Operating cash flow was negative at -$9.6M in 2026Q2 with free cash flow of -$10.5M, and cash fell from a $58.0M peak in 2024Q1 to $27.2M, suggesting the liquidity runway warrants close monitoring.
Codexis, Inc. (CDXS) cash flow statement — 20-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Cash from Operations | -10.4M | -19.38M | -49.41M | -52.64M | 11.28M | -14.27M | -16.46M | -12.56M | -14.09M | -8.76M | -2.7M | -433K | 321K | -23M | -11.89M | -490K | -16.38M | -8.69M | -36.32M | -6.47M | -13.29M |
| Operating CF Margin % | - | -27.53% | -83.26% | -75.04% | 8.14% | -13.62% | -23.84% | -18.35% | -23.26% | -17.52% | -5.53% | -1.04% | 0.91% | -72.04% | -13.47% | -0.4% | -15.3% | -10.48% | -71.94% | -25.54% | -109.57% |
| Operating CF Growth % | 313.71% | 60.79% | 6.13% | -566.48% | 179.09% | 13.34% | -31.08% | 10.88% | -60.84% | -224.44% | -523.79% | -234.89% | 101.4% | -93.39% | -2326.94% | 97.01% | -88.61% | 76.08% | -461.3% | 51.31% | - |
| Net Income | -30.72M | -43.97M | -65.28M | -76.24M | -33.59M | -21.28M | -24.01M | -11.94M | -10.88M | -23M | -8.56M | -7.58M | -19.07M | -41.3M | -30.86M | -16.55M | -8.54M | -20.29M | -45.13M | -38.98M | -18.67M |
| Depreciation & Amortization | 8.7M | 5.25M | 4.95M | 9.92M | 10.25M | 5.95M | 4.55M | 4.56M | 1.15M | 1.04M | 4.55M | 5.41M | 6.68M | 10.32M | 12.42M | 11.47M | 8.31M | 6.13M | 4.56M | 2.88M | 2.39M |
| Stock-Based Compensation | 7.72M | 9.62M | 13.09M | 9.97M | 14.53M | 11.59M | 7.73M | 6.94M | 7.89M | 7.09M | 5.67M | 5.13M | 4.62M | 4.39M | 5.08M | 9.43M | 8.74M | 4.82M | 3.46M | 1.26M | 64K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -2.88M | -900K | 0 | 0 | 9K | 0 | -314K | 1.19M | -2.81M | 3M | 16.6M | 174K | 998K | -143K | 185K | 73K |
| Other Non-Cash Items | 703K | 3.31M | 9.85M | 21.93M | -1.48M | -19K | 55K | 525K | 91K | -207K | -42K | 32K | 698K | 4.43M | -114K | -15.86M | 1.79M | 627K | -103K | 1.94M | 161K |
| Working Capital Changes | 3.2M | 6.42M | -12.02M | -18.22M | 21.57M | -7.62M | -3.89M | -12.65M | -12.34M | 6.3M | -4.32M | -3.1M | 6.2M | 1.97M | -1.42M | -5.58M | -26.86M | -973K | 1.03M | 26.24M | 2.7M |
| Change in Receivables | 367K | 8.51M | 1.25M | 20.25M | -3.23M | -15.57M | -12.32M | 2.52M | 960K | -5.65M | 1.41M | -3.46M | 1.59M | 1.63M | 11.37M | -3.58M | -8.09M | -1.05M | 226K | -3.15M | 369K |
| Change in Inventory | 342K | -19K | 886K | -656K | -869K | -196K | -593K | 217K | 447K | -210K | 167K | 403K | 92K | -185K | 3.19M | -1.67M | 98K | 58K | -1.38M | -283K | -354K |
| Change in Payables | 1.16M | -1.29M | -2.57M | 2.29M | 207K | 268K | 101K | -428K | -524K | -801K | 942K | -1.27M | 713K | 308K | -6.71M | 1.16M | -791K | 189K | 4.94M | 1.17M | 1.41M |
| Cash from Investing | 11.16M | 23.5M | -56.98M | -4.86M | -13.58M | -21.42M | -5.75M | -3.67M | -2.77M | -908K | -842K | -1.26M | 4.65M | 13.27M | 16.71M | -48.81M | -5.17M | -21.06M | 7.06M | -39.21M | 205K |
| Capital Expenditures | -1.78M | -4.47M | -4.3M | -4.42M | -8.31M | -13.83M | -3.75M | -3.73M | -2.77M | -985K | -888K | -1.2M | -302K | -1.18M | -2.93M | -10.74M | -27.7M | -10.8M | -8.54M | -8.24M | -1.1M |
