Dyadic International, Inc. (OTCMKTS:DYAI) reported financial results for the quarter ended March 31, 2015. At the end of quarter, cash/cash equivalents came at nearly $3.7 million, up from $2.5 million at end of December 31, 2014. Following the end of the quarter, it obtained $800,000 for recording two additional R&D milestones in its funded research plan from BASF. The Company recognized revenue of $200,000 for achievement of milestone 2 in month of March and will recognize amount of $600,000 in April for the accomplishment of milestone 3 of the contract.
Dyadic International reported net loss of $0.4 million in 1Q2015 compared to net loss of $1.6 million in the same period a year ago. The revenue surged 35% to almost $4 million compared to $3 million for the same quarter a year earlier. Net product associated revenue for the quarter ended March 31, 2015 jumped 41% to nearly $3.5 million against $2.5 million recorded in 1Q2014.
The growth in revenue for the quarter was led by growth in the food, animal nutrition and biogas markets. License fee revenue came at $0.2 million as Company achieved a second research project with BASF. Research and development revenue declined 32% to almost $0.4 million from $0.5 million for the same quarter a year ago. The decline in revenue was due to timing and mix of project activity in government and commercial programs.
The expert comments
The CEO of Dyadic International, Inc. (OTCMKTS:DYAI), Mark Emalfarb, said that he is extremely delighted that company’s proprietary and patented C1 technology platform continues to record higher levels of performance, enzyme purity and productivity.
In last trading session, the stock price of Dyadic surged more than 17% to close the trading session at $0.990. The gains came at a share volume of 139,273 compared to monthly average share volume of 93,564.