CODEXIS, INC.CDXS

CODEXIS, INC. Segments Disclosure

10-KFiled Mar 11, 20263 min read
Segment, Geographical and Other Revenue Information
Segment Information
We previously managed our business as two business segments, Performance Enzymes and Novel Biotherapeutics. During the fourth quarter of 2023, we made changes to the structure of our organization in connection with the restructuring of our business that we announced in July 2023, including the discontinuation of investment in certain development programs, primarily in our biotherapeutics business, consolidation of operations to our Redwood City, California headquarters, and headcount reduction. In connection with these organizational structure changes, corresponding changes were made to how our business is managed, how results are reported internally and how our CEO, our chief operating decision maker (“CODM”), assesses performance and allocates resources. As a result of these changes, our previous Performance Enzymes and Novel Biotherapeutics operating segments were combined into a single reportable segment. We believe that these changes better align internal resources and external go-to-market activities in order to create a more efficient and effective organizational structure. Under this new organizational and reporting structure, we managed our business as one reportable segment since the fourth quarter of 2023.
Effective October 1, 2023, the Company's operations are managed and reported to the CODM on a consolidated basis. The CODM uses primarily consolidated income (loss) from operations and net income (loss) to assess financial performance and make resource allocation decisions. These financial measures are used by the CODM to balance short-term financial results with long-term strategic goals, guiding the allocation of budget between product costs, research and development, and general, selling and administrative expenses.
Significant Customers
Customers that each accounted for 10% or more of our total revenues were as follows:
Percentage of Total Revenues
For the Year Ended December 31,
 202520242023
Customer A*18 %22 %
Customer B51 %13 %*
Customer C*10 %*
Customer D*10 %*
Customer E**13 %
* Percentage was less than 10%
Customers that each accounted for 10% or more of accounts receivable balances as of the periods presented are as follows:
 As of December 31,
 20252024
Customer B*16 %
Customer D40 %18 %
Customer F13 %12 %
Customer G*10 %
Customer H**
Customer I**
Customer J14 %*
* Percentage was less than 10%
Geographical Information
Geographic revenues are identified by the location of the customer and consist of the following (in thousands):
 Year Ended December 31,
202520242023
Revenues
Americas(1)
$43,537 $21,278 $13,733 
EMEA(2)(3)
9,292 10,359 22,907 
APAC(4)(5)(6)
17,558 27,708 33,503 
Total revenues$70,387 $59,345 $70,143 
(1) United States revenue was $43.5 million, $21.3 million, and $13.7 million, for the years ended December 31, 2025, 2024, and 2023, respectively
(2) Ireland revenue was $0.7 million, $1.8 million, and $0.5 million, for the years ended December 31, 2025, 2024, and 2023, respectively
(3) Switzerland revenue was $4.2 million, $3.4 million, and $11.1 million, for the years ended December 31, 2025, 2024, and 2023, respectively
(4) China revenue was $9.3 million, $9.8 million, and $20.3 million, for the years ended December 31, 2025, 2024, and 2023, respectively
(5) India revenue was $5.7 million, $7.3 million, and $5.7 million, for the years ended December 31, 2025, 2024, and 2023, respectively
(6) Singapore revenue was $0.4 million, $6.2 million, and $2.4 million, for the years ended December 31, 2025, 2024, and 2023, respectively
Identifiable long-lived assets by location was as follows (in thousands):
 December 31,
 20252024
United States$43,575 $43,098 

Historical Timeline

Fiscal YearFiled
2025Mar 11, 2026Showing above
2024Feb 27, 2025
2023Feb 28, 2024
2022Feb 27, 2023
2021Feb 28, 2022

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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