What is Aquestive Therapeutics' operating income?

Aquestive Therapeutics' total operating income in 2025 was -$71.05 million, based on the following breakdown: Total Gross Profit: $25.99 million Total Operating Expenses: $97.04 million

Aquestive Therapeutics (AQST) Financials

$4.07 +0.13 (+3.17%)

As of 12:35 PM Eastern

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Annual Income Statements for Aquestive Therapeutics

This table shows Aquestive Therapeutics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-11	-61	-66	-56	-71	-54	-7.87	-44	-84
Consolidated Net Income / (Loss)	-8.94	-61	-66	-56	-71	-54	-7.87	-44	-84
Net Income / (Loss) Continuing Operations	-8.94	-61	-66	-56	-71	-54	-7.87	-44	-84
Total Pre-Tax Income	-8.94	-61	-66	-56	-71	-54	-7.63	-44	-84
Total Operating Income	-0.11	-49	-53	-43	-35	-42	-15	-31	-71
Total Gross Profit	67	67	32	46	51	28	30	40	26
Total Revenue	67	67	53	46	51	48	51	58	45
Operating Revenue	67	67	53	46	51	48	51	58	45
Total Cost of Revenue	0.00	0.00	20	0.00	0.00	19	21	18	19
Operating Cost of Revenue	-	-	20	-	-	19	21	18	19
Total Operating Expenses	67	116	85	89	86	70	45	70	97
Selling, General & Admin Expense	25	72	64	56	53	53	32	50	80
Research & Development Expense	22	23	21	20	17	17	13	20	17
Total Other Income / (Expense), net	-8.83	-12	-14	-13	-36	-12	7.48	-13	-13
Interest Expense	7.71	7.71	14	13	36	12	8.84	17	17
Interest & Investment Income	0.00	0.55	0.64	0.13	0.42	0.10	16	3.44	4.37
Income Tax Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.25	-0.01	0.00
Basic Earnings per Share	-	($2.96)	($2.61)	($1.66)	($1.85)	($1.12)	($0.13)	($0.51)	($0.78)
Weighted Average Basic Shares Outstanding	-	20.73M	25.36M	33.65M	38.08M	48.73M	61.26M	86.73M	106.93M
Diluted Earnings per Share	-	($2.96)	($2.61)	($1.66)	($1.85)	($1.12)	($0.13)	($0.51)	($0.78)
Weighted Average Diluted Shares Outstanding	-	20.73M	25.36M	33.65M	38.08M	48.73M	61.26M	86.73M	106.93M
Weighted Average Basic & Diluted Shares Outstanding	-	20.73M	25.36M	33.65M	41.47M	55.87M	73.30M	98.87M	122.05M

This table shows Aquestive Therapeutics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-2.04	-8.11	-13	-2.75	-12	-17	-23	-14	-15	-32	-8.06
Consolidated Net Income / (Loss)	-2.04	-8.11	-13	-2.75	-12	-17	-23	-14	-15	-32	-8.06
Net Income / (Loss) Continuing Operations	-2.04	-8.11	-13	-2.75	-12	-17	-23	-14	-15	-32	-8.06
Total Pre-Tax Income	-2.18	-8.01	-13	-2.75	-12	-17	-23	-14	-15	-32	-8.06
Total Operating Income	-2.38	-3.91	-8.96	0.06	-8.29	-14	-19	-11	-11	-29	-4.20
Total Gross Profit	8.20	8.53	7.66	16	9.11	7.35	5.07	5.44	8.30	7.18	11
Total Revenue	13	13	12	20	14	12	8.72	10	13	13	14
Operating Revenue	13	13	12	20	14	12	8.72	10	13	13	14
Total Cost of Revenue	4.80	4.68	4.39	4.53	4.44	4.52	3.65	4.56	4.51	5.84	3.47
Operating Cost of Revenue	4.80	4.68	4.39	4.53	4.44	4.52	3.65	4.56	4.51	5.84	3.47
Total Operating Expenses	11	12	17	16	17	21	24	17	20	36	15
Selling, General & Admin Expense	7.39	9.55	11	11	12	16	19	13	15	33	11
Research & Development Expense	3.20	2.89	5.93	4.16	5.27	4.92	5.36	4.11	4.53	3.20	4.20
Total Other Income / (Expense), net	0.20	-4.21	-3.87	-2.80	-3.22	-3.49	-3.57	-2.18	-3.97	-3.02	-3.85
Interest Expense	1.31	4.37	4.20	4.20	4.20	4.22	4.28	4.28	4.27	4.27	3.94
Interest & Investment Income	1.51	0.17	0.33	1.40	0.98	0.73	0.71	2.10	0.31	1.25	0.08
Basic Earnings per Share	($0.03)	($0.15)	($0.17)	($0.03)	($0.13)	($0.18)	($0.24)	($0.14)	($0.14)	($0.26)	($0.07)
Weighted Average Basic Shares Outstanding	64.68M	61.26M	73.61M	90.91M	91.08M	86.73M	95.50M	99.33M	110.58M	106.93M	122.61M
Diluted Earnings per Share	($0.03)	($0.11)	($0.17)	($0.03)	($0.13)	($0.18)	($0.24)	($0.14)	($0.14)	($0.26)	($0.07)
Weighted Average Diluted Shares Outstanding	64.68M	61.26M	73.61M	90.91M	91.08M	86.73M	95.50M	99.33M	110.58M	106.93M	122.61M
Weighted Average Basic & Diluted Shares Outstanding	66.77M	73.30M	91.04M	91.06M	91.18M	98.87M	99.33M	99.72M	122.00M	122.05M	125.45M

