Dyadic International, Inc. (DYAI) Earnings
Dyadic International, Inc. is expected to report next earnings on November 11, 2026 (in NaN days), with a consensus EPS estimate of $-0.03. DYAI has beaten EPS estimates in 2 of its last 11 reported quarters (average surprise -61.6% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 12, 2026 | $-0.04 | $-0.06 | -71.4% | $961138 | -6.3% |
| May 13, 2026 | $-0.04 | $-0.05 | -25.0% | $1M | +22.9% |
| Mar 25, 2026 | $-0.03 | $-0.06 | -100.0% | $564345 | -58.0% |
| Nov 12, 2025 | $-0.04 | $-0.06 | -50.0% | $1M | -13.3% |
| Aug 13, 2025 | $-0.06 | $-0.06 | +0.0% | $463449 | -69.1% |
| May 14, 2025 | — | $-0.07 | — | $393572 | — |
| Mar 26, 2025 | $-0.04 | $-0.05 | -25.0% | $817376 | -48.9% |
| Nov 10, 2022 | $-0.10 | $-0.06 | +40.0% | $879597 | -53.7% |
| Aug 10, 2022 | $-0.09 | $-0.12 | -33.3% | $658553 | -64.2% |
| May 12, 2022 | $-0.09 | $-0.09 | +0.0% | $648427 | -72.6% |
| Nov 10, 2021 | $-0.10 | $-0.06 | +40.0% | $692929 | -20.6% |
| Aug 12, 2021 | $-0.09 | $-0.14 | -55.6% | $937092 | +0.0% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · August 12, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Commercial Transition Progress - Dyadic is advancing from a platform development-focused company to a commercially driven business, with products moving through the commercial continuum: technical validation, sampling, customer qualification, initial orders, and repeat, larger volume purchases - The company uses a capital-efficient distribution strategy, combining selective direct sales with existing distributors and OEM partners to leverage their customer relationships, application expertise and global reach, while maintaining a lean fixed commercial infrastructure ### Technical and Manufacturing Improvements - The animal-free recombinant human transferrin program achieved an approximate 80% productivity improvement in an initial pilot scale run, which is expected to reduce manufacturing costs by approximately 40%. This improvement improves scalability, commercial flexibility, and demonstrates Dyadic's platform capabilities to potential partners - Cross-sector leverage of development work: a strain developed for one end market can be used to produce research-grade material for other applications, enabling earlier revenue opportunities and market validation while larger programs advance, and leveraging development investment across multiple markets - Shared technology infrastructure across the C1 and Dapibis platforms allows for streamlined strain development, process optimization and scale-up across all product types; the rapid 15-day plasmid-to-purified-protein workflow developed for biopharma is leveraged across all segments to accelerate development ### Segment-specific Operational Progress * **Life Sciences**: Q2 2026 saw the first product shipments to IBT Bioservices under the OEM distribution agreement, with additional shipments after quarter end. Initial pilot sales of recombinant transferrin and growth factors for cultivated meat applications were completed. Partner ProLiant has commercially launched AlbuFree DX recombinant human albumin and plans to launch two additional AlbuFree products for cell culture and cell and gene therapy applications. * **Food and Nutrition**: A partner's non-animal bovine chymosin, produced via Dyadic's platform, is now generating commercial sales; a second partner product is in development. A new fully funded development and scale-up agreement with Brig Bio for recombinant bovine alpha-lactalbumin was initiated, with additional testing underway. * **Bioindustrial**: In July 2026, Dyadic announced a new proprietary industrial cellulase product engineered for advanced fiber modification applications (pulp biorefining, micro/nanocellulose production), which is expected to improve process efficiency and output, building on the existing commercialization of N3zyme. * **Biopharmaceutical**: All programs are partner-funded and capital efficient. C1-produced antibodies for the Gates Foundation-funded RSV and malaria program have shown comparable productivity and functionality to reference mammalian cell products, with work progressing toward preclinical study material. The CEPI-supported vaccine development program demonstrated the 15-day plasmid-to-purified-antigen workflow for two Ebola virus antigens, which have been delivered for further characterization. Additional preclinical and development programs are advancing with NIAID, the Israel Institute for Biological Research, and the EU Vaccine Hub.
