10-Q · May 13, 2026
Dyadic International reported a significant increase in revenue for Q4 2026, totaling $1,110,956, which is a 182.3% increase compared to $393,572 in Q4 2025. However, the net loss narrowed slightly to $(1,954,683) from…
Earnings analysis · 10-Q
DYAI earnings analysis
Filed August 12, 2026 · Our reading of the company's report
The latest report
Dyadic reported Q2 revenue of $961,138 and EPS of $(0.06), missing consensus revenue of $1,021,592 and EPS of $(0.04). Grant revenue increased $334,071 to $837,252, but cost of revenue rose 60.4% to $984,165, producing…
Read full summary
Dyadic reported Q2 revenue of $961,138 and EPS of $(0.06), missing consensus revenue of $1,021,592 and EPS of $(0.04). Grant revenue increased $334,071 to $837,252, but cost of revenue rose 60.4% to $984,165, producing an approximate 2.4% negative gross margin. The most material development in the 10-Q is management’s conclusion that substantial doubt exists regarding the company’s ability to continue as a going concern, alongside renewed disclosure of funding dilution and Nasdaq delisting risks.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.06
- Gross margin
- -2.4%
What stood out
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Revenue missed consensus by 5.9%
Q2 revenue was $961,138, while consensus was $1,021,592, a shortfall of $60,454, or 5.9%.
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Grant revenue provided support
Grant revenue increased $334,071 to $837,252, partially offsetting weaker collaboration revenue.
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Cost inflation drove gross loss
Cost of revenue rose 60.4% to $984,165, exceeding revenue of $961,138 and producing an approximate negative gross margin of 2.4%.
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EPS missed consensus
Reported EPS was $(0.06), versus consensus EPS of $(0.04), a $0.02-per-share miss.
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Going-concern disclosure remains material
Management concluded that substantial doubt exists regarding the company’s ability to continue as a going concern as of June 30, 2026.
What to watch
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Substantial doubt over going concern
The company stated there is substantial doubt about its ability to continue as a going concern. Management warned that failure of mitigation efforts could force it to limit operations or be unable to continue as a going concern.
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Funding and dilution risk
Potential mitigation includes a capital raise that could be highly dilutive, with no assurance of favorable terms. The company also stated there is no guarantee that grant applications will be approved or that noteholders will modify, exchange, or extend the Convertible Notes.
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Nasdaq compliance and delisting risk
Although the company regained compliance, it could again violate Nasdaq’s $1.00 minimum bid-price rule or the $2.5 million shareholders’ equity, $35 million market-value-of-listed-securities, or $500,000 net-income continued-listing standards.
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Reverse-split and liquidity risk
If the stock closes below the $1.00 minimum bid price for 30 consecutive business days, the Board may consider a reverse stock split. A reverse split could reduce liquidity if the share price does not increase afterward.
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Revenue insufficient to cover direct costs
Q2 cost of revenue was $984,165 against revenue of $961,138, resulting in a gross loss of approximately $23,027 and indicating limited operating leverage at the current revenue level.
Management's outlook
No quantitative forward guidance was provided in the filing; management instead disclosed substantial doubt about continuing as a going concern.
Earlier filings 4
10-K · April 30, 2026
Dyadic International reported significant challenges in Q4 2025, posting revenues of $565,526 against estimates of $1,406,004, leading to an EPS of $(0.06), below expectations of $(0.04). The company is grappling with a…
10-K · March 25, 2026
Dyadic’s 2025 Form 10-K frames a strategic shift from a development-stage platform company toward commercializing animal‑free recombinant proteins and enzymes via its Dapibus™ and C1 production platforms (the filing…
10-Q · May 14, 2025
Dyadic reported Q1 2025 revenue of $393,572, up $58,955 or 17.6% versus Q1 2024, driven by a new $210,472 of grant revenue while research & development revenue declined. Net loss was $2,027,579 (EPS –$0.07), roughly…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.