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Side-by-side financial comparison of CODEXIS, INC. (CDXS) and Cipher Mining Inc. (CIFR). Click either name above to swap in a different company.
Cipher Mining Inc. is the larger business by last-quarter revenue ($59.7M vs $38.9M, roughly 1.5× CODEXIS, INC.). CODEXIS, INC. runs the higher net margin — 24.7% vs -1229.6%, a 1254.3% gap on every dollar of revenue. On growth, CODEXIS, INC. posted the faster year-over-year revenue change (81.3% vs 41.4%). CODEXIS, INC. produced more free cash flow last quarter ($19.6M vs $-695.9M). Over the past eight quarters, CODEXIS, INC.'s revenue compounded faster (51.0% CAGR vs 11.4%).
Codexis, Inc. is a protein engineering company that develops enzymes for pharmaceutical, food and medical applications.
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
CDXS vs CIFR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $38.9M | $59.7M |
| Net Profit | $9.6M | $-734.2M |
| Gross Margin | 94.8% | 59.4% |
| Operating Margin | 27.1% | -503.4% |
| Net Margin | 24.7% | -1229.6% |
| Revenue YoY | 81.3% | 41.4% |
| Net Profit YoY | 192.5% | -4293.1% |
| EPS (diluted) | $0.13 | $-1.91 |
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 | $38.9M | $59.7M | ||
| Q3 25 | $8.6M | $71.7M | ||
| Q2 25 | $15.3M | $43.6M | ||
| Q1 25 | $7.5M | $49.0M | ||
| Q4 24 | $21.5M | $42.2M | ||
| Q3 24 | $12.8M | $24.1M | ||
| Q2 24 | $8.0M | $36.8M | ||
| Q1 24 | $17.1M | $48.1M |
| Q4 25 | $9.6M | $-734.2M | ||
| Q3 25 | $-19.6M | $-3.3M | ||
| Q2 25 | $-13.3M | $-45.8M | ||
| Q1 25 | $-20.7M | $-39.0M | ||
| Q4 24 | $-10.4M | $17.5M | ||
| Q3 24 | $-20.6M | $-86.8M | ||
| Q2 24 | $-22.8M | $-15.3M | ||
| Q1 24 | $-11.5M | $39.9M |
| Q4 25 | 94.8% | 59.4% | ||
| Q3 25 | 71.3% | 62.7% | ||
| Q2 25 | 86.3% | 64.8% | ||
| Q1 25 | 63.8% | 69.6% | ||
| Q4 24 | 83.0% | 56.9% | ||
| Q3 24 | 66.4% | 37.5% | ||
| Q2 24 | 56.6% | 61.2% | ||
| Q1 24 | 71.6% | 69.2% |
| Q4 25 | 27.1% | -503.4% | ||
| Q3 25 | -220.3% | -52.5% | ||
| Q2 25 | -83.9% | -103.9% | ||
| Q1 25 | -271.6% | -77.8% | ||
| Q4 24 | -34.2% | 40.5% | ||
| Q3 24 | -129.0% | -379.2% | ||
| Q2 24 | -284.9% | -43.9% | ||
| Q1 24 | -69.6% | 97.2% |
| Q4 25 | 24.7% | -1229.6% | ||
| Q3 25 | -228.1% | -4.6% | ||
| Q2 25 | -86.6% | -105.1% | ||
| Q1 25 | -274.3% | -79.6% | ||
| Q4 24 | -48.4% | 41.5% | ||
| Q3 24 | -160.8% | -359.9% | ||
| Q2 24 | -285.2% | -41.5% | ||
| Q1 24 | -67.4% | 82.9% |
| Q4 25 | $0.13 | $-1.91 | ||
| Q3 25 | $-0.22 | $-0.01 | ||
| Q2 25 | $-0.16 | $-0.12 | ||
| Q1 25 | $-0.25 | $-0.11 | ||
| Q4 24 | $-0.12 | $0.04 | ||
| Q3 24 | $-0.29 | $-0.26 | ||
| Q2 24 | $-0.32 | $-0.05 | ||
| Q1 24 | $-0.16 | $0.13 |
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 | $628.3M |
| Total DebtLower is stronger | $40.1M | $2.7B |