Guidance
• Dyadic did not provide formal quantitative revenue or earnings guidance for 2026 • Management confirms that initial product revenue ramp is expected to be lumpy in the first several quarters as commercial channels are filled and recurring order patterns are established • The company expects to share updates regarding new bio-based chemical development projects on the DAPOBIS platform sometime in Q3 2026 • Management's core focus for the remainder of 2026 is converting current technical and commercial progress into product sales, recurring revenue, and larger strategic and licensing opportunities, while scaling operations efficiently
Segment performance
Q2 2026 total revenue was $961,000, flat compared to $967,000 in Q2 2025. Revenue was split into $124,000 (12.9% of total revenue) in research and development revenue and $837,000 (87.1% of total revenue) in grant revenue from externally funded programs. For the first half of 2026, total revenue rose 52% to $2.1 million from $1.4 million in H1 2025. Q2 2026 total cost of revenue was $984,000, a 60% YoY increase driven by higher activity in grant-funded programs. Internal R&D expenses decreased 47% YoY to $333,000 in Q2 2026, with H1 2026 internal R&D expenses down 28% to $809,000. G&A expenses increased 18% YoY to $1.7 million in Q2 2026, driven by higher rebranding, business development, legal and accounting costs, partially offset by lower share-based and incentive compensation. Q2 2026 operating loss was $2.1 million, compared to $1.7 million in Q2 2025; Q2 2026 net loss was $2.1 million ($0.06 per share), flat per share compared to $1.8 million ($0.06 per share) in Q2 2025. H1 2026 net loss was $4.1 million ($0.11 per share), compared to $3.8 million ($0.13 per share) in H1 2025. As of Q2 end, Dyadic held $4.8 million in total cash, cash equivalents, restricted cash and investment-grade securities. Dyadic has three core business segments: Life Sciences, Food and Nutrition, and Bioindustrial. Q2 2026 saw early commercial activity across all three segments with initial pilot sales, product shipments and partner-led commercial sales. Biopharmaceutical programs are all externally funded, generating technical validation data for the C1 platform and no standalone segment revenue in this quarter.
Risks & headwinds
• There is substantial doubt about Dyadic's ability to continue as a going concern, as current cash resources are not sufficient to fund operating obligations over the 12-month period following financial statement issuance under applicable accounting standards • Dyadic requires additional capital to continue executing its commercialization and development strategy; all forward-looking statements around product and platform progress carry inherent risk that actual results may differ materially from implied expectations • Commercialization of new early-stage products carries uncertainty around customer adoption, order ramp speed, and revenue generation; the company is not yet able to reliably forecast the pace of revenue growth from new commercial activities • All product development and partnership activities carry execution risk, and there is no guarantee that planned milestones, non-dilutive capital infusions, or strategic transactions will be completed on favorable terms or at all
Analyst Q&A
Q: With increased ordering activity after Q2 close, can we expect product revenue in Q3, and what will the ramp look like over the first few quarters?
A: Initial product revenue will be lumpy as the company is still filling commercial channels with new shipments to distributors and direct pilot customers. While management is working to accelerate the ramp as quickly as possible, it is too early to establish a clear recurring ramp pattern. Management expects growth from a combination of direct sales, distributor channel sales, and partner-led product sales. ---
Q: How does Dyadic prioritize its many active product programs and partnership opportunities?
A: All prioritization is based on the potential to generate revenue in the shortest timeframe. Opportunities are ranked by the size of the potential revenue opportunity, and the company continues to execute according to this ranking. ---
Q: What are the intermediate steps between product shipment and revenue recognition on Dyadic's top line?
A: Steps vary by shipment type: direct shipments to customers are recognized immediately as direct revenue, while shipments to distributors enter the resale channel before revenue is realized. For partner-led products like ProLiant's AlbuFree line and Enzymes' commercial chymosin, revenue is recognized when the partner completes end sales. The immediate near-term priority is getting product into market channels to enable future revenue growth. ---
Q: Beyond the expected enzyme milestone, what potential cash inflows can be expected in H2 2026, and how might these impact year-end cash position?
A: New industrial platform engagement for enzyme and bio-based chemical development is expected to be announced in Q3. Biopharma program data is progressing well, which continues to drive industry interest. Management is in active discussions with major suppliers and pharmaceutical companies for large non-dilutive capital infusions that could cover operations for months to years, similar to past non-exclusive licensing deals that brought in $30 million in non-dilutive capital.