Revenue has been highly volatile, with gross margins of 56.6% to 91.4% failing to translate into operating profit in eight of ten quarters, as the 2026Q2 operating margin of -75.3% on $14.9M of revenue illustrates.
Codexis, Inc. (CDXS) annual income statement — 20-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 77.68M | 70.39M | 59.34M | 70.14M | 138.59M | 104.75M | 69.06M | 68.46M | 60.59M | 50.02M | 48.84M | 41.8M | 35.31M | 31.92M | 88.3M | 123.86M | 107.1M | 82.91M | 50.48M | 25.33M | 12.13M |
| Revenue Growth % | 35.89% | 18.61% | -15.39% | -49.39% | 32.3% | 51.69% | 0.87% | 12.98% | 21.13% | 2.43% | 16.82% | 18.4% | 10.6% | -63.85% | -28.71% | 15.65% | 29.18% | 64.25% | 99.26% | 108.9% | - |
| Cost of Goods Sold | 12.65M | 9.34M | 16.29M | 12.81M | 38.03M | 22.21M | 13.74M | 15.63M | 12.62M | 14.33M | 9.75M | 6.59M | 9.73M | 14.55M | 30.65M | 41.78M | 27.98M | 16.68M | 13.19M | 8.32M | 1.81M |
| COGS % of Revenue | - | 13.27% | 27.45% | 18.26% | 27.44% | 21.2% | 19.9% | 22.83% | 20.83% | 28.64% | 19.97% | 15.75% | 27.55% | 45.59% | 34.71% | 33.73% | 26.13% | 20.12% | 26.13% | 32.84% | 14.89% |
| Gross Profit | 65.03M | 61.05M | 43.06M | 57.33M | 100.56M | 82.55M | 55.31M | 52.83M | 47.97M | 35.7M | 39.08M | 35.22M | 25.58M | 17.37M | 57.65M | 82.08M | 79.12M | 66.23M | 37.29M | 17.01M | 10.32M |
| Gross Margin % | 83.71% | 86.73% | 72.55% | 81.74% | 72.56% | 78.8% | 80.1% | 77.17% | 79.17% | 71.36% | 80.03% | 84.25% | 72.45% | 54.41% | 65.29% | 66.27% | 73.87% | 79.88% | 73.87% | 67.16% | 85.11% |
| Gross Profit Growth % | - | 41.79% | -24.9% | -42.98% | 21.82% | 49.23% | 4.71% | 10.11% | 34.39% | -8.67% | 10.98% | 37.67% | 47.29% | -69.87% | -29.77% | 3.74% | 19.47% | 77.61% | 119.17% | 64.85% | - |
| Operating Expenses | 89.28M | 99.38M | 101.58M | 125.4M | 135.44M | 105.24M | 79.23M | 65.38M | 59.27M | 58.67M | 47.65M | 42.99M | 44.69M | 58.51M | 88.16M | 97.99M | 86.25M | 84.6M | 81.26M | 55.36M | 29.14M |
| OpEx % of Revenue | - | 141.19% | 171.16% | 178.78% | 97.73% | 100.47% | 114.74% | 95.5% | 97.81% | 117.28% | 97.57% | 102.83% | 126.58% | 183.3% | 99.85% | 79.11% | 80.53% | 102.04% | 160.99% | 218.52% | 240.27% |
| Selling, General & Admin | 42.48M | 47.07M | 55.15M | 53.25M | 52.17M | 49.32M | 35.05M | 31.5M | 29.29M | 29.01M | 25.42M | 22.32M | 21.94M | 26.91M | 31.38M | 36.94M | 33.84M | 29.87M | 35.71M | 19.71M | 11.88M |
| SG&A % of Revenue | - | 66.88% | 92.93% | 75.92% | 37.64% | 47.08% | 50.75% | 46.02% | 48.34% | 57.99% | 52.05% | 53.38% | 62.13% | 84.29% | 35.54% | 29.82% | 31.6% | 36.03% | 70.74% | 77.82% | 97.96% |