| CapEx % of Revenue | 2.29% | 6.35% | 7.25% | 6.3% | 5.99% | 13.2% | 5.43% | 5.45% | 4.57% | 1.97% | 1.82% | 2.87% | 0.86% | 3.68% | 3.32% | 8.67% | 25.86% | 13.02% | 16.91% | 32.55% | 9.09% |
| Acquisitions | 4K | 5K | 87K | 751K | 29K | 36K | 0 | 3K | 2K | 2K | 42K | 18K | 1.5M | 0 | 0 | 0 | -20.69M | 0 | 0 | -1.17M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 12K | 0 | 0 | -440K | 29K | 36K | 0 | 3K | 2K | 77K | 0 | -58K | 282K | 1.04M | 19.64M | -45K | 19.97M | 193K | 1.27M | -1.3M | -193K |
| Cash from Financing | 121K | 27.93M | 60.52M | 8.17M | -575K | 3.77M | 80.81M | 53.96M | 38.57M | 21.65M | -490K | -1.52M | -611K | -147K | 1.26M | 2.58M | 62.24M | 40M | -3.89M | 68.38M | 39.71M |
| Debt Issued (Net) | 0 | 9.89M | 29.52M | 0 | 0 | 0 | -60K | -242K | -238K | -175K | 0 | 0 | 0 | 0 | 0 | 0 | -8.03M | -6.09M | -4.26M | 13.32M | 4.18M |
| Equity Issued (Net) | 203K | 18.03M | 31.32M | 8.65M | 913K | 4.97M | 86.25M | 50M | 37.5M | 23.78M | 1.03M | 0 | 9K | 0 | 0 | 0 | 72.54M | 46.93M | 0 | 51.75M | 35.48M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.81M | 0 | -465K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -82K | 0 | -318K | -485K | -1.49M | -1.21M | -5.38M | 4.2M | 1.31M | -1.96M | -1.52M | -1.52M | -620K | -147K | 1.26M | 2.58M | -2.28M | -842K | 378K | 3.3M | 55K |
| Net Change in Cash | 881K | 32.05M | -45.87M | -49.33M | -2.87M | -31.92M | 58.6M | 37.74M | 21.71M | 11.98M | -4.03M | -3.21M | 4.36M | -9.87M | 6.24M | -46.63M | 40.61M | 9.88M | -33.17M | 22.83M | 26.74M |
| Free Cash Flow | -12.18M | -23.85M | -53.72M | -57.06M | 2.98M | -28.09M | -20.21M | -16.29M | -16.86M | -9.75M | -3.59M | -1.63M | 19K | -24.17M | -14.82M | -11.23M | -44.08M | -19.48M | -44.85M | -14.71M | -14.39M |
| FCF Margin % | -15.68% | -33.88% | -90.51% | -81.34% | 2.15% | -26.82% | -29.27% | -23.8% | -27.83% | -19.49% | -7.35% | -3.9% | 0.05% | -75.73% | -16.79% | -9.06% | -41.15% | -23.5% | -88.86% | -58.09% | -118.65% |
| FCF Growth % | 82.03% | 55.6% | 5.86% | -2016.56% | 110.6% | -39% | -24.08% | 3.39% | -72.98% | -171.61% | -119.91% | -8689.47% | 100.08% | -63.06% | -32.06% | 74.53% | -126.24% | 56.56% | -204.81% | -2.27% | - |
| FCF per Share | -0.13 | -0.27 | -0.73 | -0.84 | 0.05 | -0.44 | -0.34 | -0.29 | -0.32 | -0.21 | -0.09 | -0.04 | 0.00 | -0.63 | -0.40 | -0.31 | -1.79 | -7.43 | -16.53 | -5.42 | -5.30 |
| FCF Conversion (FCF/Net Income) | 0.40x | 0.44x | 0.76x | 0.69x | -0.34x | 0.67x | 0.69x | 1.05x | 1.30x | 0.38x | 0.32x | 0.06x | -0.02x | 0.56x | 0.39x | 0.03x | 1.92x | 0.43x | 0.80x | 0.17x | 0.71x |
| Interest Paid | 0 | 0 | 2.57M | 44K | 34K | 14K | 52K | 49K | 84K | 141K | 14K | 0 | 0 | 0 | 0 | 0 | 0 | 1.07M | 1.57M | 686K | 383K |
| Taxes Paid | 0 | 0 | 17K | 194K | 100K | 102K | 312K | 5K | 5K | 32K | 5K | 8K | 15K | -103K | 126K | 89K | 336K | 364K | 80K | 99K | 132K |
Quick answers to the most common questions about buying CDXS stock.
