CDXS · Codexis, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.25M | - | $8.60M | $15.33M | $7.54M | - | $12.83M | $7.98M | $17.07M | - |
| Cost of Revenue | $2.06M | - | $2.46M | $2.10M | $2.73M | - | $4.32M | $3.46M | $4.86M | - |
| Gross Profit | $13.18M | - | $6.14M | $13.23M | $4.81M | - | $8.52M | $4.52M | $12.22M | - |
| R&D | $11.45M | - | $13.87M | $13.78M | $12.94M | - | $11.51M | $11.41M | $11.25M | - |
| SG&A | $9.78M | - | $11.22M | $12.32M | $12.36M | - | $13.57M | $15.67M | $12.86M | - |
| Total Operating Expenses | $23.29M | - | $27.55M | $28.19M | $28.03M | - | $29.39M | $30.71M | $28.96M | - |
| D&A | $1.29M | - | $1.32M | $1.30M | $1.25M | - | $1.18M | $1.24M | $1.25M | - |
| Operating Income | ($8.04M) | - | ($18.95M) | ($12.86M) | ($20.49M) | - | ($16.56M) | ($22.73M) | ($11.89M) | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | $36.0K | - | $8.0K | $10.0K | $11.0K | - | $10.0K | $10.0K | $10.0K | - |
| Net Income | ($8.70M) | - | ($19.61M) | ($13.27M) | ($20.69M) | - | ($20.64M) | ($22.75M) | ($11.51M) | - |
| EPS - Basic | ($0.10) | - | ($0.22) | ($0.16) | ($0.25) | - | ($0.29) | ($0.32) | ($0.16) | - |
| EPS - Diluted | ($0.10) | - | ($0.22) | ($0.16) | ($0.25) | - | ($0.29) | ($0.32) | ($0.16) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $36.57M | $50.79M | $25.35M | $26.76M | $18.32M | $19.26M | $37.45M | $18.59M | $58.05M | $65.12M |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | $10.04M |
| Inventory | $2.00M | $1.82M | $1.94M | $1.95M | $1.78M | $1.80M | $2.10M | $2.23M | $2.44M | $2.69M |
| Accounts Payable | $2.13M | $1.55M | $2.42M | $1.47M | $6.05M | $2.84M | $4.21M | $3.69M | $3.46M | $5.95M |
| Current Assets | $79.65M | $96.82M | $76.19M | $88.73M | $77.81M | $98.77M | $112.90M | $91.40M | $107.95M | $93.47M |
| Total Assets | $129.37M | $147.80M | $123.96M | $138.25M | $128.89M | $149.01M | $148.18M | $132.01M | $149.56M | $136.56M |
| Current Liabilities | $14.85M | $25.32M | $18.48M | $15.24M | $20.90M | $23.65M | $35.13M | $30.54M | $29.08M | $35.83M |
| Long-term Debt | $40.48M | $40.10M | $39.73M | $39.37M | $29.19M | $28.91M | $28.63M | $28.36M | $28.10M | - |
| Total Liabilities | $86.14M | $97.27M | $85.42M | $82.61M | $79.26M | $82.08M | $74.78M | $70.56M | $70.29M | $49.95M |
| Stockholders' Equity | $43.23M | $50.53M | $38.54M | $55.63M | $49.63M | $66.93M | $73.40M | $61.45M | $79.27M | $86.61M |
| Retained Earnings | ($615.48M) | ($606.78M) | ($616.38M) | ($596.77M) | ($583.49M) | ($562.81M) | ($552.43M) | ($531.79M) | ($509.04M) | ($497.53M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($13.15M) | - | - | - | ($13.80M) | - | - | - | ($7.79M) | - |
| Investing Cash Flow | ($1.11M) | - | - | - | $11.77M | - | - | - | ($28.56M) | - |
| Financing Cash Flow | ($14.0K) | - | - | - | $1.08M | - | - | - | $29.28M | - |
| CapEx | $176.0K | - | - | - | $1.26M | - | - | - | $1.13M | - |
| Free Cash Flow | ($13.33M) | - | - | - | ($15.05M) | - | - | - | ($8.92M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 86.5% | - | 71.3% | 86.3% | 63.8% | - | 66.4% | 56.6% | 71.6% | - |
| Operating margin | -52.7% | - | -220.3% | -83.9% | -271.6% | - | -129.0% | -284.9% | -69.6% | - |
| EBITDA margin | -44.3% | - | -205.0% | -75.4% | -255.0% | - | -119.8% | -269.4% | -62.3% | - |
| Net margin | -57.1% | - | -228.1% | -86.6% | -274.3% | - | -160.8% | -285.2% | -67.4% | - |
