Liquidia (LQDA) FY2024 results: revenue $14 million, down 20.0% on the year

Liquidia Corp. (LQDA) reported revenue of $14 million for fiscal 2024, the year ended 31 December 2024, down 20.0% on the year before. Net income was -$128 million, and diluted earnings per share $-1.63. The figures are the company's own, from the 10-K it filed with the SEC on 19 March 2025.

Revenue

$14 million

-20.0% on the year

FY2019FY2024

Operating margin

-866.6%

-419.6% a year earlier

FY2019FY2024

Net income

-$128 million

FY2019FY2024

Diluted EPS

-$1.63

FY2019FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	14.0	17.5	15.9	-20.0%
Cost of revenue	5.9	2.9	2.9	+103.6%
Gross profit	8.1	14.6	13.1	-44.4%
Gross margin	58.0%	83.5%	82.1%
Research and development	47.8	43.2	19.4	+10.6%
Selling, general and administrative	81.6	44.7	n/a	+82.3%
Operating income	-121	-73.4	-38.8
Operating margin	-866.6%	-419.6%	-243.3%
Interest expense	14.7	6.3	2.3	+133.6%
Income tax	0.0	0.0	0.0
Net income	-128	-78.5	-41.0
Net margin	-916.6%	-448.9%	-257.4%
Diluted EPS	-$1.63	-$1.21	-$0.67

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	-93.4	-41.6	-28.6
Capital expenditure	4.9	1.3	0.6	+283.6%
Free cash flow	-98.4	-42.9	-29.2
Free cash flow margin	-702.9%	-245.0%	-183.1%
Cash from investing	-8.4	-11.3	-0.6
Cash from financing	195	43.2	65.0	+350.1%
Depreciation and amortisation	2.2	2.2	3.6	+0.9%
Share-based compensation	18.8	10.1	9.3	+86.4%
Diluted shares, weighted	79m	65m	61m	+21.1%
Shares outstanding at period end	85m	69m	65m	+23.4%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	79.4	47.3	90.4	+67.8%
Debt	n/a	0.0	19.9
Operating lease liabilities	n/a	2.3	3.3
Finance lease liabilities	n/a	0.1	0.2
Other liabilities	151	68.7	15.4	+119.8%
Total liabilities and equity	230	118	129	+94.6%
Fixed assets	8.3	4.5	4.2	+85.2%
Goodwill	3.9	3.9	3.9	0.0%
Intangible assets	3.2	3.4	3.7	-8.0%
Cash and equivalents	176	83.7	93.3	+110.9%
Receivables	2.7	4.1	5.0	-33.0%
Inventory	0.2	n/a	n/a
Other assets	35.5	18.8	19.1	+89.1%
Total assets	230	118	129	+94.6%

10-K for the year ended 31 December 2024, filed 19 March 2025: the filing.