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…
Earnings analysis · 10-Q
AQST earnings analysis
Filed August 11, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.18
- Gross margin
- 71.0%
What stood out
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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.
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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.
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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.
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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.
What to watch
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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.
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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.
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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.
Management's outlook
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.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.