Despite maintaining gross margins that frequently exceed 80%, the company struggles with operational scale, evidenced by a net loss of $8.7M in 2026Q1.
| 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 | 78.09M | 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 % | 56.76% | 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 | 12.54M | 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 | 65.55M | 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 % | 83.94% | 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 | 91.44M | 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 | 43.75M | 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 | 47.7M | 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 | -25.89M | -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 % | -33.15% | -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 | -17.32M | -33.08M | -58.68M | -62.55M | -29.48M | -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 % | -22.18% | -47% | -98.89% | -89.18% | -21.27% | -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 % | 70.66% | 43.62% | 6.18% | -112.19% | -75.99% | 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) | 8.57M | 5.25M | -165K | 5.52M | 5.4M | 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 | -25.25M | -39.11M | -58.35M | -54.8M | -31.71M | -22.7M | -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 | 1.25M | -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 | 2.54M | 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 | -6.03M | -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 | -31.92M | -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 % | -40.87% | -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 | -31.99M | -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 % | -40.96% | -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 % | 57.04% | 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) | -31.99M | -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) | -0.35 | -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 % | 63.04% | 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 | 90.77M | 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 | 90.77M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
High Revenue Volatility
According to quarterly financial data, CDXS revenue exhibits extreme fluctuations, ranging from a low of $7.5M to a high of $38.9M, reflecting a reliance on lumpy milestone payments rather than consistent, recurring product sales that would otherwise indicate a stable growth trajectory for the firm.
The significant variance in quarterly revenue suggests that the company's top-line performance is heavily tethered to the timing of specific partner-driven milestones. Investors should monitor whether the transition toward the ECO Synthesis platform can eventually smooth these cycles, as current results appear highly sensitive to individual project completions.
As reported in recent income statements, CDXS maintains impressive gross margins frequently exceeding 80%, yet this structural strength is consistently undermined by an inability to achieve operating scale, resulting in persistent net losses that suggest the current business model remains fundamentally unoptimized for profitability.
The disparity between high gross margins and negative operating margins highlights a cost structure dominated by heavy R&D and SG&A investments. This implies that while the underlying technology possesses significant pricing power, the company has yet to reach the commercial volume necessary to leverage its fixed-cost base effectively.
Based on the provided financial filings, CDXS continues to allocate substantial capital toward R&D and SG&A, with quarterly R&D expenses often exceeding $10M, which consistently outstrips the company's ability to generate sufficient operating income to cover these essential, yet burdensome, operational expenditures.
The persistent level of R&D spending indicates a management focus on long-term platform development rather than immediate cost discipline. This strategy warrants further investigation into whether these investments are yielding tangible progress in the ECO Synthesis pipeline or if they represent an unsustainable burn rate.
Data from the last ten quarters reveals that CDXS has struggled to maintain positive operating income, with only one period of profitability in 2025Q4, suggesting that the company's reliance on high-margin, project-based revenue may be insufficient to support its current cost structure over the long term.
Short-term profitability spikes appear to be outliers rather than a reflection of a sustainable trend, potentially driven by non-recurring licensing events. The lack of consistent operating leverage suggests that the company may face significant liquidity risks if it cannot successfully transition to a more predictable, high-volume commercial model.
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.