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Aquestive Therapeutics cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$7.6M in Q3 2026 · −$40.7M over twelve months

Operating cash flow−$7.0M
Capital spending−$584K
Free cash flow−$7.6M
Cash conversion cycle49 days

Analysis

In Q3 2026, Aquestive Therapeutics generated −$7.0M of operating cash flow and spent $584K on capital projects, leaving free cash flow of −$7.6M. That is $5.3M more than in Q3 2025 (−$12.9M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$39.8M; the largest uses were net borrowing (+) / repaid (−) ($45.0M), operating cash flow ($39.8M), taxes on employees’ shares ($3.6M); besides operations, cash came from other financing ($49.6M), shares issued ($974K); the cash balance fell by $38.7M.

Operating cash flow was −$7.0M against net income of −$16.5M. The largest differences: receivables +$4.1M, stock-based pay +$2.1M, accrued liabilities +$1.1M.

Its cash conversion cycle was 49 days (receivables 89 + inventory 187 − payables 227).

Free cash flow

Aquestive Therapeutics: free cash flow by quarterAquestive Therapeutics: free cash flow by quarter−$6.5MQ4 2024−$23.5MQ1 2025−$8.0MQ2 2025−$12.9MQ3 2025−$8.6MQ4 2025−$14.9MQ1 2026−$9.7MQ2 2026−$7.6MQ3 2026
Operating cash flow less capital spending.
Aquestive Therapeutics: operating cash flow against capital spendingAquestive Therapeutics: operating cash flow against capital spendingOperating cash flowCapital spending−$6.5M$15KQ4 2024−$23.4M$135KQ1 2025−$7.9M$107KQ2 2025−$12.6M$235KQ3 2025−$8.5M$85KQ4 2025−$14.8M$52KQ1 2026−$9.4M$212KQ2 2026−$7.0M$584KQ3 2026
Latest (Q3 2026): Operating cash flow −$7.0M, Capital spending $584K.

Capital allocation, year by year

Aquestive Therapeutics: where the cash came from (up) and went (down), by fiscal yearAquestive Therapeutics: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$33.0MFY2021: Shares issued $30.0MFY2021: Capital spending −$913K$30.0MFY2021FY2022: Operating cash flow −$9.8MFY2022: Capital spending −$1.0MFY2022FY2023: Operating cash flow −$6.4MFY2023: Net borrowing −$20.4MFY2023: Shares issued $1KFY2023: Capital spending −$995K$1KFY2023FY2024: Operating cash flow −$35.8MFY2024: Net borrowing −$23KFY2024: Shares issued $732KFY2024: Capital spending −$159K$732KFY2024FY2025: Operating cash flow −$52.4MFY2025: Net borrowing −$26KFY2025: Shares issued $1.3MFY2025: Capital spending −$562K$1.3MFY2025
Over these 5 years operating cash flow totalled −$137M; the largest uses were operating cash flow ($137M) and net borrowing ($20.4M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$90.3M
Debt$55.0M
Net cash$35.3M
Due within a year$9.5M
Cash runway2.2 years

Aquestive Therapeutics is burning cash: its operations consume cash, a free cash flow of −$40.7M a year at the current rate against $90.3M of cash and investments: a runway of about 2.2 years; $9.5M of debt also comes due within a year, which the cash covers before any new financing.

Aquestive Therapeutics: debt maturities by year (FY2025)Aquestive Therapeutics: debt maturities by year (FY2025)$9.5MYear 1$14.5MYear 2$20.9MYear 3
Principal due in each year as disclosed in the annual report, against $90.3M of cash and investments now.

Where the cash came from and went

Aquestive Therapeutics: sources (+) and uses (−) of cash, Q3 2026Aquestive Therapeutics: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$8.1MOperating cash flow−$7.0MCapital spending−$584KOther financing−$513KShares issued$23KTaxes on employees’ shares−$21K
Aquestive Therapeutics: sources (+) and uses (−) of cash, TTM to Q3 2026Aquestive Therapeutics: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$49.6MNet borrowing (+) / repaid (−)−$45.0MOperating cash flow−$39.8MCash drawn (+) / kept (−)$38.7MTaxes on employees’ shares−$3.6MShares issued$974KCapital spending−$933K

From profit to cash

Aquestive Therapeutics: net income to operating cash flow, Q3 2026Aquestive Therapeutics: net income to operating cash flow, Q3 2026Net income−$16.5MDepreciation & amortization$156KStock-based pay$2.1MOther non-cash$140KReceivables$4.1MInventory$50KPayables$308KAccrued liabilities$1.1MDeferred revenue−$272KPrepaid and other assets$408KOperating cash flow−$7.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20268918722749
Q2 202653175236-8
Q1 202677185542-280

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$7.0M−$584K—$23K$8.1M−$7.6M
Q2 2026−$9.4M−$212K—$26K$12.2M−$9.7M
Q1 2026−$14.8M−$52K−$8K$1K$10.4M−$14.9M
Q4 2025−$8.5M−$85K−$26K$924K$7.9M−$8.6M
Q3 2025−$12.6M−$235K—$339K−$68.5M−$12.9M
Q2 2025−$7.9M−$107K$6K$7K$8.1M−$8.0M
Q1 2025−$23.4M−$135K−$6K—$2.9M−$23.5M
Q4 2024−$6.5M−$15K——$6.3M−$6.5M

Aquestive Therapeutics: income statement and cash flow

Aquestive Therapeutics, Q3 2026: revenue $7.6M (-41% year over year), operating margin -191.5%. The chart follows the revenue to costs, profit and cash.

Aquestive Therapeutics: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.