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 17 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).
Codexis remains a high-gross-margin science platform, but its main business mechanic is funding heavy R&D and overhead with external capital.
Between FY2024 and FY2025, cash burn improved much faster than reported losses: operating cash outflow narrowed from-$49.4M to-$19.4M , suggesting the recovery was not just accounting noise. But year-end liquidity still depended on external and non-operating sources, as financing brought in$27.9M and debt-to-equity reached 0.8x.
At
The balance sheet still shows short-term liquidity, with a current ratio of 3.8x, so near-term obligations do not look like the immediate constraint. But the equity cushion has thinned: long-term debt rose to
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Codexis Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Codexis Inc scores -4.37, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($203.6M) relative to total liabilities ($97.3M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Codexis Inc passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Codexis Inc generates $0.44 in operating cash flow (-$19.4M OCF vs -$44.0M 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
Earnings & Revenue
Codexis Inc generated $70.4M in revenue in fiscal year 2025. This represents an increase of 18.6% from the prior year.
Codexis Inc's EBITDA was -$36.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 31.9% from the prior year.
Codexis Inc reported -$44.0M in net income in fiscal year 2025. This represents an increase of 32.6% from the prior year.
Codexis Inc earned $-0.50 per diluted share (EPS) in fiscal year 2025. This represents an increase of 43.8% from the prior year.
Cash & Balance Sheet
Codexis Inc generated -$23.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 55.6% from the prior year.
Codexis Inc held $50.8M in cash against $40.1M in long-term debt as of fiscal year 2025.
Codexis Inc had 90M shares outstanding in fiscal year 2025. This represents an increase of 10.5% from the prior year.
Margins & Returns
Codexis Inc's gross margin was 86.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 14.2 percentage points from the prior year.
Codexis Inc's operating margin was -59.3% in fiscal year 2025, reflecting core business profitability. This is up 39.3 percentage points from the prior year.
Codexis Inc's net profit margin was -62.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 47.5 percentage points from the prior year.
Codexis Inc's ROE was -87.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 10.5 percentage points from the prior year.
Capital Allocation
Codexis Inc invested $52.3M in research and development in fiscal year 2025. This represents an increase of 13.1% from the prior year.
Codexis Inc invested $4.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 3.9% from the prior year.
CDXS Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $15.2M-60.8% | $38.9M+352.4% | $8.6M-43.9% | $15.3M+103.2% | $7.5M-64.9% | $21.5M+67.2% | $12.8M+60.8% | $8.0M |
| Cost of Revenue | $2.1M+1.0% | $2.0M-17.1% | $2.5M+17.5% | $2.1M-23.2% | $2.7M-25.2% | $3.7M-15.4% | $4.3M+24.7% | $3.5M |
| Gross Profit | $13.2M-64.2% | $36.9M+500.9% | $6.1M-53.6% | $13.2M+175.0% | $4.8M-73.0% | $17.8M+109.1% | $8.5M+88.5% | $4.5M |
