DYAI

MKT CAP:$31M

Dyadic International, Inc.

Market Cap

$31M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$0.83-$0.11 (-11.64%)

Apr 24, 2026

Company Details

Dyadic International, Inc., a biotechnology platform company, develops, produces, and sells enzymes and other proteins in the United States. The company utilizes its patented and proprietary C1 platform and other technologies to conduct res...

CEO

Mark A. Emalfarb

IPO Date

Jan 16, 2008

Website

www.dyadic.com

Key Metrics TTM

Revenue

$3M

-11.6% YoY

Net Income

-$7M

EPS (Diluted)

-$0.23

Free Cash Flow

-$6M

Revenue / Share

$0.09

Gross Margin

80.6%

Operating Margin

-231.2%

Net Margin

-238.3%

FCF Margin

-184.5%

P/S

10.1x

P/E

—

Earnings Reports

Q1 2026

May 13, 2026

PENDING

FY 2025

Mar 25, 2026

$3M-11.6%EPS -$0.23

Q4 2025

Mar 25, 2026

$1M+56.5%EPS -$0.04

Q3 2025

Nov 12, 2025

$1M-40.5%EPS -$0.06

Q2 2025

Aug 13, 2025

$463.4K+20.1%EPS -$0.06

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$648.4K	$243.7K	-$3M
Q2 22	$658.6K	$247.4K	-$3M
Q3 22	$879.6K	$276.8K	-$2M
Q4 22	$743.7K	$39.2K	-$2M
Q1 23	$978.1K	$251.1K	-$2M
Q2 23	$837.2K	$44.2K	-$2M
Q3 23	$397.1K	$291.2K	-$2M
Q4 23	$686.5K	$336.4K	-$2M
Q1 24	$334.6K	$190.7K	-$2M
Q2 24	$385.9K	$83.9K	-$2M
Q3 24	$2M	$2M	-$202.6K
Q4 24	$817.4K	$464.6K	-$2M
Q1 25	$183.1K	-$114.6K	-$2M
Q2 25	$463.4K	-$150.1K	-$2M
Q3 25	$1M	$909.9K	-$2M
Q4 25	$1M	$2M	-$1M

Valuation

Quarter	P/S	P/E
Q1 22	35.4x	—
Q2 22	39.0x	—
Q3 22	21.9x	—
Q4 22	13.7x	—
Q1 23	15.1x	—
Q2 23	16.6x	—
Q3 23	18.7x	—
Q4 23	15.7x	—
Q1 24	21.7x	—
Q2 24	25.0x	—
Q3 24	9.2x	—
Q4 24	15.2x	—
Q1 25	12.0x	—
Q2 25	8.6x	—
Q3 25	13.4x	—
Q4 25	8.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$3M	-$3M
Q2 22	-$2M	-$2M
Q3 22	-$2M	-$2M
Q4 22	-$2M	-$2M
Q1 23	-$2M	-$2M
Q2 23	-$2M	-$2M
Q3 23	-$2M	-$2M
Q4 23	-$923.4K	-$923.4K
Q1 24	-$1M	-$1M
Q2 24	-$2M	-$2M
Q3 24	-$201.1K	-$201.1K
Q4 24	-$696.4K	-$696.4K
Q1 25	-$2M	-$2M
Q2 25	-$130.0K	-$130.0K
Q3 25	-$2M	-$2M
Q4 25	-$2M	-$2M