| Stockholders' EquityBook value | $50.5M | $805.5M |
| Total Assets | $147.8M | $4.3B |
| Debt / EquityLower = less leverage | 0.79× | 3.37× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.2M | $628.3M | ||
| Q3 25 | $58.7M | $1.2B | ||
| Q2 25 | $66.3M | $62.7M | ||
| Q1 25 | $59.8M | $23.2M | ||
| Q4 24 | $73.5M | $5.6M | ||
| Q3 24 | $90.3M | $25.3M | ||
| Q2 24 | $73.2M | $122.6M | ||
| Q1 24 | $85.5M | $88.7M |
| Q4 25 | $40.1M | $2.7B | ||
| Q3 25 | $39.7M | $1.0B | ||
| Q2 25 | $39.4M | $167.1M | ||
| Q1 25 | $29.2M | — | ||
| Q4 24 | $28.9M | $0 | ||
| Q3 24 | $28.6M | — | ||
| Q2 24 | $28.4M | — | ||
| Q1 24 | $28.1M | — |
| Q4 25 | $50.5M | $805.5M | ||
| Q3 25 | $38.5M | $783.2M | ||
| Q2 25 | $55.6M | $748.9M | ||
| Q1 25 | $49.6M | $734.8M | ||
| Q4 24 | $66.9M | $682.0M | ||
| Q3 24 | $73.4M | $672.0M | ||
| Q2 24 | $61.4M | $690.8M | ||
| Q1 24 | $79.3M | $600.9M |
| Q4 25 | $147.8M | $4.3B | ||
| Q3 25 | $124.0M | $2.8B | ||
| Q2 25 | $138.2M | $1.0B | ||
| Q1 25 | $128.9M | $913.8M | ||
| Q4 24 | $149.0M | $855.4M | ||
| Q3 24 | $148.2M | $775.4M | ||
| Q2 24 | $132.0M | $775.6M | ||
| Q1 24 | $149.6M | $677.1M |
| Q4 25 | 0.79× | 3.37× | ||
| Q3 25 | 1.03× | 1.31× | ||
| Q2 25 | 0.71× | 0.22× | ||
| Q1 25 | 0.59× | — | ||
| Q4 24 | 0.43× | 0.00× | ||
| 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 | $-207.9M |
| Free Cash FlowOCF − Capex | $19.6M | $-695.9M |
| FCF MarginFCF / Revenue | 50.3% | -1165.4% |
| Capex IntensityCapex / Revenue | 1.3% | 817.1% |
| Cash ConversionOCF / Net Profit | 2.09× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-23.8M | $-1.1B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.1M | $-207.9M | ||
| Q3 25 | $-7.7M | $-50.1M | ||
| Q2 25 | $-18.0M | $-56.2M | ||
| Q1 25 | $-13.8M | $-47.2M | ||
| Q4 24 | $-16.5M | $-87.5M | ||
| Q3 24 | $-13.0M | $-6.5M | ||
| Q2 24 | $-12.2M | $-25.4M | ||
| Q1 24 | $-7.8M | $-26.6M |
| Q4 25 | $19.6M | $-695.9M | ||
| Q3 25 | $-7.9M | $-256.2M | ||
| Q2 25 | $-20.5M | $-87.5M | ||
| Q1 25 | $-15.1M | $-71.8M | ||
| Q4 24 | $-18.2M | $-227.0M | ||
| Q3 24 | $-14.0M | $-83.2M | ||
| Q2 24 | $-12.6M | $-33.2M | ||
| Q1 24 | $-8.9M | $-34.5M |
| Q4 25 | 50.3% | -1165.4% | ||
| Q3 25 | -91.7% | -357.3% | ||
| Q2 25 | -133.6% | -200.9% | ||
| Q1 25 | -199.6% | -146.7% | ||
| Q4 24 | -85.0% | -537.6% | ||
| Q3 24 | -109.0% | -345.0% | ||
| Q2 24 | -157.5% | -90.2% | ||
| Q1 24 | -52.2% | -71.7% |
| Q4 25 | 1.3% | 817.1% | ||
| Q3 25 | 2.1% | 287.5% | ||
| Q2 25 | 16.4% | 71.8% | ||
| Q1 25 | 16.7% | 50.2% | ||
| Q4 24 | 8.3% | 330.4% | ||
| Q3 24 | 7.8% | 317.8% | ||
| Q2 24 | 5.0% | 21.4% | ||
| Q1 24 | 6.6% | 16.4% |
| Q4 25 | 2.09× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -5.00× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -0.67× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
