Piotroski F-score
Failed
AQST reported revenue of $44.55M and net income of −$83.78M in FY2025.
| Fiscal year | Revenue | Net income |
|---|---|---|
| 2025 | $44.55M | −$83.78M |
| 2024 | $57.56M | −$44.14M |
| 2023 | $50.58M | −$7.87M |
6 more years are on Measure
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Also filed under Drug Manufacturers, ranked by how closely they sit beside AQST.
The assistant answers from what AQST has actually filed: 9 annual reports filed with the SEC, 48 Form 4 filings from the last year and 2 funds that hold it. Every figure in a reply links to the filing it came from, so an answer can be checked rather than believed.
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Cash flow breakdown
What the business generated, and where it went
Operating cash flow
−$52.43M 2025
Cash generated by the business itself
Free cash flow
−$52.99M 2025
Operating cash flow minus capital expenditure
Capital expenditure
$562K 2025
Spending on property, plant and equipment
AQST generated −$52.43M of operating cash flow. Each figure below is what it did with that, as reported on the same statement.
Reinvested in the business
A non-cash cost, added back above
As reported in the company's own annual filings.
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | −$52.43M | −$35.76M | −$6.38M | −$9.82M | −$32.98M | −$45.46M | −$60.21M | −$12.99M | $5.82M |
| Capital expenditure | $562K | $159K | $995K | $1.02M | $913K | $517K | $663K | $1.82M | $2.07M |
| Free cash flow | −$52.99M | −$35.92M | −$7.38M | −$10.84M |
Financial statements
Every figure below is this company’s, as filed. Measure draws them: 9 years and 38 quarters plotted to scale, on the income statement, balance sheet and cash flow, plus the ratio and estimate sections this page does not carry.
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Revenue
Plotted to scale onMeasure
As reported in the company's own annual filings.
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $44.55M | $57.56M | $50.58M | $47.68M | $50.83M | $45.85M | $52.61M | $67.43M | $66.92M |
| Cost of revenue | $18.56M | $17.87M | $20.83M | $19.39M | - | $12.96M | $20.36M | - | - |
| Gross profit | $25.99M | $39.69M | $29.75M | $28.29M | - | $32.89M | $32.25M | - | - |
Total assets
Plotted to scale onMeasure
Total liabilities
Plotted to scale onMeasure
Cash
Plotted to scale onMeasure
Current assets
Plotted to scale onMeasure
Current liabilities
Plotted to scale onMeasure
As reported in the company's own annual filings.
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | $160.43M | $101.42M | $57.42M | $57.07M | $61.99M | $62.88M | $78.48M | $86.85M | $43.12M |
| Current assets | $149.27M | $88.22M | $40.97M | $39.89M | $47.26M | $44.63M | $68.31M | $74.2M | $28.16M |
| Cash | $121.17M | $71.55M | $23.87M | $27.27M | $28.02M |
Derived from SEC XBRL filings. Not investment advice.
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Every annual statement AQST has filed is on this page as figures. Drawn to scale, a trend over the whole record is something you can see rather than something you have to add up.
The charts, to scaleMeasure
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Revenue, margins and cash flow quarter by quarter, where a change in direction shows up first.
Quarterly statementsMeasure
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Why a margin moved, where the cash went: answered from AQST's own statements, not a guess.
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| −$33.89M |
| −$45.98M |
| −$60.87M |
| −$14.82M |
| $3.76M |
| Stock-based compensation | $7.62M | $7.1M | $2.69M | $4.38M | $6.82M | $6.58M | $7.07M | $29.94M | $0 |
|---|
| Research and development |
|---|
| $17.19M |
| $20.28M |
| $13.1M |
| $17.48M |
| $17.05M |
| $19.89M |
| $20.57M |
| $23.11M |
| $22.13M |
| Selling, general and administrative | $79.85M | $50.18M | $31.75M | $52.88M | $53.48M | $55.89M | $64.34M | $72.27M | $25.08M |
|---|
| Operating income | −$71.05M | −$30.77M | −$15.1M | −$42.07M | −$34.68M | −$42.89M | −$52.67M | −$48.93M | −$113K |
|---|
| Net income | −$83.78M | −$44.14M | −$7.87M | −$54.41M | −$70.54M | −$55.78M | −$66.25M | −$61.38M | −$8.94M |
|---|
| Diluted EPS | -$0.78 | -$0.51 | -$0.13 | -$1.12 | -$1.85 | -$1.66 | - | - | - |
|---|
| Diluted shares | 106.93M | 86.73M | 61.26M | 48.73M | 38.08M | 33.65M | - | - | - |
|---|
| Gross margin | 58.35% | 68.95% | 58.82% | 59.34% | - | 71.72% | 61.30% | - | - |
|---|
| Operating margin | −159.50% | −53.46% | −29.86% | −88.23% | −68.22% | −93.55% | −100.11% | −72.57% | −0.17% |
|---|
| Net margin | −188.09% | −76.68% | −15.56% | −114.11% | −138.77% | −121.67% | −125.92% | −91.02% | −13.36% |
|---|
| $31.81M |
| $49.33M |
| $60.6M |
| $17.38M |
| Total liabilities | $194.09M | $161.58M | $163.91M | $175.62M | $144.13M | $111.38M | $84.6M | $76.77M | $69.61M |
|---|
| Current liabilities | $47.61M | $18.87M | $18.31M | $39.53M | $21.96M | $21.1M | $18.56M | $32.95M | $15.35M |
|---|
| Total debt | $45M | $45M | $45M | - | - | $51.5M | $70M | - | - |
|---|
| Shareholder equity | −$33.66M | −$60.16M | −$106.49M | −$118.55M | −$82.13M | −$48.5M | −$6.12M | $10.08M | −$68.6M |
|---|