Adagene Inc. (ADAG) Revenue History
Annual and quarterly revenue from 2018 to present
ADAG Revenue Over Time (2018–2025)
ADAG Revenue Growth History
3 of 7 years with positive growth- FY2018 revenue growth
- N/A
- FY2019 revenue growth
- -68.2%
- FY2020 revenue growth
- +0.0%
- FY2021 revenue growth
- +2019.8%
- FY2022 revenue growth
- -8.7%
- FY2023 revenue growth
- +94.9%
- FY2024 revenue growth
- -99.4%
- FY2025 revenue growth
- +7332.8%
| Quarter | Revenue | YoY |
|---|---|---|
| Q4 2025 | $7.7M | +7354.1% |
| Q2 2025 | $0 | — |
| Q4 2024 | $103K | -74.7% |
| Q2 2024 | $0 | -100.0% |
| Q1 2024 | $0 | -100.0% |
| Q4 2023 | $408K | -84.8% |
| Q3 2023 | $408K | -84.8% |
| Q2 2023 | $8.6M | +120.4% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2020)
ADAG's revenue distribution by segment and geography for fiscal year 2020
By Product/Segment
ADAG Revenue Analysis (2018–2025)
Current Revenue & Growth
As of July 7, 2026, Adagene Inc. (ADAG) generated trailing twelve-month (TTM) revenue of $7.8 million, reflecting explosive growth of +7354.1% year-over-year. The most recent quarter (Q4 2025) recorded $7.7 million in revenue
Historical Growth Trajectory
ADAG's 5-year compound annual growth rate (CAGR) stands at +74.1%, indicating outstanding long-term growth trajectory. The 3-year CAGR of -6.2% is below the 5-year average, signalling a growth deceleration in recent years. Adagene Inc.'s highest annual revenue of $18.1 million was recorded in 2023.
Revenue by Segment
ADAG's revenue is primarily driven by Service (64%), and License (36%). With over half of revenue concentrated in Service, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Healthcare sector peers — including ZLAB (+8.4% YoY), BCAB (-81.8% YoY), and XNCR (-32.5% YoY) — ADAG has outperformed the peer group in revenue growth. Compare ADAG vs ZLAB →
ADAG Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| ADAGCurrent | $8M | +7354.1% | +74.1% | -279.5% | |
 ZLAB | $460M | +8.4% | +56.5% | -48.6% | |
 BCAB | $2M | -81.8% | +36.1% | -2965.3% | |
 XNCR | $126M | -32.5% | +0.5% | -141.4% | |
 MGTX | $81M | +131.1% | +39.2% | -130.2% |
ADAG Historical Revenue Data (2018–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $7.7M | +7332.8% | $7.7M | 100.0% | $-21,438,295 | -279.5% |
| 2024 | $103K | -99.4% | $-823,044 | -797.5% | $-35,951,543 | -34835.4% |
| 2023 | $18.1M | +94.9% | $18.1M | 100.0% | $-23,719,866 | -131.0% |
| 2022 | $9.3M | -8.7% | $9.3M | 100.0% | $-83,920,683 | -903.1% |
| 2021 | $10.2M | +2019.8% | $10.2M | 100.0% | $-72,364,089 | -711.2% |
| 2020 | $480K | +0.0% | $480K | 100.0% | $-19,169,650 | -3993.7% |
| 2019 | $480K | -68.2% | $480K | 100.0% | $-19,169,650 | -3993.7% |
| 2018 | $1.5M | - | $1.5M | 100.0% | $-17,334,526 | -1147.1% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
8+ years return with dividends reinvested.
DCA Calculator
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Peer Comparison
Compare growth, multiples, and margins vs sector.
ADAG — Frequently Asked Questions
Quick answers to the most common questions about buying ADAG stock.
Is ADAG's revenue growth accelerating or slowing?
ADAG revenue growth is accelerating. TTM revenue reached $8M, up +7354.1% year-over-year — ahead of the 5-year CAGR of +74.1%. This indicates the business is expanding faster than its historical baseline.
What is ADAG's revenue history from 2018 to 2026?
Adagene Inc. (ADAG) revenue history spans 2018 to 2026. TTM revenue as of 2026 is $8M, growing at +7354.1% YoY. The 5-year CAGR is +74.1%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is ADAG's long-term revenue growth rate (CAGR)?
Adagene Inc.'s 5-year revenue CAGR of +74.1% reflects the sustained nature of its business expansion. As of 2026, the current YoY growth rate of +7354.1% is above this long-term average. CAGR is the most reliable measure of sustained revenue momentum for ADAG.
Why does ADAG's quarterly revenue fluctuate?
ADAG quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Adagene Inc.'s revenue data from 2018 to 2026 shows full historical quarterly detail on this page.
How is ADAG's revenue distributed by segment?
ADAG reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does ADAG's revenue compare to industry peers?
Adagene Inc. (ADAG) with TTM revenue of $8M and +7354.1% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.