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Side-by-side financial comparison of Blaize Holdings, Inc. (BZAI) 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 $23.8M, roughly 1.6× Blaize Holdings, Inc.). CODEXIS, INC. runs the higher net margin — 24.7% vs -13.9%, a 38.5% gap on every dollar of revenue. On growth, Blaize Holdings, Inc. posted the faster year-over-year revenue change (2377500.0% vs 81.3%). CODEXIS, INC. produced more free cash flow last quarter ($19.6M vs $-16.5M).
Blaize Holdings, Inc. is a technology company specializing in edge artificial intelligence computing solutions. It designs energy-efficient AI processors, low-latency inference software stacks, and end-to-end edge AI development tools, serving key segments including autonomous driving, industrial automation, smart cities, and edge healthcare monitoring.
Codexis, Inc. is a protein engineering company that develops enzymes for pharmaceutical, food and medical applications.
BZAI vs CDXS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $23.8M | $38.9M |
| Net Profit | $-3.3M | $9.6M |
| Gross Margin | 10.8% | 94.8% |
| Operating Margin | -89.8% | 27.1% |
| Net Margin | -13.9% | 24.7% |
| Revenue YoY | 2377500.0% | 81.3% |
| Net Profit YoY | 50.7% | 192.5% |
| EPS (diluted) | $0.16 | $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 | $23.8M | $38.9M | ||
| Q3 25 | $11.9M | $8.6M | ||
| Q2 25 | — | $15.3M | ||
| Q1 25 | — | $7.5M | ||
| Q4 24 | — | $21.5M | ||
| Q3 24 | — | $12.8M | ||
| Q2 24 | — | $8.0M | ||
| Q1 24 | — | $17.1M |
| Q4 25 | $-3.3M | $9.6M | ||
| Q3 25 | $-26.3M | $-19.6M | ||
| Q2 25 | — | $-13.3M | ||
| Q1 25 | — | $-20.7M | ||
| Q4 24 | — | $-10.4M | ||
| Q3 24 | — | $-20.6M | ||
| Q2 24 | — | $-22.8M | ||
| Q1 24 | — | $-11.5M |
| Q4 25 | 10.8% | 94.8% | ||
| Q3 25 | 15.0% | 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 | -89.8% | 27.1% | ||
| Q3 25 | -190.3% | -220.3% | ||
| Q2 25 | — | -83.9% | ||
| Q1 25 | — | -271.6% | ||
| Q4 24 | — | -34.2% | ||
| Q3 24 | — | -129.0% | ||
| Q2 24 | — | -284.9% | ||
| Q1 24 | — | -69.6% |
| Q4 25 | -13.9% | 24.7% | ||
| Q3 25 | -221.3% | -228.1% | ||
| Q2 25 | — | -86.6% | ||
| Q1 25 | — | -274.3% | ||
| Q4 24 | — | -48.4% | ||
| Q3 24 | — | -160.8% | ||
| Q2 24 | — | -285.2% | ||
| Q1 24 | — | -67.4% |
| Q4 25 | $0.16 | $0.13 | ||
| Q3 25 | $-0.25 | $-0.22 | ||
| Q2 25 | — | $-0.16 | ||
| Q1 25 | — | $-0.25 | ||
| Q4 24 | — | $-0.12 | ||
| Q3 24 | — | $-0.29 | ||
| Q2 24 | — | $-0.32 | ||
| Q1 24 | — | $-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 | $45.8M | $78.2M |
| Total DebtLower is stronger | — | $40.1M |
| Stockholders' EquityBook value | $39.0M | $50.5M |
| Total Assets | $102.2M | $147.8M |
| Debt / EquityLower = less leverage | — | 0.79× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $45.8M | $78.2M | ||
| Q3 25 | $24.0M | $58.7M | ||
| Q2 25 | — | $66.3M | ||
| Q1 25 | — | $59.8M | ||
| Q4 24 | — | $73.5M | ||
| Q3 24 | — | $90.3M | ||
| Q2 24 | — | $73.2M | ||
| Q1 24 | — | $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 | $39.0M | $50.5M | ||
| Q3 25 | $1.3M | $38.5M | ||
| Q2 25 | — | $55.6M | ||
| Q1 25 | — | $49.6M | ||
| Q4 24 | — | $66.9M | ||
| Q3 24 | — | $73.4M | ||
| Q2 24 | — | $61.4M | ||
| Q1 24 | — | $79.3M |
| Q4 25 | $102.2M | $147.8M | ||
| Q3 25 | $60.9M | $124.0M | ||
| Q2 25 | — | $138.2M | ||
| Q1 25 | — | $128.9M | ||
| Q4 24 | — | $149.0M | ||
| Q3 24 | — | $148.2M | ||
| Q2 24 | — | $132.0M | ||
| Q1 24 | — | $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 | $-16.5M | $20.1M |
| Free Cash FlowOCF − Capex | $-16.5M | $19.6M |
| FCF MarginFCF / Revenue | -69.6% | 50.3% |
| Capex IntensityCapex / Revenue | 0.3% | 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 | $-16.5M | $20.1M | ||
| Q3 25 | $-24.9M | $-7.7M | ||
| Q2 25 | — | $-18.0M | ||
| Q1 25 | — | $-13.8M | ||
| Q4 24 | — | $-16.5M | ||
| Q3 24 | — | $-13.0M | ||
| Q2 24 | — | $-12.2M | ||
| Q1 24 | — | $-7.8M |
| Q4 25 | $-16.5M | $19.6M | ||
| Q3 25 | $-24.9M | $-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 | -69.6% | 50.3% | ||
| Q3 25 | -210.2% | -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 | 0.3% | 1.3% | ||
| Q3 25 | 0.2% | 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.
