research & Development | 16.04M | 17.19M | 20.28M | 13.1M | 17.48M | 17.05M | 19.89M | 20.57M | 23.11M | 22.13M | 15.45M |
| R&D % of Revenue | - | 38.59% | 35.23% | 25.91% | 36.66% | 33.54% | 43.37% | 39.11% | 34.28% | 33.07% | 29.83% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5K | 0 | -99K |
| Operating Income | -55.89M | -69.65M | -30.77M | -15.1M | -42.07M | -34.68M | -42.89M | -52.67M | -48.93M | -113K | -847K |
| Operating Margin % | -111.18% | -156.36% | -53.46% | -29.86% | -88.23% | -68.22% | -93.55% | -100.11% | -72.57% | -0.17% | -1.64% |
| Operating Income Growth % | - | -126.35% | -103.75% | 64.1% | -21.3% | 19.15% | 18.56% | -7.63% | -43204.42% | 86.66% | - |
| EBITDA | -55.36M | -69.09M | -30.05M | -13.76M | -39.68M | -31.71M | -39.28M | -49.62M | -45.59M | 3.69M | 3.04M |
| EBITDA Margin % | -110.13% | -155.1% | -52.21% | -27.2% | -83.22% | -62.39% | -85.68% | -94.32% | -67.62% | 5.51% | 5.88% |
| EBITDA Growth % | -36.6% | -129.9% | -118.46% | 65.33% | -25.11% | 19.27% | 20.83% | -8.83% | -1336.31% | 21.16% | - |
| D&A (Non-Cash Add-back) | 528K | 559K | 718K | 1.34M | 2.39M | 2.96M | 3.61M | 3.05M | 3.34M | 3.8M | 3.89M |
| EBIT | -55.89M | -69.65M | -27.33M | -163K | -41.97M | -48.08M | -42.76M | -56.93M | -53.66M | -1.24M | -3.46M |
| Net Interest Income | -16.76M | -17.1M | -13.38M | 8.86M | -12.34M | -22.04M | -12.89M | -8.68M | -7.16M | -7.71M | -6.14M |
| Interest Income | 0 | 0 | 3.44M | 16.32M | 99K | 423K | 132K | 636K | 552K | 0 | 0 |
| Interest Expense | 16.76M | 17.1M | 16.82M | 7.46M | 12.44M | 22.46M | 13.02M | 9.32M | 7.71M | 7.71M | 6.14M |
| Other Income/Expense | -13.02M | -14.13M | -13.38M | 7.48M | -12.34M | -35.86M | -12.89M | -13.58M | -12.44M | -8.83M | -8.76M |
| Pretax Income | -68.91M | -83.78M | -44.15M | -7.63M | -54.41M | -70.54M | -55.78M | -66.25M | -61.38M | -8.94M | -9.6M |
| Pretax Margin % | -137.08% | -188.09% | -76.7% | -15.07% | -114.11% | -138.77% | -121.67% | -125.92% | -91.02% | -13.36% | -18.54% |
| Income Tax | 0 | 0 | -14K | 245K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0.03% | -3.21% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -68.91M | -83.78M | -44.14M | -7.87M | -54.41M | -70.54M | -55.78M | -66.25M | -61.38M | -8.94M | -9.6M |
| Net Margin % | -137.08% | -188.09% | -76.68% | -15.56% | -114.11% | -138.77% | -121.67% | -125.92% | -91.02% | -13.36% | -18.54% |
| Net Income Growth % | -27.05% | -89.83% | -460.83% | 85.54% | 22.87% | -26.45% | 15.79% | -7.93% | -586.3% | 6.86% | - |
| Net Income (Continuing) | -68.91M | -83.78M | -44.14M | -7.87M | -54.41M | -70.54M | -55.78M | -66.25M | -61.38M | -8.94M | -9.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.56 | -0.76 | -0.51 | -0.13 | -1.12 | -1.85 | -1.66 | -2.87 | -2.96 | -0.45 | -0.39 |
| EPS Growth % | -3.35% | -49.02% | -292.31% | 88.39% | 39.46% | -11.45% | 42.16% | 3.04% | -557.78% | -15.38% | - |
| EPS (Basic) | - | -0.76 | -0.51 | -0.13 | -1.12 | -1.85 | -1.66 | -2.87 | -2.96 | -0.45 | -0.39 |
| Diluted Shares Outstanding | 122.61M | 121.97M | 86.73M | 61.26M | 48.73M | 38.08M | 33.65M | 25.36M | 20.73M | 20M | 24.5M |
| Basic Shares Outstanding | 122.61M | 121.97M | 86.73M | 61.26M | 48.73M | 38.08M | 33.65M | 25.36M | 20.73M | 20M | 24.5M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Regulatory and clinical binary
According to the company's quarterly financial statements, revenue growth has exhibited significant volatility, swinging from a 50.2% contraction in 2025Q2 to a 65.7% expansion in 2026Q1, reflecting the lumpy nature of milestone-driven income and the ongoing erosion of legacy royalty streams from the Suboxone portfolio.
