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AQST (Aquestive Therapeutics, Inc.) Stock Financials & Earnings | Market Cap Arena
AQST
Aquestive Therapeutics, Inc.
Mkt Cap
$431M
Healthcare
·
Drug Manufacturers - Specialty & Generic
·
🇺🇸 United States
·
NASDAQ
Revenue (TTM)
$45M
Net Income (TTM)
-$84M
EPS (TTM)
-$0.76
Free Cash Flow (TTM)
-$53M
Gross Margin
-35.0%
Op. Margin
-159.5%
Net Margin
-188.1%
FCF Margin
-119.0%
P/S Ratio (TTM)
9.7x
P/E Ratio (TTM)
—
YoY Rev Growth
-22.6%
Employees
—
Earnings Reports
▶
Q4 2025
NEW
Browse All Reports
Quarterly
FY
Revenue & Profitability
Revenue
Gross Profit
Operating Income
Quarter
Revenue
Gross Profit
Op. Income
Q1 23
$11M
$6M
-$5M
Q2 23
$13M
$7M
-$4M
Q3 23
$13M
$8M
-$2M
Q4 23
$13M
$9M
-$4M
Q1 24
$12M
$8M
-$9M
Q2 24
$20M
$16M
$55K
Q3 24
$14M
$9M
-$8M
Q4 24
$12M
$7M
-$14M
Q1 25
$9M
$5M
-$19M
Q2 25
$10M
$5M
-$11M
Q3 25
$13M
$8M
-$11M
Q4 25
$13M
-$34M
-$29M
marketcaparena.com
Valuation
P/S Ratio
P/E Ratio
Quarter
P/S
P/E
Q1 23
9.3x
—
Q2 23
9.3x
—
Q3 23
9.0x
—
Q4 23
8.5x
—
Q1 24
8.4x
—
Q2 24
7.4x
—
Q3 24
7.3x
—
Q4 24
7.5x
—
Q1 25
7.9x
—
Q2 25
9.8x
—
Q3 25
9.9x
—
Q4 25
9.7x
—
marketcaparena.com
Operating Cash Flow
Operating Cash Flow
Free Cash Flow
Quarter
Operating CF
Free CF
Q1 23
$9M
$9M
Q2 23
-$8M
-$9M
Q3 23
-$2M
-$2M
Q4 23
-$5M
-$5M
Q1 24
-$10M
-$10M
Q2 24
-$7M
-$7M
Q3 24
-$12M
-$12M
Q4 24
-$6M
-$7M
Q1 25
-$23M
-$24M
Q2 25
-$8M
-$8M
Q3 25
-$13M
-$13M
Q4 25
-$8M
-$9M
marketcaparena.com
Capital Expenditures
CapEx
Quarter
CapEx
Q1 23
$2K
Q2 23
$826K
Q3 23
$151K
Q4 23
$16K
Q1 24
$29K
Q2 24
$35K
Q3 24
$80K
Q4 24
$15K
Q1 25
$135K
Q2 25
$107K
Q3 25
$235K
Q4 25
$85K
marketcaparena.com
OpEx vs Revenue Growth (YoY)
Revenue Growth
OpEx Growth
Quarter
Revenue Growth
OpEx Growth
Q1 23
-9.3%
-28.5%
Q2 23
-0.2%
-33.0%
Q3 23
+13.4%
-24.3%
Q4 23
+23.6%
-20.0%
Q1 24
+8.3%
+33.5%
Q2 24
+51.8%
+14.9%
Q3 24
+4.2%
+42.0%
Q4 24
-10.1%
+48.7%
Q1 25
-27.7%
+33.7%
Q2 25
-50.2%
+6.6%
Q3 25
-5.4%
+11.2%
Q4 25
+9.7%
+64.5%
marketcaparena.com
Stock-Based Compensation
SBC ($)
% of Revenue
Quarter
SBC ($)
% of Revenue
Q1 23
$344K
3.1%
