Filing Flows › Liquidia (LQDA) › Q3 2025
Liquidia (LQDA) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 3, 2025
Liquidia (LQDA) reported revenue of $54.3M for the third quarter 2025 (Q3 2025), up 12-fold from a year earlier and +515% from the quarter before. Operating margin was 3.3%, net loss $3.5M (6.5% of revenue).
Liquidia, Q3 2025: revenue $54.3M (12× year over year), operating margin 3.3%, net loss $3.5M, operating cash flow −$9.8M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $54.3M | +515% | 12× |
| Operating profit | $1.8M | — | — |
| Net earnings | −$3.5M | — | — |
| Operating cash flow | −$9.8M | — | — |
What changed
Revenue was $54.3M in Q3 2025, up 1122% year over year and up 515% from the previous quarter. Product sales, net was the largest line at 95% of revenue. Service revenue, net declined 40%.
Operating profit was $1.8M, a 3.3% margin (up 659.5 points year over year). Total costs grew 56% against revenue growth of 1122%. The fastest-growing cost line was SG&A (+98%). The quarter ended with a net loss of $3.5M, narrower than the previous quarter's $41.6M loss. Net interest and other expense of $5.3M was the main reason.
Operating cash flow was −$9.8M. Non-cash charges added back $476K of depreciation and amortization and $7.9M of share-based compensation. Working capital and other items used $14.6M. Capital expenditures of $911K exceeded it, leaving free cash flow of −$10.7M.
Questions
What was Liquidia's revenue in the third quarter 2025?
Liquidia (LQDA) reported revenue of $54.3M for the third quarter 2025 (Q3 2025), up 12-fold from a year earlier and +515% from the quarter before.
Was Liquidia profitable in the third quarter 2025?
Operating profit was $1.8M (3.3% of revenue) and net loss $3.5M.
Source: Liquidia 10-Q on SEC EDGAR.