The erratic top-line performance suggests that the company remains heavily reliant on non-recurring events rather than a stable, predictable commercial base. Investors should monitor whether the recent growth spike in 2026Q1 represents a sustainable shift toward proprietary product adoption or merely a temporary recognition of partnership-related milestones.
As reported in recent filings, Aquestive has maintained a gross margin profile that fluctuated between 54.4% and 77.5% over the last ten quarters, indicating that the specialized PharmFilm manufacturing process retains significant pricing power despite the inherent operational overhead associated with high-tech drug delivery systems.
The ability to sustain gross margins above 50% even during periods of revenue contraction suggests that the company's proprietary manufacturing infrastructure provides a structural moat. However, the variability in these margins implies that product mix shifts between high-margin royalties and lower-margin manufacturing services remain a primary driver of profitability.
Based on the provided income statement data, SG&A expenses have frequently exceeded gross profit, peaking at $32.8 million in 2025Q4, which highlights the substantial capital intensity required to support the company's transition toward a proprietary-led commercial model for its clinical pipeline assets.
The lack of consistent operating leverage suggests that management is prioritizing aggressive market preparation and R&D over immediate bottom-line profitability. This cost structure warrants further investigation into whether the current level of SG&A spending is a permanent fixture of the commercialization strategy or a temporary surge related to specific product launches.
Financial disclosures indicate that Aquestive has consistently reported negative net income over the past ten quarters, with net margins reaching as low as -143.7% in 2024Q4, underscoring the company's current status as a pre-inflection entity that relies on external liquidity to fund its ongoing clinical development.
The quality of earnings is currently constrained by the absence of sustained profitability, making traditional valuation metrics like P/E ratios largely irrelevant. Investors should focus on the burn rate and the potential for future operating leverage once the pipeline assets reach commercial scale, as current losses appear to be a function of heavy investment rather than operational inefficiency.
As evidenced by the historical financial data, the company's reliance on regulatory milestones and the potential for generic erosion of legacy assets creates a precarious narrative where the failure of a single clinical catalyst could fundamentally impair the firm's ability to sustain its current operating model.
Short-sellers may focus on the company's inability to achieve consistent operating profitability and the potential for further dilution if the cash runway is exhausted before Anaphylm achieves market penetration. The market's current valuation appears to hinge on a successful regulatory outcome, which introduces significant downside risk if clinical or exclusivity hurdles persist.
Quick answers to the most common questions about buying AQST stock.
For fiscal year 2025, Aquestive Therapeutics, Inc. (AQST) reported total revenue of $44.5M. This represents a 14.0% decline compared to $51.8M in 2016.
Aquestive Therapeutics, Inc. (AQST) reported a net loss of $83.8M for the fiscal year ending 2025.
Aquestive Therapeutics, Inc. (AQST) reported an operating income of $-69.7M, resulting in an operating profit margin of -156.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Aquestive Therapeutics, Inc. (AQST) generated $27.4M in gross profit for the year, representing a gross profit margin of 61.5%. This demonstrates the company's core pricing power and production efficiency.