Dyadic International Reports 182.3% Revenue Growth to $1.11 Million in Latest Quarter

Dyadic International, Inc. reported significant financial growth in its latest quarterly results, with total revenue for the three months ended March 31, 2026, reaching $1.11 million, a substantial increase of 182.3% compared to $393,572 in the same period last year. This growth was primarily driven by a $220,490 rise in research and development revenue linked to the Proliant Agreement, alongside a $276,894 increase in grant revenue from the Coalition for Epidemic Preparedness (CEPI) and the Gates Foundation. Additionally, the company recognized $220,000 in license and milestone revenue due to achieving a contract milestone under the Inzymes Agreement.

Despite the revenue increase, Dyadic's total costs also rose, with total cost of revenue climbing to $791,840, up 166.0% from $297,658 a year earlier. The increase in costs was attributed to a $213,677 rise in the cost of research and development revenue and a $280,505 increase in grant revenue costs. The company reported a loss from operations of $1.90 million, a slight improvement from the $2.00 million loss recorded in the prior year. The net loss for the quarter was $1.95 million, compared to $2.03 million in the same period of 2025.

Operationally, Dyadic has made strides in its strategic initiatives, including the rebranding to Dyadic Applied BioSolutions, which reflects a shift towards a commercially focused enterprise. The company has also expanded its product offerings, including the commercial launch of AlbuFree™ DX recombinant human albumin and the advancement of its animal-free transferrin and fibroblast growth factor products. Furthermore, Dyadic has entered into an OEM distribution agreement with IBT Bioservices to support the commercialization of multiple recombinant proteins and enzymes.

As of March 31, 2026, Dyadic's cash, cash equivalents, and restricted cash totaled approximately $5.2 million, a decrease from $5.9 million at the end of 2025. The company reported net cash used in operating activities of $2.0 million for the quarter, primarily due to the net loss. However, it generated $1.3 million in net cash from investing activities, reflecting a reduction in purchases of held-to-maturity investment securities. Looking ahead, Dyadic anticipates that its existing cash and investments will be sufficient to meet operational needs for at least the next twelve months, although it may seek additional capital through various financing opportunities to support ongoing development and commercialization efforts.