A company still losing money with growing sales, with elevated risk.
Going well
Sales up 38% in the latest quarter vs a year ago
Watch out for
Owes more than it owns (negative equity)
Share count growing 29.9% a year (dilution)
Losing money, losses are large next to sales
Money moves
Insiders sold $106K in the last 30 days, all through pre-planned sales
Institutions added 0.2% to their holdings in the quarter ending June 2026 (93 bought, 62 sold)
Facts from SEC filings, not a recommendation.
What the price means
Price as of Oct 26
$3.98-0.5% that day
Company value
$500M
Share price times all shares
Price vs sales
9.2x
No profit over the last year, so this compares value with sales instead
Cash vs value
20%
Cash as a share of company value
Debt vs value
9%
Debt as a share of company value
From AQST's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.
The business over time
Last 12 quarters, from SEC filings
Sales, Jun '26
$13.8M+38% vs a year earlier
Sep '23Tap a barJun '26
Last 12 months: $54.1M, up 23% from the 12 months before. Over 5 years, sales shrank about 0.6% a year.
What the price assumes
Your guesses, our math
Move the sliders to your own view of AQST. Starting points are the company's recent numbers (it isn't profitable yet, so the margin starts at a 10% guess).
Sales in 5 years$152M
Profit in 5 years$15M
Price these guesses point to$1.13-72% vs $3.98 todayAbout -22% a year, before dividends
What today's price needs: with a 10% margin and a 15x P/E, sales would have to grow about 58% a year for 5 years just to match today's price.
Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.
The checklist Warren Buffett-style investors use. Annual numbers for 2025.
0/5Weak
MissDebt under half of equityNot relying on borrowed money.Owes more than it owns
MissNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.-188.1%
MissProfitable every yearSteady profits, not one good year.0 of 9 years
MissFree cash flow positiveBrings in more cash than it spends to run and grow.-$53.0M
MissShare count not growingNot diluting owners. Falling means buybacks.+119.4% in 3 years
Revenue
$44.5M
-22.6% vs prior year
5-year growth
-0.6%/yr
revenue, per year
Total debt
$45.0M
Current ratio
3.14x
short-term assets / bills due
From annual reports filed with the SEC. Not in this company's SEC data, so not scored: return on equity 15%+, gross margin 40%+. A checklist is a starting point for research, not a verdict.
Latest quarter
Quarter ended Jun 30, 2026
Reported Aug 11
Revenue
$13.8M
+38.1% YoY
EPS
-$0.18
vs -$0.14
Op. margin
-59.5%
+54.1 pts
Gross margin
70.9%
+16.5 pts
Free cash flow
-$9.7M
Share count
+25.8%
vs a year ago
Insider rating
Last 90 days
47Mixed
Pre-planned sales of $106K (weaker signal)
50 is neutral. Buying by more insiders, top executives and bigger stakes raises it. Selling lowers it; pre-planned sales count less.
Weekly insider trend
13 weeks agoBoughtSoldThis week
Filing buzz
Last 7 days vs normal
35/ 100
This week
1
Normal week
2.0
vs normal
0.5x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
■Steady+0.2%
Institutions added 0.2% to their holdings. 93 bought, 62 sold.
Shares held by institutions72.0M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
-87.2%
Cash runwayAt last year's cash burn
23 months
Debt to equityLatest balance sheet: debt compared with what owners have
Owes more than it owns
Shares outstandingLatest reported
126M
Why high risk
Losing money, losses are large next to sales
About 23 months of cash left at its current burn
Owes more than it owns (negative equity)
Revenue down 22.6% from the year before
3 offering filings in 6 months (may sell new shares)
Earnings reports
Last 12
Next reportIn 7 days (est.)Estimated from the same quarter last year
Results filedAug 11
Results filedMay 13
Results filedMar 4
Results filedNov 5, 2025
Results filedAug 11, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days