This table details how cash moves in and out of Aquestive Therapeutics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	8.17	43	-11	-18	-3.78	-0.75	-3.40	48	50
Net Cash From Operating Activities	5.82	-13	-60	-45	-33	-9.82	-6.38	-36	-52
Net Cash From Continuing Operating Activities	5.82	-13	-60	-45	-33	-9.82	-6.38	-36	-52
Net Income / (Loss) Continuing Operations	-8.94	-61	-66	-56	-71	-54	-7.87	-44	-84
Consolidated Net Income / (Loss)	-8.94	-61	-66	-56	-71	-54	-7.87	-44	-84
Depreciation Expense	3.75	3.24	2.91	3.44	2.96	2.39	1.35	0.72	0.55
Amortization Expense	1.91	1.70	1.93	2.59	3.73	0.22	1.97	11	11
Non-Cash Adjustments To Reconcile Net Income	1.23	35	12	8.71	33	11	3.51	6.90	7.63
Changes in Operating Assets and Liabilities, net	7.88	8.00	-11	-4.41	-1.73	31	-5.34	-9.96	12
Net Cash From Investing Activities	-2.07	-1.82	-0.66	-0.52	-0.91	-2.52	-1.00	-0.16	-0.56
Net Cash From Continuing Investing Activities	-2.07	-1.82	-0.66	-0.52	-0.91	-2.52	-1.00	-0.16	-0.56
Purchase of Property, Plant & Equipment	-2.07	-1.82	-0.66	-0.52	-0.91	-1.02	-1.00	-0.16	-0.56
Net Cash From Financing Activities	4.41	58	50	28	30	12	3.97	84	103
Net Cash From Continuing Financing Activities	4.41	58	50	28	30	12	3.97	84	103
Repayment of Debt	-0.61	-4.77	-57	-28	0.00	-2.03	-58	-0.02	-0.03
Issuance of Common Equity	0.00	69	39	6.22	30	14	8.95	84	101
Other Financing Activities, net	0.02	-6.03	-2.83	50	0.17	-0.00	8.30	-0.21	1.88
Cash Interest Paid	5.81	6.05	7.34	8.49	6.44	6.44	4.60	7.10	6.10
Cash Income Taxes Paid	-	-	-	-	-	-	0.00	0.31	0.00

This table details how cash moves in and out of Aquestive Therapeutics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	2.48	-1.05	71	-5.33	-12	-6.35	-2.89	-8.12	69	-7.89	-10
Net Cash From Operating Activities	-2.35	-4.94	-10	-7.01	-12	-6.49	-23	-7.91	-13	-8.47	-15
Net Cash From Continuing Operating Activities	-2.35	-4.94	-10	-7.01	-12	-6.49	-23	-7.91	-13	-8.47	-15
Net Income / (Loss) Continuing Operations	-2.04	-8.11	-13	-2.75	-12	-17	-23	-14	-15	-32	-8.06
Consolidated Net Income / (Loss)	-2.04	-8.11	-13	-2.75	-12	-17	-23	-14	-15	-32	-8.06
Depreciation Expense	0.26	0.47	0.21	0.21	0.16	0.15	0.14	0.14	0.14	0.13	0.11
Amortization Expense	0.06	1.80	2.67	2.67	2.67	2.70	2.75	2.75	2.75	2.75	2.29
Non-Cash Adjustments To Reconcile Net Income	0.80	2.00	1.61	1.23	1.63	2.44	1.63	1.83	2.79	1.38	3.24
Changes in Operating Assets and Liabilities, net	-1.44	-1.10	-2.05	-8.36	-4.83	5.28	-4.99	0.92	-2.88	19	-12
Net Cash From Investing Activities	-0.15	-0.02	-0.03	-0.04	-0.08	-0.02	-0.14	-0.11	-0.24	-0.09	-0.05
Net Cash From Continuing Investing Activities	-0.15	-0.02	-0.03	-0.04	-0.08	-0.02	-0.14	-0.11	-0.24	-0.09	-0.05
Purchase of Property, Plant & Equipment	-0.15	-0.02	-0.03	-0.04	-0.08	-0.02	-0.14	-0.11	-0.24	-0.09	-0.05
Net Cash From Financing Activities	4.98	3.91	82	1.71	-0.02	0.16	21	-0.10	81	0.66	4.42
Net Cash From Continuing Financing Activities	4.98	3.91	82	1.71	-0.02	0.16	21	-0.10	81	0.66	4.42
Repayment of Debt	-0.01	-45	-0.01	-0.01	-0.01	-0.01	-0.01	-0.01	-0.01	-0.01	-0.01
Issuance of Common Equity	0.18	3.65	82	1.72	-	0.00	21	-0.07	80	-0.24	4.76
Other Financing Activities, net	-	8.31	-0.35	-0.01	-0.01	0.16	-0.71	-0.02	1.70	0.91	-0.33
Cash Interest Paid	0.01	1.78	-	-	3.04	1.53	1.53	-	1.52	1.52	1.52

This table presents Aquestive Therapeutics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	43	87	78	63	62	57	57	101	160
Total Current Assets	28	74	68	45	47	40	41	88	149
Cash & Equivalents	17	61	49	32	28	27	24	72	121
Accounts Receivable	6.18	6.48	13	6.96	12	4.70	8.47	7.34	18
Inventories, net	4.01	5.44	2.86	2.46	4.04	5.78	6.77	6.04	6.17
Prepaid Expenses	0.59	1.68	3.00	3.40	3.08	2.13	1.85	3.29	4.17
Plant, Property, & Equipment, net	13	12	9.73	6.87	5.06	4.09	4.18	3.80	3.89
Total Noncurrent Assets	1.49	0.44	0.44	11	9.68	13	12	9.41	7.26
Other Noncurrent Operating Assets	1.24	-	0.29	11	9.63	12	11	9.41	7.26
Total Liabilities & Shareholders' Equity	43	87	78	63	62	57	57	101	160
Total Liabilities	70	77	85	111	144	176	164	162	194
Total Current Liabilities	15	33	19	21	22	40	18	19	48
Short-Term Debt	0.00	4.60	0.00	2.58	2.03	19	0.02	0.03	9.99
Accounts Payable	9.60	20	12	7.09	8.31	9.95	8.93	10	30
Accrued Expenses	4.40	7.20	5.48	8.57	8.74	7.97	6.50	5.91	5.03
Current Deferred Revenue	1.35	0.72	0.81	0.69	0.77	1.51	1.55	1.05	1.09
Other Current Liabilities	-	-	0.00	2.18	2.12	1.40	1.31	1.60	1.63
Total Noncurrent Liabilities	96	44	66	90	122	136	146	143	146
Long-Term Debt	46	43	60	34	52	33	28	33	28
Noncurrent Deferred Revenue	-	0.00	4.35	3.63	7.12	31	32	20	19
Other Noncurrent Operating Liabilities	50	-	1.36	52	63	71	86	90	100
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-69	10	-6.12	-48	-82	-119	-106	-60	-34
Total Preferred & Common Equity	-69	10	-6.12	-48	-82	-119	-106	-60	-34
Total Common Equity	-69	10	-6.12	-48	-82	-119	-106	-60	-34
Common Stock	13	71	124	138	175	193	213	303	413
Retained Earnings	-120	-61	-130	-186	-257	-311	-319	-363	-447