| Research & Development | 46.81M | 52.31M | 46.26M | 58.88M | 80.1M | 55.92M | 44.19M | 33.87M | 29.98M | 29.66M | 22.23M | 20.67M | 22.75M | 31.61M | 56.78M | 61.05M | 52.41M | 54.73M | 45.55M | 35.64M | 17.26M |
| R&D % of Revenue | - | 74.31% | 77.96% | 83.95% | 57.8% | 53.38% | 63.98% | 49.48% | 49.47% | 59.29% | 45.52% | 49.45% | 64.45% | 99.01% | 64.31% | 49.29% | 48.93% | 66.01% | 90.25% | 140.7% | 142.3% |
| Other Operating Expenses | 0 | 0 | 165K | 13.27M | 3.17M | 0 | 0 | 0 | -291K | -92K | -94K | -168K | -234K | 0 | -326K | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -24.26M | -38.33M | -58.52M | -68.07M | -34.88M | -22.7M | -23.92M | -12.55M | -11.29M | -22.97M | -8.56M | -7.77M | -19.11M | -41.15M | -30.51M | -15.91M | -7.12M | -18.37M | -43.97M | -38.34M | -18.82M |
| Operating Margin % | -31.23% | -54.46% | -98.61% | -97.04% | -25.17% | -21.67% | -34.64% | -18.33% | -18.64% | -45.92% | -17.54% | -18.59% | -54.13% | -128.9% | -34.56% | -12.84% | -6.65% | -22.15% | -87.11% | -151.36% | -155.16% |
| Operating Income Growth % | - | 34.5% | 14.03% | -95.15% | -53.68% | 5.11% | -90.61% | -11.1% | 50.83% | -168.22% | -10.22% | 59.34% | 53.55% | -34.85% | -91.82% | -123.29% | 61.21% | 58.23% | -14.68% | -103.78% | - |
| EBITDA | -15.56M | -33.08M | -53.57M | -58.15M | -24.63M | -16.75M | -19.37M | -7.99M | -10.15M | -21.93M | -4.02M | -2.36M | -12.43M | -30.83M | -18.1M | -4.44M | 1.19M | -12.24M | -39.41M | -35.46M | -16.43M |
| EBITDA Margin % | -20.03% | -47% | -90.27% | -82.9% | -17.77% | -15.99% | -28.04% | -11.67% | -16.75% | -43.84% | -8.23% | -5.65% | -35.19% | -96.57% | -20.49% | -3.58% | 1.11% | -14.76% | -78.07% | -139.97% | -135.47% |
| EBITDA Growth % | 68.38% | 38.25% | 7.86% | -136.08% | -47.04% | 13.51% | -142.32% | 21.25% | 53.72% | -445.74% | -70.18% | 81% | 59.69% | -70.36% | -307.94% | -474.35% | 109.68% | 68.95% | -11.14% | -115.83% | - |
| D&A (Non-Cash Add-back) | 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 |
| EBIT | -29.36M | -39.11M | -58.35M | -54.8M | -31.71M | -21.09M | -23.92M | -12.55M | -11.29M | -22.97M | -8.56M | -7.77M | -19.33M | -41.39M | -30.51M | -16.31M | -7.63M | -18.19M | -42.44M | -36.85M | -18.07M |
| Net Interest Income | 1.2M | -2.19M | 3.67M | 4.17M | 1.44M | 459K | 405K | 1.29M | 671K | 147K | 60K | 19K | 18K | 60K | 252K | 304K | -42K | -1.86M | -827K | -1.04M | 18K |
| Interest Income | 2.49M | 2.63M | 3.67M | 4.17M | 1.44M | 459K | 405K | 1.29M | 671K | 147K | 60K | 19K | 18K | 60K | 252K | 273K | 166K | 180K | 1.54M | 1.49M | 742K |
| Interest Expense | 1.29M | 4.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 675K | 1.2M | 2.04M | 2.37M | 2.53M | 724K |
