Revenue remains highly volatile, fluctuating between $183K and $2M per quarter, while gross margins have swung from a peak of 79.8% to a low of -63.2%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Sales/Revenue | 2.97M | 1.23M | 3.5M | 2.9M | 2.93M | 2.4M | 1.6M | 1.68M | 1.3M | 758.42K | 592.89K | 315.71K | 12.52M | 17.13M | 15.6M | 15.38M | 15.88M | 16.74M | 211.27K |
| Revenue Growth % | -11.04% | -64.74% | 20.58% | -1.07% | 21.9% | 50.06% | -4.71% | 29.77% | 70.81% | 27.92% | 87.79% | -97.48% | -26.91% | 9.83% | 1.42% | -3.14% | -5.12% | 7823.84% | - |
| Cost of Goods Sold | 2.04M | 2.32M | 1.19M | 1.98M | 2.12M | 1.94M | 1.42M | 1.46M | 1.03M | 680.2K | 516.16K | 124.01K | 8.18M | 9.72M | 7.62M | 11.35M | 12.86M | 12.83M | 175.44K |
| COGS % of Revenue | - | 188.25% | 34.18% | 68.16% | 72.46% | 80.89% | 88.95% | 86.83% | 79.3% | 89.69% | 87.06% | 39.28% | 65.29% | 56.75% | 48.82% | 73.75% | 80.95% | 76.66% | 83.04% |
| Gross Profit | 929.95K | -1.09M | 2.3M | 922.96K | 807.11K | 459.39K | 176.99K | 221.38K | 268.17K | 78.22K | 76.72K | 191.7K | 4.35M | 7.41M | 7.99M | 4.04M | 3.03M | 3.91M | 35.83K |
| Gross Margin % | 31.26% | -88.25% | 65.82% | 31.84% | 27.54% | 19.11% | 11.05% | 13.17% | 20.7% | 10.31% | 12.94% | 60.72% | 34.71% | 43.25% | 51.18% | 26.25% | 19.05% | 23.34% | 16.96% |
| Gross Profit Growth % | - | -147.27% | 149.28% | 14.35% | 75.69% | 159.56% | -20.05% | -17.45% | 242.83% | 1.95% | -59.98% | -95.59% | -41.34% | -7.19% | 97.73% | 33.45% | -22.56% | 10806.03% | - |
| Operating Expenses | 8.02M | 6.06M | 8.2M | 9.15M | 10.97M | 15.19M | 10.2M | 9.5M | 7.84M | 7.45M | 5.88M | 3.84M | 9.55M | 6.94M | 5.87M | 14.77M | 13.01M | 9.24M | 226.61K |
| OpEx % of Revenue | - | 491.63% | 234.64% | 315.74% | 374.46% | 631.78% | 636.9% | 565.35% | 605.18% | 982.85% | 992.54% | 1215.65% | 76.22% | 40.49% | 37.64% | 96.03% | 81.93% | 55.17% | 107.26% |
| Selling, General & Admin | 5.92M | 5.76M | 6.13M | 5.82M | 6.42M | 6.7M | 6.08M | 5.52M | 4.52M | 5.03M | 4.56M | 3.84M | 7.36M | 5.94M | 5.5M | 10.57M | 8.13M | 5.61M | 42.54K |
| SG&A % of Revenue | - | 467.56% | 175.51% | 200.67% | 219.14% | 278.62% | 379.84% | 328.36% | 349.12% | 663.27% | 769.48% | 1215.65% | 58.75% | 34.65% | 35.27% | 68.68% | 51.19% | 33.53% | 20.14% |
| Research & Development | 1.91M | 2.15M | 2.04M | 3.3M | 4.5M | 8.39M | 3.87M | 5.42M | 3.32M | 2.2M | 885.6K | 124.01K | 2.19M | 1M | 921.71K | 4.24M | 4.9M | 3.62M | 0 |
| R&D % of Revenue | - | 174.85% | 58.48% | 113.75% | 153.61% | 349.12% | 241.47% | 322.18% | 256.06% | 290.48% | 149.37% | 39.28% | 17.47% | 5.84% | 5.91% | 27.54% | 30.84% | 21.63% | - |
| Other Operating Expenses | 183.11K | -1.86M | 22.56K | 38.42K | 49.92K | 96.89K | 249.73K | -1.43M | 0 | 220.72K | 436.92K | 0 | 0 | 0 | 0 | -28.7K | -16.79K | 0 | 184.07K |
| Operating Income | -7.09M | -7.15M | -5.9M | -8.23M | -10.17M | -14.73M | -10.03M | -9.28M | -7.59M | -7.13M | -5.96M | -3.65M | -5.32M | 556.5K | 1.56M | -10.74M | -9.99M | -5.33M | -190.78K |
| Operating Margin % | -238.4% | -579.88% | -168.82% | -283.9% | -346.92% | -612.67% | -625.85% | -552.18% | -586.09% | -939.7% | -1004.45% | -1154.93% | -42.52% | 3.25% | 10% | -69.78% | -62.87% | -31.82% | -90.3% |
| Operating Income Growth % | - | -21.1% | 28.3% | 19.04% | 30.97% | -46.9% | -8% | -22.26% | -6.53% | -19.67% | -63.32% | 31.52% | -1056.86% | -64.33% | 114.54% | -7.5% | -87.45% | -2692.3% | - |
| EBITDA | -6.94M | -6.91M | -5.38M | -8.19M | -10.12M | -11.24M | -9.96M | -27.73K | -188.78K | 249.06K | -147.34K | -5.82M | -5.05M | 810K | 1.82M | -10.48M | -9.38M | -4.74M | -190.78K |
