diff --git a/contracts/benchmarks/report.json b/contracts/benchmarks/report.json
deleted file mode 100644
index bb94c6b60a..0000000000
--- a/contracts/benchmarks/report.json
+++ /dev/null
@@ -1 +0,0 @@
-[{"path":"../output/send-tx-repeat.wasm","size":901,"hasAllocator":false,"hasPanic":"none"},{"path":"../output/large-storage.wasm","size":2164,"hasAllocator":false,"hasPanic":"without message"},{"path":"../output/map-repeat.wasm","size":7234,"hasAllocator":false,"hasPanic":"without message"},{"path":"../output/queue-repeat.wasm","size":5853,"hasAllocator":false,"hasPanic":"without message"},{"path":"../output/set-repeat.wasm","size":7013,"hasAllocator":false,"hasPanic":"without message"},{"path":"../output/single-value-repeat.wasm","size":4440,"hasAllocator":false,"hasPanic":"without message"},{"path":"../output/linked-list-repeat.wasm","size":6681,"hasAllocator":true,"hasPanic":"without message"},{"path":"../output/vec-repeat.wasm","size":5231,"hasAllocator":false,"hasPanic":"without message"},{"path":"../output/str-repeat.wasm","size":2389,"hasAllocator":false,"hasPanic":"without message"},{"path":"../output/str-repeat-mb-builder-cached.wasm","size":1139,"hasAllocator":false,"hasPanic":"without message"},{"path":"../output/str-repeat-mb-builder-basic.wasm","size":759,"hasAllocator":false,"hasPanic":"none"}]
\ No newline at end of file
diff --git a/framework/meta/src/cli/cli_args_standalone.rs b/framework/meta/src/cli/cli_args_standalone.rs
index 453b136432..9bb5aad9fc 100644
--- a/framework/meta/src/cli/cli_args_standalone.rs
+++ b/framework/meta/src/cli/cli_args_standalone.rs
@@ -151,15 +151,15 @@ pub struct CodeReportArgs {
 
     /// Output file path
     #[arg(short, long, verbatim_doc_comment)]
-    pub output: Option<String>,
+    pub output: PathBuf,
 
     /// Output format
     #[arg(short, long, verbatim_doc_comment)]
     pub format: Option<OutputFormat>,
 
-    /// Compare
+    /// Compare two reports. Output available only for Markdown format
     #[arg(short, long, verbatim_doc_comment)]
-    pub compare: Option<String>,
+    pub compare: Option<PathBuf>,
 }
 
 #[derive(Default, Clone, PartialEq, Eq, Debug, Args)]
diff --git a/framework/meta/src/cmd/code_report.rs b/framework/meta/src/cmd/code_report.rs
index 26b0a15a34..f3c8ff8cbe 100644
--- a/framework/meta/src/cmd/code_report.rs
+++ b/framework/meta/src/cmd/code_report.rs
@@ -1,3 +1,4 @@
+pub mod compare;
 pub mod generate_report;
 pub mod render_code_report;
 