| Other Income/Expense | -6.39M | -5.59M | -6.72M | -8.1M | 1.56M | 1.61M | 249K | 631K | 380K | 55K | -34K | -149K | -216K | -244K | -74K | -402K | -1.03M | -1.86M | -827K | -1.04M | 18K |
| Pretax Income | -30.65M | -43.93M | -65.24M | -76.17M | -33.32M | -21.09M | -23.67M | -11.92M | -10.91M | -22.91M | -8.6M | -7.92M | -19.33M | -41.39M | -30.59M | -16.31M | -8.16M | -20.22M | -44.8M | -39.38M | -18.8M |
| Pretax Margin % | -39.46% | -62.41% | -109.94% | -108.59% | -24.04% | -20.13% | -34.28% | -17.41% | -18.01% | -45.81% | -17.61% | -18.94% | -54.74% | -129.66% | -34.64% | -13.17% | -7.62% | -24.39% | -88.75% | -155.47% | -155.01% |
| Income Tax | 72K | 47K | 34K | 69K | 276K | 189K | 339K | 17K | -37K | 81K | -40K | -338K | -256K | -87K | 270K | 241K | 384K | 66K | 327K | -408K | -127K |
| Effective Tax Rate % | -0.23% | -0.11% | -0.05% | -0.09% | -0.83% | -0.9% | -1.43% | -0.14% | 0.34% | -0.35% | 0.47% | 4.27% | 1.32% | 0.21% | -0.88% | -1.48% | -4.71% | -0.33% | -0.73% | 1.04% | 0.68% |
| 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 |
| Net Margin % | -39.55% | -62.47% | -109.99% | -108.69% | -24.24% | -20.31% | -34.77% | -17.43% | -17.95% | -45.97% | -17.52% | -18.13% | -54.01% | -129.39% | -34.95% | -13.36% | -7.97% | -24.47% | -89.4% | -153.86% | -153.96% |
| Net Income Growth % | 52.72% | 32.63% | 14.38% | -126.96% | -57.86% | 11.37% | -101.17% | -9.72% | 52.7% | -168.71% | -12.89% | 60.25% | 53.83% | -33.85% | -86.45% | -93.77% | 57.9% | 55.04% | -15.78% | -108.76% | - |
| Net Income (Continuing) | -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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.34 | -0.50 | -0.89 | -1.12 | -0.51 | -0.33 | -0.40 | -0.21 | -0.21 | -0.50 | -0.21 | -0.19 | -0.50 | -1.08 | -0.84 | -0.46 | -0.35 | -7.74 | -16.63 | -14.36 | -6.88 |
| EPS Growth % | 59.53% | 43.82% | 20.54% | -119.61% | -54.55% | 17.5% | -90.48% | 0% | 58% | -138.1% | -10.53% | 62% | 53.7% | -28.57% | -82.61% | -31.43% | 95.48% | 53.46% | -15.81% | -108.72% | - |
| EPS (Basic) | - | -0.50 | -0.89 | -1.12 | -0.51 | -0.33 | -0.40 | -0.21 | -0.21 | -0.50 | -0.21 | -0.19 | -0.50 | -1.08 | -0.84 | -0.46 | -0.35 | -7.74 | -16.63 | -14.36 | -6.88 |
| Diluted Shares Outstanding | 91.05M | 87.14M | 73.41M | 68.13M | 65.34M | 64.57M | 59.36M | 56.52M | 52.2M | 46.23M | 40.63M | 39.44M | 38.21M | 38.23M | 36.77M | 35.67M | 24.59M | 2.62M | 2.71M | 2.71M | 2.71M |
| Basic Shares Outstanding | 91.05M | 87.14M | 73.41M | 68.13M | 65.34M | 64.57M | 59.36M | 56.52M | 52.2M | 46.23M | 40.63M | 39.44M | 38.21M | 38.23M | 36.77M | 35.67M | 24.59M | 2.62M | 2.71M | 2.71M | 2.71M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying CDXS stock.
