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Aemetis vs Codexis: AMTX and CDXS compared
Aemetis is the larger company: $88.2M of revenue in its latest quarter (Q3 2026) against $14.9M for Codexis (Q2 2026). Aemetis is growing faster (+49% against -3% a year earlier). Aemetis is more profitable, with an operating margin of 23.7% against -75.3%.
Where the money goes: AMTX and CDXS
Aemetis (AMTX) · Q3 2026
Aemetis, Q3 2026: revenue $88.2M (+49% year over year), operating margin 23.7%, net earnings $5.2M, operating cash flow $22.0M. The chart follows the revenue to costs, profit and cash.
Codexis (CDXS) · Q2 2026
Codexis, Q2 2026: revenue $14.9M (-3% year over year), operating margin -75.3%, net loss $12.0M, operating cash flow −$9.6M. The chart follows the revenue to costs, profit and cash.
| Aemetis (AMTX) | Codexis (CDXS) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 2026 |
| Revenue | $88.2M | $14.9M |
| Revenue growth, Y/Y | +49% | -3% |
| Gross margin | 33.4% | — |
| Operating margin | 23.7% | -75.3% |
| Net earnings | $5.2M | −$12.0M |
| Net margin | 5.9% | -80.5% |
| Operating cash flow | $22.0M | −$9.6M |
| Free cash flow | $1.7M | — |
| Market value | — | $128M |
| Analysts’ mean target | — | $6.14 |
Where the revenue comes from
Aemetis
- California Ethanol: $53.8M (61%)
- California Dairy Renewable Natural Gas: $25.9M (29%)
- India Biodiesel Segment: $8.4M (10%)
Codexis
- Product revenue: $13.2M (89%)
- Research and development revenue: $1.7M (11%)
Questions
Which is bigger, Aemetis or Codexis?
Aemetis is the larger company: $88.2M of revenue in its latest quarter (Q3 2026) against $14.9M for Codexis (Q2 2026).
Is Aemetis or Codexis growing faster?
Aemetis is growing faster (+49% against -3% a year earlier).
Which is more profitable, Aemetis or Codexis?
Aemetis is more profitable, with an operating margin of 23.7% against -75.3%.
More: Aemetis earnings · how Aemetis makes money · Codexis earnings · how Codexis makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-Q filed Aug 11, 2026). Fiscal quarters can end on different dates. Not investment advice.