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Where the tokens are
Standardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q2 FY262026-06-30 | Q1 FY262026-03-31 | Q4 FY252025-12-31 | Q3 FY252025-09-30 | Q2 FY252025-06-30 | Q1 FY252025-03-31 | Q4 FY242024-12-31 | Q3 FY242024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $171.68M | $132.87M | $92.02M | $54.34M | $8.84M | $3.12M | $2.92M | $4.45M |
| Cost of revenue | $11.55M | $11.85M | $7.06M | $3.17M | $1.50M | $1.52M | $1.35M | $1.57M |
| Gross profit | $160.13M | $121.01M | $84.97M | $51.17M | $7.34M | $1.60M | $1.56M | $2.88M |
| Gross margin | 93.3% | 91.1% | 92.3% | 94.2% | 83.1% | 51.4% | 53.6% | 64.8% |
| Research and development | $17.18M | $12.57M | $16.94M | $9.35M | $6.02M | $6.97M | $16.48M | $11.89M |
| Selling, general and administrative | $57.43M | $46.94M | $48.24M | $40.06M | $38.82M | $30.06M | $21.20M | $20.18M |
| Operating expenses | $74.61M | $59.51M | $65.18M | $49.40M | $44.85M | $37.03M | $37.67M | $32.07M |
| Operating income | $85.52M | $61.50M | $19.79M | $1.77M | −$37.51M | −$35.43M | −$36.11M | −$29.19M |
| Operating margin | 49.8% | 46.3% | 21.5% | 3.3% | -424.4% | -1135.4% | -1237.8% | -656.2% |
| EBITDA | $85.92M | $62.00M | $20.11M | $2.24M | −$37.22M | −$34.97M | −$35.59M | −$28.58M |
| Interest income | $2.48M | $1.77M | $1.67M | $1.65M | $1.58M | $1.73M | $2.10M | $1.82M |
| Interest expense | −$6.30M | −$6.49M | −$6.90M | −$6.95M | −$5.66M | −$4.67M | −$4.51M | −$3.66M |
| Income before taxes | $81.70M | $56.78M | $14.56M | −$3.53M | −$41.58M | −$38.37M | −$38.51M | −$31.03M |
| Income taxes | $6.98M | $3.92M | $0 | — | $0 | $0 | $0 | — |
| Net income | $74.72M | $52.86M | $14.56M | −$3.53M | −$41.58M | −$38.37M | −$38.51M | −$31.03M |
| Net margin | 43.5% | 39.8% | 15.8% | -6.5% | -470.5% | -1229.7% | -1320.2% | -697.6% |
| EPS, basic | $0.84 | $0.60 | $0.17 | −$0.04 | −$0.49 | −$0.45 | −$0.45 | −$0.40 |
| EPS, diluted | $0.74 | $0.52 | $0.17 | −$0.04 | −$0.49 | −$0.45 | −$0.45 | −$0.40 |
| Diluted shares | 101.40M | 101.11M | 87.14M | 86.33M | 85.59M | 85.17M | 84.68M | 78.32M |
Figures describe Liquidia shares, not any token. As of Aug 12, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.