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Side-by-side financial comparison of Canaan Inc. (CAN) 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 $20.8M, roughly 1.9× Canaan Inc.). CODEXIS, INC. runs the higher net margin — 24.7% vs -18.4%, a 43.1% gap on every dollar of revenue.
Canaan Inc., doing business as Canaan Creative and known simply as Canaan, is a Singapore-based computer hardware manufacturer. Established in 2013 by N.G. Zhang, Canaan specializes in Blockchain servers and ASIC microprocessors for use in bitcoin mining.
Codexis, Inc. is a protein engineering company that develops enzymes for pharmaceutical, food and medical applications.
CAN vs CDXS — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $20.8M | $38.9M |
| Net Profit | $-3.8M | $9.6M |
| Gross Margin | 99.9% | 94.8% |
| Operating Margin | -15.9% | 27.1% |
| Net Margin | -18.4% | 24.7% |
| Revenue YoY | — | 81.3% |
| Net Profit YoY | — | 192.5% |
| EPS (diluted) | $-0.05 | $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 | $20.8M | $38.9M | ||
| Q3 25 | $13.8M | $8.6M | ||
| Q2 25 | $11.4M | $15.3M | ||
| Q1 25 | — | $7.5M | ||
| Q4 24 | — | $21.5M | ||
| Q3 24 | $10.2M | $12.8M | ||
| Q2 24 | $4.8M | $8.0M | ||
| Q1 24 | — | $17.1M |
| Q4 25 | $-3.8M | $9.6M | ||
| Q3 25 | $-1.5M | $-19.6M | ||
| Q2 25 | $-11.9M | $-13.3M | ||
| Q1 25 | — | $-20.7M | ||
| Q4 24 | — | $-10.4M | ||
| Q3 24 | $-10.4M | $-20.6M | ||
| Q2 24 | $-5.4M | $-22.8M | ||
| Q1 24 | — | $-11.5M |
| Q4 25 | 99.9% | 94.8% | ||
| Q3 25 | 99.9% | 71.3% | ||
| Q2 25 | 99.9% | 86.3% | ||
| Q1 25 | — | 63.8% | ||
| Q4 24 | — | 83.0% | ||
| Q3 24 | 99.9% | 66.4% | ||
| Q2 24 | 99.8% | 56.6% | ||
| Q1 24 | — | 71.6% |
| Q4 25 | -15.9% | 27.1% | ||
| Q3 25 | -27.0% | -220.3% | ||
| Q2 25 | -45.5% | -83.9% | ||
| Q1 25 | — | -271.6% | ||
| Q4 24 | — | -34.2% | ||
| Q3 24 | -77.2% | -129.0% | ||
| Q2 24 | -193.9% | -284.9% | ||
| Q1 24 | — | -69.6% |
| Q4 25 | -18.4% | 24.7% | ||
| Q3 25 | -11.0% | -228.1% | ||
| Q2 25 | -104.4% | -86.6% | ||
| Q1 25 | — | -274.3% | ||
| Q4 24 | — | -48.4% | ||
| Q3 24 | -102.7% | -160.8% | ||
| Q2 24 | -112.3% | -285.2% | ||
| Q1 24 | — | -67.4% |
| Q4 25 | $-0.05 | $0.13 | ||
| Q3 25 | $-0.02 | $-0.22 | ||
| Q2 25 | $-0.25 | $-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 | — | $78.2M |
| Total DebtLower is stronger | $6.2M | $40.1M |
| Stockholders' EquityBook value | $52.4M | $50.5M |
| Total Assets | $92.5M | $147.8M |
| Debt / EquityLower = less leverage | 0.12× | 0.79× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $78.2M | ||
| Q3 25 | — | $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 | $6.2M | $40.1M | ||
| Q3 25 | $6.2M | $39.7M | ||
| Q2 25 | $6.2M | $39.4M | ||
| Q1 25 | — | $29.2M | ||
| Q4 24 | — | $28.9M | ||
| Q3 24 | — | $28.6M | ||
| Q2 24 | — | $28.4M | ||
| Q1 24 | — | $28.1M |
| Q4 25 | $52.4M | $50.5M | ||
| Q3 25 | $44.7M | $38.5M | ||
| Q2 25 | $33.8M | $55.6M | ||
| Q1 25 | — | $49.6M | ||
| Q4 24 | — | $66.9M | ||
| Q3 24 | $43.6M | $73.4M | ||
| Q2 24 | $56.8M | $61.4M | ||
| Q1 24 | — | $79.3M |
| Q4 25 | $92.5M | $147.8M | ||
| Q3 25 | $81.7M | $124.0M | ||
| Q2 25 | $78.0M | $138.2M | ||
| Q1 25 | — | $128.9M | ||
| Q4 24 | — | $149.0M | ||
| Q3 24 | $69.3M | $148.2M | ||
| Q2 24 | $73.7M | $132.0M | ||
| Q1 24 | — | $149.6M |
| Q4 25 | 0.12× | 0.79× | ||
| Q3 25 | 0.14× | 1.03× | ||
| Q2 25 | 0.18× | 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 | — | $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 | — | $20.1M | ||
| Q3 25 | — | $-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 | — | $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.
