LIQUIDIA CORPORATION
Income Statement
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | $158.3M | $14.0M | $17.5M | $15.9M | $12.9M | $739.6K | $8.1M |
| Cost of Revenue | — | — | $5.9M | $2.9M | $2.9M | $3.0M | $237.7K | — |
| Gross Profit | — | — | $8.1M | $14.6M | $13.1M | $9.8M | $501.9K | — |
| Gross Margin | — | — | 58.0% | 83.5% | 82.1% | 76.5% | 67.9% | — |
| Operating Expenses | ||||||||
| Research & Development | — | $39.3M | $47.8M | $43.2M | $19.4M | $20.5M | $32.2M | $40.5M |
| SG&A Expense | — | $157.2M | $81.6M | $44.7M | $32.4M | $23.1M | $27.4M | $13.6M |
| Operating Income | — | $-51.4M | $-121.3M | $-73.4M | $-38.8M | $-33.8M | $-59.1M | $-46.8M |
| Operating Margin | — | -32.5% | -866.6% | -419.6% | -243.3% | -263.0% | -7,989.0% | -580.1% |
| Interest Expense | — | — | — | $6.3M | $2.3M | $762.0K | $858.0K | $1.4M |
| Pretax Income | — | — | — | — | — | — | — | — |
| Income Tax Expense | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Income | — | $-68.9M | $-128.3M | $-78.5M | $-41.0M | $-34.6M | $-59.8M | $-47.6M |
| Net Margin | — | -43.5% | -916.6% | -448.9% | -257.4% | -269.0% | -8,080.1% | -589.5% |
| EPS (Basic) | — | $-0.80 | $-1.63 | $-1.21 | $-0.67 | $-0.70 | $-1.76 | $-2.57 |
| EPS (Diluted) | — | $-0.80 | $-1.63 | $-1.21 | $-0.67 | $-0.70 | $-1.76 | $-2.57 |
| Shares Outstanding (Basic) | 88.1M | 86.1M | 78.7M | 65.0M | 61.0M | 49.7M | 33.9M | — |
| Shares Outstanding (Diluted) | 88.1M | 86.1M | 78.7M | 65.0M | 61.0M | 49.7M | 33.9M | 18.5M |
| Dividends Per Share | — | — | — | — | — | — | — | — |