Filing Flows › Liquidia (LQDA) › Q2 2025
Liquidia (LQDA) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 12, 2025
Liquidia (LQDA) reported revenue of $8.8M for the second quarter 2025 (Q2 2025), +142% from a year earlier and +183% from the quarter before. Operating margin was -424.4%, net loss $41.6M (470.5% of revenue).
Liquidia, Q2 2025: revenue $8.8M (+142% year over year), operating margin -424.4%, net loss $41.6M, operating cash flow −$39.5M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.8M | +183% | +142% |
| Operating profit | −$37.5M | — | — |
| Net earnings | −$41.6M | — | — |
| Operating cash flow | −$39.5M | — | — |
What changed
Revenue was $8.8M in Q2 2025, up 142% year over year and up 183% from the previous quarter. Product sales, net was the largest line at 74% of revenue. Service revenue, net declined 37%.
Operating costs exceeded revenue by $37.5M, an operating margin of -424.4%. Total costs grew 50% against revenue growth of 142%. The fastest-growing cost line was SG&A (+95%). The quarter ended with a net loss of $41.6M, wider than the previous quarter's $38.4M loss.
Operating cash flow was −$39.5M. Non-cash charges added back $281K of depreciation and amortization and $6.9M of share-based compensation. Working capital and other items used $5.1M. Capital expenditures of $1.1M exceeded it, leaving free cash flow of −$40.5M.
Questions
What was Liquidia's revenue in the second quarter 2025?
Liquidia (LQDA) reported revenue of $8.8M for the second quarter 2025 (Q2 2025), +142% from a year earlier and +183% from the quarter before.
Was Liquidia profitable in the second quarter 2025?
Operating loss was $37.5M (-424.4% of revenue) and net loss $41.6M.
Source: Liquidia 10-Q on SEC EDGAR.