Capital Expenditures

Quarter	CapEx
Q1 22	$3
Q2 22	$0
Q3 22	$3
Q4 22	$2
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$5
Q3 24	$0
Q4 24	$5
Q1 25	$0
Q2 25	$0
Q3 25	$4
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+40.8%	-10.3%
Q2 22	-29.7%	-17.2%
Q3 22	+26.9%	-31.7%
Q4 22	+137.4%	-34.1%
Q1 23	+50.8%	-10.7%
Q2 23	+27.1%	-21.3%
Q3 23	-54.9%	-22.8%
Q4 23	-7.7%	-4.3%
Q1 24	-65.8%	-18.8%
Q2 24	-53.9%	-22.4%
Q3 24	+393.0%	+2.0%
Q4 24	+19.1%	-17.8%
Q1 25	-45.3%	-11.2%
Q2 25	+20.1%	-9.7%
Q3 25	-40.5%	+43.0%
Q4 25	+56.5%	+17.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$453.8K	70.0%
Q2 22	$454.5K	69.0%
Q3 22	$499.9K	56.8%
Q4 22	$480.7K	64.6%
Q1 23	$330.6K	33.8%
Q2 23	$334.3K	39.9%
Q3 23	$281.3K	70.8%
Q4 23	$297.9K	43.4%
Q1 24	$306.5K	91.6%
Q2 24	$297.6K	77.1%
Q3 24	$247.4K	12.6%
Q4 24	$274.8K	33.6%
Q1 25	$225.0K	122.9%
Q2 25	$340.5K	73.5%
Q3 25	$172.4K	14.8%
Q4 25	$192.3K	15.0%

OpEx Breakdown

Quarter	R&D	G&A
Q1 22	$1M	$2M
Q2 22	$2M	$2M
Q3 22	$743.6K	$1M
Q4 22	$1M	$2M
Q1 23	$810.6K	$1M
Q2 23	$917.6K	$1M
Q3 23	$716.4K	$1M
Q4 23	$852.8K	$2M
Q1 24	$522.7K	$2M
Q2 24	$515.6K	$2M
Q3 24	$460.2K	$1M
Q4 24	$545.7K	$1M
Q1 25	$495.0K	$2M
Q2 25	$629.4K	$1M
Q3 25	$350.0K	$1M
Q4 25	$220.7K	$1M

Revenue Segments

Quarter	License	Research and Development	Grant
Q2 22	$44.1K	$614.4K	—
Q3 22	$44.1K	$835.5K	—
Q1 23	$44.1K	$933.9K	—
Q2 23	$44.1K	$793.0K	—
Q3 23	$44.1K	$352.9K	—
Q4 23	$220.6K	$465.9K	—
Q1 24	—	$334.6K	—
Q2 24	—	$385.9K	—
Q3 24	$1M	$532.5K	—
Q4 24	$465.2K	$352.2K	—
Q3 25	—	$350.0K	$814.6K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$12M	$3M	$15M
Q2 22	$9M	$6M	$16M
Q3 22	$7M	$7M	$14M
Q4 22	$6M	$7M	$13M
Q1 23	$6M	$5M	$12M
Q2 23	$6M	$4M	$10M
Q3 23	$7M	$772.8K	$8M
Q4 23	$7M	$748.3K	$7M
Q1 24	$11M	$1M	$12M
Q2 24	$6M	$4M	$10M
Q3 24	$6M	$4M	$10M
Q4 24	$7M	$3M	$9M
Q1 25	$5M	$2M	$7M
Q2 25	$2M	$3M	$5M
Q3 25	$7M	$3M	$10M
Q4 25	$5M	$3M	$7M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	28M	+0.6%	+2.6%
Q2 22	28M	+0.0%	+2.2%
Q3 22	28M	+0.5%	+1.1%
Q4 22	29M	+0.6%	+1.7%
Q1 23	29M	+0.7%	+1.8%
Q2 23	29M	+0.2%	+1.9%
Q3 23	29M	0.0%	+1.5%
Q4 23	29M	0.0%	+0.9%
Q1 24	29M	+0.1%	+0.2%
Q2 24	29M	+1.6%	+1.7%
Q3 24	30M	+0.7%	+2.4%
Q4 24	29M	-0.6%	+1.8%
Q1 25	30M	+1.9%	+3.7%
Q2 25	30M	+0.7%	+2.8%
Q3 25	35M	+14.6%	+17.0%
Q4 25	33M	-5.5%	+11.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$92.6K	7
Q2 22	$94.1K	7
Q3 22	$125.7K	7
Q4 22	$106.2K	7
Q1 23	$139.7K	7
Q2 23	$119.6K	7
Q3 23	$56.7K	7
Q4 23	$98.1K	7
Q1 24	$47.8K	7
Q2 24	$55.1K	7
Q3 24	$279.6K	7
Q4 24	$136.2K	6
Q1 25	$30.5K	6
Q2 25	$77.2K	6
Q3 25	$194.1K	6
Q4 25	$255.8K	5

Revenue / Employee