Liquidia Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	288.07	158.32	14	17.49	15.94	12.85
Revenue Growth (YoY)	1936.66%	1031.18%	-19.97%	9.75%	23.98%	1637.76%
Cost of Revenue	23.58	13.24	5.88	2.89	2.86	3.02
Gross Profit	264.49	145.08	8.12	14.6	13.08	9.83
Selling, General & Admin	174.05	157.18	81.57	44.74	32.41	23.11
Research & Development	44.88	39.28	47.84	43.24	19.44	20.52
Total Operating Expenses	218.94	196.45	129.41	87.98	51.85	43.63
Operating Income	45.55	-51.38	-121.29	-73.38	-38.77	-33.8
Interest Income	6.67	6.62	7.65	3.47	1.09	0.03
Interest Expense	-26	-24.17	-14.65	-6.27	-2.34	-0.76
Other Non-Operating Income (Expense)	-	-	-	2.31	1	0.05
Total Non-Operating Income (Expense)	-19.33	-17.55	-7	-5.12	-2.25	-0.78
Pretax Income	56.78	-68.92	-128.29	-78.5	-41.02	-34.58
Provision for Income Taxes	3.92	-	-	-	-	-
Net Income	22.31	-68.92	-128.29	-78.5	-41.02	-34.58
Net Income to Common	22.31	-68.92	-128.29	-78.5	-41.02	-34.58
Shares Outstanding (Basic)	87	86	79	65	61	50
Shares Outstanding (Diluted)	93	86	79	65	61	50
Shares Change (YoY)	14.93%	9.34%	21.10%	6.62%	22.71%	46.59%
EPS (Basic)	0.24	-0.80	-1.63	-1.21	-0.67	-0.70
EPS (Diluted)	0.14	-0.80	-1.63	-1.21	-0.67	-0.70
Shares Outstanding	88.31	87.2	84.68	68.63	64.52	52.29
Free Cash Flow	41.15	-40.02	-98.37	-42.85	-29.18	-34.14
Free Cash Flow Per Share	0.44	-0.47	-1.25	-0.66	-0.48	-0.69
Gross Margin	91.82%	91.64%	58.00%	83.49%	82.06%	76.48%
Operating Margin	15.81%	-32.45%	-866.63%	-419.63%	-243.30%	-262.95%
Profit Margin	18.35%	-43.53%	-916.63%	-448.89%	-257.39%	-269.03%
FCF Margin	14.28%	-25.28%	-702.85%	-245.05%	-183.12%	-265.63%
EBITDA	47.13	-49.85	-119.1	-71.21	-35.12	-28.19
EBITDA Margin	16.36%	-31.49%	-850.94%	-407.17%	-220.41%	-219.29%
EBIT	45.55	-51.38	-121.29	-73.38	-38.77	-33.8
EBIT Margin	15.81%	-32.45%	-866.63%	-419.63%	-243.30%	-262.95%
Effective Tax Rate	6.90%	0.00%	0.00%	0.00%	0.00%	0.00%

Updated May 11, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q