@@ -14,8 +15,8 @@ pub fn code_report(args: &CodeReportArgs) {
 
     run_code_report(
         path,
-        args.output.as_ref().unwrap_or(&"./report.md".to_string()),
+        args.output.to_str().unwrap(),
         args.format.as_ref().unwrap_or(&OutputFormat::default()),
-        &args.compare.clone().unwrap_or_default(),
+        args.compare.clone().unwrap_or_default().to_str().unwrap(),
     );
 }
diff --git a/framework/meta/src/cmd/code_report/compare.rs b/framework/meta/src/cmd/code_report/compare.rs
new file mode 100644
index 0000000000..98a72676cf
--- /dev/null
+++ b/framework/meta/src/cmd/code_report/compare.rs
@@ -0,0 +1,87 @@
+use std::io::BufRead;
+
+use multiversx_sc_meta_lib::code_report_json::CodeReportJson;
+
+pub(crate) fn parse_into_code_report_json(
+    compared_file_reader: &mut dyn BufRead,
+) -> Vec<CodeReportJson> {
+    let lines = compared_file_reader.lines().skip(2);
+
+    let mut compared_reports: Vec<CodeReportJson> = Vec::new();
+
+    for line in lines {
+        match line {
+            Ok(l) => {
+                let columns: Vec<String> = l
+                    .split('|')
+                    .map(|s| s.trim().to_string())
+                    .filter(|s| !s.is_empty())
+                    .collect();
+
+                if columns.len() == 4 {
+                    compared_reports.push(CodeReportJson {
+                        path: columns[0]
+                            .split('/')
+                            .last()
+                            .unwrap_or_else(|| &columns[0])
+                            .to_owned(),
+                        size: columns[1].parse::<usize>().unwrap(),
+                        has_allocator: columns[2].parse::<bool>().unwrap(),
+                        has_panic: columns[3].to_owned(),
+                    })
+                }
+            },
+            Err(_) => return compared_reports,
+        }
+    }
+
+    compared_reports
+}
+
+pub(crate) fn size_status_after_comparing(size: usize, compared_size: usize) -> String {
+    match size.cmp(&compared_size) {
+        std::cmp::Ordering::Greater => {
+            format!("{} :arrow-right: {} :red-circle:", compared_size, size)
+        },
+        std::cmp::Ordering::Less => {
+            format!("{} :arrow-right: {} :green-circle:", compared_size, size)
+        },
+        std::cmp::Ordering::Equal => {
+            format!("{}", size)
+        },
+    }
+}
+
+pub(crate) fn allocator_status_after_comparing(
+    has_allocator: bool,
+    compared_has_allocator: bool,
+) -> String {
+    if compared_has_allocator == has_allocator {
+        return format!("{}", has_allocator);
+    }
+
+    let allocator_status = format!("{} :arrow-right: {}", compared_has_allocator, has_allocator);
+
+    if !has_allocator {
+        format!("{allocator_status} :green-circle:")
+    } else {
+        format!("{allocator_status} :red-circle:")
+    }
+}
+
+pub(crate) fn panic_status_after_comparing(
+    has_panic: &String,
+    compared_has_panic: &String,
+) -> String {
+    if has_panic == compared_has_panic {
+        return has_panic.to_string();
+    }
+
+    let panic_status = format!("{} :arrow-right: {}", compared_has_panic, has_panic);
+
+    if has_panic == "none" {
+        return format!("{panic_status} :green-circle:");
+    }
+
+    panic_status
+}
diff --git a/framework/meta/src/cmd/code_report/generate_report.rs b/framework/meta/src/cmd/code_report/generate_report.rs
index 3c2fce2c6b..d921a21327 100644
--- a/framework/meta/src/cmd/code_report/generate_report.rs
+++ b/framework/meta/src/cmd/code_report/generate_report.rs
@@ -1,5 +1,6 @@
 use std::{
-    fs::{self, read_dir, File},
+    fs::{read_dir, File},
+    io::Write,
     path::PathBuf,
     process::Command,
 };
@@ -10,26 +11,25 @@ use multiversx_sc_meta_lib::{
     self, code_report_json::CodeReportJson, mxsc_file_json::MxscFileJson,
 };
 
-use super::render_code_report::render_report;
+use super::render_code_report::CodeReportRender;
 
 pub fn run_code_report(path: &str, output_path: &str, output_format: &OutputFormat, compare: &str) {
     let directors = RelevantDirectories::find_all(path, &["".to_owned()]);
 
     let reports = extract_report(directors);
-    let mut output = String::new();
+
+    let mut file = create_file(output_path);
 
     match output_format {
         OutputFormat::Markdown => {
-            render_report(&mut output, &reports, compare);
+            let mut render_code_report = CodeReportRender::new(&mut file, compare, &reports);
+            render_code_report.render_report();
         },
         OutputFormat::Json => {
-            output = serde_json::to_string(&reports).unwrap();
+            let json_output = serde_json::to_string(&reports).unwrap();
+            file.write_all(json_output.as_bytes()).unwrap();
         },
     };
-
-    let Ok(_) = fs::write(output_path, output) else {
-        return;
-    };
 }
 
