9 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $45M | -$84M | 58.3% | -159.5% | -$53M | $45M | $121M |
| 2024 | $58M | -$44M | 69.0% | -53.5% | -$36M | $45M | $72M |
| 2023 | $51M | -$8M | 58.8% | -29.9% | -$7M | $45M | $24M |
| 2022 | $48M | -$54M | 59.3% | -88.2% | -$11M | — | $27M |
| 2021 | $51M | -$71M | 0.0% | -68.2% | -$34M | — | $28M |
| 2020 | $46M | -$56M | 71.7% | -93.6% | -$46M | $52M | $32M |
| 2019 | $53M | -$66M | 61.3% | -100.1% | -$61M | $70M | $49M |
| 2018 | $67M | -$61M | 0.0% | -72.6% | -$15M | — | $61M |
| 2017 | — | -$9M | — | — | $4M | — | $17M |
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $14M | -$8M | 76.0% | -29.1% | -$15M | $45M | $111M |
| Dec '25 | $13M | -$32M | 55.2% | -221.6% | -$9M | $45M | $121M |
| Sep '25 | $13M | -$15M | 64.8% | -89.6% | -$13M | $45M | $129M |
| Jun '25 | $10M | -$14M | 54.4% | -113.6% | -$8M | $45M | $61M |
| Mar '25 | $9M | -$23M | 58.1% | -222.1% | -$24M | $45M | $69M |
| Dec '24 | $12M | -$17M | 61.9% | -114.4% | -$7M | $45M | $72M |
| Sep '24 | $14M | -$12M | 67.2% | -61.2% | -$12M | $45M | $78M |
| Jun '24 | $20M | -$3M | 77.5% | 0.3% | -$7M | $45M | $90M |
| Mar '24 | $12M | -$13M | 63.6% | -74.3% | -$10M | $45M | $95M |
| Dec '23 | $13M | -$8M | 64.6% | -29.6% | -$5M | $45M | $24M |
| Sep '23 | $13M | -$2M | 63.1% | -18.3% | -$2M | $39M | $25M |
| Jun '23 | $13M | -$6M | 50.0% | -31.8% | -$9M | $39M | $22M |
| Mar '23 | $11M | $8M | 57.5% | -41.4% | $9M | $42M | $27M |
| Dec '22 | $11M | -$12M | 50.3% | -100.3% | $8M | — | $27M |
| Sep '22 | $11M | -$13M | 59.7% | -77.2% | $3M | $52M | $19M |
| Jun '22 | $13M | -$16M | 60.5% | -96.2% | -$7M | $52M | $18M |
| Mar '22 | $12M | -$13M | 65.7% | -79.4% | -$15M | $52M | $15M |
| Dec '21 | $11M | -$29M | 0.0% | -105.3% | -$9M | — | $28M |
| Sep '21 | $13M | -$15M | 66.9% | -60.0% | -$9M | $52M | $31M |
| Jun '21 | $15M | -$12M | 70.9% | -42.5% | -$2M | $52M | $34M |
How the market has priced AQST against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 5 years, Aquestive Therapeutics, Inc.'s revenue has declined 0.6% per year. These are computed facts, not advice.
As of FY2025, Aquestive Therapeutics, Inc. reported $45M of total debt against $121M of cash; operating income covered interest expense -6.4×.
In FY2025, gross margin was 58.3%, operating margin -159.5%, and net margin -188.1%.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.