Codexis (CDXS) financial statements
Codexis reported revenue of $70M in fiscal 2025, up 4.1% a year over 9 years.
Net income was -$44M and the operating margin -59.3%, against -17.5% in 2016.
Free cash flow was -$24M.
The diluted share count rose 114% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Codexis's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $49M | $50M | $61M | $68M | $69M | $105M | $139M | $70M | $59M | $70M |
| Cost of revenue | $10M | $14M | $13M | $16M | $14M | $22M | $38M | $13M | $16M | $9M |
| Gross profit | $39M | $36M | $48M | $53M | $55M | $83M | $101M | $57M | $43M | $61M |
| Research and development | $22M | $30M | $30M | $34M | $44M | $56M | $80M | $59M | $46M | $52M |
| Selling, general and admin | $25M | $29M | $29M | $32M | $35M | $49M | $52M | $53M | $55M | $47M |
| Operating income | -$9M | -$23M | -$11M | -$13M | -$24M | -$23M | -$35M | -$68M | -$59M | -$42M |
| Pre-tax income | -$9M | -$23M | -$11M | -$12M | -$24M | -$21M | -$33M | -$76M | -$65M | -$44M |
| Income tax | -$40,000 | $81,000 | -$37,000 | $17,000 | $339,000 | $189,000 | $276,000 | $69,000 | $34,000 | $47,000 |
| Net income | -$9M | -$23M | -$11M | -$12M | -$24M | -$21M | -$34M | -$76M | -$65M | -$44M |
| EPS (diluted) | -$0.21 | -$0.50 | -$0.21 | -$0.21 | -$0.40 | -$0.33 | -$0.51 | -$1.12 | -$0.89 | -$0.50 |
| Diluted shares | 41M | 46M | 52M | 57M | 59M | 65M | 65M | 68M | 73M | 87M |
| Gross margin | 80.0% | 71.4% | 79.2% | 77.2% | 80.1% | 78.8% | 72.6% | 81.7% | 72.6% | 86.7% |
| Operating margin | -17.5% | -45.9% | -18.6% | -18.3% | -34.6% | -21.7% | -25.2% | -97.0% | -98.6% | -59.3% |
| Net margin | -17.5% | -46.0% | -18.0% | -17.4% | -34.8% | -20.3% | -24.2% | -108.7% | -110.0% | -62.5% |
Balance sheet
Fiscal years, from Codexis's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $12M | $7M | $32M | $90M | $149M | $117M | $114M | $65M | $73M | $78M |
| Receivables | $6M | $11M | $12M | $9M | $14M | $25M | $32M | $10M | — | — |
| Inventory | $825,000 | $1M | $589,000 | $371,000 | $964,000 | $1M | $2M | $3M | $2M | $2M |
| Total current assets | $27M | $45M | $68M | $114M | $184M | $162M | $163M | $93M | $99M | $97M |
| Property, plant and equipment | $2M | $3M | $5M | $6M | $10M | $21M | $23M | $15M | $14M | $13M |
| Goodwill | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $2M | $2M | $2M |
| Total assets | $36M | $54M | $79M | $149M | $222M | $246M | $250M | $137M | $149M | $148M |
| Total current liabilities | $12M | $25M | $18M | $15M | $25M | $33M | $49M | $36M | $24M | $25M |
| Long-term debt | $0 | $302,000 | — | — | — | — | — | $0 | $29M | $40M |
| Total liabilities | $17M | $29M | $23M | $44M | $52M | $82M | $106M | $50M | $82M | $97M |
| Shareholders' equity | $19M | $25M | $56M | $106M | $170M | $164M | $145M | $87M | $67M | $51M |
| Net debt | -$19M | -$31M | -$53M | -$90M | -$149M | -$117M | -$114M | -$65M | $10M | -$11M |
Cash flow
Fiscal years, from Codexis's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$2M | -$9M | -$14M | -$13M | -$16M | -$14M | $11M | -$53M | -$49M | -$19M |
| Capital spending | $888,000 | $985,000 | $3M | $4M | $4M | $14M | $8M | $4M | $4M | $4M |
| Free cash flow | -$3M | -$10M | -$17M | -$16M | -$20M | -$28M | $3M | -$57M | -$54M | -$24M |
| Stock-based compensation | $6M | $7M | $8M | $7M | $8M | $12M | $15M | $10M | $13M | $10M |
| Net borrowing | — | — | — | — | — | — | $0 | $0 | $30M | $10M |
| Free cash flow margin | -5.6% | -19.5% | -27.8% | -23.8% | -29.3% | -26.8% | 2.1% | -81.3% | -90.5% | -33.9% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for CDXS.
Open CDXS in InvestinglyQuestions
What was Codexis's revenue in 2025?
$70M in fiscal 2025, from its 10-K filing.
How much free cash flow does Codexis generate?
-$24M in fiscal 2025 (operating cash flow minus capital spending).
From Codexis's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.