Codexis Inc Financials
This page shows Codexis Inc (CDXS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Codexis Inc has an operating margin of -98.6%, meaning the company retains $-99 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -97.0% the prior year.
Codexis Inc's revenue declined 15.4% year-over-year, from $70.1M to $59.3M. This contraction results in a growth score of 0/100.
Codexis Inc carries a low D/E ratio of 0.43, meaning only $0.43 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 95/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 4.18, Codexis Inc holds $4.18 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
While Codexis Inc generated -$49.4M in operating cash flow, capex of $4.3M consumed most of it, leaving -$53.7M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Codexis Inc passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Codexis Inc generates $0.76 in operating cash flow (-$49.4M OCF vs -$65.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Codexis Inc generated $59.3M in revenue in fiscal year 2024. This represents a decrease of 15.4% from the prior year.
Codexis Inc's EBITDA was -$53.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 14.4% from the prior year.
Codexis Inc generated -$53.7M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 5.9% from the prior year.
Codexis Inc reported -$65.3M in net income in fiscal year 2024. This represents an increase of 14.4% from the prior year.
Codexis Inc earned $-0.89 per diluted share (EPS) in fiscal year 2024. This represents an increase of 20.5% from the prior year.
Codexis Inc held $19.3M in cash against $28.9M in long-term debt as of fiscal year 2024.
Codexis Inc had 82M shares outstanding in fiscal year 2024. This represents an increase of 17.1% from the prior year.
Codexis Inc's gross margin was 72.5% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 9.2 percentage points from the prior year.
Codexis Inc's operating margin was -98.6% in fiscal year 2024, reflecting core business profitability. This is down 1.6 percentage points from the prior year.
Codexis Inc's net profit margin was -110.0% in fiscal year 2024, showing the share of revenue converted to profit. This is down 1.3 percentage points from the prior year.
Codexis Inc invested $46.3M in research and development in fiscal year 2024. This represents a decrease of 21.4% from the prior year.
Codexis Inc invested $4.3M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 2.6% from the prior year.
CDXS Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $8.6M-43.9% | $15.3M+103.2% | $7.5M-64.9% | $21.5M+169.0% | $8.0M-53.3% | $17.1M-35.7% | $26.6M+186.3% | $9.3M |
| Cost of Revenue | $2.5M+17.5% | $2.1M-23.2% | $2.7M-25.2% | $3.7M+5.5% | $3.5M-28.7% | $4.9M+69.7% | $2.9M+27.2% | $2.2M |
| Gross Profit | $6.1M-53.6% | $13.2M+175.0% | $4.8M-73.0% | $17.8M+294.2% | $4.5M-63.0% | $12.2M-48.4% | $23.7M+237.2% | $7.0M |
| R&D Expenses | $13.9M+0.7% | $13.8M+6.4% | $12.9M+7.0% | $12.1M+6.0% | $11.4M+1.5% | $11.2M+0.1% | $11.2M-17.8% | $13.7M |
| SG&A Expenses | $11.2M-8.9% | $12.3M-0.3% | $12.4M-5.3% | $13.0M-16.7% | $15.7M+21.9% | $12.9M+5.5% | $12.2M-1.0% | $12.3M |
| Operating Income | -$18.9M-47.3% | -$12.9M+37.2% | -$20.5M-179.0% | -$7.3M+67.7% | -$22.7M-91.2% | -$11.9M-4315.6% | $282K+100.9% | -$32.1M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $8K-20.0% | $10K-9.1% | $11K+175.0% | $4K-60.0% | $10K0.0% | $10K-71.4% | $35K+288.9% | $9K |