This table presents Aquestive Therapeutics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	59	130	118	110	102	94	164	141
Total Current Assets	42	113	104	97	89	82	152	130
Cash & Equivalents	25	95	90	78	69	61	129	111
Accounts Receivable	8.55	8.32	6.00	9.68	10	12	12	6.87
Inventories, net	7.08	7.73	6.97	7.02	7.20	8.13	7.88	8.07
Prepaid Expenses	1.91	2.12	1.18	1.97	2.87	1.20	2.93	4.52
Plant, Property, & Equipment, net	4.55	4.05	3.92	3.85	3.80	3.86	3.92	3.84
Total Noncurrent Assets	12	12	9.67	9.54	9.26	8.12	7.97	7.10
Other Noncurrent Operating Assets	11	11	9.67	9.54	9.26	8.12	7.97	7.10
Total Liabilities & Shareholders' Equity	59	130	118	110	102	94	164	141
Total Liabilities	162	166	153	155	163	166	168	175
Total Current Liabilities	24	18	14	15	18	23	26	32
Short-Term Debt	4.61	0.02	0.02	0.03	0.03	3.18	6.33	14
Accounts Payable	9.99	11	5.70	7.57	12	12	11	12
Accrued Expenses	5.47	4.64	5.67	5.03	3.31	5.00	5.13	3.45
Current Deferred Revenue	2.64	1.55	1.05	1.05	1.05	1.09	1.09	1.09
Other Current Liabilities	1.35	1.32	1.46	1.48	1.63	1.93	2.16	1.66
Total Noncurrent Liabilities	138	148	139	140	145	143	142	143
Long-Term Debt	35	16	47	50	34	32	30	25
Noncurrent Deferred Revenue	33	32	22	20	20	20	20	19
Other Noncurrent Operating Liabilities	71	100	70	70	91	91	92	99
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-103	-36	-35	-45	-61	-73	-4.11	-34
Total Preferred & Common Equity	-103	-36	-35	-45	-61	-73	-4.11	-34
Total Common Equity	-103	-36	-35	-45	-61	-73	-4.11	-34
Common Stock	208	296	299	301	325	327	411	421
Retained Earnings	-311	-332	-335	-346	-386	-400	-415	-455

