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Side-by-side financial comparison of C3.ai, Inc. (AI) and CODEXIS, INC. (CDXS). Click either name above to swap in a different company.
C3.ai, Inc. is the larger business by last-quarter revenue ($75.1M vs $38.9M, roughly 1.9× CODEXIS, INC.). CODEXIS, INC. runs the higher net margin — 24.7% vs -139.3%, a 164.0% gap on every dollar of revenue. On growth, CODEXIS, INC. posted the faster year-over-year revenue change (81.3% vs -20.3%). CODEXIS, INC. produced more free cash flow last quarter ($19.6M vs $-46.9M). Over the past eight quarters, CODEXIS, INC.'s revenue compounded faster (51.0% CAGR vs -2.1%).
C3.ai, Inc. is a leading enterprise artificial intelligence software provider that develops and delivers scalable AI applications, platform tools, and industry-specific solutions for clients across sectors including manufacturing, energy, financial services, healthcare and public sector. Its offerings help organizations optimize operations, reduce costs, mitigate risks, and realize data-driven decision making.
Codexis, Inc. is a protein engineering company that develops enzymes for pharmaceutical, food and medical applications.
AI vs CDXS — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $75.1M | $38.9M |
| Net Profit | $-104.7M | $9.6M |
| Gross Margin | 40.4% | 94.8% |
| Operating Margin | -149.2% | 27.1% |
| Net Margin | -139.3% | 24.7% |
| Revenue YoY | -20.3% | 81.3% |
| Net Profit YoY | -58.7% | 192.5% |
| EPS (diluted) | $-0.75 | $0.13 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $75.1M | $38.9M | ||
| Q3 25 | $70.3M | $8.6M | ||
| Q2 25 | $108.7M | $15.3M | ||
| Q1 25 | $98.8M | $7.5M | ||
| Q4 24 | $94.3M | $21.5M | ||
| Q3 24 | $87.2M | $12.8M | ||
| Q2 24 | $86.6M | $8.0M | ||
| Q1 24 | $78.4M | $17.1M |
| Q4 25 | $-104.7M | $9.6M | ||
| Q3 25 | $-116.8M | $-19.6M | ||
| Q2 25 | $-79.7M | $-13.3M | ||
| Q1 25 | $-80.2M | $-20.7M | ||
| Q4 24 | $-66.0M | $-10.4M | ||
| Q3 24 | $-62.8M | $-20.6M | ||
| Q2 24 | $-72.9M | $-22.8M | ||
| Q1 24 | $-72.6M | $-11.5M |
| Q4 25 | 40.4% | 94.8% | ||
| Q3 25 | 37.6% | 71.3% | ||
| Q2 25 | 62.1% | 86.3% | ||
| Q1 25 | 59.1% | 63.8% | ||
| Q4 24 | 61.3% | 83.0% | ||
| Q3 24 | 59.8% | 66.4% | ||
| Q2 24 | 59.6% | 56.6% | ||
| Q1 24 | 57.8% | 71.6% |
| Q4 25 | -149.2% | 27.1% | ||
| Q3 25 | -177.7% | -220.3% | ||
| Q2 25 | -81.8% | -83.9% | ||
| Q1 25 | -88.7% | -271.6% | ||
| Q4 24 | -79.8% | -34.2% | ||
| Q3 24 | -83.2% | -129.0% | ||
| Q2 24 | -95.1% | -284.9% | ||
| Q1 24 | -105.3% | -69.6% |
| Q4 25 | -139.3% | 24.7% | ||
| Q3 25 | -166.2% | -228.1% | ||
| Q2 25 | -73.3% | -86.6% | ||
| Q1 25 | -81.2% | -274.3% | ||
| Q4 24 | -69.9% | -48.4% | ||
| Q3 24 | -72.0% | -160.8% | ||
| Q2 24 | -84.2% | -285.2% | ||
| Q1 24 | -92.6% | -67.4% |
| Q4 25 | $-0.75 | $0.13 | ||
| Q3 25 | $-0.86 | $-0.22 | ||
| Q2 25 | $-0.60 | $-0.16 | ||
| Q1 25 | $-0.62 | $-0.25 | ||
| Q4 24 | $-0.52 | $-0.12 | ||
| Q3 24 | $-0.50 | $-0.29 | ||
| Q2 24 | $-0.59 | $-0.32 | ||
