Dyadic International, Inc. (OTCMKTS:DYAI) reported financial results for the three months ended March 31, 2015. At the end of the first quarter, cash/cash equivalents were nearly $3.7 million, up from $2.5 million at December 31, 2014.

The highlights

Dyadic reported that after the end of the first quarter, it obtained $800,000 for recording two additional R&D achievements in its funded research plan from BASF, which is a Dyadic C1 Technology licensee. It recorded $200,000 of the revenue for completion of second milestone in March 2015. Also, it obtained $600,000 in April 2015 for the completion of third milestone of the contract.

2G BIOPIC project

Dyadic reported that it obtained a payment of €439,819 (nearly US $492,000) as part of a R&D grant for 2G BIOPIC project. It is supported by the European Commission Horizon 2020 so as to formulate advanced bio fuels. It is being coordinated by CIMV, a non-related entity. The deal states that the company will be granted a total of nearly €1.0 million over the 3 year period of the project. The objective of the 2G BIOPIC project is to show the reliability, sustainability and performance, of the production methods for bioethanol extracted from wood and agricultural residues.

The performance

Dyadic International, Inc. (OTCMKTS:DYAI) reported that net loss in 1Q2015 was $0.4 million against net loss of $1.6 million for the same period a year ago. The revenue surged 35% to $4 million compared to $3 million in 1Q2014. The increase in revenue can be attributed to the growth recorded in the food, animal nutrition and biogas markets. The license fee revenue in 1Q2015 jumped to $0.2 million as company achieved its second research objective with BASF.

In last trading session, the stock price of Dyadic consolidated and closed flat at $1.01. The traded share volume was 59,309 compared to average share volume of 98,587.