| Net Income | -$19.6M-47.8% | -$13.3M+35.8% | -$20.7M-99.4% | -$10.4M+54.4% | -$22.8M-97.8% | -$11.5M-60.0% | -$7.2M+79.4% | -$34.9M |
| EPS (Diluted) | $-0.22-37.5% | $-0.16+36.0% | $-0.25-108.3% | $-0.12+62.5% | $-0.32-100.0% | $-0.16-45.5% | $-0.11+78.0% | $-0.50 |
CDXS Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $124.0M-10.3% | $138.2M+7.3% | $128.9M-13.5% | $149.0M+12.9% | $132.0M-11.7% | $149.6M+9.5% | $136.6M-11.6% | $154.5M |
| Current Assets | $76.2M-14.1% | $88.7M+14.0% | $77.8M-21.2% | $98.8M+8.1% | $91.4M-15.3% | $107.9M+15.5% | $93.5M-9.3% | $103.0M |
| Cash & Equivalents | $25.4M-5.3% | $26.8M+46.1% | $18.3M-4.9% | $19.3M+3.6% | $18.6M-68.0% | $58.0M-10.9% | $65.1M-12.7% | $74.6M |
| Inventory | $1.9M-0.5% | $1.9M+9.2% | $1.8M-1.0% | $1.8M-19.4% | $2.2M-8.6% | $2.4M-9.1% | $2.7M+16.5% | $2.3M |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | $10.0M | N/A |
| Goodwill | $2.5M0.0% | $2.5M0.0% | $2.5M0.0% | $2.5M0.0% | $2.5M0.0% | $2.5M0.0% | $2.5M0.0% | $2.5M |
| Total Liabilities | $85.4M+3.4% | $82.6M+4.2% | $79.3M-3.4% | $82.1M+16.3% | $70.6M+0.4% | $70.3M+40.7% | $49.9M-20.7% | $62.9M |
| Current Liabilities | $18.5M+21.3% | $15.2M-27.1% | $20.9M-11.6% | $23.6M-22.6% | $30.5M+5.0% | $29.1M-18.8% | $35.8M-6.7% | $38.4M |
| Long-Term Debt | $39.7M+0.9% | $39.4M+34.9% | $29.2M+1.0% | $28.9M+1.9% | $28.4M+0.9% | $28.1M | $0 | N/A |
| Total Equity | $38.5M-30.7% | $55.6M+12.1% | $49.6M-25.8% | $66.9M+8.9% | $61.4M-22.5% | $79.3M-8.5% | $86.6M-5.3% | $91.5M |
| Retained Earnings | -$616.4M-3.3% | -$596.8M-2.3% | -$583.5M-3.7% | -$562.8M-5.8% | -$531.8M-4.5% | -$509.0M-2.3% | -$497.5M-1.5% | -$490.3M |
CDXS Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$7.7M+57.1% | -$18.0M-30.2% | -$13.8M+16.2% | -$16.5M-35.3% | -$12.2M-56.2% | -$7.8M+29.4% | -$11.0M+32.3% | -$16.3M |
| Capital Expenditures | $182K-92.8% | $2.5M+100.1% | $1.3M-29.2% | $1.8M+349.1% | $395K-65.0% | $1.1M+397.4% | -$380K-156.0% | $678K |
| Free Cash Flow | -$7.9M+61.5% | -$20.5M-36.0% | -$15.1M+17.5% | -$18.2M-45.2% | -$12.6M-40.9% | -$8.9M+21.9% | -$11.4M+32.8% | -$17.0M |
| Investing Cash Flow | $6.4M+1840.3% | -$367K-103.1% | $11.8M+511.1% | -$2.9M+89.4% | -$27.1M+5.2% | -$28.6M-2687.2% | $1.1M+199.7% | -$1.1M |
| Financing Cash Flow | -$111K-100.4% | $26.8M+2367.6% | $1.1M-4.2% | $1.1M+674.6% | -$197K-100.7% | $29.3M | $0+100.0% | -$108K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
CDXS Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 71.3%-15.0pp | 86.3%+22.5pp | 63.8%-19.2pp | 83.0%+26.4pp | 56.6%-14.9pp | 71.6%-17.7pp | 89.2%+13.5pp | 75.8% |
| Operating Margin | -220.3%-136.4pp | -83.9%+187.7pp | -271.6%-237.4pp | -34.2%+250.7pp | -284.9%-215.3pp | -69.6%-70.7pp | 1.1%+346.7pp | -345.6% |
| Net Margin | -228.1%-141.5pp | -86.6%+187.7pp | -274.3%-225.9pp | -48.4%+236.8pp | -285.2%-217.8pp | -67.4%-40.3pp | -27.1%+349.2pp | -376.3% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -15.8%-6.2pp | -9.6%+6.5pp | -16.1%-9.1pp | -7.0%+10.3pp | -17.2%-9.6pp | -7.7%-2.4pp | -5.3%+17.3pp | -22.6% |
| Current Ratio | 4.12-1.7 | 5.82+2.1 | 3.72-0.5 | 4.18+1.2 | 2.99-0.7 | 3.71+1.1 | 2.61-0.1 | 2.68 |
| Debt-to-Equity | 1.03+0.3 | 0.71+0.1 | 0.59+0.2 | 0.43-0.0 | 0.46+0.1 | 0.35+0.4 | 0.00-0.7 | 0.69 |
