CDXS CODEXIS, INC.

Overview and Growth

In fiscal 2025, CODEXIS, INC. recorded $70.39M of revenue, net loss of $43.97M, and an operating cash outflow of $19.38M. Revenue of $70.39M sets the scale for evaluating how effectively sales translated into profit and cash during the year. The top line expanded 18.6% from $59.34M in fiscal 2024, increasing the company’s operating scale. Diluted earnings per share were -$0.50, translating the period’s attributable earnings into the amount reported for each diluted share. The company employed $147.80M of total assets, the balance-sheet base supporting its current operating and cash-flow results. Revenue equaled 0.48x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

The first profit layer was $61.05M of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. The gross-profit relationship equaled 86.7% of revenue, quantifying the portion retained before operating expenses were recognized. The company recorded an operating loss of $41.74M after the reported operating expense base. Relative to revenue, the operating deficit measured 59.3%, showing the shortfall after operating costs. The company ended the period with a net loss of $43.97M, extending the operating result through all remaining items. Measured against revenue, the bottom-line deficit represented 62.5% after all recognized items. Before income taxes, the company recorded a loss of $43.93M, bridging the operating result to the final net loss. The pretax loss equaled 62.4% of revenue, measuring the pre-tax deficit against sales. The reported income-tax provision was $47.00K, the amount recognized between pretax income and the final net-income result. The loss-to-equity relationship was 87.0%, placing the bottom-line deficit against shareholder capital. Relative to total assets, the net loss represented 29.8%.

Liquidity and Capital Structure

The company held $147.80M of assets against $97.27M of liabilities and $50.53M of equity, revealing how the asset base was financed. The near-term balance sheet paired $96.82M of current assets with $25.32M of current liabilities at the reporting date. The current ratio was 3.82x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. The company held $50.79M in cash and equivalents, a narrower liquidity measure than total current assets. The cash balance equaled 200.6% of current liabilities, showing how much near-term coverage came from cash alone. Total debt was $40.10M, establishing the amount of borrowing carried within the company’s capital structure. Against book equity, debt measured 0.79x, placing the company’s financial leverage in clear balance-sheet terms. Debt represented 27.1% of total assets, placing borrowing in the context of the company’s full resource base. The liabilities-to-assets relationship was 65.8%, placing reported obligations against the full positive asset balance. Cash and equivalents equaled 34.4% of total assets, showing the liquid cash component within the company’s broader resource base. Compared with $149.01M in fiscal 2024, the current asset base moved 0.8% and finished lower. Reported equity changed 24.5% from $66.93M in fiscal 2024, placing the current capital base lower year over year. Compared with $19.26M in fiscal 2024, the current cash balance moved 163.7% and finished higher.

Cash Flow and Earnings Quality

The company reported an operating cash outflow of $19.38M, rather than cash generation from operations. Capital spending of $4.47M added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. Negative free cash flow was $23.85M, leaving a cash deficit after capital spending and reducing financial flexibility. The free-cash-flow deficit equaled 33.9% of revenue, showing the post-investment cash shortfall relative to sales. Relative to total assets, the post-investment cash deficit measured 16.1%.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.