 fn extract_report(directors: RelevantDirectories) -> Vec<CodeReportJson> {
@@ -92,3 +92,7 @@ fn extract_reports(path: &PathBuf, reports: &mut Vec<CodeReportJson>) {
         reports.push(data.report.code_report);
     }
 }
+
+fn create_file(file_path: &str) -> File {
+    File::create(file_path).expect("could not write report file")
+}
diff --git a/framework/meta/src/cmd/code_report/render_code_report.rs b/framework/meta/src/cmd/code_report/render_code_report.rs
index 6d5c2763cd..a34c1be3d0 100644
--- a/framework/meta/src/cmd/code_report/render_code_report.rs
+++ b/framework/meta/src/cmd/code_report/render_code_report.rs
@@ -1,183 +1,132 @@
-use std::{
-    fmt::Write,
-    fs::File,
-    io::{BufRead, BufReader},
-};
-
-use multiversx_sc_meta_lib::code_report_json::CodeReportJson;
+use core::panic;
+use std::{fmt::Display, fs::File, io::BufReader};
 
-fn writeln_output_str<S: AsRef<str>>(output: &mut String, input: S) {
-    output.write_str(&format!("{}\n", input.as_ref())).ok();
+pub struct CodeReportRender<'a> {
+    pub file: Option<&'a mut dyn std::io::Write>,
+    pub compared_path_file: &'a str,
+    pub reports: &'a [CodeReportJson],
 }
 
-pub fn render_report(output: &mut String, reports: &Vec<CodeReportJson>, compared_path_file: &str) {
-    render_header(output);
+use multiversx_sc_meta_lib::code_report_json::CodeReportJson;
 
-    if compared_path_file.is_empty() {
-        render_reports(output, reports);
-    } else {
-        render_and_compare(output, reports, compared_path_file);
+use super::compare::{
+    allocator_status_after_comparing, panic_status_after_comparing, parse_into_code_report_json,
+    size_status_after_comparing,
+};
+
+impl<'a> CodeReportRender<'a> {
+    pub fn new(
+        file: &'a mut dyn std::io::Write,
+        compared_path_file: &'a str,
+        reports: &'a [CodeReportJson],
+    ) -> Self {
+        Self {
+            file: Some(file),
+            compared_path_file,
+            reports,
+        }
     }
-}
 
-fn render_header(output: &mut String) {
-    writeln_output_str(output, "| Path                                                         |                                     size |                  has-allocator |                     has-format |");
-    writeln_output_str(output, "| :-- | --: | --: | --: |");
-}
+    pub fn render_report(&mut self) {
+        self.render_header();
 
-fn render_reports(output: &mut String, reports: &Vec<CodeReportJson>) {
-    for report in reports {
-        writeln_output_str(
-            output,
-            format!(
-                "| {} | {} | {} | {} |",
-                report.path.split('/').last().expect("no output path"),
-                report.size,
-                report.has_allocator,
-                report.has_panic
-            ),
-        );
+        if self.compared_path_file.is_empty() {
+            self.render_reports();
+        } else {
+            self.render_reports_and_compare();
+        }
     }
-}
 
-fn render_and_compare(output: &mut String, reports: &[CodeReportJson], compared_path_file: &str) {
-    let compared_file = File::open(compared_path_file).unwrap_or_else(|_| {
-        panic!(
-            "Failed to open compared file at path: {}",
-            compared_path_file
-        )
-    });
-
-    let mut compared_reports = Vec::new();
-    if compared_path_file.ends_with("md") {
-        compared_reports = parse_into_code_report_json(compared_file);
-    } else {
+    fn writeln(&mut self, s: impl Display) {
+        let file = self.file.as_mut().unwrap();
+        file.write_all(s.to_string().as_bytes()).unwrap();
+        file.write_all(b"\n").unwrap();
     }
 