This table displays calculated financial ratios and metrics derived from Aquestive Therapeutics' official financial filings.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	0.00	24,942,185.00	25,042,964.00	33,619,796.00	40,164,028.00	54,156,014.00	66,767,283.00	-	122,003,113.00
DEI Adjusted Shares Outstanding	0.00	24,942,185.00	25,042,964.00	33,619,796.00	40,164,028.00	54,156,014.00	66,767,283.00	-	122,003,113.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	-2.46	-2.65	-1.66	-1.76	-1.00	-0.12	-	-0.69
Growth Metrics	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.77%	-21.98%	-12.85%	10.87%	-6.20%	6.09%	13.80%	-22.61%
EBITDA Growth	0.00%	-1,213.67%	2.93%	22.94%	24.09%	-41.02%	70.14%	-64.10%	-207.71%
EBIT Growth	0.00%	-4,286.08%	2.85%	18.56%	19.15%	-21.30%	64.10%	-103.75%	-130.90%
NOPAT Growth	0.00%	-43,204.42%	-7.63%	18.56%	19.15%	-21.30%	64.10%	-103.75%	-130.90%
Net Income Growth	0.00%	-586.30%	-7.93%	15.79%	-26.45%	22.87%	85.54%	-460.83%	-89.83%
EPS Growth	0.00%	0.00%	11.82%	36.40%	-11.45%	39.46%	88.39%	-292.31%	-52.94%
Operating Cash Flow Growth	0.00%	-323.06%	-363.47%	24.50%	27.45%	70.23%	35.02%	-460.49%	-46.63%
Free Cash Flow Firm Growth	0.00%	0.00%	36.88%	140.52%	-160.74%	168.97%	-118.58%	-1,672.39%	-25.41%
Invested Capital Growth	0.00%	91.81%	247.47%	-987.53%	-30.37%	-65.56%	-9.77%	3.55%	-18.29%
Revenue Q/Q Growth	0.00%	0.00%	-0.76%	-16.82%	8.38%	-0.82%	5.25%	-2.27%	2.65%
EBITDA Q/Q Growth	0.00%	0.00%	4.91%	-15.75%	9.39%	1.38%	42.22%	-88.64%	-34.39%
EBIT Q/Q Growth	0.00%	0.00%	4.40%	-15.46%	10.29%	2.22%	31.05%	-45.81%	-27.35%
NOPAT Q/Q Growth	0.00%	0.00%	4.40%	-15.46%	10.29%	2.22%	31.05%	-45.81%	-27.35%
Net Income Q/Q Growth	0.00%	0.00%	1.94%	-16.09%	-13.84%	23.37%	35.02%	-25.41%	-21.46%
EPS Q/Q Growth	0.00%	0.00%	8.10%	-9.93%	-7.56%	32.12%	43.48%	-15.91%	-11.43%
Operating Cash Flow Q/Q Growth	0.00%	26.14%	-14.80%	-6.91%	14.18%	62.66%	-191.43%	-4.52%	-3.92%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	160.65%	-134.07%	199.90%	-552.62%	16.73%	-105.84%
Invested Capital Q/Q Growth	0.00%	0.00%	11.09%	-609.81%	-10.70%	-27.34%	-15.95%	-35.49%	-21.07%
Profitability Metrics	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	61.30%	100.00%	100.00%	59.34%	58.82%	68.95%	58.35%
EBITDA Margin	6.61%	-73.08%	-90.92%	-80.40%	-55.05%	-82.77%	-23.30%	-33.60%	-133.59%
Operating Margin	-0.17%	-72.57%	-100.11%	-93.55%	-68.22%	-88.23%	-29.86%	-53.46%	-159.50%
EBIT Margin	-1.85%	-80.40%	-100.11%	-93.55%	-68.22%	-88.23%	-29.86%	-53.46%	-159.50%
Profit (Net Income) Margin	-13.36%	-91.02%	-125.92%	-121.67%	-138.77%	-114.11%	-15.56%	-76.68%	-188.09%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	103.21%	99.97%	100.00%
Interest Burden Percent	723.54%	113.21%	125.78%	130.05%	203.41%	129.34%	50.49%	143.48%	117.92%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	-4,684.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	-2,219.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	1,337.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	13.04%	209.78%	-3,347.45%	204.26%	108.00%	54.22%	6.99%	52.97%	178.61%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-921.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-2.87%	-83.42%	-63.71%	-60.68%	-55.54%	-70.66%	-26.38%	-38.74%	-54.27%
Return on Assets (ROA)	-20.74%	-94.45%	-80.14%	-78.92%	-112.97%	-91.40%	-13.75%	-55.57%	-63.99%
Return on Common Equity (ROCE)	13.04%	209.78%	-3,347.45%	204.26%	108.00%	54.22%	6.99%	52.97%	178.61%
Return on Equity Simple (ROE_SIMPLE)	13.04%	-608.89%	1,082.10%	115.02%	85.88%	45.89%	7.39%	73.37%	0.00%
Net Operating Profit after Tax (NOPAT)	-0.08	-34	-37	-30	-24	-29	-11	-22	-50
NOPAT Margin	-0.12%	-50.80%	-70.08%	-65.49%	-47.76%	-61.76%	-20.90%	-37.42%	-111.65%
Net Nonoperating Expense Percent (NNEP)	31.51%	368.21%	-2,464.63%	319.80%	301.89%	99.01%	-18.94%	-127.81%	-55.51%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	13.39%	77.96%	-1,291.50%
Cost of Revenue to Revenue	0.00%	0.00%	38.70%	0.00%	0.00%	40.66%	41.18%	31.05%	41.65%
SG&A Expenses to Revenue	37.48%	107.18%	122.30%	121.90%	105.20%	110.90%	62.77%	87.18%	179.25%
R&D to Revenue	33.07%	34.28%	39.11%	43.37%	33.54%	36.66%	25.91%	35.23%	38.59%
Operating Expenses to Revenue	100.17%	172.58%	161.41%	193.55%	168.22%	147.57%	88.67%	122.41%	217.85%
Earnings before Interest and Taxes (EBIT)	-1.24	-54	-53	-43	-35	-42	-15	-31	-71
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	4.43	-49	-48	-37	-28	-39	-12	-19	-60
Valuation Ratios	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	15.59	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	16.31	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.01	2.33	2.77	3.92	3.07	1.02	2.67	5.64	17.69
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	32.06	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	1.43	2.13	2.98	4.03	3.58	1.55	2.74	4.96	15.82
Enterprise Value to EBITDA (EV/EBITDA)	21.61	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	16.42	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	10.13	0.00	9.64	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-
Debt to Equity	-0.66	4.68	-9.86	-0.76	-0.65	-0.44	-0.26	-0.54	-1.11
Long-Term Debt to Equity	-0.66	4.23	-9.86	-0.71	-0.63	-0.28	-0.26	-0.54	-0.82
Financial Leverage	-0.41	-0.25	-0.60	-0.29	-0.23	-0.25	-0.13	0.21	1.31
Leverage Ratio	-0.63	-2.22	41.77	-2.59	-0.96	-0.59	-0.51	-0.95	-2.79
Compound Leverage Factor	-4.55	-2.51	52.54	-3.37	-1.94	-0.77	-0.26	-1.37	-3.29
Debt to Total Capital	-197.09%	82.40%	111.29%	-318.33%	-187.60%	-78.53%	-34.87%	-117.72%	974.11%
Short-Term Debt to Total Capital	0.00%	8.03%	0.00%	-22.21%	-7.09%	-28.16%	-0.03%	-0.09%	259.52%
Long-Term Debt to Total Capital	-197.09%	74.37%	111.29%	-296.12%	-180.51%	-50.37%	-34.84%	-117.63%	714.59%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	297.09%	17.60%	-11.29%	418.33%	287.60%	178.53%	134.87%	217.72%	-874.11%
Debt to EBITDA	10.28	-0.96	-1.26	-1.00	-1.91	-1.32	-2.34	-1.68	-0.63
Net Debt to EBITDA	6.36	0.27	-0.23	-0.14	-0.91	-0.63	-0.31	2.02	1.41
Long-Term Debt to EBITDA	10.28	-0.86	-1.26	-0.93	-1.84	-0.85	-2.33	-1.68	-0.46
Debt to NOPAT	-575.31	-1.38	-1.64	-1.23	-2.21	-1.77	-2.60	-1.51	-0.75
Net Debt to NOPAT	-355.60	0.39	-0.30	-0.17	-1.05	-0.84	-0.35	1.81	1.68
Long-Term Debt to NOPAT	-575.31	-1.24	-1.64	-1.14	-2.12	-1.14	-2.60	-1.51	-0.55
Altman Z-Score	-1.50	-0.47	-2.08	-4.25	-5.69	-9.06	-6.80	-3.42	-1.89
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-
Current Ratio	1.83	2.25	3.68	2.11	2.15	1.01	2.24	4.68	3.14
Quick Ratio	1.53	2.04	3.37	1.84	1.83	0.81	1.77	4.18	2.92
Cash Flow Metrics	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-71	-45	18	-11	7.65	-1.42	-25	-32
Operating Cash Flow to CapEx	281.62%	-712.23%	-9,081.45%	-8,792.84%	-3,612.16%	-958.89%	-641.21%	-22,489.94%	-9,329.54%
Free Cash Flow to Firm to Interest Expense	0.00	-9.26	-3.17	1.40	-0.31	0.61	-0.16	-1.50	-1.85
Operating Cash Flow to Interest Expense	0.76	-1.68	-4.24	-3.49	-0.91	-0.79	-0.72	-2.13	-3.07
Operating Cash Flow Less CapEx to Interest Expense	0.49	-1.92	-4.28	-3.53	-0.93	-0.87	-0.83	-2.14	-3.10
Efficiency Ratios	-	-	-	-	-	-	-	-	-
Asset Turnover	1.55	1.04	0.64	0.65	0.81	0.80	0.88	0.72	0.34
Accounts Receivable Turnover	10.83	10.65	5.37	4.57	5.33	5.67	7.68	7.28	3.55
Inventory Turnover	0.00	0.00	4.91	0.00	0.00	3.95	3.32	2.79	3.04
Fixed Asset Turnover	4.97	5.25	4.80	5.52	8.52	10.43	12.24	14.43	11.58
Accounts Payable Turnover	0.00	0.00	1.24	0.00	0.00	2.12	2.21	1.86	0.92
Days Sales Outstanding (DSO)	33.70	34.26	68.03	79.95	68.48	64.40	47.53	50.14	102.86
Days Inventory Outstanding (DIO)	0.00	0.00	74.39	0.00	0.00	92.43	109.94	130.84	120.12
