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Side-by-side financial comparison of BlackSky Technology Inc. (BKSY) and CODEXIS, INC. (CDXS). Click either name above to swap in a different company.
CODEXIS, INC. is the larger business by last-quarter revenue ($38.9M vs $35.2M, roughly 1.1× BlackSky Technology Inc.). CODEXIS, INC. runs the higher net margin — 24.7% vs -2.5%, a 27.1% gap on every dollar of revenue. On growth, CODEXIS, INC. posted the faster year-over-year revenue change (81.3% vs 15.9%). Over the past eight quarters, CODEXIS, INC.'s revenue compounded faster (51.0% CAGR vs 20.5%).
BlackSky Technology Inc. is a leading geospatial intelligence provider operating a constellation of high-revisit small Earth observation satellites. It delivers real-time satellite imagery, advanced data analytics, and dynamic monitoring solutions to government, defense, critical infrastructure, and commercial clients globally to support data-driven operational decision-making.
Codexis, Inc. is a protein engineering company that develops enzymes for pharmaceutical, food and medical applications.
BKSY vs CDXS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $35.2M | $38.9M |
| Net Profit | $-868.0K | $9.6M |
| Gross Margin | — | 94.8% |
| Operating Margin | -11.8% | 27.1% |
| Net Margin | -2.5% | 24.7% |
| Revenue YoY | 15.9% | 81.3% |
| Net Profit YoY | 95.5% | 192.5% |
| EPS (diluted) | $0.04 | $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 | $35.2M | $38.9M | ||
| Q3 25 | $19.6M | $8.6M | ||
| Q2 25 | $22.2M | $15.3M | ||
| Q1 25 | $29.5M | $7.5M | ||
| Q4 24 | $30.4M | $21.5M | ||
| Q3 24 | $22.5M | $12.8M | ||
| Q2 24 | $24.9M | $8.0M | ||
| Q1 24 | $24.2M | $17.1M |
| Q4 25 | $-868.0K | $9.6M | ||
| Q3 25 | $-15.3M | $-19.6M | ||
| Q2 25 | $-41.2M | $-13.3M | ||
| Q1 25 | $-12.8M | $-20.7M | ||
| Q4 24 | $-19.4M | $-10.4M | ||
| Q3 24 | $-12.6M | $-20.6M | ||
| Q2 24 | $-9.4M | $-22.8M | ||
| Q1 24 | $-15.8M | $-11.5M |
| Q4 25 | — | 94.8% | ||
| Q3 25 | — | 71.3% | ||
| Q2 25 | — | 86.3% | ||
| Q1 25 | — | 63.8% | ||
| Q4 24 | — | 83.0% | ||
| Q3 24 | — | 66.4% | ||
| Q2 24 | — | 56.6% | ||
| Q1 24 | — | 71.6% |
| Q4 25 | -11.8% | 27.1% | ||
| Q3 25 | -85.8% | -220.3% | ||
| Q2 25 | -62.8% | -83.9% | ||
| Q1 25 | -40.5% | -271.6% | ||
| Q4 24 | -20.0% | -34.2% | ||
| Q3 24 | -58.7% | -129.0% | ||
| Q2 24 | -47.0% | -284.9% | ||
| Q1 24 | -54.7% | -69.6% |
| Q4 25 | -2.5% | 24.7% | ||
| Q3 25 | -78.2% | -228.1% | ||
| Q2 25 | -185.8% | -86.6% | ||
| Q1 25 | -43.4% | -274.3% | ||
| Q4 24 | -63.9% | -48.4% | ||
| Q3 24 | -55.8% | -160.8% | ||
| Q2 24 | -37.7% | -285.2% | ||
| Q1 24 | -65.2% | -67.4% |
| Q4 25 | $0.04 | $0.13 | ||
| Q3 25 | $-0.44 | $-0.22 | ||
| Q2 25 | $-1.27 | $-0.16 | ||
| Q1 25 | $-0.42 | $-0.25 | ||
| Q4 24 | $-0.61 | $-0.12 | ||
| Q3 24 | $-0.66 | $-0.29 | ||