-    for report in reports.iter() {
-        let path: String = report
-            .path
-            .split('/')
-            .last()
-            .expect("no output path")
-            .to_owned();
-        if compared_reports.is_empty() {
-            writeln_output_str(
-                output,
-                format!(
-                    "| {} | {} | {} | {} |",
-                    path, report.size, report.has_allocator, report.has_panic
-                ),
-            );
-            continue;
-        }
+    fn write_report_for_contract(
+        &mut self,
+        path: &String,
+        size: &String,
+        has_allocator: &String,
+        has_panic: &String,
+    ) {
+        self.writeln(format!(
+            "| {} | {} | {} | {} |",
+            path.split('/').last().unwrap_or_else(|| path),
+            size,
+            has_allocator,
+            has_panic
+        ));
+    }
 
-        if let Some(compared_report) = find_report_by_path(&compared_reports, &path) {
-            print_compared_output(output, report, compared_report);
+    fn render_header(&mut self) {
+        if !self.compared_path_file.is_empty() {
+            self.writeln(format!(
+                "Contract comparison with {}",
+                self.compared_path_file
+            ))
         }
+
+        self.writeln("| Path                                                         |                                     size |                  has-allocator |                     has-format |");
+        self.writeln("| :-- | --: | --: | --: |");
     }
-}
 
-fn parse_into_code_report_json(compared_file: File) -> Vec<CodeReportJson> {
-    let reader = BufReader::new(compared_file);
-
-    let lines = reader.lines().skip(2);
-
-    let mut compared_reports: Vec<CodeReportJson> = Vec::new();
-
-    for line in lines {
-        match line {
-            Ok(l) => {
-                let columns: Vec<String> = l
-                    .split('|')
-                    .map(|s| s.trim().to_string())
-                    .filter(|s| !s.is_empty())
-                    .collect();
-
-                if columns.len() == 4 {
-                    compared_reports.push(CodeReportJson {
-                        path: columns[0].to_owned(),
-                        size: columns[1].parse::<usize>().unwrap(),
-                        has_allocator: columns[2].parse::<bool>().unwrap(),
-                        has_panic: columns[3].to_owned(),
-                    })
-                }
-            },
-            Err(_) => return compared_reports,
+    fn render_reports(&mut self) {
+        for report in self.reports {
+            self.write_report_for_contract(
+                &report.path,
+                &report.size.to_string(),
+                &report.has_allocator.to_string(),
+                &report.has_panic,
+            );
         }
     }
 
-    compared_reports
-}
-
-fn find_report_by_path<'a>(
-    reports: &'a [CodeReportJson],
-    contract_path: &'a String,
-) -> Option<&'a CodeReportJson> {
-    reports.iter().find(|&report| report.path == *contract_path)
-}
-
-fn print_compared_output(
-    output: &mut String,
-    report: &CodeReportJson,
-    compared_report: &CodeReportJson,
-) {
-    let size_report = match report.size.cmp(&compared_report.size) {
-        std::cmp::Ordering::Greater => {
-            format!(
-                "{} :arrow-right: {} :red-circle:",
-                compared_report.size, report.size
-            )
-        },
-        std::cmp::Ordering::Less => {
-            format!(
-                "{} :arrow-right: {} :green-circle:",
-                compared_report.size, report.size
+    fn render_reports_and_compare(&mut self) {
+        let compared_file = File::open(self.compared_path_file).unwrap_or_else(|_| {
+            panic!(
+                "Failed to open compared file at path: {}",
+                self.compared_path_file
             )
-        },
-        std::cmp::Ordering::Equal => {
-            format!("{}", report.size)
-        },
-    };
-
-    let mut has_allocator_report;
-    if report.has_allocator == compared_report.has_allocator {
-        has_allocator_report = format!("{}", report.has_allocator);
-    } else {
-        has_allocator_report = format!(
-            "{} :arrow-right: {}",
-            compared_report.has_allocator, report.has_allocator
-        );
+        });
+        let mut compared_file_reader = BufReader::new(compared_file);
 