Days Payable Outstanding (DPO)	0.00	0.00	293.19	0.00	0.00	171.90	165.34	196.19	394.89
Cash Conversion Cycle (CCC)	33.70	34.26	-150.76	79.95	68.48	-15.08	-7.86	-15.21	-171.91
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-
Invested Capital	-40	-3.32	4.89	-43	-57	-94	-103	-99	-117
Invested Capital Turnover	-1.65	-3.08	66.85	-2.38	-1.02	-0.63	-0.51	-0.57	-0.41
Increase / (Decrease) in Invested Capital	0.00	37	8.21	-48	-13	-37	-9.15	3.65	-18
Enterprise Value (EV)	96	144	157	185	182	74	139	286	704
Market Capitalization	68	157	146	180	156	49	135	325	788
Book Value per Share	($15.24)	$0.40	($0.24)	($1.44)	($2.05)	($2.19)	($1.59)	($0.66)	($0.28)
Tangible Book Value per Share	($15.30)	$0.39	($0.25)	($1.45)	($2.05)	($2.22)	($1.61)	($0.66)	($0.28)
Total Capital	-23	57	54	-12	-29	-66	-79	-28	3.85
Total Debt	46	47	60	37	54	52	28	33	38
Total Long-Term Debt	46	43	60	34	52	33	28	33	28
Net Debt	28	-13	11	5.10	26	25	3.66	-39	-84
Capital Expenditures (CapEx)	2.07	1.82	0.66	0.52	0.91	1.02	1.00	0.16	0.56
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-4.57	-15	0.43	-5.71	-0.70	-8.21	-1.19	-2.17	-9.51
Debt-free Net Working Capital (DFNWC)	13	46	50	26	27	19	23	69	112
Net Working Capital (NWC)	13	41	50	24	25	0.36	23	69	102
Net Nonoperating Expense (NNE)	8.86	27	29	26	46	25	-2.70	23	34
Net Nonoperating Obligations (NNO)	28	-13	11	5.10	26	25	3.66	-39	-84
Total Depreciation and Amortization (D&A)	5.66	4.93	4.83	6.03	6.70	2.60	3.32	11	12
Debt-free, Cash-free Net Working Capital to Revenue	-6.82%	-21.87%	0.82%	-12.46%	-1.39%	-17.23%	-2.36%	-3.76%	-21.36%
Debt-free Net Working Capital to Revenue	19.15%	68.00%	94.58%	56.92%	53.75%	39.97%	44.84%	120.53%	250.66%
Net Working Capital to Revenue	19.15%	61.17%	94.58%	51.30%	49.76%	0.76%	44.79%	120.49%	228.22%
Earnings Adjustments	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($2.96)	($2.61)	($1.66)	($1.85)	($1.12)	($0.13)	($0.51)	($0.78)
Adjusted Weighted Average Basic Shares Outstanding	0.00	24.98M	33.58M	36.21M	38.08M	48.73M	61.26M	86.73M	106.93M
Adjusted Diluted Earnings per Share	$0.00	($2.96)	($2.61)	($1.66)	($1.85)	($1.12)	($0.13)	($0.51)	($0.78)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	24.98M	33.58M	36.21M	38.08M	48.73M	61.26M	86.73M	106.93M
Adjusted Basic & Diluted Earnings per Share	$0.00	($2.96)	($2.61)	($1.66)	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	20.73M	25.36M	33.65M	41.47M	55.87M	73.30M	98.87M	122.05M
Normalized Net Operating Profit after Tax (NOPAT)	-0.08	-34	-37	-30	-24	-29	-11	-22	-50
Normalized NOPAT Margin	-0.12%	-50.80%	-70.08%	-65.49%	-47.76%	-61.76%	-20.90%	-37.42%	-111.65%
Pre Tax Income Margin	-13.36%	-91.02%	-125.92%	-121.67%	-138.77%	-114.11%	-15.07%	-76.70%	-188.09%
Debt Service Ratios	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.16	-7.03	-3.71	-3.29	-0.96	-3.38	-1.71	-1.83	-4.16
NOPAT to Interest Expense	-0.01	-4.44	-2.59	-2.31	-0.67	-2.37	-1.20	-1.28	-2.91
EBIT Less CapEx to Interest Expense	-0.43	-7.27	-3.75	-3.33	-0.98	-3.46	-1.82	-1.84	-4.19
NOPAT Less CapEx to Interest Expense	-0.28	-4.68	-2.64	-2.35	-0.69	-2.45	-1.31	-1.29	-2.94
Payout Ratios	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Aquestive Therapeutics' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	61,726,668,000.00	66,767,283.00	73,301,201.00	91,038,532.00	91,059,760.00	-	98,871,369.00	99,327,928.00	99,723,635.00	122,003,113.00	122,045,049.00
DEI Adjusted Shares Outstanding	61,726,668,000.00	66,767,283.00	73,301,201.00	91,038,532.00	91,059,760.00	-	98,871,369.00	99,327,928.00	99,723,635.00	122,003,113.00	122,045,049.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	-0.12	-0.18	-0.03	-0.13	-	-0.23	-0.14	-0.15	-0.26	-0.07
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	13.43%	23.63%	8.25%	51.79%	4.15%	-10.14%	-27.65%	-50.23%	-5.43%	9.67%	65.67%
EBITDA Growth	74.98%	83.95%	-43.87%	175.86%	-165.73%	-552.07%	-171.12%	-389.52%	-57.42%	-141.87%	89.04%
EBIT Growth	73.15%	63.49%	-94.51%	101.31%	-248.76%	-247.20%	-116.20%	-20,769.09%	-38.47%	-112.38%	78.29%
NOPAT Growth	73.15%	63.49%	-36.15%	101.31%	-248.76%	-247.20%	-116.20%	-20,769.09%	-38.47%	-112.38%	78.29%
Net Income Growth	83.77%	34.33%	-259.00%	52.61%	-465.55%	-110.27%	-78.75%	-393.55%	-34.21%	-86.81%	64.86%
EPS Growth	86.96%	47.62%	-254.55%	70.00%	-333.33%	-63.64%	-41.18%	-366.67%	-7.69%	-44.44%	70.83%
Operating Cash Flow Growth	-183.55%	-158.72%	-217.79%	11.40%	-406.18%	-31.30%	-125.35%	-12.96%	-6.47%	-30.51%	36.73%
Free Cash Flow Firm Growth	-17.27%	-78.34%	-56.71%	-145.45%	-258.25%	-305.20%	-315.45%	202.18%	173.62%	84.46%	121.97%
Invested Capital Growth	-20.55%	-9.77%	-23.08%	13.44%	17.46%	3.55%	16.94%	-26.03%	-32.38%	-18.29%	-10.66%
Revenue Q/Q Growth	-1.81%	1.57%	-8.73%	66.76%	-32.62%	-12.37%	-26.52%	14.71%	28.03%	1.62%	11.00%
EBITDA Q/Q Growth	46.80%	19.86%	-269.20%	148.20%	-286.34%	-96.65%	-53.51%	48.53%	-1.32%	-202.14%	93.05%
EBIT Q/Q Growth	43.53%	-64.54%	-129.02%	100.61%	-15,172.73%	-63.80%	-42.61%	41.30%	-0.98%	-151.23%	85.42%
NOPAT Q/Q Growth	43.53%	-64.54%	-129.02%	100.61%	-15,172.73%	-63.80%	-42.61%	41.30%	-0.98%	-151.23%	85.42%
Net Income Q/Q Growth	64.87%	-298.57%	-58.16%	78.60%	-319.27%	-48.19%	-34.45%	40.92%	-14.01%	-106.27%	74.71%
EPS Q/Q Growth	70.00%	-266.67%	-54.55%	82.35%	-333.33%	-38.46%	-33.33%	41.67%	0.00%	-85.71%	73.08%
Operating Cash Flow Q/Q Growth	70.32%	-110.57%	-110.12%	32.53%	-69.57%	45.38%	-260.61%	66.18%	-59.83%	33.05%	-74.83%
Free Cash Flow Firm Q/Q Growth	-49.23%	-52.33%	139.59%	-178.39%	-76.74%	38.18%	-151.56%	137.18%	27.33%	-113.05%	455.51%
Invested Capital Q/Q Growth	1.38%	-15.95%	-12.19%	32.52%	5.96%	-35.49%	3.39%	-2.39%	1.22%	-21.07%	9.62%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	63.10%	64.57%	63.59%	77.48%	67.24%	61.91%	58.12%	54.40%	64.82%	55.16%	75.99%
EBITDA Margin	-15.80%	-12.46%	-50.42%	14.57%	-40.30%	-90.44%	-188.95%	-84.77%	-67.09%	-199.46%	-12.49%
Operating Margin	-18.28%	-29.62%	-74.31%	0.27%	-61.22%	-114.43%	-222.08%	-113.65%	-89.63%	-221.58%	-29.10%
EBIT Margin	-18.28%	-29.62%	-74.31%	0.27%	-61.22%	-114.43%	-222.08%	-113.65%	-89.63%	-221.58%	-29.10%
Profit (Net Income) Margin	-15.65%	-61.42%	-106.43%	-13.66%	-84.99%	-143.72%	-262.96%	-135.44%	-120.61%	-244.79%	-55.77%
Tax Burden Percent	93.56%	101.26%	100.00%	100.00%	100.00%	99.92%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	91.50%	204.81%	143.22%	-4,990.91%	138.83%	125.70%	118.41%	119.18%	134.56%	110.48%	191.65%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	11.49%	6.99%	39.53%	36.19%	47.45%	52.97%	111.57%	120.37%	278.54%	178.61%	145.10%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-15.79%	-26.17%	-40.12%	0.18%	-42.57%	-82.93%	-103.93%	-47.47%	-28.44%	-75.39%	-12.02%
Return on Assets (ROA)	-13.52%	-54.27%	-57.45%	-9.13%	-59.10%	-104.16%	-123.06%	-56.57%	-38.27%	-83.29%	-23.04%
Return on Common Equity (ROCE)	11.49%	6.99%	39.53%	36.19%	47.45%	52.97%	111.57%	120.37%	278.54%	178.61%	145.10%
Return on Equity Simple (ROE_SIMPLE)	11.77%	0.00%	79.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-1.66	-2.74	-6.27	0.04	-5.80	-9.51	-14	-7.96	-8.04	-20	-2.94
NOPAT Margin	-12.80%	-20.73%	-52.02%	0.19%	-42.85%	-80.10%	-155.45%	-79.55%	-62.74%	-155.11%	-20.37%
Net Nonoperating Expense Percent (NNEP)	1.53%	37.66%	-20.64%	-21.72%	-84.31%	-42.70%	-16.45%	-16.47%	-12.29%	-19.03%	-9.57%
Return On Investment Capital (ROIC_SIMPLE)	-	3.47%	31.10%	0.32%	-123.65%	34.40%	49.92%	21.18%	-24.99%	-524.21%	-62.53%
Cost of Revenue to Revenue	36.90%	35.43%	36.41%	22.52%	32.76%	38.09%	41.88%	45.60%	35.18%	44.84%	24.01%
SG&A Expenses to Revenue	56.80%	72.32%	88.68%	56.50%	89.54%	134.90%	218.72%	127.01%	119.08%	252.19%	75.99%