| EBITDA Margin % | -233.14% | -560.63% | -153.95% | -282.58% | -345.21% | -467.48% | -621.96% | -1.65% | -14.57% | 32.84% | -24.85% | -1842.27% | -40.35% | 4.73% | 11.65% | -68.16% | -59.08% | -28.32% | -90.3% |
| EBITDA Growth % | -30.41% | -28.39% | 34.31% | 19.02% | 9.98% | -12.79% | -35836.22% | 85.31% | -175.8% | 269.04% | 97.47% | -15.09% | -723.92% | -55.42% | 117.33% | -11.74% | -97.94% | -2384.78% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | 38.42K | 0 | 3.49M | 0 | 9.25M | 7.4M | 7.38M | 5.81M | -2.17M | 271.13K | 253.5K | 256.48K | 250.18K | 602.73K | 586.69K | 0 |
| EBIT | -6.94M | -6.91M | -5.38M | -8.19M | -10.12M | -14.63M | -9.96M | -9.25M | -7.57M | -7.38M | -5.81M | -1.47M | -5.45M | 257.97K | 2.12M | -10.74M | -9.99M | -5.54M | -190.78K |
| Net Interest Income | -170.52K | -171.81K | 29.02K | 416.69K | 180.42K | 51.7K | 447K | 984.93K | 894.53K | 566.15K | 484.58K | 11.16K | -655.15K | -671.41K | 0 | -594.16K | -710.54K | -597.91K | 0 |
| Interest Income | 252.82K | 284.08K | 456.99K | 416.69K | 180.42K | 51.7K | 447K | 984.93K | 0 | 0 | 485.49K | 11.16K | 28.05K | 14.61K | 695.85K | 0 | 0 | 0 | 0 |
| Interest Expense | 423.34K | 455.9K | 427.97K | 0 | 0 | 0 | 0 | 0 | 894.53K | 566.15K | 909 | 0 | 683.21K | 686.02K | 0 | 594.16K | 710.54K | 597.91K | 0 |
| Other Income/Expense | -200.08K | -218.71K | 91.66K | 1.43M | 430.42K | 1.66M | 731.71K | 984.93K | 894.53K | 4.92M | 2.58M | 2.18M | 47.81K | -984.55K | -142.86K | -41.87K | -442.94K | -725.71K | 190.78K |
| Pretax Income | -7.29M | -7.36M | -5.81M | -6.8M | -9.74M | -13.07M | -9.29M | -8.3M | -6.7M | -2.2M | -3.37M | -1.47M | -5.98M | -428.05K | 1.42M | -10.82M | -10.45M | -6.07M | 0 |
| Pretax Margin % | -245.12% | -597.63% | -166.19% | -234.42% | -332.23% | -543.73% | -580.18% | -493.59% | -517.03% | -290.41% | -568.52% | -464.06% | -47.75% | -2.5% | 9.09% | -70.33% | -65.8% | -36.26% | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 31.32K | 10.31K | -1.01M | -66.69K | 238.07K | 0 | 127.39K | 0 | 68K | 63.11K | 64.23K | 9.71K | 190.78K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | -0.34% | -0.12% | 15.02% | 3.03% | -7.06% | 0% | -2.13% | 0% | 4.8% | -0.58% | -0.61% | -0.16% | - |
| Net Income | -7.29M | -7.36M | -5.81M | -6.8M | -9.74M | -13.07M | -9.33M | -8.31M | -5.69M | -2.14M | -3.61M | 65.79M | -5.98M | -428.05K | 1.35M | -10.88M | -10.51M | -6.08M | -190.78K |
| Net Margin % | -245.12% | -597.63% | -166.19% | -234.42% | -332.23% | -543.73% | -582.13% | -494.21% | -439.36% | -281.61% | -608.67% | 20837.76% | -47.75% | -2.5% | 8.65% | -70.74% | -66.2% | -36.32% | -90.3% |
| Net Income Growth % | -25.13% | -26.78% | 14.51% | 30.2% | 25.52% | -40.16% | -12.25% | -45.96% | -166.49% | 40.82% | -105.49% | 1200.11% | -1297.05% | -131.72% | 112.4% | -3.5% | -72.95% | -3086.68% | - |
| Net Income (Continuing) | -7.29M | -7.36M | -5.81M | -6.8M | -9.74M | -13.07M | -9.33M | -8.31M | -5.69M | -2.14M | -3.61M | -1.47M | -5.4M | -428.05K | 1.35M | -10.87M | -10.51M | -6.06M | -190.78K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 67.25M | 0 | 0 | 0 | 0 | 0 | -16.99K | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 103.89K | 99.17K | 0 |
| EPS (Diluted) | -0.20 | -0.23 | -0.20 | -0.24 | -0.34 | -0.47 | -0.34 | -0.31 | -0.21 | -0.07 | -0.10 | 1.91 | -0.18 | -0.01 | 0.04 | -0.45 | -0.48 | -0.37 | -0.04 |
| EPS Growth % | -7.85% | -15% | 16.67% | 29.41% | 27.66% | -38.24% | -9.68% | -47.62% | -184.17% | 25.2% | -105.17% | 1161.11% | -1274.05% | -133.25% | 108.76% | 6.25% | -29.73% | -868.59% | - |
| EPS (Basic) | - | -0.23 | -0.20 | -0.24 | -0.34 | -0.47 | -0.34 | -0.31 | -0.21 | -0.07 | -0.10 | 1.91 | -0.18 | -0.01 | 0.04 | -0.45 | -0.48 | -0.42 | -0.04 |
