Dyadic International, Inc. (OTCMKTS:DYAI) is sailing high though there have been no new updates from the company’s end so far. The only information that the company shared relates to its release of first-quarter report in May.

Impressive quarter

The company focused in biotechnology processes including discovery, development, manufacture and sale of enzymes stated its quarterly revenues at $4 million, reflecting an increase of 35% year-over-year. The Net product related revenue for the period ended on March 31, 2015 was up 41% to $3.5 million from $2.5 million during the same period last year. The company accredited the revenue growth to a surge in demand of biogas, animal nutrition, and food markets. During the same time, the company’s license fee revenue grew to $0.2 million as a result of the grant of second research milestone with BASF.

Dyadic International, Inc. (OTCMKTS:DYAI)’s net loss during the period ended on March 31, 2015 stood at $0.4 million or $(0.1) per basic and diluted share. The loss has narrowed from the net loss of $1.6 million or $(0.05) per share during the same period last year. The company’s cash balance as on March 31, 2015 stood at $3.7 million, as against $2.5 billion on December 31, 2014.

Meeting objective

Subsequent to the reported quarter, Dyadic International, Inc. (OTCMKTS:DYAI) received a payment amounting $800,000 from BASF for accomplishing two additional research and development milestones ahead of the time. The company’s CEO Mark Emalfarb underscored the industry’s growing interest in its ‘C1 White Strain 2.0’.

The new endeavors have inspired the company to remain optimistic that its additional research and license revenue is set to grow in the coming years. In addition to this, the company sounded positive about growth in its enzyme business, which witnessed both steep revenue and profit growth during the quarter. The company reiterated that it is on track to attain its objective in the financial year 2016.