ARS Pharmaceuticals, Inc. (SPRY) Revenue History
Annual and quarterly revenue from 2018 to present
SPRY Revenue Over Time (2018–2025)
SPRY Revenue Growth History
1 of 5 years with positive growth- FY2018 revenue growth
- N/A
- FY2019 revenue growth
- N/A
- FY2020 revenue growth
- N/A
- FY2021 revenue growth
- -69.1%
- FY2022 revenue growth
- -76.1%
- FY2023 revenue growth
- -97.7%
- FY2024 revenue growth
- +297063.3%
- FY2025 revenue growth
- -5.5%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $22.7M | +184.5% |
| Q4 2025 | $28.1M | -67.6% |
| Q3 2025 | $32.5M | +1471.6% |
| Q2 2025 | $15.7M | +3043.4% |
| Q1 2025 | $8.0M | — |
| Q4 2024 | $86.6M | — |
| Q3 2024 | $2.1M | — |
| Q2 2024 | $500K | +4900.0% |
Multi-year avg. share of annual revenue by fiscal quarter
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)
Current Revenue & Growth
As of June 23, 2026, ARS Pharmaceuticals, Inc. (SPRY) generated trailing twelve-month (TTM) revenue of $99.0 million, reflecting explosive growth of +184.5% year-over-year. The most recent quarter (Q1 2026) recorded $22.7 million in revenue, down 19.2% sequentially.
Historical Growth Trajectory
SPRY's 5-year compound annual growth rate (CAGR) stands at +36.4%, indicating outstanding long-term growth trajectory. The 3-year CAGR of +300.1% exceeds the 5-year average, indicating an acceleration in the most recent period. ARS Pharmaceuticals, Inc.'s highest annual revenue of $89.1 million was recorded in 2024.
Revenue by Segment
SPRY's revenue is primarily driven by Product (100%). With over half of revenue concentrated in Product, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Healthcare sector peers — including ADMA (+11.0% YoY), NTRA (+36.6% YoY), and TLRY (+3.0% YoY) — SPRY has outperformed the peer group in 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 | $99M | +184.5% | +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 | +39.1% | +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% | $63.9M | 75.8% | $-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% | $-15,804,000 | -1200.9% | $-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 | - |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
8+ years return with dividends reinvested.
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Peer Comparison
Compare growth, multiples, and margins vs sector.
SPRY — Frequently Asked Questions
Quick answers to the most common questions about buying SPRY stock.
Is SPRY's revenue growth accelerating or slowing?
SPRY revenue growth is accelerating. TTM revenue reached $99M, up +184.5% year-over-year — ahead of the 5-year CAGR of +36.4%. This indicates the business is expanding faster than its historical baseline.
What is SPRY's revenue history from 2018 to 2026?
ARS Pharmaceuticals, Inc. (SPRY) revenue history spans 2018 to 2026. TTM revenue as of 2026 is $99M, growing at +184.5% YoY. The 5-year CAGR is +36.4%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is SPRY's long-term revenue growth rate (CAGR)?
ARS Pharmaceuticals, Inc.'s 5-year revenue CAGR of +36.4% reflects the sustained nature of its business expansion. As of 2026, the current YoY growth rate of +184.5% is above this long-term average. CAGR is the most reliable measure of sustained revenue momentum for SPRY.
Why does SPRY's quarterly revenue fluctuate?
SPRY quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. ARS Pharmaceuticals, Inc.'s revenue data from 2018 to 2026 shows full historical quarterly detail on this page.
How is SPRY's revenue distributed by segment?
SPRY reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does SPRY's revenue compare to industry peers?
ARS Pharmaceuticals, Inc. (SPRY) with TTM revenue of $99M and +184.5% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.