| Diluted Shares Outstanding | 36.4M | 32.62M | 29.32M | 28.8M | 28.36M | 27.84M | 27.47M | 27M | 27.67M | 28.92M | 36.54M | 34.37M | 34.1M | 32.8M | 34.23M | 24.42M | 22.13M | 16.32M | 5M |
| Basic Shares Outstanding | 36.4M | 32.62M | 29.32M | 28.8M | 28.36M | 27.84M | 27.47M | 27M | 27.67M | 28.92M | 36.54M | 34.37M | 34.1M | 32.8M | 33.74M | 24.42M | 22.13M | 14.39M | 5M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Limited operational cash runway
As evidenced by the quarterly data, Dyadic's revenue trajectory remains highly erratic, with fluctuations between $183K and $2M per quarter, suggesting that the company's reliance on non-recurring R&D milestone payments prevents the establishment of a predictable or sustainable growth trend for the business.
The lack of consistent top-line expansion indicates that the company has yet to transition from a project-based service model to a scalable licensing or royalty-driven revenue stream. Investors should monitor whether future collaborations can move beyond exploratory phases to generate the recurring income necessary to support the company's fixed cost base.
According to the reported income statement figures, gross margins have swung violently from a high of 79.8% to a low of -63.2%, reflecting the inherent difficulty in matching variable service costs against the lumpy and unpredictable nature of milestone-driven revenue recognition in the biotech sector.
This extreme margin volatility suggests that the company's cost of goods sold may be capturing significant platform development expenses rather than purely variable service costs. The inability to maintain positive gross margins consistently implies that the current service-based business model is not yet optimized for profitability.
Based on the provided financial data, Dyadic maintains a rigid cost structure where SG&A expenses consistently exceed $1.2M per quarter, which, when combined with ongoing R&D investments, creates a persistent operating loss that appears to be disconnected from the company's current revenue-generating capacity.
The company's expense discipline appears constrained by the necessity of funding clinical trials and platform validation, leaving little room for operational leverage. This high fixed-cost burden suggests that the company will remain in a cash-burning state until it can secure a significant, high-margin commercial partnership.
As reported in recent filings, the company's cash position of $4.6M against a backdrop of recurring quarterly operating losses of approximately $1.5M to $2M suggests that the current business model may face significant liquidity risks without a near-term infusion of non-dilutive capital or milestone payments.
Short-term observers might argue that the company's reliance on sporadic milestone payments creates an unsustainable financial profile that necessitates frequent capital raises. The fundamental risk remains that the C1 platform's technical advantages may not translate into commercial adoption quickly enough to offset the rapid depletion of existing cash reserves.
Quick answers to the most common questions about buying DYAI stock.
For fiscal year 2025, Dyadic International, Inc. (DYAI) reported total revenue of $1.2M. This represents a 483.3% increase compared to $0.2M in 2003.
Dyadic International, Inc. (DYAI) reported a net loss of $7.4M for the fiscal year ending 2025.
Dyadic International, Inc. (DYAI) reported an operating income of $-7.1M, resulting in an operating profit margin of -579.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Dyadic International, Inc. (DYAI) generated $-1.1M in gross profit for the year, representing a gross profit margin of -88.3%. This demonstrates the company's core pricing power and production efficiency.