Filing Flows › Codexis (CDXS) › Q3 2025
Codexis (CDXS) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Codexis (CDXS) reported revenue of $8.6M for the third quarter 2025 (Q3 2025), -33% from a year earlier and -44% from the quarter before. Operating margin was -220.3%, net loss $19.6M (228.1% of revenue).
Codexis, Q3 2025: revenue $8.6M (-33% year over year), operating margin -220.3%, net loss $19.6M, operating cash flow −$7.7M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.6M | -44% | -33% |
| Operating profit | −$18.9M | — | — |
| Net earnings | −$19.6M | — | — |
| Operating cash flow | −$7.7M | — | — |
What changed
Revenue was $8.6M in Q3 2025, down 33% year over year and down 44% from the previous quarter. Product revenue was the largest line at 79% of revenue. Product revenue lost $4.4M year over year (down 39%), 103% of the total change.
Operating costs exceeded revenue by $18.9M, an operating margin of -220.3%. Total costs fell 6% while revenue fell 33%. The fastest-growing cost line was Research & development (+21%). The quarter ended with a net loss of $19.6M, wider than the previous quarter's $13.3M loss.
Operating cash flow was −$7.7M. Non-cash charges added back $1.4M of depreciation and amortization and $2.5M of share-based compensation. Working capital and other items added $8.0M. Capital expenditures of $182K exceeded it, leaving free cash flow of −$7.9M.
Questions
What was Codexis' revenue in the third quarter 2025?
Codexis (CDXS) reported revenue of $8.6M for the third quarter 2025 (Q3 2025), -33% from a year earlier and -44% from the quarter before.
Was Codexis profitable in the third quarter 2025?
Operating loss was $18.9M (-220.3% of revenue) and net loss $19.6M.
Source: Codexis 10-Q on SEC EDGAR.