Q2 23
$631K
4.8%
Q3 23
$774K
6.0%
Q4 23
$940K
7.1%
Q1 24
$2M
13.1%
Q2 24
$2M
7.7%
Q3 24
$2M
11.6%
Q4 24
$2M
20.2%
Q1 25
$2M
18.2%
Q2 25
$2M
18.8%
Q3 25
$3M
21.7%
Q4 25
$1M
10.6%
marketcaparena.com
OpEx Breakdown
R&D
SG&A
Quarter
R&D
SG&A
Q1 23
$4M
$7M
Q2 23
$3M
$7M
Q3 23
$3M
$7M
Q4 23
$3M
$10M
Q1 24
$6M
$11M
Q2 24
$4M
$11M
Q3 24
$5M
$12M
Q4 24
$5M
$16M
Q1 25
$5M
$19M
Q2 25
$4M
$13M
Q3 25
$5M
$15M
Q4 25
$3M
$33M
marketcaparena.com
Revenue Segments
Co-Development and Research Fees
License and Royalty Revenue
Manufacture and Supply Revenue
Manufactured Product, Other
Quarter
Co-Development and Research Fees
License and Royalty Revenue
Manufacture and Supply Revenue
Manufactured Product, Other
Q1 23
$453K
$919K
$10M
—
Q2 23
$124K
$1M
$12M
—
Q3 23
$490K
$1M
$11M
—
Q4 23
$335K
$2M
$11M
—
Q1 24
$403K
$1M
$11M
—
Q2 24
$756K
$11M
$8M
—
Q3 24
$492K
$2M
$11M
$217K
Q1 25
$418K
$790K
$7M
$319K
Q3 25
$302K
$1M
$11M
—
Q4 25
$181K
$852K
$12M
—
marketcaparena.com
Revenue by Geography
Non-US
United States
Quarter
Non-US
United States
Q1 23
$3M
$8M
Q2 23
$6M
$7M
Q3 23
$3M
$10M
Q4 23
$1M
$12M
Q1 24
$2M
$10M
Q2 24
$10M
$10M
Q3 24
$3M
$11M
Q1 25
$4M
$5M
Q2 25
$5M
$5M
Q3 25
$3M
$10M
Q4 25
$4M
$9M
marketcaparena.com
War Chest
Cash & Equivalents
Short-Term Investments
Quarter
Cash
Short-term Investments
Total
Q1 23
$27M
$0
$27M
Q2 23
$22M
$0
$22M
Q3 23
$25M
$0
$25M
Q4 23
$24M
$0
$24M
Q1 24
$95M
$0
$95M
Q2 24
$90M
$0
$90M
Q3 24
$78M
$0
$78M
Q4 24
$72M
$0
$72M
Q1 25
$69M
$0
$69M
Q2 25
$61M
$0
$61M
Q3 25
$129M
$0
$129M
Q4 25
$121M
$0
$121M
marketcaparena.com
Shares Outstanding
Shares Outstanding
Quarter
Shares (Diluted)
QoQ Change
Q1 23
74M
+35.7%
Q2 23
57M
-22.3%
Q3 23
65M
+12.8%
Q4 23
69M
+6.0%
Q1 24
74M
+7.4%
Q2 24
91M
+23.5%
Q3 24
91M
+0.2%
Q4 24
91M
+0.1%
Q1 25
95M
+4.7%
Q2 25
99M
+4.0%
Q3 25
111M
+11.3%
Q4 25
122M
+10.3%
marketcaparena.com
Revenue Per Employee
Revenue / Employee
Year
Revenue/Employee
Employees
FY 16
—
—
FY 17
—
—
FY 18
$243K
277
FY 19
$227K
232
FY 20
$245K
187
FY 21
$324K
157
FY 22
$367K
130
FY 23
$375K
135
FY 24
$405K
142
FY 25
$445
100K
marketcaparena.com