Filing Flows › Aquestive Therapeutics (AQST) › Q3 2025
Aquestive Therapeutics (AQST) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Aquestive Therapeutics (AQST) reported revenue of $12.8M for the third quarter 2025 (Q3 2025), -5% from a year earlier and +28% from the quarter before. Operating margin was -89.6%, net loss $15.4M (120.6% of revenue).
Aquestive Therapeutics, Q3 2025: revenue $12.8M (-5% year over year), operating margin -89.6%, net loss $15.4M, operating cash flow −$12.6M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $12.8M | +28% | -5% |
| Operating profit | −$11.5M | — | — |
| Net earnings | −$15.4M | — | — |
| Operating cash flow | −$12.6M | — | — |
What changed
Revenue was $12.8M in Q3 2025, down 5% year over year and up 28% from the previous quarter. Manufacture and supply revenue was the largest line at 90% of revenue. License and royalty revenuea lost $1.1M year over year (down 52%), 153% of the total change.
Operating costs exceeded revenue by $11.5M, an operating margin of -89.6%. Total costs grew 11% against a revenue fall of 5%. The fastest-growing cost line was SG&A (+26%). The quarter ended with a net loss of $15.4M, wider than the previous quarter's $13.5M loss.
Operating cash flow was −$12.6M. Non-cash charges added back $139K of depreciation and amortization and $2.8M of share-based compensation. Capital expenditures of $235K exceeded it, leaving free cash flow of −$12.9M.
Questions
What was Aquestive Therapeutics' revenue in the third quarter 2025?
Aquestive Therapeutics (AQST) reported revenue of $12.8M for the third quarter 2025 (Q3 2025), -5% from a year earlier and +28% from the quarter before.
Was Aquestive Therapeutics profitable in the third quarter 2025?
Operating loss was $11.5M (-89.6% of revenue) and net loss $15.4M.