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Side-by-side financial comparison of CODEXIS, INC. (CDXS) and indie Semiconductor, Inc. (INDI). Click either name above to swap in a different company.
indie Semiconductor, Inc. is the larger business by last-quarter revenue ($55.5M vs $38.9M, roughly 1.4× CODEXIS, INC.). On growth, CODEXIS, INC. posted the faster year-over-year revenue change (81.3% vs 2.6%). Over the past eight quarters, CODEXIS, INC.'s revenue compounded faster (51.0% CAGR vs 2.9%).
Codexis, Inc. is a protein engineering company that develops enzymes for pharmaceutical, food and medical applications.
indie Semiconductor is a fabless semiconductor manufacturer focused on designing high-performance mixed-signal and embedded system-on-chip solutions for the automotive industry. Its products support advanced driver assistance systems, in-vehicle infotainment, connected car, and electric vehicle applications, serving global auto OEMs and tier 1 suppliers across major global markets.
CDXS vs INDI — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $38.9M | $55.5M |
| Net Profit | $9.6M | — |
| Gross Margin | 94.8% | 38.0% |
| Operating Margin | 27.1% | -70.1% |
| Net Margin | 24.7% | — |
| Revenue YoY | 81.3% | 2.6% |
| Net Profit YoY | 192.5% | — |
| EPS (diluted) | $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.
| Q1 26 | — | $55.5M | ||
| Q4 25 | $38.9M | $58.0M | ||
| Q3 25 | $8.6M | $53.7M | ||
| Q2 25 | $15.3M | $51.6M | ||
| Q1 25 | $7.5M | $54.1M | ||
| Q4 24 | $21.5M | $58.0M | ||
| Q3 24 | $12.8M | $54.0M | ||
| Q2 24 | $8.0M | $52.4M |
| Q1 26 | — | — | ||
| Q4 25 | $9.6M | $-31.2M | ||
| Q3 25 | $-19.6M | $-38.3M | ||
| Q2 25 | $-13.3M | $-39.0M | ||
| Q1 25 | $-20.7M | $-34.5M | ||
| Q4 24 | $-10.4M | $-34.4M | ||
| Q3 24 | $-20.6M | $-49.7M | ||
| Q2 24 | $-22.8M | $-19.2M |
| Q1 26 | — | 38.0% | ||
| Q4 25 | 94.8% | 37.3% | ||
| Q3 25 | 71.3% | 40.1% | ||
| Q2 25 | 86.3% | 40.6% | ||
| Q1 25 | 63.8% | 41.7% | ||
| Q4 24 | 83.0% | 42.6% | ||
| Q3 24 | 66.4% | 39.3% | ||
| Q2 24 | 56.6% | 42.2% |
| Q1 26 | — | -70.1% | ||
| Q4 25 | 27.1% | -58.5% | ||
| Q3 25 | -220.3% | -71.4% | ||
| Q2 25 | -83.9% | -83.3% | ||
| Q1 25 | -271.6% | -72.0% | ||
| Q4 24 | -34.2% | -58.4% | ||
| Q3 24 | -129.0% | -92.5% | ||
| Q2 24 | -284.9% | -70.0% |
| Q1 26 | — | — | ||
| Q4 25 | 24.7% | -53.8% | ||
| Q3 25 | -228.1% | -71.3% | ||
| Q2 25 | -86.6% | -75.6% | ||
| Q1 25 | -274.3% | -63.9% | ||
| Q4 24 | -48.4% | -59.2% | ||
| Q3 24 | -160.8% | -92.1% | ||
| Q2 24 | -285.2% | -36.6% |
| Q1 26 | — | — | ||
| Q4 25 | $0.13 | $-0.16 | ||
| Q3 25 | $-0.22 | $-0.19 | ||
| Q2 25 | $-0.16 | $-0.20 | ||
| Q1 25 | $-0.25 | $-0.18 | ||
| Q4 24 | $-0.12 | $-0.18 | ||