R&D to Revenue	24.58%	21.87%	49.22%	20.71%	38.91%	41.43%	61.48%	41.04%	35.37%	24.56%	29.10%
Operating Expenses to Revenue	81.38%	94.18%	137.90%	77.21%	128.45%	176.34%	280.20%	168.05%	154.45%	276.74%	105.09%
Earnings before Interest and Taxes (EBIT)	-2.38	-3.91	-8.96	0.06	-8.29	-14	-19	-11	-11	-29	-4.20
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-2.05	-1.65	-6.08	2.93	-5.46	-11	-16	-8.48	-8.59	-26	-1.81
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1,965.12	2.67	6.06	4.06	7.70	5.64	5.29	7.45	12.85	17.69	10.08
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	1,965.42	2.74	4.53	3.33	7.23	4.96	4.64	6.87	10.71	15.82	8.64
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	13,536.26	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	29.10	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-0.38	-0.26	-0.44	-1.34	-1.10	-0.54	-0.55	-0.48	-8.83	-1.11	-1.14
Long-Term Debt to Equity	-0.34	-0.26	-0.44	-1.34	-1.10	-0.54	-0.55	-0.44	-7.29	-0.82	-0.74
Financial Leverage	-0.23	-0.13	0.44	0.18	0.09	0.21	1.17	0.63	2.43	1.31	1.13
Leverage Ratio	-0.53	-0.51	-1.31	-1.23	-1.14	-0.95	-2.38	-1.96	-5.52	-2.79	-2.56
Compound Leverage Factor	-0.48	-1.04	-1.88	61.31	-1.59	-1.20	-2.82	-2.33	-7.43	-3.08	-4.91
Debt to Total Capital	-61.41%	-34.87%	-80.07%	394.97%	1,067.82%	-117.72%	-124.36%	-93.21%	112.78%	974.11%	823.63%
Short-Term Debt to Total Capital	-7.22%	-0.03%	-0.11%	0.20%	0.53%	-0.09%	-0.10%	-8.46%	19.67%	259.52%	290.29%
Long-Term Debt to Total Capital	-54.19%	-34.84%	-79.96%	394.77%	1,067.29%	-117.63%	-124.26%	-84.76%	93.10%	714.59%	533.34%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	161.41%	134.87%	180.07%	-294.97%	-967.82%	217.72%	224.36%	193.21%	-12.78%	-874.11%	-723.63%
Debt to EBITDA	-1.92	-2.34	-1.18	-6.94	-4.89	-1.68	-1.14	-0.85	-0.82	-0.63	-0.86
Net Debt to EBITDA	-0.70	-0.31	5.80	6.19	2.71	2.02	1.17	0.62	2.10	1.41	1.61
Long-Term Debt to EBITDA	-1.69	-2.33	-1.18	-6.93	-4.89	-1.68	-1.13	-0.77	-0.68	-0.46	-0.56
Debt to NOPAT	-2.55	-2.60	-1.19	-4.47	-3.39	-1.51	-1.17	-0.95	-0.93	-0.75	-0.99
Net Debt to NOPAT	-0.93	-0.35	5.81	3.98	1.88	1.81	1.21	0.69	2.38	1.68	1.84
Long-Term Debt to NOPAT	-2.25	-2.60	-1.18	-4.47	-3.39	-1.51	-1.17	-0.86	-0.77	-0.55	-0.64
Altman Z-Score	342.70	-6.16	-1.41	-1.64	-1.48	-2.86	-3.50	-3.97	-0.60	-1.02	-1.68
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.76	2.24	6.28	7.49	6.37	4.68	4.87	3.53	5.93	3.14	4.10
Quick Ratio	1.39	1.77	5.73	6.90	5.78	4.18	4.32	3.13	5.51	2.92	3.70
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	13	6.41	15	-12	-21	-13	-33	12	16	-2.05	7.27
Operating Cash Flow to CapEx	-1,554.30%	-30,887.50%	-35,806.90%	-20,017.14%	-14,850.00%	-43,260.00%	-17,333.33%	-7,396.26%	-5,382.55%	-9,963.53%	-28,473.08%
Free Cash Flow to Firm to Interest Expense	10.25	1.47	3.66	-2.87	-5.07	-3.12	-7.74	2.88	3.67	-0.48	1.85
Operating Cash Flow to Interest Expense	-1.79	-1.13	-2.47	-1.67	-2.83	-1.54	-5.47	-1.85	-2.96	-1.98	-3.76
Operating Cash Flow Less CapEx to Interest Expense	-1.90	-1.13	-2.48	-1.68	-2.85	-1.54	-5.50	-1.88	-3.02	-2.00	-3.77
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.86	0.88	0.54	0.67	0.70	0.72	0.47	0.42	0.32	0.34	0.41
Accounts Receivable Turnover	4.98	7.68	6.49	7.25	6.46	7.28	5.78	4.94	4.04	3.55	5.81
Inventory Turnover	3.11	3.32	2.78	2.85	2.56	2.79	2.30	2.28	2.31	3.04	2.41
Fixed Asset Turnover	10.88	12.24	13.10	13.69	14.03	14.43	13.82	11.35	11.18	11.58	13.16
Accounts Payable Turnover	2.04	2.21	1.78	2.25	2.05	1.86	1.50	1.95	1.87	0.92	1.52
Days Sales Outstanding (DSO)	73.24	47.53	56.25	50.34	56.50	50.14	63.16	73.87	90.35	102.86	62.84
Days Inventory Outstanding (DIO)	117.41	109.94	131.11	128.16	142.71	130.84	159.04	160.40	157.79	120.12	151.63
Days Payable Outstanding (DPO)	179.17	165.34	204.60	162.59	177.79	196.19	242.87	187.57	195.18	394.89	240.09
Cash Conversion Cycle (CCC)	11.47	-7.86	-17.23	15.92	21.42	-15.21	-20.67	46.70	52.96	-171.91	-25.61
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-89	-103	-115	-78	-73	-99	-96	-98	-97	-117	-106
Invested Capital Turnover	-0.59	-0.51	-0.49	-0.70	-0.73	-0.57	-0.51	-0.50	-0.51	-0.41	-0.50
Increase / (Decrease) in Invested Capital	-15	-9.15	-22	12	15	3.65	20	-20	-24	-18	-10
Enterprise Value (EV)	94,456	139	233	194	426	286	252	303	465	704	435
Market Capitalization	94,442	135	312	237	453	325	287	329	557	788	506
Book Value per Share	$0.00	($1.59)	($0.50)	($0.39)	($0.50)	($0.66)	($0.62)	($0.73)	($0.04)	($0.28)	($0.28)
Tangible Book Value per Share	$0.00	($1.61)	($0.51)	($0.39)	($0.50)	($0.66)	($0.62)	($0.73)	($0.04)	($0.28)	($0.28)
Total Capital	-64	-79	-20	12	4.69	-28	-27	-38	32	3.85	4.71
Total Debt	39	28	16	48	50	33	34	35	36	38	39
Total Long-Term Debt	35	28	16	47	50	33	34	32	30	28	25
Net Debt	14	3.66	-79	-42	-28	-39	-35	-26	-93	-84	-72
Capital Expenditures (CapEx)	0.15	0.02	0.03	0.04	0.08	0.02	0.14	0.11	0.24	0.09	0.05
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1.91	-1.19	0.14	0.27	3.55	-2.17	2.24	1.21	3.36	-9.51	1.36
Debt-free Net Working Capital (DFNWC)	23	23	95	90	81	69	71	62	132	112	112
Net Working Capital (NWC)	18	23	95	90	81	69	71	59	126	102	98
Net Nonoperating Expense (NNE)	0.37	5.37	6.56	2.78	5.71	7.55	9.37	5.59	7.41	12	5.11
Net Nonoperating Obligations (NNO)	14	3.66	-79	-42	-28	-39	-35	-26	-93	-84	-72
Total Depreciation and Amortization (D&A)	0.32	2.27	2.88	2.87	2.83	2.85	2.89	2.89	2.89	2.88	2.40
Debt-free, Cash-free Net Working Capital to Revenue	-3.98%	-2.36%	0.28%	0.46%	6.03%	-3.76%	4.13%	2.74%	7.75%	-21.36%	2.70%
Debt-free Net Working Capital to Revenue	47.87%	44.84%	185.13%	154.46%	138.27%	120.53%	130.74%	139.91%	305.15%	250.66%	222.97%
Net Working Capital to Revenue	38.29%	44.79%	185.08%	154.41%	138.23%	120.49%	130.69%	132.71%	290.57%	228.22%	195.80%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.03)	($0.15)	($0.17)	($0.03)	($0.13)	($0.18)	($0.24)	($0.14)	($0.14)	($0.26)	($0.07)
Adjusted Weighted Average Basic Shares Outstanding	64.68M	61.26M	73.61M	90.91M	91.08M	86.73M	95.50M	99.33M	110.58M	106.93M	122.61M
Adjusted Diluted Earnings per Share	($0.03)	($0.11)	($0.17)	($0.03)	($0.13)	($0.18)	($0.24)	($0.14)	($0.14)	($0.26)	($0.07)
Adjusted Weighted Average Diluted Shares Outstanding	64.68M	61.26M	73.61M	90.91M	91.08M	86.73M	95.50M	99.33M	110.58M	106.93M	122.61M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	66.77M	73.30M	91.04M	91.06M	91.18M	98.87M	99.33M	99.72M	122.00M	122.05M	125.45M
Normalized Net Operating Profit after Tax (NOPAT)	-1.66	-2.74	-6.27	0.04	-5.80	-9.51	-14	-7.96	-8.04	-20	-2.94
Normalized NOPAT Margin	-12.80%	-20.73%	-52.02%	0.19%	-42.85%	-80.10%	-155.45%	-79.55%	-62.74%	-155.11%	-20.37%
Pre Tax Income Margin	-16.73%	-60.65%	-106.43%	-13.66%	-84.99%	-143.84%	-262.96%	-135.44%	-120.61%	-244.79%	-55.77%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-1.81	-0.89	-2.13	0.01	-1.97	-3.21	-4.53	-2.66	-2.69	-6.75	-1.07
NOPAT to Interest Expense	-1.27	-0.63	-1.49	0.01	-1.38	-2.25	-3.17	-1.86	-1.88	-4.72	-0.75
EBIT Less CapEx to Interest Expense	-1.93	-0.90	-2.14	0.00	-1.99	-3.22	-4.56	-2.68	-2.74	-6.77	-1.08
NOPAT Less CapEx to Interest Expense	-1.38	-0.63	-1.50	0.00	-1.40	-2.25	-3.20	-1.89	-1.94	-4.74	-0.76
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Aquestive Therapeutics (NASDAQ: AQST) showed meaningful top-line growth in Q1 2026, but the company remains deeply unprofitable and cash-intensive. Revenue rose to $14.4 million, up from $13.0 million in Q4 2025 and $8.7 million in Q1 2025. However, heavy operating costs, large interest expense, and significant noncash amortization continued to pressure earnings and cash flow.

