LQDA (Liquidia Corporation) Stock Financials & Earnings | Market Cap Arena

LQDA (Liquidia Corporation) Stock Financials & Earnings | Market Cap Arena

LQDALiquidia Corporation

Mkt Cap$3B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Revenue (TTM)$158M

Net Income (TTM)-$69M

EPS (TTM)-$0.83

Free Cash Flow (TTM)-$40M

Gross Margin97.2%

Op. Margin-32.5%

Net Margin-43.5%

FCF Margin-25.3%

P/S Ratio (TTM)20.8x

P/E Ratio (TTM)—

YoY Rev Growth+1031.2%

Employees—

Earnings Reports

Next: Q1 2026 · Mar 18

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$4M	$4M	-$9M
Q2 23	$5M	$4M	-$23M
Q3 23	$4M	$3M	-$15M
Q4 23	$5M	$4M	-$26M
Q1 24	$3M	$1M	-$29M
Q2 24	$4M	$2M	-$27M
Q3 24	$4M	$3M	-$29M
Q4 24	$3M	$2M	-$36M
Q1 25	$3M	$2M	-$35M
Q2 25	$9M	$8M	-$38M
Q3 25	$54M	$51M	$2M
Q4 25	$92M	$94M	$20M

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	194.4x	—
Q2 23	184.9x	—
Q3 23	179.8x	—
Q4 23	188.3x	—
Q1 24	206.2x	—
Q2 24	221.9x	—
Q3 24	210.9x	—
Q4 24	235.3x	—
Q1 25	232.8x	—
Q2 25	170.4x	—
Q3 25	47.6x	—
Q4 25	20.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	-$8M	-$9M
Q2 23	-$6M	-$6M
Q3 23	-$12M	-$22M
Q4 23	-$16M	-$16M
Q1 24	-$25M	-$25M
Q2 24	-$23M	-$24M
Q3 24	-$25M	-$27M
Q4 24	-$21M	-$26M
Q1 25	-$31M	-$31M
Q2 25	-$39M	-$41M
Q3 25	-$10M	-$11M
Q4 25	$44M	$42M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$366K
Q2 23	$243K
Q3 23	$10M
Q4 23	$206K
Q1 24	$624K
Q2 24	$1M
Q3 24	$2M
Q4 24	$5M
Q1 25	$330K
Q2 25	$1M
Q3 25	$911K
Q4 25	$2M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+28.7%	-23.6%
Q2 23	+22.2%	+114.2%
Q3 23	+16.2%	+54.8%
Q4 23	-15.5%	+161.2%
Q1 24	-33.9%	+131.5%
Q2 24	-23.5%	+11.8%
Q3 24	+20.9%	+81.1%
Q4 24	-35.6%	+26.0%
Q1 25	+5.0%	+21.3%
Q2 25	+141.5%	+50.2%
Q3 25	+1121.7%	+56.3%
Q4 25	+3054.6%	+85.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$3M	56.8%
Q2 23	$2M	52.2%
Q3 23	$2M	67.6%
Q4 23	$3M	56.3%
Q1 24	$5M	152.2%
Q2 24	$4M	119.5%
Q3 24	$5M	109.7%
Q4 24	$5M	172.4%
Q1 25	$7M	238.4%
Q2 25	$7M	78.4%
Q3 25	$8M	14.5%
Q4 25	$7M	7.8%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q1 23	$5M	$8M	—
Q2 23	$18M	$9M	—
Q3 23	$7M	$11M	—
Q4 23	$13M	$17M	—
Q1 24	$10M	$20M	—
Q2 24	$9M	$20M	—
Q3 24	$12M	$20M	—
Q4 24	$16M	$21M	—
Q1 25	$7M	$30M	—
Q2 25	$6M	$39M	—
Q3 25	$9M	$40M	—
Q4 25	$17M	—	$48M

Revenue Segments

Quarter	Product	Service
Q2 25	$7M	$2M
Q3 25	$52M	$3M
Q4 25	$90M	$5M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$94M	$0	$94M
Q2 23	$88M	$0	$88M
Q3 23	$76M	$0	$76M
Q4 23	$84M	$0	$84M
Q1 24	$158M	$0	$158M
Q2 24	$133M	$0	$133M
Q3 24	$204M	$0	$204M
Q4 24	$176M	$0	$176M
Q1 25	$170M	$0	$170M
Q2 25	$173M	$0	$173M
Q3 25	$157M	$0	$157M
Q4 25	$191M	$0	$191M

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	65M	+3.1%
Q2 23	65M	+0.2%
Q3 23	65M	+0.1%
Q4 23	66M	+1.3%
Q1 24	75M	+14.8%
Q2 24	76M	+1.4%
Q3 24	78M	+2.5%
Q4 24	85M	+8.1%
Q1 25	85M	+0.6%
Q2 25	86M	+0.5%
Q3 25	86M	+0.9%
Q4 25	100M	+15.9%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 16	—	—
FY 17	—	—
FY 18	$43K	63
FY 19	$126K	64
FY 20	$15K	51
FY 21	$273K	47
FY 22	$270K	59
FY 23	$129K	136
FY 24	$89K	157
FY 25	$792	200K