Revenue growth accelerated to $132.9 million in 2026Q1, driving a significant expansion in gross margins to 90.9% compared to sub-60% levels observed throughout 2024.
| Sales/Revenue | 288.06M | 158.32M | 14M | 17.49M | 15.94M | 12.85M | 739.63K | 8.07M | 2.71M | 7.26M | 13.22M |
| Revenue Growth % | 1936.66% | 1031.18% | -19.97% | 9.75% | 23.98% | 1637.77% | -90.84% | 198.2% | -62.7% | -45.08% | - |
| Cost of Goods Sold | 23.67M | 13.24M | 5.88M | 2.89M | 2.86M | 3.02M | 237.71K | 807.19K | 121.39K | 319.76K | 918.78K |
| COGS % of Revenue | - | 8.36% | 42% | 16.51% | 17.94% | 23.52% | 32.14% | 10% | 4.48% | 4.41% | 6.95% |
| Gross Profit | 264.4M | 145.08M | 8.12M | 14.6M | 13.08M | 9.83M | 501.92K | 7.26M | 2.59M | 6.94M | 12.3M |
| Gross Margin % | 91.78% | 91.64% | 58% | 83.49% | 82.06% | 76.48% | 67.86% | 90% | 95.52% | 95.59% | 93.05% |
| Gross Profit Growth % | - | 1687.34% | -44.4% | 11.65% | 33.02% | 1858.49% | -93.09% | 180.98% | -62.73% | -43.58% | - |
| Operating Expenses | 218.84M | 196.45M | 129.41M | 87.98M | 51.85M | 43.63M | 59.59M | 54.09M | 37.45M | 34.97M | 28.16M |
| OpEx % of Revenue | - | 124.09% | 924.63% | 503.11% | 325.36% | 339.43% | 8056.89% | 670.07% | 1383.6% | 481.76% | 213.07% |
| Selling, General & Admin | 174.05M | 157.18M | 81.57M | 44.74M | 32.41M | 23.11M | 27.37M | 13.6M | 8.75M | 10.21M | 4.84M |
| SG&A % of Revenue | - | 99.28% | 582.8% | 255.84% | 203.39% | 179.8% | 3700.33% | 168.45% | 323.39% | 140.71% | 36.63% |
| Research & Development | 44.58M | 39.28M | 47.84M | 43.24M | 19.43M | 20.52M | 32.22M | 40.49M | 28.7M | 24.75M | 23.32M |
| R&D % of Revenue | - | 24.81% | 341.83% | 247.27% | 121.96% | 159.63% | 4356.57% | 501.62% | 1060.21% | 341.05% | 176.44% |
| Other Operating Expenses | 205K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 45.55M | -51.38M | -121.29M | -73.38M | -38.77M | -33.8M | -59.09M | -46.82M | -34.87M | -28.03M | -15.86M |
| Operating Margin % | 15.81% | -32.45% | -866.63% | -419.62% | -243.3% | -262.95% | -7989.03% | -580.07% | -1288.08% | -386.16% | -120.02% |
| Operating Income Growth % | - | 57.64% | -65.29% | -89.28% | -14.71% | 42.8% | -26.2% | -34.29% | -24.4% | -76.69% | - |
| EBITDA | 47.13M | -49.85M | -119.1M | -71.21M | -35.12M | -28.18M | -55.97M | -44.03M | -33.32M | -27.1M | -15.21M |
| EBITDA Margin % | 16.36% | -31.49% | -850.94% | -407.17% | -220.41% | -219.29% | -7567.72% | -545.46% | -1231.05% | -373.32% | -115.09% |
| EBITDA Growth % | 137.47% | 58.15% | -67.26% | -102.73% | -24.62% | 49.65% | -27.12% | -32.13% | -22.98% | -78.13% | - |
| D&A (Non-Cash Add-back) | 1.57M | 1.53M | 2.2M | 2.18M | 3.65M | 5.61M | 3.12M | 2.79M | 1.54M | 931.93K | 651.56K |
| EBIT | 50.45M | -44.75M | -117.91M | -72.23M | -38.68M | -33.82M | -58.9M | -46.21M | -34.15M | -16.14M | -15.85M |
| Net Interest Income | -19.33M | -17.55M | -4.83M | -2.81M | -1.25M | -729K | -673.64K | -759.91K | -18.68M | -13.01M | -70.96K |
| Interest Income | 6.67M | 6.62M | 7.65M | 3.47M | 1.09M | 33K | 184.36K | 613.72K | 304.98K | 268 | 14.91K |
| Interest Expense | 26M | 24.17M | 12.49M | 6.27M | 2.34M | 762K | 858K | 1.37M | 18.99M | 13.01M | 85.86K |
| Other Income/Expense | -19.33M | -17.55M | -9.1M | -5.12M | -2.25M | -782K | -673.64K | -759.91K | -18.27M | -1.13M | -70.96K |
| Pretax Income | 26.23M | -68.92M | -130.39M | -78.5M | -41.02M | -34.58M | -59.76M | -47.58M | -53.14M | -29.15M | -15.93M |
| Pretax Margin % | 9.1% | -43.53% | -931.65% | -448.89% | -257.39% | -269.03% | -8080.11% | -589.48% | -1962.92% | -401.68% | -120.56% |
| Income Tax | 3.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.91K |
| Effective Tax Rate % | 14.95% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.09% |
| Net Income | 22.3M | -68.92M | -130.39M | -78.5M | -41.02M | -34.58M | -59.76M | -47.58M | -53.14M | -29.15M | -15.93M |
| Net Margin % | 7.74% | -43.53% | -931.65% | -448.89% | -257.39% | -269.03% | -8080.11% | -589.48% | -1962.92% | -401.68% | -120.56% |
| Net Income Growth % | 117.45% | 47.14% | -66.1% | -91.4% | -18.61% | 42.14% | -25.6% | 10.45% | -82.26% | -82.97% | - |
