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Side-by-side financial comparison of AEMETIS, INC (AMTX) and CODEXIS, INC. (CDXS). Click either name above to swap in a different company.
AEMETIS, INC is the larger business by last-quarter revenue ($43.3M vs $38.9M, roughly 1.1× CODEXIS, INC.). On growth, CODEXIS, INC. posted the faster year-over-year revenue change (81.3% vs -7.9%). CODEXIS, INC. produced more free cash flow last quarter ($19.6M vs $-10.8M). Over the past eight quarters, CODEXIS, INC.'s revenue compounded faster (51.0% CAGR vs -22.8%).
Aemetis, Inc. is a renewable fuels and sustainable biochemicals producer operating across North America and India. Its core products include low-carbon ethanol, renewable natural gas and biodiesel, serving transportation, industrial and agricultural sectors with decarbonization solutions for commercial clients.
Codexis, Inc. is a protein engineering company that develops enzymes for pharmaceutical, food and medical applications.
AMTX vs CDXS — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $43.3M | $38.9M |
| Net Profit | — | $9.6M |
| Gross Margin | 17.8% | 94.8% |
| Operating Margin | -5.7% | 27.1% |
| Net Margin | — | 24.7% |
| Revenue YoY | -7.9% | 81.3% |
| Net Profit YoY | — | 192.5% |
| EPS (diluted) | $-0.03 | $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 | $43.3M | $38.9M | ||
| Q3 25 | $59.2M | $8.6M | ||
| Q2 25 | $52.2M | $15.3M | ||
| Q1 25 | $42.9M | $7.5M | ||
| Q4 24 | $47.0M | $21.5M | ||
| Q3 24 | $81.4M | $12.8M | ||
| Q2 24 | $66.6M | $8.0M | ||
| Q1 24 | $72.6M | $17.1M |
| Q4 25 | — | $9.6M | ||
| Q3 25 | $-23.7M | $-19.6M | ||
| Q2 25 | $-23.4M | $-13.3M | ||
| Q1 25 | $-24.5M | $-20.7M | ||
| Q4 24 | — | $-10.4M | ||
| Q3 24 | $-17.9M | $-20.6M | ||
| Q2 24 | $-29.2M | $-22.8M | ||
| Q1 24 | $-24.2M | $-11.5M |
| Q4 25 | 17.8% | 94.8% | ||
| Q3 25 | -0.1% | 71.3% | ||
| Q2 25 | -6.4% | 86.3% | ||
| Q1 25 | -11.8% | 63.8% | ||
| Q4 24 | -4.3% | 83.0% | ||
| Q3 24 | 4.8% | 66.4% | ||
| Q2 24 | -2.7% | 56.6% | ||
| Q1 24 | -0.8% | 71.6% |
| Q4 25 | -5.7% | 27.1% | ||
| Q3 25 | -14.4% | -220.3% | ||
| Q2 25 | -20.4% | -83.9% | ||
| Q1 25 | -36.3% | -271.6% | ||
| Q4 24 | -28.7% | -34.2% | ||
| Q3 24 | -4.8% | -129.0% | ||
| Q2 24 | -20.4% | -284.9% | ||
| Q1 24 | -13.0% | -69.6% |
| Q4 25 | — | 24.7% | ||
| Q3 25 | -40.1% | -228.1% | ||
| Q2 25 | -44.8% | -86.6% | ||
| Q1 25 | -57.2% | -274.3% | ||
| Q4 24 | — | -48.4% | ||
| Q3 24 | -22.0% | -160.8% | ||
| Q2 24 | -43.8% | -285.2% | ||
| Q1 24 | -33.4% | -67.4% |
| Q4 25 | $-0.03 | $0.13 | ||
| Q3 25 | $-0.37 | $-0.22 | ||
| Q2 25 | $-0.41 | $-0.16 | ||
| Q1 25 | $-0.47 | $-0.25 | ||
| Q4 24 | $-0.29 | $-0.12 | ||
| Q3 24 | $-0.38 | $-0.29 | ||
| Q2 24 | $-0.66 | $-0.32 | ||
| Q1 24 | $-0.58 | $-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 | $4.9M | $78.2M |