| Free cash flow margin | -87.4% | - | - | - | -199.6% | - | - | - | -52.2% | - |
| FCF / Net income | 1.53 | - | - | - | 0.73 | - | - | - | 0.78 | - |
| R&D / Revenue | 75.1% | - | 161.2% | 89.9% | 171.6% | - | 89.7% | 143.0% | 65.9% | - |
| SG&A / Revenue | 64.1% | - | 130.4% | 80.4% | 163.8% | - | 105.7% | 196.4% | 75.3% | - |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -6.7% | - | -15.8% | -9.6% | -16.1% | - | -13.9% | -17.2% | -7.7% | - |
| Return on equity | -20.1% | - | -50.9% | -23.9% | -41.7% | - | -28.1% | -37.0% | -14.5% | - |
| Return on invested capital | -7.6% | - | -19.1% | -10.7% | -20.5% | - | -12.8% | -20.0% | -8.7% | - |
| Liquidity | ||||||||||
| Current ratio | 5.36 | 3.82 | 4.12 | 5.82 | 3.72 | 4.18 | 3.21 | 2.99 | 3.71 | 2.61 |
| Quick ratio | 5.23 | 3.75 | 4.02 | 5.70 | 3.64 | 4.10 | 3.15 | 2.92 | 3.63 | 2.53 |
| Cash ratio | 2.46 | 2.01 | 1.37 | 1.76 | 0.88 | 0.81 | 1.07 | 0.61 | 2.00 | 1.82 |
| Leverage | ||||||||||
| Debt / Equity | 0.94 | 0.79 | 1.03 | 0.71 | 0.59 | 0.43 | 0.39 | 0.46 | 0.35 | - |
| Debt / Assets | 0.31 | 0.27 | 0.32 | 0.28 | 0.23 | 0.19 | 0.19 | 0.21 | 0.19 | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 2.99 | 2.92 | 3.22 | 2.49 | 2.60 | 2.23 | 2.02 | 2.15 | 1.89 | 1.58 |
| Liabilities / Assets | 0.67 | 0.66 | 0.69 | 0.60 | 0.61 | 0.55 | 0.50 | 0.53 | 0.47 | 0.37 |
| Efficiency | ||||||||||
| Asset turnover | 0.12 | - | 0.07 | 0.11 | 0.06 | - | 0.09 | 0.06 | 0.11 | - |
| Inventory turnover | 1.03 | - | 1.27 | 1.08 | 1.53 | - | 2.05 | 1.55 | 1.99 | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | 354d | - | 287d | 338d | 238d | - | 178d | 235d | 184d | - |
| Days payable outstanding | 376d | - | 359d | 255d | 808d | - | 356d | 389d | 260d | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | 3.4x | - | 5.7x | 3.7x | 4.5x | - | 3.0x | 3.6x | 3.1x | - |
| P / S | 9.7x | - | 25.6x | 13.6x | 29.4x | - | 17.3x | 27.3x | 14.3x | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 102.1% | - | -33.0% | 92.1% | -55.8% | - | 38.3% | -62.6% | 31.5% | - |
| Revenue CAGR (3y) | 5.5% | - | -37.0% | -26.4% | -40.2% | - | -29.6% | -32.1% | -1.8% | - |
| Revenue CAGR (5y) | -3.3% | - | -14.1% | 0.5% | -12.5% | - | -10.1% | -8.3% | 1.8% | - |
| Gross profit growth (YoY) | 174.0% | - | -27.9% | 192.9% | -60.6% | - | 21.2% | -75.1% | 44.4% | - |
| Operating income growth (YoY) | 60.7% | - | -14.4% | 43.4% | -72.3% | - | 48.4% | -80.0% | 49.8% | - |
| Net income growth (YoY) | 57.9% | - | 5.0% | 41.7% | -79.8% | - | 40.9% | -97.5% | 49.1% | - |
| EPS growth (YoY) | 60.0% | - | 24.1% | 50.0% | -56.3% | - | 42.0% | -88.2% | 52.9% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | 11.5% | - | - | - | -68.8% | - | - | - | 24.1% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -12.9% | -24.5% | -47.5% | -9.5% | -37.4% | -22.7% | -19.8% | -50.5% | -37.1% | -40.2% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$70.39M totalResearch And Development Revenue$44.36M · 63.0%
Product$26.03M · 37.0%
Geographic
$134.19M totalAmericas$43.54M · 32.4%
US$43.50M · 32.4%
Asia Pacific$17.56M · 13.1%
CN$9.30M · 6.9%
EMEA$9.29M · 6.9%
IN$5.70M · 4.2%
CH$4.20M · 3.1%
IE$700.0K · 0.5%
SG$400.0K · 0.3%
Peer comparison
Same SIC group: Industrial Organic Chemicals
Comparing CODEXIS against the 5 most active filers in the same SIC group.