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Side-by-side financial comparison of Aquestive Therapeutics, Inc. (AQST) and Blaize Holdings, Inc. (BZAI). Click either name above to swap in a different company.
Blaize Holdings, Inc. is the larger business by last-quarter revenue ($23.8M vs $13.0M, roughly 1.8× Aquestive Therapeutics, Inc.). Blaize Holdings, Inc. runs the higher net margin — -13.9% vs -244.8%, a 230.9% gap on every dollar of revenue. On growth, Blaize Holdings, Inc. posted the faster year-over-year revenue change (2377500.0% vs 9.7%). Aquestive Therapeutics, Inc. produced more free cash flow last quarter ($-8.6M vs $-16.5M).
Aquestive Therapeutics is a specialty pharmaceutical company focused on developing and commercializing innovative treatments for central nervous system disorders. It leverages proprietary drug delivery technologies to create accessible, patient-friendly therapeutic options, serving healthcare providers and patients across North America and European markets, with core offerings addressing unmet needs in neurology and psychiatry.
Blaize Holdings, Inc. is a technology company specializing in edge artificial intelligence computing solutions. It designs energy-efficient AI processors, low-latency inference software stacks, and end-to-end edge AI development tools, serving key segments including autonomous driving, industrial automation, smart cities, and edge healthcare monitoring.
AQST vs BZAI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $13.0M | $23.8M |
| Net Profit | $-31.9M | $-3.3M |
| Gross Margin | 55.2% | 10.8% |
| Operating Margin | -221.6% | -89.8% |
| Net Margin | -244.8% | -13.9% |
| Revenue YoY | 9.7% | 2377500.0% |
| Net Profit YoY | -86.8% | 50.7% |
| EPS (diluted) | $-0.26 | $0.16 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $13.0M | $23.8M | ||
| Q3 25 | $12.8M | $11.9M | ||
| Q2 25 | $10.0M | — | ||
| Q1 25 | $8.7M | — | ||
| Q4 24 | $11.9M | — | ||
| Q3 24 | $13.5M | — | ||
| Q2 24 | $20.1M | — | ||
| Q1 24 | $12.1M | — |
| Q4 25 | $-31.9M | $-3.3M | ||
| Q3 25 | $-15.4M | $-26.3M | ||
| Q2 25 | $-13.5M | — | ||
| Q1 25 | $-22.9M | — | ||
| Q4 24 | $-17.1M | — | ||
| Q3 24 | $-11.5M | — | ||
| Q2 24 | $-2.7M | — | ||
| Q1 24 | $-12.8M | — |
| Q4 25 | 55.2% | 10.8% | ||
| Q3 25 | 64.8% | 15.0% | ||
| Q2 25 | 54.4% | — | ||
| Q1 25 | 58.1% | — | ||
| Q4 24 | 61.9% | — | ||
| Q3 24 | 67.2% | — | ||
| Q2 24 | 77.5% | — | ||
| Q1 24 | 63.6% | — |
| Q4 25 | -221.6% | -89.8% | ||
| Q3 25 | -89.6% | -190.3% | ||
| Q2 25 | -113.6% | — | ||
| Q1 25 | -222.1% | — | ||
| Q4 24 | -114.4% | — | ||
| Q3 24 | -61.2% | — | ||
| Q2 24 | 0.3% | — | ||
| Q1 24 | -74.3% | — |
| Q4 25 | -244.8% | -13.9% | ||
| Q3 25 | -120.6% | -221.3% | ||
| Q2 25 | -135.4% | — | ||
| Q1 25 | -263.0% | — | ||
| Q4 24 | -143.7% | — | ||
| Q3 24 | -85.0% | — | ||
| Q2 24 | -13.7% | — | ||
| Q1 24 | -106.4% | — |
| Q4 25 | $-0.26 | $0.16 | ||
| Q3 25 | $-0.14 | $-0.25 | ||
| Q2 25 | $-0.14 | — | ||
| Q1 25 | $-0.24 | — | ||
| Q4 24 | $-0.18 | — | ||
| Q3 24 | $-0.13 | — | ||
| Q2 24 | $-0.03 | — | ||
| Q1 24 | $-0.17 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $45.8M |
| Total DebtLower is stronger | $27.5M | — |
| Stockholders' EquityBook value | $-33.7M | $39.0M |
| Total Assets | $160.4M | $102.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $45.8M | ||
| Q3 25 | $129.1M | $24.0M | ||
| Q2 25 | $60.5M | — | ||
| Q1 25 | $68.7M | — | ||
| Q4 24 | $71.5M | — | ||
| Q3 24 | $77.9M | — | ||
| Q2 24 | $89.9M | — | ||
| Q1 24 | $95.2M | — |
| Q4 25 | $27.5M | — | ||
| Q3 25 | $45.0M | — | ||
| Q2 25 | $45.0M | — | ||
| Q1 25 | $45.0M | — | ||
| Q4 24 | $32.5M | — | ||
| Q3 24 | $45.0M | — | ||
| Q2 24 | $45.0M | — | ||
| Q1 24 | $45.0M | — |
| Q4 25 | $-33.7M | $39.0M | ||
| Q3 25 | $-4.1M | $1.3M | ||
| Q2 25 | $-72.6M | — | ||
| Q1 25 | $-60.9M | — | ||
| Q4 24 | $-60.2M | — | ||
| Q3 24 | $-45.4M | — | ||
| Q2 24 | $-35.5M | — | ||
| Q1 24 | $-36.3M | — |
| Q4 25 | $160.4M | $102.2M | ||
| Q3 25 | $163.6M | $60.9M | ||
| Q2 25 | $93.7M | — | ||
| Q1 25 | $102.2M | — | ||
| Q4 24 | $101.4M | — | ||
| Q3 24 | $110.0M | — | ||
| Q2 24 | $117.6M | — | ||
| Q1 24 | $129.5M | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-8.5M | $-16.5M |
| Free Cash FlowOCF − Capex | $-8.6M | $-16.5M |
| FCF MarginFCF / Revenue | -65.7% | -69.6% |
| Capex IntensityCapex / Revenue | 0.7% | 0.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-53.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-8.5M | $-16.5M | ||
| Q3 25 | $-12.6M | $-24.9M | ||
| Q2 25 | $-7.9M | — | ||
| Q1 25 | $-23.4M | — | ||
| Q4 24 | $-6.5M | — | ||
| Q3 24 | $-11.9M | — | ||
| Q2 24 | $-7.0M | — | ||
| Q1 24 | $-10.4M | — |
| Q4 25 | $-8.6M | $-16.5M | ||
| Q3 25 | $-12.9M | $-24.9M | ||
| Q2 25 | $-8.0M | — | ||
| Q1 25 | $-23.5M | — | ||
| Q4 24 | $-6.5M | — | ||
| Q3 24 | $-12.0M | — | ||
| Q2 24 | $-7.0M | — | ||
| Q1 24 | $-10.4M | — |
| Q4 25 | -65.7% | -69.6% | ||
| Q3 25 | -100.6% | -210.2% | ||
| Q2 25 | -80.2% | — | ||
| Q1 25 | -269.9% | — | ||
| Q4 24 | -54.8% | — | ||
| Q3 24 | -88.3% | — | ||
| Q2 24 | -35.0% | — | ||
| Q1 24 | -86.4% | — |
| Q4 25 | 0.7% | 0.3% | ||
| Q3 25 | 1.8% | 0.2% | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | 1.5% | — | ||
| Q4 24 | 0.1% | — | ||
| Q3 24 | 0.6% | — | ||
| Q2 24 | 0.2% | — | ||
| Q1 24 | 0.2% | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