| Q3 24 | $-0.29 | $-0.28 | ||
| Q2 24 | $-0.32 | $-0.11 |
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 | $174.4M |
| Total DebtLower is stronger | $40.1M | $402.8M |
| Stockholders' EquityBook value | $50.5M | $348.9M |
| Total Assets | $147.8M | $869.6M |
| Debt / EquityLower = less leverage | 0.79× | 1.15× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $174.4M | ||
| Q4 25 | $78.2M | $145.5M | ||
| Q3 25 | $58.7M | $160.9M | ||
| Q2 25 | $66.3M | $192.6M | ||
| Q1 25 | $59.8M | $236.6M | ||
| Q4 24 | $73.5M | $274.2M | ||
| Q3 24 | $90.3M | $96.9M | ||
| Q2 24 | $73.2M | $112.3M |
| Q1 26 | — | $402.8M | ||
| Q4 25 | $40.1M | $353.4M | ||
| Q3 25 | $39.7M | $353.5M | ||
| Q2 25 | $39.4M | $352.5M | ||
| Q1 25 | $29.2M | $379.0M | ||
| Q4 24 | $28.9M | $381.3M | ||
| Q3 24 | $28.6M | — | ||
| Q2 24 | $28.4M | — |
| Q1 26 | — | $348.9M | ||
| Q4 25 | $50.5M | $358.0M | ||
| Q3 25 | $38.5M | $369.2M | ||
| Q2 25 | $55.6M | $390.4M | ||
| Q1 25 | $49.6M | $405.6M | ||
| Q4 24 | $66.9M | $417.9M | ||
| Q3 24 | $73.4M | $458.6M | ||
| Q2 24 | $61.4M | $470.7M |
| Q1 26 | — | $869.6M | ||
| Q4 25 | $147.8M | $840.8M | ||
| Q3 25 | $124.0M | $855.1M | ||
| Q2 25 | $138.2M | $867.6M | ||
| Q1 25 | $128.9M | $909.0M | ||
| Q4 24 | $149.0M | $941.4M | ||
| Q3 24 | $148.2M | $797.5M | ||
| Q2 24 | $132.0M | $797.3M |
| Q1 26 | — | 1.15× | ||
| Q4 25 | 0.79× | 0.99× | ||
| Q3 25 | 1.03× | 0.96× | ||
| Q2 25 | 0.71× | 0.90× | ||
| Q1 25 | 0.59× | 0.93× | ||
| Q4 24 | 0.43× | 0.91× | ||
| Q3 24 | 0.39× | — | ||
| Q2 24 | 0.46× | — |
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.
| Q1 26 | — | — | ||
| Q4 25 | $20.1M | $-14.4M | ||
| Q3 25 | $-7.7M | $-6.2M | ||
| Q2 25 | $-18.0M | $-7.6M | ||
| Q1 25 | $-13.8M | $-29.0M | ||
| Q4 24 | $-16.5M | $-6.7M | ||
| Q3 24 | $-13.0M | $-22.8M | ||
| Q2 24 | $-12.2M | $-19.7M |
| Q1 26 | — | — | ||
| Q4 25 | $19.6M | $-16.1M | ||
| Q3 25 | $-7.9M | $-10.3M | ||
| Q2 25 | $-20.5M | $-13.6M | ||
| Q1 25 | $-15.1M | $-31.4M | ||
| Q4 24 | $-18.2M | $-8.6M | ||
| Q3 24 | $-14.0M | $-29.3M | ||
| Q2 24 | $-12.6M | $-23.4M |
| Q1 26 | — | — | ||
| Q4 25 | 50.3% | -27.8% | ||
| Q3 25 | -91.7% | -19.2% | ||
| Q2 25 | -133.6% | -26.4% | ||
| Q1 25 | -199.6% | -58.0% | ||
| Q4 24 | -85.0% | -14.8% | ||
| Q3 24 | -109.0% | -54.3% | ||
| Q2 24 | -157.5% | -44.7% |
| Q1 26 | — | — | ||
| Q4 25 | 1.3% | 3.0% | ||
| Q3 25 | 2.1% | 7.8% | ||
| Q2 25 | 16.4% | 11.6% | ||
| Q1 25 | 16.7% | 4.4% | ||
| Q4 24 | 8.3% | 3.2% | ||
| Q3 24 | 7.8% | 12.1% | ||
| Q2 24 | 5.0% | 7.0% |
| Q1 26 | — | — | ||
| Q4 25 | 2.09× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CDXS
Segment breakdown not available.
INDI
| Product revenue | $51.6M | 93% |
| Contract revenue | $3.9M | 7% |
