Filing Flows › Aquestive Therapeutics (AQST) › Q4 2025
Aquestive Therapeutics (AQST) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 4, 2026
Aquestive Therapeutics (AQST) reported revenue of $13.0M for the fourth quarter 2025 (Q4 2025), +10% from a year earlier and +2% from the quarter before. Operating margin was -221.6%, net loss $31.9M (244.8% of revenue).
Aquestive Therapeutics, Q4 2025: revenue $13.0M (+10% year over year), operating margin -221.6%, net loss $31.9M, operating cash flow −$8.5M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $13.0M | +2% | +10% |
| Operating profit | −$28.8M | — | — |
| Net earnings | −$31.9M | — | — |
| Operating cash flow | −$8.5M | — | — |
What changed
Revenue was $13.0M in Q4 2025, up 10% year over year and up 2% from the previous quarter. Manufacture and supply revenue was the largest line at 92% of revenue.
Operating costs exceeded revenue by $28.8M, an operating margin of -221.6%. Total costs grew 64% against revenue growth of 10%. The fastest-growing cost line was SG&A (+105%). The quarter ended with a net loss of $31.9M, wider than the previous quarter's $15.4M loss.
Operating cash flow was −$8.5M. Non-cash charges added back $130K of depreciation and amortization and $1.4M of share-based compensation. Working capital and other items added $21.9M. Capital expenditures of $85K exceeded it, leaving free cash flow of −$8.6M.
Questions
What was Aquestive Therapeutics' revenue in the fourth quarter 2025?
Aquestive Therapeutics (AQST) reported revenue of $13.0M for the fourth quarter 2025 (Q4 2025), +10% from a year earlier and +2% from the quarter before.
Was Aquestive Therapeutics profitable in the fourth quarter 2025?
Operating loss was $28.8M (-221.6% of revenue) and net loss $31.9M.