For fiscal year 2025, Codexis, Inc. (CDXS) reported total revenue of $70.4M. This represents a 480.4% increase compared to $12.1M in 2006.
Codexis, Inc. (CDXS) reported a net loss of $44.0M for the fiscal year ending 2025.
Codexis, Inc. (CDXS) reported an operating income of $-38.3M, resulting in an operating profit margin of -54.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Codexis, Inc. (CDXS) generated $61.0M in gross profit for the year, representing a gross profit margin of 86.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Volatile revenue and persistent losses
Metrics are mathematically derived from official filings.
Lumpy Revenue Masks Underlying Stagnation
Based on reported figures, Codexis's quarterly revenue swung between $7.5M and $38.9M over ten quarters, with the $38.9M spike in 2025Q4 appearing to be an outlier rather than a durable trend.
Year-over-year growth rates alternate sharply between positive and negative readings, suggesting revenue is driven by lumpy collaboration or milestone recognition rather than recurring commercial sales. The 2025Q4 surge of 81.3% growth is followed by a return to $15.2M in 2026Q1 and $14.9M in 2026Q2, which implies the underlying run-rate may be closer to the mid-teens. Investors should monitor whether this pattern reflects contract timing or a genuine change in demand.
High Gross Margins Do Not Reach Operating Profit
As reported in financial statements, Codexis posted gross margins between 56.6% and 91.4%, yet operating margins remained negative in most quarters, with 2026Q2 at -75.3%.
Gross margin levels are structurally attractive for a biotechnology business, but the gap between gross profit and operating income indicates that R&D and SG&A consume the entire gross profit stream. The margin profile appears to depend heavily on which revenue streams are recognized in a given quarter, which may make gross margin a less reliable indicator of pricing power than it first appears. Peer comparison shows Beam Therapeutics at 84.0% gross margin with similarly negative operating margins, suggesting this is a sector-wide characteristic.
Operating Deleverage Persists Despite Cost Control
Based on Codexis's reported figures, combined R&D and SG&A spending of roughly $22M to $24M per quarter has remained largely fixed, so operating losses widen whenever revenue falls.
Operating expenses have not scaled down meaningfully even as revenue dropped from $38.9M to $15.2M, which indicates limited operating leverage in both directions. The 2025Q1 and 2024Q2 quarters, where revenue fell to $7.5M and $8.0M, produced operating losses of $20.5M and $22.7M respectively. This pattern suggests the cost base is largely committed, so profitability depends on revenue reaching a threshold that has not been sustained.
Share Count Pressure and Stock Compensation Load
According to reported financials, Codexis's diluted EPS ranged from -$0.32 to $0.11, with stock-based compensation between $1.4M and $4.7M per quarter adding to the cost base.
The only profitable quarter, 2025Q4, produced $9.6M in net income that appears to rely on a revenue spike rather than sustainable operating earnings. Stock-based compensation is a meaningful recurring charge relative to quarterly operating losses, and it may be contributing to the gap between reported and cash-based economics. Investors should monitor share dilution trends alongside EPS, since per-share results are sensitive to the timing of large revenue recognitions.
Bear Case Centers on Revenue Durability
The strongest challenge to the income statement narrative is that Codexis's profitability depends on episodic revenue spikes, with eight of ten quarters showing operating losses.
Short-sellers would likely point to the fact that the only profitable quarter coincides with a single revenue spike, and that subsequent quarters reverted to losses of roughly $8M to $11M. Continued operating losses at current revenue levels may indicate that the business requires either a sustained step-up in recurring revenue or further cost reduction to reach breakeven. These conclusions are inferences from reported figures and warrant further investigation into the nature of the revenue streams.