Aquestive Therapeutics, Inc. (AQST) Revenue History
Annual and quarterly revenue from 2016 to 2025
Compound Annual Growth Rate (CAGR)
Loading revenue history...
AQST Revenue Growth
Revenue Breakdown (FY 2025)
AQST's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
AQST Revenue Analysis (2016–2025)
As of May 8, 2026, Aquestive Therapeutics, Inc. (AQST) generated trailing twelve-month (TTM) revenue of $44.5 million, reflecting solid growth of +9.7% year-over-year. The most recent quarter (Q4 2025) recorded $13.0 million in revenue, up 1.6% sequentially.
Looking at the longer-term picture, AQST's 5-year compound annual growth rate (CAGR) stands at -0.6%, indicating revenue contraction over this period. The company achieved its highest annual revenue of $67.4 million in 2018.
Revenue diversification analysis shows AQST's business is primarily driven by Manufacture and Supply Revenue (89%), License and Royalty Revenue (8%), and Co-Development and Research Fees (3%). With over half of revenue concentrated in Manufacture and Supply Revenue, the company maintains significant focus in this area while developing other growth vectors.
When compared to Healthcare sector peers including DARE (-103.0% YoY), AYTU (-3.3% YoY), and LQDA (+343.4% YoY), AQST has underperformed the peer group in terms of revenue growth. Compare AQST vs DARE →
AQST Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| AQSTCurrent | $45M | +9.7% | -0.6% | -159.5% | |
 DARE | $9,784 | -103.0% | - | -239692.2% | |
 AYTU | $66M | -3.3% | +19.2% | -11.8% | |
 LQDA | $14M | +343.4% | +11.6% | -866.6% | |
 INVA | $425M | +13.6% | +4.8% | 38.5% |
AQST Historical Revenue Data (2016–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $44.5M | -22.6% | $26.0M | 58.3% | $-71,051,000 | -159.5% |
| 2024 | $57.6M | +13.8% | $39.7M | 69.0% | $-30,771,000 | -53.5% |
| 2023 | $50.6M | +6.1% | $29.8M | 58.8% | $-15,102,000 | -29.9% |
| 2022 | $47.7M | -6.2% | $28.3M | 59.3% | $-42,066,000 | -88.2% |
| 2021 | $50.8M | +10.9% | $35.8M | 70.5% | $-34,679,000 | -68.2% |
| 2020 | $45.8M | -12.8% | $32.9M | 71.7% | $-42,893,000 | -93.6% |
| 2019 | $52.6M | -22.0% | $32.2M | 61.3% | $-52,668,000 | -100.1% |
| 2018 | $67.4M | +0.8% | $46.4M | 68.9% | $-48,934,000 | -72.6% |
| 2017 | $66.9M | +29.2% | $47.1M | 70.4% | $-113,000 | -0.2% |
| 2016 | $51.8M | - | $35.4M | 68.4% | $-847,000 | -1.6% |
See AQST's True Return
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorIs AQST Undervalued?
DCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
View ValuationCompare AQST vs DBVT
Side-by-side business, growth, and profitability comparison vs DBV Technologies S.A..
Start ComparisonAQST — Frequently Asked Questions
Quick answers to the most common questions about buying AQST stock.
Is AQST's revenue growth accelerating or slowing?
AQST maintains +9.7% revenue growth, in line with its 5-year CAGR of -0.6%. TTM revenue stands at $45M. Growth rate remains consistent with historical average.
What is AQST's long-term revenue growth rate?
Aquestive Therapeutics, Inc.'s 5-year revenue CAGR of -0.6% reflects the sustained expansion pattern. Current YoY growth of +9.7% is near this long-term average.
How is AQST's revenue distributed by segment?
AQST reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2016-2025 are available for download. Segment mix reveals concentration and diversification trends.