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Codexis cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$10.5M in Q2 2026 · −$12.2M over twelve months

Operating cash flow−$9.6M
Capital spending−$898K
Free cash flow−$10.5M

Analysis

In Q2 2026, Codexis generated −$9.6M of operating cash flow and spent $898K on capital projects, leaving free cash flow of −$10.5M. That is $9.9M more than in Q2 2025 (−$20.5M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$10.4M; the largest uses were operating cash flow ($10.4M), capital spending ($1.8M), shares issued ($1K); besides operations, cash came from other investing ($12.9M), other financing ($122K); the cash balance rose by $881K.

Operating cash flow was −$9.6M against net income of −$12.0M. The largest differences: stock-based pay +$1.6M, depreciation & amortization +$1.2M, payables +$737K.

Free cash flow

Codexis: free cash flow by quarterCodexis: free cash flow by quarter−$14.0MQ3 2024−$18.2MQ4 2024−$15.1MQ1 2025−$20.5MQ2 2025−$7.9MQ3 2025$19.6MQ4 2025−$13.3MQ1 2026−$10.5MQ2 2026
Operating cash flow less capital spending.
Codexis: operating cash flow against capital spendingCodexis: operating cash flow against capital spendingOperating cash flowCapital spending−$13.0M$1.0MQ3 2024−$16.5M$1.8MQ4 2024−$13.8M$1.3MQ1 2025−$18.0M$2.5MQ2 2025−$7.7M$182KQ3 2025$20.1M$520KQ4 2025−$13.2M$176KQ1 2026−$9.6M$898KQ2 2026
Latest (Q2 2026): Operating cash flow −$9.6M, Capital spending $898K.

Capital allocation, year by year

Codexis: where the cash came from (up) and went (down), by fiscal yearCodexis: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2021: Operating cash flow −$14.3MFY2021: Shares issued $5.2MFY2021: Asset sales $36KFY2021: Capital spending −$13.8M$5.2MFY2021FY2022: Operating cash flow $11.3MFY2022: Shares issued $955KFY2022: Asset sales $29KFY2022: Capital spending −$8.3M$12.3MFY2022FY2023: Operating cash flow −$52.6MFY2023: Shares issued $9.1MFY2023: Asset sales $751KFY2023: Capital spending −$4.4M$9.8MFY2023FY2024: Operating cash flow −$49.4MFY2024: Net borrowing $29.5MFY2024: Shares issued $32.7MFY2024: Asset sales $87KFY2024: Capital spending −$4.3M$62.3MFY2024FY2025: Operating cash flow −$19.4MFY2025: Net borrowing $9.9MFY2025: Shares issued $18.4MFY2025: Asset sales $5KFY2025: Capital spending −$4.5M$28.3MFY2025
Over these 5 years operating cash flow totalled −$124M; the largest uses were operating cash flow ($136M) and capital spending ($35.3M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$54.9M
Debt$40.9M
Net cash$14.0M
Due within a year$7.1M
Cash runway4.5 years

Codexis is burning cash: its operations consume cash, a free cash flow of −$12.2M a year at the current rate against $54.9M of cash and investments: a runway of about 4.5 years; $7.1M of debt also comes due within a year, which the cash covers before any new financing.

Codexis: debt maturities by year (FY2025)Codexis: debt maturities by year (FY2025)$17.6MYear 2$21.1MYear 3$3.5MYear 4
Principal due in each year as disclosed in the annual report, against $54.9M of cash and investments now.

Where the cash came from and went

Codexis: sources (+) and uses (−) of cash, Q2 2026Codexis: sources (+) and uses (−) of cash, Q2 2026Operating cash flow−$9.6MCash drawn (+) / kept (−)$9.4MOther investing$1.1MCapital spending−$898KOther financing$66K
Codexis: sources (+) and uses (−) of cash, TTM to Q2 2026Codexis: sources (+) and uses (−) of cash, TTM to Q2 2026Other investing$12.9MOperating cash flow−$10.4MCapital spending−$1.8MCash drawn (+) / kept (−)−$881KOther financing$122KAsset & business sales$16KShares issued−$1K

From profit to cash

Codexis: net income to operating cash flow, Q2 2026Codexis: net income to operating cash flow, Q2 2026Net income−$12.0MDepreciation & amortization$1.2MStock-based pay$1.6MInventory$398KPayables$737KDeferred revenue−$354KPrepaid and other assets$704KOther liabilities−$686KOperating cash flow−$9.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$9.6M−$898K——$9.4M−$10.5M
Q1 2026−$13.2M−$176K——$14.3M−$13.3M
Q4 2025$20.1M−$520K—−$1K−$26.0M$19.6M
Q3 2025−$7.7M−$182K——$1.4M−$7.9M
Q2 2025−$18.0M−$2.5M$9.9M—−$8.4M−$20.5M
Q1 2025−$13.8M−$1.3M—$1.1M$944K−$15.1M
Q4 2024−$16.5M−$1.8M—$1.1M$18.2M−$18.2M
Q3 2024−$13.0M−$1.0M—$31.3M−$18.9M−$14.0M

Codexis: income statement and cash flow

Codexis, Q2 2026: revenue $14.9M (-3% year over year), operating margin -75.3%. The chart follows the revenue to costs, profit and cash.

Codexis: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.