The most important takeaway for retail investors: AQST is still operating with negative margins and recurring losses, but its balance sheet improved materially thanks to a large cash cushion and an equity raise. That gives the company more runway, even though the business is not yet generating positive operating cash flow.

Revenue growth is accelerating. Q1 2026 revenue of $14.4 million increased about 11% sequentially from Q4 2025 and about 66% from Q1 2025, showing improving commercial traction.
Gross profit expanded with higher sales. Gross profit was $11.0 million in Q1 2026, up from $7.2 million in Q4 2025 and $5.1 million in Q1 2025.
Cash and equivalents surged to $110.7 million. That is well above prior-year levels and provides a much stronger liquidity position than the company had in 2024.
Equity issuance strengthened the balance sheet. AQST raised $4.8 million in common equity in Q1 2026, and earlier financing activity in 2025 also boosted cash materially.
Debt has come down from late-2024 peaks. Total debt is lower than it was in 2024 and Q3 2025, which helps reduce near-term balance sheet risk.
R&D spending remains significant. Research and development expense was $4.2 million in Q1 2026, consistent with a company still investing in its pipeline.
Amortization is a large noncash expense. Amortization was $2.3 million in Q1 2026, which helps explain why reported losses remain wide even as revenue improves.
Operating cash flow remains negative. AQST used $14.8 million in operating cash in Q1 2026, so the business is still burning cash despite revenue growth.
Net losses remain substantial. Q1 2026 net loss was $8.1 million, even after improvement from Q4 2025’s $31.9 million loss.
Operating income is still negative. The company posted an operating loss of $4.2 million in Q1 2026, indicating core operations are not yet profitable.
Interest expense is still a major burden. AQST recorded $3.9 million of interest expense in Q1 2026, which remains a large drag on pre-tax earnings.
Share dilution is a real concern. Weighted average basic shares increased to 122.6 million in Q1 2026 from 95.5 million in Q1 2025, reflecting substantial dilution over the last year.
Stockholders’ equity is still negative. Total common equity was $(34.1) million in Q1 2026, so the balance sheet is improved but not yet fully repaired.

