AQST earnings analysis
What we found in AQST's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Aquestive delivered Q2 revenue of $13.819 million, beating consensus by $2.119 million and growing approximately 38% year over year, while gross margin rose to 71%. However, diluted EPS of $(0.18) worsened sequentially and year over year, primarily reflecting a $11.7 million debt extinguishment charge. Full-year 2026 revenue guidance remained $46 million-$50 million, but liquidity and financing remain important risks.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue beat estimates and grew year over year
- Q2 revenue was $13.819 million, $2.119 million above the $11.700 million consensus estimate. Revenue increased approximately 38% from $10 million in Q2 2025 but declined approximately 1% from $14 million in Q1 2026.
- Gross margin improved year over year
- Gross margin was 71%, up 16.6 percentage points from 54.4% in Q2 2025, although down 5.0 points from 76.0% in Q1 2026.
- Adjusted EBITDA and outlook maintained
- Management reported non-GAAP adjusted EBITDA loss of $5.2 million for the quarter, while maintaining full-year 2026 revenue guidance of $46 million-$50 million.
- No material control deficiencies reported
- Management concluded that disclosure controls were effective as of June 30, 2026, and reported no changes in internal control over financial reporting that materially affected, or were reasonably likely to materially affect, controls during the quarter.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Debt extinguishment charge pressured EPS
- Q2 diluted EPS was $(0.18), versus $(0.14) in Q2 2025 and $(0.07) in Q1 2026. A $11.7 million debt extinguishment charge was identified as a major driver of the quarterly loss, highlighting financing and refinancing risk.
- Liquidity and financing remain material risks
- The 10-Q's Item 1A does not identify specific new risk-factor revisions and instead directs investors to the 2025 Form 10-K and subsequent 10-Qs. The company did, however, file a new Oaktree credit agreement dated May 12, 2026, underscoring continued reliance on financing arrangements.
- Potential insider-plan share supply
- Two executive Rule 10b5-1 sales plans may sell up to 75,000 shares and 57,992 shares, or 132,992 shares in aggregate, beginning November 10, 2026 and October 9, 2026, respectively; no shares had been sold under either plan as of the report date.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.18
- Gross margin
- 71.0%
What they said about what is next.
Full-year 2026 revenue guidance was maintained at $46 million-$50 million, and non-GAAP adjusted EBITDA loss guidance was maintained at $35 million-$30 million. No numeric EPS guidance was provided.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 13, 2026
- Aquestive Therapeutics reported strong Q1 2026 results with total revenues reaching $14.4 million, a 66% increase year-over-year, primarily driven by significant growth in license and royalty revenue. The diluted EPS…
- 10-K · March 4, 2026
- Aquestive positions itself as the market leader in oral film delivery (PharmFilm®) and as a developer of an epinephrine prodrug platform (AdrenaVerse™) with late-stage candidate Anaphylm. The company faces a near-term…
- 10-K · March 5, 2025
- Aquestive Therapeutics is developing innovative pharmaceutical products with a focus on alternative drug delivery systems, notably its proprietary oral film technology, PharmFilm. The company launched Libervant® Buccal…
- 10-Q · November 4, 2024
- Aquestive reported quarterly revenue of $13,542 (amounts in thousands) for the three months ended September 30, 2024, a modest increase versus $13,002 in the year-ago quarter, but operating performance deteriorated with…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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