| FCF Margin | -91.7%+41.9pp | -133.6%+66.0pp | -199.6%-114.6pp | -85.0%+72.5pp | -157.4%-105.2pp | -52.2%-9.3pp | -43.0%+140.1pp | -183.0% |
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Frequently Asked Questions
What is Codexis Inc's annual revenue?
Codexis Inc (CDXS) reported $59.3M in total revenue for fiscal year 2024. This represents a -15.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Codexis Inc's revenue growing?
Codexis Inc (CDXS) revenue declined by 15.4% year-over-year, from $70.1M to $59.3M in fiscal year 2024.
Is Codexis Inc profitable?
No, Codexis Inc (CDXS) reported a net income of -$65.3M in fiscal year 2024, with a net profit margin of -110.0%.
What is Codexis Inc's earnings per share (EPS)?
Codexis Inc (CDXS) reported diluted earnings per share of $-0.89 for fiscal year 2024. This represents a 20.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Codexis Inc's EBITDA?
Codexis Inc (CDXS) had EBITDA of -$53.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Codexis Inc have?
As of fiscal year 2024, Codexis Inc (CDXS) had $19.3M in cash and equivalents against $28.9M in long-term debt.
What is Codexis Inc's gross margin?
Codexis Inc (CDXS) had a gross margin of 72.5% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Codexis Inc's operating margin?
Codexis Inc (CDXS) had an operating margin of -98.6% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Codexis Inc's net profit margin?
Codexis Inc (CDXS) had a net profit margin of -110.0% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Codexis Inc's free cash flow?
Codexis Inc (CDXS) generated -$53.7M in free cash flow during fiscal year 2024. This represents a 5.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Codexis Inc's operating cash flow?
Codexis Inc (CDXS) generated -$49.4M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Codexis Inc's total assets?
Codexis Inc (CDXS) had $149.0M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Codexis Inc's capital expenditures?
Codexis Inc (CDXS) invested $4.3M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Codexis Inc spend on research and development?
Codexis Inc (CDXS) invested $46.3M in research and development during fiscal year 2024.
How many shares does Codexis Inc have outstanding?
Codexis Inc (CDXS) had 82M shares outstanding as of fiscal year 2024.
What is Codexis Inc's current ratio?
Codexis Inc (CDXS) had a current ratio of 4.18 as of fiscal year 2024, which is generally considered healthy.
What is Codexis Inc's debt-to-equity ratio?
Codexis Inc (CDXS) had a debt-to-equity ratio of 0.43 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Codexis Inc's return on assets (ROA)?
Codexis Inc (CDXS) had a return on assets of -43.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Codexis Inc's cash runway?
Based on fiscal year 2024 data, Codexis Inc (CDXS) had $19.3M in cash against an annual operating cash burn of $49.4M. This gives an estimated cash runway of approximately 5 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Codexis Inc's Piotroski F-Score?
Codexis Inc (CDXS) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Codexis Inc's earnings high quality?
Codexis Inc (CDXS) has an earnings quality ratio of 0.76x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Codexis Inc?
Codexis Inc (CDXS) scores 39 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.