Trend summary: Over the last four years of quarterly data, AQST has shown a pattern of rising or uneven revenue, persistent operating losses, and frequent reliance on financing to support the business. The good news is that Q1 2026 looks better than late 2025 on revenue and cash, but investors should still view the company as a turnaround story with execution risk, dilution risk, and no clear evidence yet of sustainable profitability.

07/21/26 12:36 PM ETAI Generated. May Contain Errors.

Aquestive Therapeutics Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Aquestive Therapeutics' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Aquestive Therapeutics' net income appears to be on an upward trend, with a most recent value of -$83.78 million in 2025, rising from -$8.94 million in 2017. The previous period was -$44.14 million in 2024. Find out what analysts predict for Aquestive Therapeutics in the coming months.

Aquestive Therapeutics' total operating income in 2025 was -$71.05 million, based on the following breakdown:

Total Gross Profit: $25.99 million
Total Operating Expenses: $97.04 million

Over the last 8 years, Aquestive Therapeutics' total revenue changed from $66.92 million in 2017 to $44.55 million in 2025, a change of -33.4%.

Aquestive Therapeutics' total liabilities were at $194.09 million at the end of 2025, a 20.1% increase from 2024, and a 178.8% increase since 2017.

In the past 8 years, Aquestive Therapeutics' cash and equivalents has ranged from $17.38 million in 2017 to $121.17 million in 2025, and is currently $121.17 million as of their latest financial filing in 2025.

Over the last 8 years, Aquestive Therapeutics' book value per share changed from -15.24 in 2017 to -0.28 in 2025, a change of -98.2%.

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Financial statements for NASDAQ:AQST last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Aquestive Therapeutics (AQST) Financials

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Aquestive Therapeutics (AQST) Financials

Annual Income Statements for Aquestive Therapeutics

Quarterly Income Statements for Aquestive Therapeutics

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Quarterly Cash Flow Statements for Aquestive Therapeutics

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Quarterly Balance Sheets for Aquestive Therapeutics

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Quarterly Metrics And Ratios for Aquestive Therapeutics

Financials Breakdown Chart

Key Financial Trends

Aquestive Therapeutics Financials - Frequently Asked Questions

When does Aquestive Therapeutics' fiscal year end?

How has Aquestive Therapeutics' net income changed over the last 8 years?

What is Aquestive Therapeutics' operating income?

How has Aquestive Therapeutics' revenue changed over the last 8 years?

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How has Aquestive Therapeutics' book value per share changed over the last 8 years?

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