The firm continues to burn cash at an alarming rate, reporting a 2026Q1 free cash flow margin of -54.7% and an OCF/NI ratio of 0.86, indicating a lack of internal cash generation.
Co-Diagnostics, Inc. (CODX) cash flow statement — 12-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 |
|---|
| Cash from Operations | -27.1M | -29.14M | -29.16M | -22.08M | 6.57M | 41.08M | 28.17M | -5.53M | -4.08M | -3.21M | -1.31M | -1.53M | -925.23K |
| Operating CF Margin % | - | -4680.71% | -744.67% | -324.16% | 19.2% | 41.97% | 37.78% | -2570.12% | -10222.84% | -41913.35% | - | -15303.71% | - |
| Operating CF Growth % | 66.98% | 0.06% | -32.03% | -436.17% | -84.01% | 45.86% | 609.77% | -35.42% | -27.05% | -144.72% | 14.25% | -65.4% | - |
| Net Income | -47.06M | -46.9M | -37.64M | -35.33M | -14.24M | 36.66M | 42.48M | -6.2M | -6.27M | -6.96M | -1.93M | -2.04M | -1.05M |
| Depreciation & Amortization | 992.23K | 1.11M | 1.38M | 1.23M | 1.28M | 335.36K | 138.63K | 65.9K | 50.77K | 45.76K | 37.49K | 43.14K | 13.6K |
| Stock-Based Compensation | 1.23M | 2.25M | 5.43M | 8.34M | 7.54M | 5.51M | 2.74M | 1.09M | 1.33M | 2.03M | 69.56K | 45.5K | 0 |
| Deferred Taxes | 0 | 0 | 0 | -2.42M | -4.81M | 930.08K | -547.22K | 243.03K | 0 | 0 | 0 | 23.02K | 0 |
| Other Non-Cash Items | 18.85M | 17.57M | -1.08M | 460.32K | 10.6M | 544.46K | 176.59K | 91.43K | 38.76K | 2.17M | 21.52K | 9.66K | 113.56K |
| Working Capital Changes | -1.12M | -3.17M | 2.75M | 5.64M | 6.19M | -2.9M | -16.82M | -818.28K | 769.77K | -504.75K | 487.85K | 391.48K | -4.26K |
| Change in Receivables | 171.11K | -31.8K | 186.39K | 2.54M | 14.92M | -8.74M | -12.96M | -121.46K | -13.42K | -698.39K | 0 | 0 | 0 |
| Change in Inventory | 257.81K | 131.27K | 265.49K | 413.14K | -3.67M | 5.71M | -7.92M | -179.01K | -9.09K | -9.07K | 0 | 0 | 0 |
| Change in Payables | -665.76K | -3.11M | 2.16M | 1.77M | -2.48M | -299.94K | 3.76M | -226.66K | 85.95K | 8.37K | 473.06K | 385.56K | 0 |
| Cash from Investing | 1.54M | 26.27M | 17.07M | 15.39M | -58.17M | 4.1M | -5.82M | -435.25K | -380.34K | -189.31K | -12.24K | -110.27K | -195.36K |
| Capital Expenditures | -367.37K | -700.05K | -748.35K | -1.37M | -1.43M | -669.46K | -774.4K | -113.25K | -41.34K | -129.31K | -12.24K | -118.47K | -11.89K |
| CapEx % of Revenue | 50.93% | 112.46% | 19.11% | 20.04% | 4.17% | 0.68% | 1.04% | 52.68% | 103.57% | 1687.63% | - | 1184.65% | - |
| Acquisitions | -102.57K | -102.57K | -143.75K | 0 | 0 | 1.69M | -714.5K | -322K | 0 | 0 | 0 | 8.2K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -322K | 0 | 0 | 0 | 0 | -183.47K |
| Cash from Financing | 18.1M | 11.81M | 103.91K | -1.36M | -14.03M | 450.4K | 19.74M | 5.9M | 1.88M | 5.94M | 2.29M | 1.46M | 1.15M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2M | -41.5K | 2.29M | 990K | 0 |
| Equity Issued (Net) | 18.09M | 11.81M | 103.91K | -1.36M | -14.21M | 450.4K | 19.47M | 6.5M | 30K | 7.07M | 0 | 470K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -1.36M | -14.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 12.5K | 0 | 0 | 0 | 177.87K | 0 | 272.68K | -592.76K | -153.84K | -1.09M | 0 | 0 | 1.15M |
| Net Change in Cash | -7.47M | 8.95M | -11.98M | -8.06M | -65.63M | 45.63M | 42.08M | -57.1K | -2.58M | 2.54M | 964.93K | -180.64K | 34.4K |
| Free Cash Flow | -27.47M | -29.84M | -29.9M | -23.45M | 5.14M | 40.41M | 27.39M | -5.64M | -4.12M | -3.34M | -1.32M | -1.65M | -937.11K |
| FCF Margin % | -3808.02% | -4793.17% | -763.78% | -344.2% | 15.02% | 41.28% | 36.74% | -2622.8% | -10326.41% | -43600.98% | - | -16488.36% | - |
| FCF Growth % | 17.34% | 0.22% | -27.54% | -556.06% | -87.28% | 47.54% | 585.8% | -36.81% | -23.37% | -152.22% | 19.67% | -75.95% | - |