Codexis, Inc. (CDXS) generated $-19.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Codexis, Inc. (CDXS) reported negative free cash flow of $23.8M in 2025, indicating capital requirements exceeded cash from operations.
Codexis, Inc. (CDXS) spent $4.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Persistent operating cash burn
Metrics are mathematically derived from official filings.
Negative Earnings Mask Volatile Cash Conversion
Based on Codexis's reported figures, operating cash flow tracked net income in direction over most quarters, but the OCF-to-NI ratio swung from 0.39 to 2.09, indicating that cash conversion quality is inconsistent and not yet a reliable signal of earnings strength.
Because net income was negative in eight of ten quarters, the OCF/NI ratios above 1.0 in several periods reflect cash losses that were smaller than accounting losses rather than genuine cash generation. The positive ratio in 2025Q4 coincided with a $20.1M operating cash inflow, which appears to be driven by working capital release rather than sustainable earnings. Investors should monitor whether conversion stabilizes once revenue normalizes, as the current pattern warrants further investigation.
Free Cash Flow Deeply Negative Across Cycle
As reported in financial statements, Codexis posted negative free cash flow in nine of ten quarters, with FCF margins ranging from -199.6% in 2025Q1 to a single positive quarter of 50.3% in 2025Q4.
The trajectory shows no durable improvement, as the sole positive FCF quarter appears to reflect a one-time working capital inflow rather than structural margin expansion. Recent quarters, including -87.4% in 2026Q1 and -70.7% in 2026Q2, suggest burn rates remain substantial relative to revenue. This pattern may indicate that the business has not yet reached a cash-generating scale.
Capital Spending Light Relative to Burn
Based on Codexis's reported figures, CapEx peaked at 16.7% of revenue in 2025Q1 but has been below 2.5% of revenue in most recent quarters, suggesting the cash burn is driven by operating losses rather than capital intensity.
Low and irregular capital expenditure implies that asset replacement is modest and that the company is not heavily investing in physical capacity. The spike in 2025Q1 and 2025Q2 may reflect discrete investment rather than ongoing maintenance needs. Given D&A of roughly $1.3M to $2.2M per quarter, maintenance capex appears to be running below depreciation in several periods, which may warrant further investigation into asset base sustainability.
Working Capital Swings Drive Quarterly Noise
According to reported financials, working capital changes ranged from a $13.6M outflow in 2024Q4 to a $7.3M inflow in 2025Q3, and these swings account for a large share of quarterly cash variance.
The magnitude of working capital movements relative to operating cash flow suggests that reported quarterly cash figures are heavily influenced by timing of collections and payables rather than underlying operations. The 2026Q1 outflow of $8.2M alongside a 2025Q4 inflow of $5.7M indicates reversals that may reflect receivable timing. Investors should monitor whether these swings net out over a full cycle before drawing conclusions about cash efficiency.
Cumulative Losses Exceed Cash Reality Gap
Based on Codexis's reported figures, cumulative net losses over the ten quarters total roughly $130M, while cumulative operating cash flow is roughly -$90M, leaving a gap that is narrower than the accounting loss but still reflects sustained value erosion.
The gap between net income and operating cash flow is partly explained by stock-based compensation, which ran between $1.4M and $4.7M per quarter and is a non-cash add-back. Cash losses being smaller than accounting losses does not indicate health, since both measures remain negative. This pattern suggests the business has consumed capital over the observed period, and investors should monitor funding needs.
Working Capital Timing May Flatter Quarters
As reported in financial statements, the single positive FCF quarter in 2025Q4 relied on a $5.7M working capital inflow, and the bear case is that such timing benefits may not repeat, leaving underlying burn intact.
If the positive 2025Q4 result reflects receivable or payable timing rather than improved unit economics, the apparent improvement in cash conversion would be temporary. Stock-based compensation, which adds back between $1.4M and $4.7M per quarter, also narrows the gap between reported losses and cash burn without altering economic dilution. Investors should monitor whether the cash burn narrows on a normalized basis without working capital assistance.