Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $66.9M | $67.4M | $52.6M | $45.8M | $50.8M | $47.7M | $50.6M | $57.6M | $44.5M |
| Revenue growth | — | 0.8% | -22.0% | -12.8% | 10.9% | -6.2% | 6.1% | 13.8% | -22.6% |
| Operating income | -$113K | -$48.9M | -$52.7M | -$42.9M | -$34.7M | -$42.1M | -$15.1M | -$30.8M | -$71.1M |
| Operating margin | -0.2% | -72.6% | -100.1% | -93.6% | -68.2% | -88.2% | -29.9% | -53.5% | -159.5% |
| Net income | -$8.94M | -$61.4M | -$66.2M | -$55.8M | -$70.5M | -$54.4M | -$7.87M | -$44.1M | -$83.8M |
| Net margin | -13.4% | -91.0% | -125.9% | -121.7% | -138.8% | -114.1% | -15.6% | -76.7% | -188.1% |
| EPS (diluted) | — | -$2.96 | -$2.61 | -$1.66 | -$1.85 | -$1.12 | -$0.13 | -$0.51 | -$0.78 |
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5.82M | -$13.0M | -$60.2M | -$45.5M | -$33.0M | -$9.82M | -$6.38M | -$35.8M | -$52.4M |
| Capital expenditures | $2.07M | $1.82M | $663K | $517K | $913K | $1.02M | $995K | $159K | $562K |
| Free cash flow | $3.76M | -$14.8M | -$60.9M | -$46.0M | -$33.9M | -$10.8M | -$7.38M | -$35.9M | -$53.0M |
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $17.4M | $60.6M | $49.3M | $31.8M | $28.0M | $27.3M | $23.9M | $71.5M | $121M |
| Total assets | $43.1M | $86.9M | $78.5M | $62.9M | $62.0M | $57.1M | $57.4M | $101M | $160M |
| Total liabilities | $69.6M | $76.8M | $84.6M | $111M | $144M | $176M | $164M | $162M | $194M |
| Long-term debt | — | — | $70.0M | $51.5M | — | — | $45.0M | $45.0M | $45.0M |
| Shareholders' equity | -$26.5M | $10.1M | -$6.12M | -$48.5M | -$82.1M | -$119M | -$106M | -$60.2M | -$33.7M |
| Retained earnings | -$120M | -$61.4M | -$130M | -$186M | -$257M | -$311M | -$319M | -$363M | -$447M |
| Shares (wtd avg diluted) | — | 25.0M | 33.6M | 33.7M | 38.1M | 48.7M | 61.3M | 86.7M | 107M |
Every figure is extracted from Aquestive Therapeutics, Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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