| Q1 24 | $-0.60 | $-0.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $675.0M | $78.2M |
| Total DebtLower is stronger | — | $40.1M |
| Stockholders' EquityBook value | $771.9M | $50.5M |
| Total Assets | $961.3M | $147.8M |
| Debt / EquityLower = less leverage | — | 0.79× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $675.0M | $78.2M | ||
| Q3 25 | $711.9M | $58.7M | ||
| Q2 25 | $742.7M | $66.3M | ||
| Q1 25 | $724.3M | $59.8M | ||
| Q4 24 | $730.4M | $73.5M | ||
| Q3 24 | $762.5M | $90.3M | ||
| Q2 24 | $750.4M | $73.2M | ||
| Q1 24 | $723.3M | $85.5M |
| Q4 25 | — | $40.1M | ||
| Q3 25 | — | $39.7M | ||
| Q2 25 | — | $39.4M | ||
| Q1 25 | — | $29.2M | ||
| Q4 24 | — | $28.9M | ||
| Q3 24 | — | $28.6M | ||
| Q2 24 | — | $28.4M | ||
| Q1 24 | — | $28.1M |
| Q4 25 | $771.9M | $50.5M | ||
| Q3 25 | $798.8M | $38.5M | ||
| Q2 25 | $838.3M | $55.6M | ||
| Q1 25 | $860.2M | $49.6M | ||
| Q4 24 | $859.0M | $66.9M | ||
| Q3 24 | $874.9M | $73.4M | ||
| Q2 24 | $873.4M | $61.4M | ||
| Q1 24 | $898.0M | $79.3M |
| Q4 25 | $961.3M | $147.8M | ||
| Q3 25 | $968.7M | $124.0M | ||
| Q2 25 | $1.0B | $138.2M | ||
| Q1 25 | $1.1B | $128.9M | ||
| Q4 24 | $1.0B | $149.0M | ||
| Q3 24 | $1.1B | $148.2M | ||
| Q2 24 | $1.0B | $132.0M | ||
| Q1 24 | $1.1B | $149.6M |
| Q4 25 | — | 0.79× | ||
| Q3 25 | — | 1.03× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 0.59× | ||
| Q4 24 | — | 0.43× | ||
| Q3 24 | — | 0.39× | ||
| Q2 24 | — | 0.46× | ||
| Q1 24 | — | 0.35× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-46.5M | $20.1M |
| Free Cash FlowOCF − Capex | $-46.9M | $19.6M |
| FCF MarginFCF / Revenue | -62.4% | 50.3% |
| Capex IntensityCapex / Revenue | 0.5% | 1.3% |
| Cash ConversionOCF / Net Profit | — | 2.09× |
| TTM Free Cash FlowTrailing 4 quarters | $-93.2M | $-23.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-46.5M | $20.1M | ||
| Q3 25 | $-33.5M | $-7.7M | ||
| Q2 25 | $11.3M | $-18.0M | ||
| Q1 25 | $-22.0M | $-13.8M | ||
| Q4 24 | $-38.7M | $-16.5M | ||
| Q3 24 | $8.0M | $-13.0M | ||
| Q2 24 | $21.3M | $-12.2M | ||
| Q1 24 | $-39.1M | $-7.8M |
| Q4 25 | $-46.9M | $19.6M | ||
| Q3 25 | $-34.3M | $-7.9M | ||
| Q2 25 | $10.3M | $-20.5M | ||
| Q1 25 | $-22.4M | $-15.1M | ||
| Q4 24 | $-39.5M | $-18.2M | ||
| Q3 24 | $7.1M | $-14.0M | ||
| Q2 24 | $18.8M | $-12.6M | ||
| Q1 24 | $-45.1M | $-8.9M |
| Q4 25 | -62.4% | 50.3% | ||
| Q3 25 | -48.8% | -91.7% | ||
| Q2 25 | 9.5% | -133.6% | ||
| Q1 25 | -22.7% | -199.6% | ||
| Q4 24 | -41.9% | -85.0% | ||
| Q3 24 | 8.2% | -109.0% | ||
| Q2 24 | 21.7% | -157.5% | ||
| Q1 24 | -57.6% | -52.2% |
| Q4 25 | 0.5% | 1.3% | ||
| Q3 25 | 1.1% | 2.1% | ||
| Q2 25 | 0.9% | 16.4% | ||
| Q1 25 | 0.4% | 16.7% | ||
| Q4 24 | 0.9% | 8.3% | ||
| Q3 24 | 1.1% | 7.8% | ||
| Q2 24 | 2.9% | 5.0% | ||
| Q1 24 | 7.8% | 6.6% |
| Q4 25 | — | 2.09× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AI
| License And Service | $70.2M | 93% |
| Professional Services | $4.9M | 7% |
CDXS
Segment breakdown not available.