| Q2 24 | $-0.52 | $-0.32 | ||
| Q1 24 | $-0.88 | $-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 | $124.5M | $78.2M |
| Total DebtLower is stronger | $201.1M | $40.1M |
| Stockholders' EquityBook value | $94.9M | $50.5M |
| Total Assets | $386.2M | $147.8M |
| Debt / EquityLower = less leverage | 2.12× | 0.79× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $124.5M | $78.2M | ||
| Q3 25 | $146.5M | $58.7M | ||
| Q2 25 | $93.8M | $66.3M | ||
| Q1 25 | $75.8M | $59.8M | ||
| Q4 24 | $52.5M | $73.5M | ||
| Q3 24 | $63.2M | $90.3M | ||
| Q2 24 | $41.2M | $73.2M | ||
| Q1 24 | $35.4M | $85.5M |
| Q4 25 | $201.1M | $40.1M | ||
| Q3 25 | $195.1M | $39.7M | ||
| Q2 25 | $122.5M | $39.4M | ||
| Q1 25 | $115.3M | $29.2M | ||
| Q4 24 | $107.7M | $28.9M | ||
| Q3 24 | $98.8M | $28.6M | ||
| Q2 24 | $108.6M | $28.4M | ||
| Q1 24 | $85.0M | $28.1M |
| Q4 25 | $94.9M | $50.5M | ||
| Q3 25 | $91.1M | $38.5M | ||
| Q2 25 | $86.6M | $55.6M | ||
| Q1 25 | $88.8M | $49.6M | ||
| Q4 24 | $94.0M | $66.9M | ||
| Q3 24 | $110.3M | $73.4M | ||
| Q2 24 | $76.5M | $61.4M | ||
| Q1 24 | $81.7M | $79.3M |
| Q4 25 | $386.2M | $147.8M | ||
| Q3 25 | $380.9M | $124.0M | ||
| Q2 25 | $310.8M | $138.2M | ||
| Q1 25 | $284.9M | $128.9M | ||
| Q4 24 | $254.1M | $149.0M | ||
| Q3 24 | $245.5M | $148.2M | ||
| Q2 24 | $224.3M | $132.0M | ||
| Q1 24 | $210.1M | $149.6M |
| Q4 25 | 2.12× | 0.79× | ||
| Q3 25 | 2.14× | 1.03× | ||
| Q2 25 | 1.41× | 0.71× | ||
| Q1 25 | 1.30× | 0.59× | ||
| Q4 24 | 1.15× | 0.43× | ||
| Q3 24 | 0.90× | 0.39× | ||
| Q2 24 | 1.42× | 0.46× | ||
| Q1 24 | 1.04× | 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 | $-9.3M | $20.1M |
| Free Cash FlowOCF − Capex | — | $19.6M |
| FCF MarginFCF / Revenue | — | 50.3% |
| Capex IntensityCapex / Revenue | — | 1.3% |
| Cash ConversionOCF / Net Profit | — | 2.09× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-23.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-9.3M | $20.1M | ||
| Q3 25 | $-39.0M | $-7.7M | ||
| Q2 25 | $-7.3M | $-18.0M | ||
| Q1 25 | $27.2M | $-13.8M | ||
| Q4 24 | $-1.8M | $-16.5M | ||
| Q3 24 | $1.0M | $-13.0M | ||
| Q2 24 | $-1.8M | $-12.2M | ||
| Q1 24 | $-3.8M | $-7.8M |
| Q4 25 | — | $19.6M | ||
| Q3 25 | — | $-7.9M | ||
| Q2 25 | — | $-20.5M | ||
| Q1 25 | — | $-15.1M | ||
| Q4 24 | — | $-18.2M | ||
| Q3 24 | — | $-14.0M | ||
| Q2 24 | — | $-12.6M | ||
| Q1 24 | — | $-8.9M |
| Q4 25 | — | 50.3% | ||
| Q3 25 | — | -91.7% | ||
| Q2 25 | — | -133.6% | ||
| Q1 25 | — | -199.6% | ||
| Q4 24 | — | -85.0% | ||
| Q3 24 | — | -109.0% | ||
| Q2 24 | — | -157.5% | ||
| Q1 24 | — | -52.2% |
| Q4 25 | — | 1.3% | ||
| Q3 25 | — | 2.1% | ||
| Q2 25 | — | 16.4% | ||
| Q1 25 | — | 16.7% | ||
| Q4 24 | — | 8.3% | ||
| Q3 24 | — | 7.8% | ||
| Q2 24 | — | 5.0% | ||
| Q1 24 | — | 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.
