Filing Flows › Codexis (CDXS) › Q2 2025
Codexis (CDXS) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 13, 2025
Codexis (CDXS) reported revenue of $15.3M for the second quarter 2025 (Q2 2025), +92% from a year earlier and +103% from the quarter before. Operating margin was -83.9%, net loss $13.3M (86.6% of revenue).
Codexis, Q2 2025: revenue $15.3M (+92% year over year), operating margin -83.9%, net loss $13.3M, operating cash flow −$18.0M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $15.3M | +103% | +92% |
| Operating profit | −$12.9M | — | — |
| Net earnings | −$13.3M | — | — |
| Operating cash flow | −$18.0M | — | — |
What changed
Revenue was $15.3M in Q2 2025, up 92% year over year and up 103% from the previous quarter. Research and development revenue was the largest line at 52% of revenue. Research and development revenue added $6.2M year over year (up 362%), 85% of the total change.
Operating costs exceeded revenue by $12.9M, an operating margin of -83.9%. Total costs fell 8% while revenue rose 92%. The fastest-growing cost line was Research & development (+21%). The quarter ended with a net loss of $13.3M, narrower than the previous quarter's $20.7M loss.
Operating cash flow was −$18.0M. Non-cash charges added back $1.3M of depreciation and amortization and $2.5M of share-based compensation. Working capital and other items used $8.6M. Capital expenditures of $2.5M exceeded it, leaving free cash flow of −$20.5M.
Questions
What was Codexis' revenue in the second quarter 2025?
Codexis (CDXS) reported revenue of $15.3M for the second quarter 2025 (Q2 2025), +92% from a year earlier and +103% from the quarter before.
Was Codexis profitable in the second quarter 2025?
Operating loss was $12.9M (-83.9% of revenue) and net loss $13.3M.
Source: Codexis 10-Q on SEC EDGAR.