| R&D Expenses | $11.4M-2.3% | $11.7M-15.5% | $13.9M+0.7% | $13.8M+6.4% | $12.9M+7.0% | $12.1M+5.2% | $11.5M+0.8% | $11.4M |
| SG&A Expenses | $9.8M-12.6% | $11.2M-0.3% | $11.2M-8.9% | $12.3M-0.3% | $12.4M-5.3% | $13.0M-3.8% | $13.6M-13.4% | $15.7M |
| Operating Income | -$8.0M-176.2% | $10.6M+155.7% | -$18.9M-47.3% | -$12.9M+37.2% | -$20.5M-179.0% | -$7.3M+55.7% | -$16.6M+27.2% | -$22.7M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $36K+100.0% | $18K+125.0% | $8K-20.0% | $10K-9.1% | $11K+175.0% | $4K-60.0% | $10K0.0% | $10K |
| Net Income | -$8.7M-190.7% | $9.6M+148.9% | -$19.6M-47.8% | -$13.3M+35.8% | -$20.7M-99.4% | -$10.4M+49.7% | -$20.6M+9.3% | -$22.8M |
| EPS (Diluted) | $-0.10 | N/A | $-0.22-37.5% | $-0.16+36.0% | $-0.25 | N/A | $-0.29+9.4% | $-0.32 |
CDXS Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $129.4M-12.5% | $147.8M+19.2% | $124.0M-10.3% | $138.2M+7.3% | $128.9M-13.5% | $149.0M+0.6% | $148.2M+12.3% | $132.0M |
| Current Assets | $79.6M-17.7% | $96.8M+27.1% | $76.2M-14.1% | $88.7M+14.0% | $77.8M-21.2% | $98.8M-12.5% | $112.9M+23.5% | $91.4M |
| Cash & Equivalents | $36.6M-28.0% | $50.8M+100.4% | $25.4M-5.3% | $26.8M+46.1% | $18.3M-4.9% | $19.3M-48.6% | $37.5M+101.4% | $18.6M |
| Inventory | $2.0M+10.1% | $1.8M-6.1% | $1.9M-0.5% | $1.9M+9.2% | $1.8M-1.0% | $1.8M-14.5% | $2.1M-5.8% | $2.2M |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 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 | $86.1M-11.4% | $97.3M+13.9% | $85.4M+3.4% | $82.6M+4.2% | $79.3M-3.4% | $82.1M+9.8% | $74.8M+6.0% | $70.6M |
| Current Liabilities | $14.8M-41.3% | $25.3M+37.0% | $18.5M+21.3% | $15.2M-27.1% | $20.9M-11.6% | $23.6M-32.7% | $35.1M+15.0% | $30.5M |
| Long-Term Debt | $40.5M+0.9% | $40.1M+0.9% | $39.7M+0.9% | $39.4M+34.9% | $29.2M+1.0% | $28.9M+1.0% | $28.6M+0.9% | $28.4M |
| Total Equity | $43.2M-14.4% | $50.5M+31.1% | $38.5M-30.7% | $55.6M+12.1% | $49.6M-25.8% | $66.9M-8.8% | $73.4M+19.5% | $61.4M |
| Retained Earnings | -$615.5M-1.4% | -$606.8M+1.6% | -$616.4M-3.3% | -$596.8M-2.3% | -$583.5M-3.7% | -$562.8M-1.9% | -$552.4M-3.9% | -$531.8M |
CDXS Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$13.2M-165.4% | $20.1M+360.8% | -$7.7M+57.1% | -$18.0M-30.2% | -$13.8M+16.2% | -$16.5M-26.8% | -$13.0M-6.7% | -$12.2M |
| Capital Expenditures | $176K-66.2% | $520K+185.7% | $182K-92.8% | $2.5M+100.3% | $1.3M-29.3% | $1.8M+76.3% | $1.0M+154.7% | $395K |
| Free Cash Flow | -$13.3M-168.1% | $19.6M+348.2% | -$7.9M+61.5% | -$20.5M-36.1% | -$15.1M+17.5% | -$18.2M-30.4% | -$14.0M-11.4% | -$12.6M |
| Investing Cash Flow | -$1.1M-119.4% | $5.7M-10.6% | $6.4M+1840.3% | -$367K-103.1% | $11.8M+511.1% | -$2.9M-286.8% | $1.5M+105.7% | -$27.1M |
| Financing Cash Flow | -$14K-107.8% | $180K+262.2% | -$111K-100.4% | $26.8M+2367.6% | $1.1M-4.2% | $1.1M-96.3% | $30.3M+15483.8% | -$197K |
| 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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 86.5%-8.3pp | 94.8%+23.4pp | 71.3%-15.0pp | 86.3%+22.5pp | 63.8%-19.2pp | 83.0%+16.6pp | 66.4%+9.7pp | 56.6% |
| Operating Margin | -52.8%-79.9pp | 27.1%+247.4pp | -220.3%-136.4pp | -83.9%+187.7pp | -271.6%-237.4pp | -34.2%+94.8pp | -129.0%+155.9pp | -284.9% |
| Net Margin | -57.1%-81.8pp | 24.7%+252.7pp | -228.1%-141.5pp | -86.6%+187.7pp | -274.3%-225.9pp | -48.4%+112.5pp | -160.8%+124.4pp | -285.2% |
| Return on Equity | -20.1%-39.1pp | 19.0%+69.9pp | -50.9%-27.0pp | -23.9%+17.8pp | -41.7%-26.2pp | -15.5%+12.6pp | -28.1%+8.9pp | -37.0% |
