ARS Pharmaceuticals, Inc. (SPRY) Revenue History
Annual and quarterly revenue from 2018 to 2025
Compound Annual Growth Rate (CAGR)
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SPRY Revenue Growth
Revenue Breakdown (FY 2025)
SPRY's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
SPRY Revenue Analysis (2018–2025)
As of May 8, 2026, ARS Pharmaceuticals, Inc. (SPRY) generated trailing twelve-month (TTM) revenue of $84.3 million, reflecting significant decline in growth of -67.6% year-over-year. The most recent quarter (Q4 2025) recorded $28.1 million in revenue, down 13.6% sequentially.
Looking at the longer-term picture, SPRY's 5-year compound annual growth rate (CAGR) stands at +36.4%, indicating outstanding long-term growth trajectory. The company achieved its highest annual revenue of $89.1 million in 2024.
Revenue diversification analysis shows SPRY's business is primarily driven by Product (100%). With over half of revenue concentrated in Product, the company maintains significant focus in this area while developing other growth vectors.
When compared to Healthcare sector peers including ADMA (+11.0% YoY), NTRA (+36.6% YoY), and TLRY (+3.0% YoY), SPRY has underperformed the peer group in terms of revenue growth. Compare SPRY vs ADMA →
SPRY Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| SPRYCurrent | $84M | -67.6% | +36.4% | -212.9% | |
 ADMA | $510M | +11.0% | +64.6% | 37.5% | |
 NTRA | $2.3B | +36.6% | +42.6% | -13.4% | |
 TLRY | $1.1B | +3.0% | +22.7% | -277.9% | |
 HALO | $1.4B | +37.6% | +39.2% | 58.4% |
SPRY Historical Revenue Data (2018–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $84.3M | -5.5% | $0 | - | $-179,448,000 | -212.9% |
| 2024 | $89.1M | +297063.3% | $68.6M | 76.9% | $-3,083,000 | -3.5% |
| 2023 | $30K | -97.7% | $30K | 100.0% | $-67,520,000 | -225066.7% |
| 2022 | $1.3M | -76.1% | $1.3M | 100.0% | $-35,516,000 | -2698.8% |
| 2021 | $5.5M | -69.1% | $5.3M | 96.1% | $-19,454,000 | -353.3% |
| 2020 | $17.8M | - | $3.8M | 21.1% | $-469,000 | -2.6% |
| 2019 | $0 | - | $-1,546,000 | - | $-24,067,000 | - |
| 2018 | $0 | - | $-1,420,000 | - | $-18,320,000 | - |
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Start ComparisonSPRY — Frequently Asked Questions
Quick answers to the most common questions about buying SPRY stock.
Is SPRY's revenue growth accelerating or slowing?
SPRY revenue declined -67.6% year-over-year, contrasting with the 5-year CAGR of +36.4%. TTM revenue fell to $84M. This reverses the prior growth trend.
What is SPRY's long-term revenue growth rate?
ARS Pharmaceuticals, Inc.'s 5-year revenue CAGR of +36.4% reflects the variable expansion pattern. Current YoY growth of -67.6% is below this long-term average.
How is SPRY's revenue distributed by segment?
SPRY reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2018-2025 are available for download. Segment mix reveals concentration and diversification trends.