7 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 | $158M | -$69M | 0.0% | -32.5% | -$40M | — | $191M |
| 2024 | $14M | -$130M | 58.0% | -866.6% | -$98M | — | $176M |
| 2023 | $17M | -$79M | 83.5% | -419.6% | -$43M | — | $84M |
| 2022 | $16M | -$41M | 82.1% | -243.3% | -$29M | $20M | $93M |
| 2021 | $13M | -$35M | 76.5% | -263.0% | -$34M | $10M | $57M |
| 2020 | $739628 | -$60M | 67.9% | -7989.0% | -$55M | $10M | $65M |
| 2019 | $8M | -$48M | 0.0% | -580.1% | -$50M | $16M | — |
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $133M | $53M | 0.0% | 46.3% | $50M | — | $223M |
| Dec '25 | $92M | $15M | 0.0% | 21.5% | $42M | — | $191M |
| Sep '25 | $54M | -$4M | 0.0% | 3.3% | -$11M | — | $157M |
| Jun '25 | $9M | -$42M | 0.0% | -424.4% | -$41M | — | $173M |
| Mar '25 | $3M | -$38M | 51.4% | -1135.4% | -$31M | — | $170M |
| Dec '24 | $3M | -$39M | 53.6% | -1237.8% | -$22M | — | $176M |
| Sep '24 | $4M | -$31M | 64.8% | -656.2% | -$27M | — | $204M |
| Jun '24 | $4M | -$29M | 59.2% | -743.3% | -$24M | — | $133M |
| Mar '24 | $3M | -$30M | 50.6% | -969.1% | -$25M | — | $158M |
| Dec '23 | $5M | -$27M | 78.1% | -583.4% | -$16M | — | $84M |
| Sep '23 | $4M | -$16M | 84.5% | -404.9% | -$12M | — | $76M |
| Jun '23 | $5M | -$24M | 86.0% | -476.9% | -$6M | — | $88M |
| Mar '23 | $4M | -$12M | 85.4% | -205.5% | -$9M | — | $94M |
| Dec '22 | $5M | -$7M | 87.1% | -121.2% | -$5M | $20M | $93M |
| Sep '22 | $3M | -$9M | 76.6% | -279.0% | -$6M | $20M | $98M |
| Jun '22 | $4M | -$9M | 81.3% | -228.9% | -$8M | $20M | $104M |
| Mar '22 | $3M | -$16M | 80.1% | -414.4% | -$10M | $19M | $58M |
| Dec '21 | $3M | -$12M | 77.4% | -353.4% | -$8M | $10M | $57M |
| Sep '21 | $3M | -$7M | 72.0% | -222.7% | -$6M | $10M | $64M |
| Jun '21 | $3M | -$7M | 78.9% | -188.2% | -$8M | $10M | $68M |
How the market has priced LQDA 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, Liquidia Corp's revenue has grown 192.5% per year. These are computed facts, not advice.
As of FY2025, Liquidia Corp reported — of total debt against $191M of cash; operating income covered interest expense -2.1×.
In FY2025, gross margin was —, operating margin -32.5%, and net margin -43.5%.
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.