| Return on Assets | -6.7%-13.2pp | 6.5%+22.3pp | -15.8%-6.2pp | -9.6%+6.5pp | -16.1%-9.1pp | -7.0%+7.0pp | -13.9%+3.3pp | -17.2% |
| Current Ratio | 5.36+1.5 | 3.82-0.3 | 4.12-1.7 | 5.82+2.1 | 3.72-0.5 | 4.18+1.0 | 3.21+0.2 | 2.99 |
| Debt-to-Equity | 0.94+0.1 | 0.79-0.2 | 1.03+0.3 | 0.71+0.1 | 0.59+0.2 | 0.43+0.0 | 0.39-0.1 | 0.46 |
| FCF Margin | -87.4%-137.7pp | 50.3%+142.0pp | -91.7%+41.9pp | -133.6%+65.9pp | -199.6%-114.6pp | -85.0%+24.0pp | -109.0%+48.4pp | -157.4% |
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Frequently Asked Questions
What is Codexis Inc's annual revenue?
Codexis Inc (CDXS) reported $70.4M in total revenue for fiscal year 2025. This represents a 18.6% 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 grew by 18.6% year-over-year, from $59.3M to $70.4M in fiscal year 2025.
Is Codexis Inc profitable?
No, Codexis Inc (CDXS) reported a net income of -$44.0M in fiscal year 2025, with a net profit margin of -62.5%.
What is Codexis Inc's EBITDA?
Codexis Inc (CDXS) had EBITDA of -$36.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Codexis Inc have?
As of fiscal year 2025, Codexis Inc (CDXS) had $50.8M in cash and equivalents against $40.1M in long-term debt.
What is Codexis Inc's gross margin?
Codexis Inc (CDXS) had a gross margin of 86.7% in fiscal year 2025, 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 -59.3% in fiscal year 2025, 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 -62.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Codexis Inc's return on equity (ROE)?
Codexis Inc (CDXS) has a return on equity of -87.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Codexis Inc's free cash flow?
Codexis Inc (CDXS) generated -$23.8M in free cash flow during fiscal year 2025. This represents a 55.6% 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 -$19.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Codexis Inc's total assets?
Codexis Inc (CDXS) had $147.8M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Codexis Inc's capital expenditures?
Codexis Inc (CDXS) invested $4.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Codexis Inc spend on research and development?
Codexis Inc (CDXS) invested $52.3M in research and development during fiscal year 2025.
What is Codexis Inc's current ratio?
Codexis Inc (CDXS) had a current ratio of 3.82 as of fiscal year 2025, which is generally considered healthy.
What is Codexis Inc's debt-to-equity ratio?
Codexis Inc (CDXS) had a debt-to-equity ratio of 0.79 as of fiscal year 2025, 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 -29.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Codexis Inc's cash runway?
Based on fiscal year 2025 data, Codexis Inc (CDXS) had $50.8M in cash against an annual operating cash burn of $19.4M. This gives an estimated cash runway of approximately 31 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 Altman Z-Score?
Codexis Inc (CDXS) has an Altman Z-Score of -4.37, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Codexis Inc's Piotroski F-Score?
Codexis Inc (CDXS) has a Piotroski F-Score of 4 out of 9, indicating neutral 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 to 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 0.44x, 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 61 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.