| FCF per Share | -6.37 | -22.43 | -29.57 | -23.97 | 4.90 | 40.54 | 29.35 | -10.09 | -9.90 | -9.14 | -3.55 | -4.42 | -3.58 |
| FCF Conversion (FCF/Net Income) | 0.58x | 0.62x | 0.77x | 0.62x | -0.46x | 1.12x | 0.66x | 0.89x | 0.65x | 0.46x | 0.68x | 0.75x | 0.88x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 839.33K | 858.87K | 0 | 55.98K | 4.5M | 5.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying CODX stock.
Co-Diagnostics, Inc. (CODX) generated $-29.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Co-Diagnostics, Inc. (CODX) reported negative free cash flow of $29.8M in 2025, indicating capital requirements exceeded cash from operations.
Co-Diagnostics, Inc. (CODX) spent $0.7M 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
Liquidity and regulatory exhaustion
Metrics are mathematically derived from official filings.
Persistent Disconnect Between Earnings Losses
As reported in recent financial filings, Co-Diagnostics consistently records operating cash outflows that closely track net losses, with an OCF/NI ratio of 0.86 in 2026Q1, indicating that the company lacks the non-cash accruals or depreciation benefits necessary to bridge the gap between accounting losses and cash reality.
The tight correlation between net income and operating cash flow suggests that the company's losses are primarily cash-based rather than driven by non-cash accounting charges. This implies that the firm is consuming its remaining liquidity at a rate nearly identical to its reported net losses, leaving little room for operational error.
Negative Free Cash Flow Trajectory
Based on the provided cash flow data, the company's free cash flow remains deeply negative, with a 2026Q1 FCF margin of -54.7%, reflecting a persistent inability to generate self-sustaining cash flows as the business transitions away from its legacy pandemic-era revenue streams toward unproven hardware platforms.
The consistent negative FCF trajectory highlights the structural challenge of funding high R&D requirements with a collapsed revenue base. Investors should monitor whether the company can achieve any meaningful FCF improvement before its current cash reserves are fully depleted.
Working Capital Volatility Obscures Trends
According to quarterly cash flow statements, working capital changes have been highly erratic, swinging from a $1.7 million inflow in 2024Q4 to a $906,200 outflow in 2026Q1, which suggests that management is struggling to stabilize inventory and receivables during this period of extreme commercial transition.
These fluctuations in working capital appear to be a byproduct of the company's pivot, as legacy inventory is cleared and new platform-related assets are managed. The lack of a predictable working capital cycle warrants further investigation into whether these swings represent genuine operational efficiency or merely the noise of a shrinking business.
Stock-Based Compensation Masks Cash Burn
As indicated by the financial statements, the company continues to issue significant stock-based compensation, with $219,100 recorded in 2026Q1, which effectively serves as a non-cash expense that masks the true extent of the firm's underlying cash burn and dilutes existing shareholders during a period of negative growth.
While stock-based compensation is a standard tool for talent retention, its persistence in the face of catastrophic revenue declines suggests a misalignment between executive compensation and commercial performance. This practice warrants careful monitoring as it continues to erode shareholder value without providing a clear path to cash-flow positivity.