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How Aquestive Therapeutics (AQST) makes money

Aquestive Therapeutics (AQST) made $7.6M of revenue in the third quarter 2026 (Q3 2026), -41% from a year earlier. Manufacture and supply revenue brought in $6.7M (88%); License and Royalty Revenue brought in $824K (11%); Co-development and research fees brought in $74K (1%).

Drawing the Sankey…

Aquestive Therapeutics revenue by segment, Q3 2026Aquestive Therapeutics revenue by segment, Q3 2026Manufacture and supply revenue$6.7MLicense and Royalty Revenue$824KCo-development and research fees$74K
Aquestive Therapeutics: revenue by line, Q1 2025 to Q3 2026Aquestive Therapeutics: revenue by line, Q1 2025 to Q3 2026Manufacture and suppl…License and royalty r…License and Royalty R…Co-development and re…License and royalty r…License and royalty r…Proprietary product r…RoyaltyManufacture and supply revenue: $6.7M latest$6.7MLicense and royalty revenue a: $0 latestLicense and Royalty Revenue: $824K latestCo-development and research fees: $74K latestLicense and royalty revenue (a): $0 latestLicense and royalty revenuea: $0 latestProprietary product revenue, net: $0 latestRoyalty: $0 latestQ1 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
Manufacture and supply revenue went from 82% of revenue in Q1 2025 to 88% in Q3 2026, the largest shift in the mix.
Aquestive Therapeutics revenue by quarterAquestive Therapeutics revenue by quarter$8.7MQ1 2025$10.0MQ2 2025$12.8MQ3 2025$13.0MQ4 2025$14.4MQ1 2026$13.8MQ2 2026$7.6MQ3 2026

Revenue by segment, Q3 2026

SegmentRevenueShareQ/QY/Y
Manufacture and supply revenue$6.7M88.1%-44%-42%
License and Royalty Revenue$824K10.9%-38%-21%
Co-development and research fees$74K1.0%-87%-75%

Where each dollar of revenue goes

LineQ3 2026% of revenue
Revenue$7.6M100.0%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q3 2026$7.6M-41%
Q2 2026$13.8M+38%
Q1 2026$14.4M+66%
Q4 2025$13.0M+10%
Q3 2025$12.8M-5%
Q2 2025$10.0M-50%
Q1 2025$8.7M-28%

From Aquestive Therapeutics' 10-Q filed Nov 3, 2026 (on EDGAR).

Questions

How does Aquestive Therapeutics make money?

Aquestive Therapeutics (AQST) made $7.6M of revenue in the third quarter 2026 (Q3 2026), -41% from a year earlier. Manufacture and supply revenue brought in $6.7M (88%); License and Royalty Revenue brought in $824K (11%); Co-development and research fees brought in $74K (1%).

What is Aquestive Therapeutics' biggest business?

Manufacture and supply revenue: $6.7M in the third quarter 2026, 88% of revenue, -42% from a year earlier.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.