Liquidia (LQDA) closed out FY 2025 with Q4 revenue of US$92.0 million and basic EPS of US$0.17, supported by net income of US$14.6 million. On a trailing 12‑month basis, revenue stood at US$158.3 million with a net loss of US$68.9 million and basic EPS of US$0.80 in losses. The company’s quarterly revenue has moved from US$2.9 million in Q4 2024 to US$3.1 million in Q1 2025, US$8.8 million in Q2 2025, US$54.3 million in Q3 2025 and then US$92.0 million in Q4 2025. EPS shifted from a loss of US$0.45 in Q4 2024 to a loss of US$0.45 in Q1 2025, a loss of US$0.49 in Q2 2025, a loss of US$0.04 in Q3 2025 and a profit of US$0.17 in Q4 2025. For investors, the combination of higher revenue in recent quarters alongside ongoing losses over the past year puts the focus on how durable the margin improvement in Q4 may be.

See our full analysis for Liquidia.

With the headline numbers on the table, the next step is to compare this earnings release with the widely followed narratives around Liquidia’s growth potential and risk profile to see which views hold up and which are challenged.

Q4 swings to US$14.6 million profit after heavy earlier losses

• Across FY 2025, Liquidia moved from quarterly net losses of about US$38.4 million in Q1 and Q4 2024 to a net income of US$14.6 million in Q4 2025, while the trailing 12 month view still shows a net loss of US$68.9 million.
• Bulls point to this Q4 profitability as early evidence of operating leverage. However, it sits alongside a five year track record of losses widening by 25.8% per year and a trailing loss of US$68.9 million, so:
  • Supporters of the bullish view highlight that forecasts in the data call for earnings growth of about 32.5% per year and an eventual move into sustained profitability, using the Q4 profit as a reference point.
  • At the same time, the history of widening losses means the bullish case needs more than one profitable quarter to show that the improvement in Q4 is part of a durable pattern rather than a one off.

Investors who think Q4 marks the start of the earnings ramp some bulls are talking about may want to see how that argument plays out in the full narrative for Liquidia: 🐂 Liquidia Bull Case

Revenue ramps to US$158.3 million LTM, but company remains loss making

• Revenue on a trailing 12 month basis reached US$158.3 million by Q4 2025 compared with quarterly revenue figures ranging from US$2.9 million in Q4 2024 up to US$92.0 million in Q4 2025. Yet over that same 12 month period the company recorded a net loss of US$68.9 million and basic EPS losses of US$0.80.
• Bears focus on this mix of higher revenue and ongoing losses to argue that growth alone may not be enough, even with forecasts calling for revenue growth of 24.3% per year and earnings growth of about 32.5% per year, because:
  • Critics note that despite the higher trailing revenue figure, Liquidia is still classified as unprofitable in the data and has seen losses widen at 25.8% per year over the last five years, so they look for clearer evidence that margins can hold up as the business scales.
  • They also point out that the bearish narrative in the data still assumes revenue growth of more than 100% per year over the next three years, so the core concern is not growth existing, but whether that growth turns into consistent earnings rather than repeating the pattern of past losses.

If you are weighing these concerns about sustained profitability against the recent revenue ramp, it can help to see how skeptics are framing the story in more detail: 🐻 Liquidia Bear Case

P/S of 19x and DCF fair value of US$256.61 send mixed price signals

• The shares trade on a P/S of 19x, above the 17.4x peer average and well above the 4.3x US Pharmaceuticals industry average. A DCF fair value of US$256.61 in the data set sits far above the current share price of US$34.52.
• Consensus style commentary in the data treats this as a tug of war between rich near term multiples and a DCF that screens as very optimistic, which shows up in two ways for investors:
  • The higher P/S multiple suggests the market is already pricing in a stronger revenue trajectory than many peers, so any slowdown versus the 24.3% revenue growth forecast could put pressure on that valuation.
  • On the other hand, the large gap between the DCF fair value of US$256.61 and the share price of US$34.52 reflects how sensitive long term models are to the same earnings growth forecasts that still have to be reconciled with a trailing loss of US$68.9 million.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Liquidia on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

If this mix of cautious and optimistic views feels finely balanced, it is worth acting quickly and checking the underlying data for yourself, starting with 2 key rewards.

See What Else Is Out There

Liquidia still carries a trailing 12 month net loss of US$68.9 million and a history of widening losses, even as revenue and Q4 profitability improve.

If you want ideas where stronger fundamentals and valuation may already line up, take a few minutes to scan our 47 high quality undervalued stocks and compare what stands out today.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.