-        if !report.has_allocator {
-            has_allocator_report = format!("{has_allocator_report} :green-circle:");
+        let compared_reports = if self.compared_path_file.ends_with("md") {
+            // this is only one time compare. Decide weather to exist or not
+            parse_into_code_report_json(&mut compared_file_reader)
         } else {
-            has_allocator_report = format!("{has_allocator_report} :red-circle:");
+            serde_json::from_reader(compared_file_reader)
+                .unwrap_or_else(|_| panic!("Cannot deserialize into code report structure."))
+        };
+
+        for report in self.reports.iter() {
+            if let Some(compared_report) = compared_reports.iter().find(|cr| {
+                cr.path
+                    == report
+                        .path
+                        .split('/')
+                        .last()
+                        .unwrap_or_else(|| &report.path)
+            }) {
+                self.print_compared_output(report, compared_report);
+            }
         }
     }
 
-    let mut has_panic_report;
-    if report.has_panic == compared_report.has_panic {
-        has_panic_report = format!("{}", report.has_allocator);
-    } else {
-        has_panic_report = format!(
-            "{} :arrow-right: {}",
-            compared_report.has_panic, report.has_panic
-        );
+    fn print_compared_output(&mut self, report: &CodeReportJson, compared_report: &CodeReportJson) {
+        let size_report = size_status_after_comparing(report.size, compared_report.size);
 
-        if report.has_panic == "none" {
-            has_panic_report = format!("{has_panic_report} :green-circle:");
-        }
-    }
+        let has_allocator_report =
+            allocator_status_after_comparing(report.has_allocator, compared_report.has_allocator);
 