| Total DebtLower is stronger | — | $40.1M |
| Stockholders' EquityBook value | $-306.8M | $50.5M |
| Total Assets | $259.8M | $147.8M |
| Debt / EquityLower = less leverage | — | 0.79× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.9M | $78.2M | ||
| Q3 25 | $5.6M | $58.7M | ||
| Q2 25 | $1.6M | $66.3M | ||
| Q1 25 | $499.0K | $59.8M | ||
| Q4 24 | $898.0K | $73.5M | ||
| Q3 24 | $296.0K | $90.3M | ||
| Q2 24 | $234.0K | $73.2M | ||
| Q1 24 | $1.6M | $85.5M |
| Q4 25 | — | $40.1M | ||
| Q3 25 | — | $39.7M | ||
| Q2 25 | — | $39.4M | ||
| Q1 25 | — | $29.2M | ||
| Q4 24 | $338.1M | $28.9M | ||
| Q3 24 | $322.2M | $28.6M | ||
| Q2 24 | $309.0M | $28.4M | ||
| Q1 24 | $307.2M | $28.1M |
| Q4 25 | $-306.8M | $50.5M | ||
| Q3 25 | $-304.9M | $38.5M | ||
| Q2 25 | $-289.3M | $55.6M | ||
| Q1 25 | $-280.7M | $49.6M | ||
| Q4 24 | $-263.9M | $66.9M | ||
| Q3 24 | $-258.9M | $73.4M | ||
| Q2 24 | $-249.0M | $61.4M | ||
| Q1 24 | $-232.1M | $79.3M |
| Q4 25 | $259.8M | $147.8M | ||
| Q3 25 | $241.1M | $124.0M | ||
| Q2 25 | $240.0M | $138.2M | ||
| Q1 25 | $242.5M | $128.9M | ||
| Q4 24 | $259.3M | $149.0M | ||
| Q3 24 | $259.3M | $148.2M | ||
| Q2 24 | $259.3M | $132.0M | ||
| Q1 24 | $259.3M | $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 | $5.8M | $20.1M |
| Free Cash FlowOCF − Capex | $-10.8M | $19.6M |
| FCF MarginFCF / Revenue | -24.9% | 50.3% |
| Capex IntensityCapex / Revenue | 38.2% | 1.3% |
| Cash ConversionOCF / Net Profit | — | 2.09× |
| TTM Free Cash FlowTrailing 4 quarters | $-22.7M | $-23.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.8M | $20.1M | ||
| Q3 25 | $3.1M | $-7.7M | ||
| Q2 25 | $-5.7M | $-18.0M | ||
| Q1 25 | $160.0K | $-13.8M | ||
| Q4 24 | $-12.6M | $-16.5M | ||
| Q3 24 | $-5.0M | $-13.0M | ||
| Q2 24 | $-5.1M | $-12.2M | ||
| Q1 24 | $-10.3M | $-7.8M |
| Q4 25 | $-10.8M | $19.6M | ||
| Q3 25 | $-1.0M | $-7.9M | ||
| Q2 25 | $-9.3M | $-20.5M | ||
| Q1 25 | $-1.7M | $-15.1M | ||
| Q4 24 | $-19.4M | $-18.2M | ||
| Q3 24 | $-9.5M | $-14.0M | ||
| Q2 24 | $-10.5M | $-12.6M | ||
| Q1 24 | $-13.9M | $-8.9M |
| Q4 25 | -24.9% | 50.3% | ||
| Q3 25 | -1.7% | -91.7% | ||
| Q2 25 | -17.7% | -133.6% | ||
| Q1 25 | -3.9% | -199.6% | ||
| Q4 24 | -41.2% | -85.0% | ||
| Q3 24 | -11.6% | -109.0% | ||
| Q2 24 | -15.8% | -157.5% | ||
| Q1 24 | -19.1% | -52.2% |
| Q4 25 | 38.2% | 1.3% | ||
| Q3 25 | 6.9% | 2.1% | ||
| Q2 25 | 6.7% | 16.4% | ||
| Q1 25 | 4.3% | 16.7% | ||
| Q4 24 | 14.4% | 8.3% | ||
| Q3 24 | 5.5% | 7.8% | ||
| Q2 24 | 8.1% | 5.0% | ||
| Q1 24 | 4.9% | 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
AMTX
| Ethanol Sales | $28.8M | 66% |
| Wet Distillers Grains | $6.8M | 16% |
| California Dairy Renewable Natural Gas | $5.2M | 12% |
| Other | $1.8M | 4% |
CDXS
Segment breakdown not available.