| Net Income (Continuing) | 22.3M | -68.92M | -130.39M | -78.5M | -41.02M | -34.58M | -59.76M | -47.58M | -53.14M | -29.15M | -15.93M |
| 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) | 0.22 | -0.80 | -1.66 | -1.21 | -0.67 | -0.70 | -1.76 | -2.51 | -7.42 | -3.40 | -1.86 |
| EPS Growth % | 108.86% | 51.81% | -37.19% | -80.6% | 4.29% | 60.23% | 29.88% | 66.17% | -118.24% | -82.8% | - |
| EPS (Basic) | - | -0.80 | -1.66 | -1.21 | -0.67 | -0.70 | -1.76 | -2.51 | -7.42 | -3.40 | -1.86 |
| Diluted Shares Outstanding | 101.11M | 86.06M | 78.71M | 64.99M | 60.96M | 49.68M | 33.89M | 18.48M | 7.16M | 8.59M | 8.59M |
| Basic Shares Outstanding | 88.01M | 86.06M | 78.71M | 64.99M | 60.96M | 49.68M | 33.89M | 18.48M | 7.16M | 8.59M | 8.59M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Regulatory and Patent Litigation
According to recent quarterly filings, Liquidia's revenue surged to $132.9 million in 2026Q1, representing a significant acceleration from prior periods. This rapid growth appears primarily driven by the successful scale-up of generic treprostinil distribution, which has fundamentally altered the company's top-line trajectory compared to historical baselines.
The dramatic revenue expansion suggests that the company has successfully captured market share within the generic treprostinil segment. Investors should monitor whether this growth is sustainable or if it represents a temporary peak before the potential commercial launch of YUTREPIA shifts the revenue mix.
As reported in financial statements, Liquidia achieved a gross margin of 90.9% in 2026Q1, reflecting a substantial improvement from the sub-60% levels observed throughout 2024. This shift suggests that the company is benefiting from increased manufacturing efficiencies and a more favorable product mix in its distribution agreements.
The expansion of gross margins to over 90% indicates strong pricing power and effective cost management relative to the cost of goods sold. This margin profile appears highly competitive, potentially signaling that the PRINT technology platform is achieving the necessary scale to support long-term profitability.
Based on the most recent income statement data, Liquidia transitioned to an operating margin of 46.3% in 2026Q1, marking a sharp reversal from the persistent operating losses reported in previous years. This suggests that revenue growth is now significantly outpacing the company's fixed administrative and legal overhead.
The ability to generate positive operating income indicates that the company has reached a critical inflection point where its core operations can support its cost structure. Analysts should investigate whether this operating leverage is durable or if future legal expenditures could compress these margins once again.
Analysis of the company's income statement reveals that stock-based compensation reached $9.2 million in 2026Q1, a notable increase from the $2.6 million reported in 2023Q4. This trend suggests that equity-based incentives are becoming a more significant component of the company's overall expense structure as it scales.
While net income has turned positive, the rising stock-based compensation warrants further investigation to determine its impact on diluted EPS. Investors should consider whether these non-cash charges reflect a necessary alignment of management interests or a potential dilution risk that could weigh on future shareholder returns.
Quick answers to the most common questions about buying LQDA stock.
For fiscal year 2025, Liquidia Corporation (LQDA) reported total revenue of $158.3M. This represents a 1097.9% increase compared to $13.2M in 2016.
Liquidia Corporation (LQDA) reported a net loss of $68.9M for the fiscal year ending 2025.
Liquidia Corporation (LQDA) reported an operating income of $-51.4M, resulting in an operating profit margin of -32.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Liquidia Corporation (LQDA) generated $145.1M in gross profit for the year, representing a gross profit margin of 91.6%. This demonstrates the company's core pricing power and production efficiency.