-    writeln_output_str(
-        output,
-        format!(
-            "| {} | {} | {} | {} |",
-            report.path.split('/').last().expect("no output path"),
-            size_report,
-            has_allocator_report,
-            has_panic_report
-        ),
-    );
+        let has_panic_report =
+            panic_status_after_comparing(&report.has_panic, &compared_report.has_panic);
+
+        self.write_report_for_contract(
+            &report.path,
+            &size_report,
+            &has_allocator_report,
+            &has_panic_report,
+        );
+    }
 }
diff --git a/out.md b/out.md
deleted file mode 100644
index ad609f4877..0000000000
--- a/out.md
+++ /dev/null
@@ -1,94 +0,0 @@
-| Path                                                         |                                     size |                  has-allocator |                     has-format |
-| :-- | --: | --: | --: |
-| token-release.wasm | 7776 | false | without message |
-| adder.wasm | 696 | false | none |
-| order-book-pair.wasm | 13780 | false | without message |
-| order-book-factory.wasm | 3771 | false | without message |
-| nft-storage-prepay.wasm | 2295 | false | none |
-| multisig.wasm | 14145 | false | without message |
-| multisig-full.wasm | 15672 | false | without message |
-| multisig-view.wasm | 6248 | false | without message |
-| bonding-curve-contract.wasm | 14735 | false | without message |
-| seed-nft-minter.wasm | 15118 | false | without message |
-| rewards-distribution.wasm | 10220 | false | without message |
-| crypto-bubbles.wasm | 2347 | false | none |
-| kitty-auction.wasm | 10065 | false | without message |
-| kitty-genetic-alg.wasm | 3147 | false | without message |
-| kitty-ownership.wasm | 12731 | false | without message |
-| nft-subscription.wasm | 8793 | false | without message |
-| proxy-pause.wasm | 4627 | false | without message |
-| lottery-esdt.wasm | 10989 | false | without message |
-| esdt-transfer-with-fee.wasm | 7779 | false | without message |
-| check-pause.wasm | 1228 | false | none |
-| factorial.wasm | 576 | false | none |
-| digital-cash.wasm | 10047 | false | without message |
-| crypto-zombies.wasm | 10304 | false | without message |
-| nft-minter.wasm | 10028 | false | without message |
-| empty.wasm | 241 | false | none |
-| fractional-nfts.wasm | 8447 | false | without message |
-| crowdfunding-esdt.wasm | 3988 | false | none |
-| ping-pong-egld.wasm | 6032 | false | without message |
-| send-tx-repeat.wasm | 901 | false | none |
-| large-storage.wasm | 2164 | false | without message |
-| map-repeat.wasm | 7234 | false | without message |
-| queue-repeat.wasm | 5853 | false | without message |
-| set-repeat.wasm | 7013 | false | without message |
-| single-value-repeat.wasm | 4440 | false | without message |
-| linked-list-repeat.wasm | 6681 | true | without message |
-| vec-repeat.wasm | 5231 | false | without message |
-| str-repeat.wasm | 2389 | false | without message |
-| str-repeat-mb-builder-cached.wasm | 1139 | false | without message |
-| str-repeat-mb-builder-basic.wasm | 759 | false | none |
-| big-float-features.wasm | 6468 | false | without message |
-| erc20.wasm | 2133 | false | none |
-| erc721.wasm | 2578 | false | none |
-| lottery-erc20.wasm | 12814 | false | without message |
-| erc1155-marketplace.wasm | 11172 | false | without message |
-| crowdfunding-erc20.wasm | 5331 | false | without message |
-| erc1155-user-mock.wasm | 1360 | false | without message |
-| erc1155.wasm | 12197 | false | without message |
-| scenario-tester.wasm | 1114 | false | none |
-| managed-map-features.wasm | 1315 | false | none |
-| use-module-view.wasm | 733 | false | none |
-| use-module.wasm | 33452 | false | without message |
-| rust-snippets-generator-test.wasm | 4979 | false | without message |
-| basic-features.wasm | 65181 | false | without message |
-| basic-features-storage-bytes.wasm | 538 | false | none |
-| payable-features.wasm | 4396 | false | without message |
-| promises-features.wasm | 12926 | false | without message |
-| vault-promises.wasm | 8523 | false | without message |
-| vault-upgrade.wasm | 700 | false | none |
-| vault.wasm | 7826 | false | without message |
-| first-contract.wasm | 3086 | false | without message |
-| second-contract.wasm | 1355 | false | none |
-| forwarder-legacy.wasm | 32330 | false | without message |
-| proxy-test-second.wasm | 2105 | false | without message |
-| recursive-caller.wasm | 5466 | false | without message |
-| forwarder-queue-promises.wasm | 13096 | false | without message |
-| forwarder-queue.wasm | 12181 | false | without message |
-| forwarder.wasm | 32687 | false | without message |
-| builtin-func-features.wasm | 1101 | false | none |
-| local-esdt-and-nft.wasm | 12071 | false | without message |
-| forwarder-raw.wasm | 15309 | false | without message |
-| forwarder-raw-init-sync-call.wasm | 3332 | false | none |
-| forwarder-raw-init-async-call.wasm | 3062 | false | none |
-| parent.wasm | 1678 | false | none |
-| child.wasm | 4057 | false | without message |
-| transfer-role-features.wasm | 8775 | false | without message |
-| proxy-test-first.wasm | 6031 | false | without message |
-| exchange-features.wasm | 1577 | false | none |
-| alloc-features.wasm | 16748 | false | without message |
-| alloc-mem-leaking.wasm | 16857 | false | without message |
-| alloc-mem-fail.wasm | 16682 | true | without message |
-| abi-tester.wasm | 7182 | true | without message |
-| abi-tester-ev.wasm | 757 | false | none |
-| panic-message-features.wasm | 12875 | false | with message |
-| formatted-message-features.wasm | 3470 | false | without message |
-| multi-contract-features.wasm | 678 | false | none |
-| multi-contract-alt-impl.wasm | 360 | false | none |
-| multi-contract-example-feature.wasm | 677 | false | none |
-| multi-contract-features-view.wasm | 1115 | false | none |
-| rust-testing-framework-tester.wasm | 8602 | false | without message |
-| esdt-system-sc-mock.wasm | 3799 | false | none |
-| multiversx-wegld-swap-sc.wasm | 3557 | false | without message |
-| multiversx-price-aggregator-sc.wasm | 19327 | false | without message |