Dyadic International, Inc. (DYAI) Cash Flow Statement
Where DYAI’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$5.7M
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- −$5.7M −462.7% margin
- Returned to shareholders
- —
- Change in cash
- −$653,251 cash at year-end $5.9M
Cash from operations
−$5.7M
Investments (net)
+$82,085
Shares issued
+$4.9M
Other financing
+$24,249
Change in cash
−$653,251
Drawn to scale: where the cash came from and how it was used. Hover for values.
DYAI operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
DYAI cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$6.0M2016 | −$5.7M2025 | — | |
| Capital expenditures | $02016 | $02025 | — | |
| Free cash flow | −$6.0M2016 | −$5.7M2025 | — | |
| Free cash flow margin | −1,018.0%2016 | −462.7%2025 | +555.2 pts | |
| Stock-based compensation | $624,8082016 | $930,1832025 | +4.5%/yr | |
| Share buybacks (net) | $13.3M2016 | $02019 | −100.0% | |
| Capex / revenue | 0.0%2016 | 0.0%2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DYAI cash flow by activity
OperatingInvestingFinancingChange in cash
DYAI net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
DYAI cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$7.4M | −$5.8M | −$6.8M | −$9.7M | −$13.1M | −$9.3M | −$8.3M | −$5.7M | −$2.1M | −$3.6M |
| Depreciation & amortization | $48,697 | −$71,057 | $8.2M | $33,790 | $3.5M | $331,277 | $9.3M | $7.4M | $7.4M | $5.8M |
| Stock-based compensation | $930,183 | $1.1M | $1.2M | $1.9M | $1.8M | $1.7M | $1.2M | $467,203 | $643,430 | $624,808 |
| Change in working capital | $660,795 | $754,526 | −$143,209 | −$321,169 | $1.2M | $990,075 | $1.1M | $119,942 | −$840,779 | −$2.7M |
| Other non-cash items | $22,732 | $24,605 | −$9.2M | $49,918 | −$4.7M | −$222,364 | −$9.0M | −$6.7M | −$7.6M | −$6.2M |
| Cash from operating activities | −$5.7M | −$4.0M | −$6.7M | −$8.1M | −$11.3M | −$6.6M | −$5.8M | −$4.4M | −$2.6M | −$6.0M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | −$4 | −$5 | −$5 | −$5 | −$2 | −$2 | $0 | $0 | $0 |
| Investments (net) | $82,085 | −$1.9M | $7.4M | −$2.4M | $5.2M | $22.1M | $7.7M | $3.3M | $103,000 | −$42.6M |
| Acquisitions & other investing | $0 | $4 | $5 | $5 | $5 | $2 | $2 | $0 | $0 | $0 |
| Cash from investing activities | $82,085 | −$1.9M | $7.4M | −$2.4M | $5.2M | $22.1M | $7.7M | $3.3M | $103,000 | −$42.6M |
| Financing activities | ||||||||||
| Share repurchases & issuance (net) | — | — | — | — | — | — | $550,188 | −$2.3M | −$6.2M | −$13.3M |
| Net borrowing (repayment) | $0 | $5.8M | $0 | — | — | — | — | — | — | — |
| Shares issued | $4.9M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $24,249 | $24,251 | $0 | $543,591 | $1.2M | $255,469 | $0 | $4,500 | $1,437 | $166,130 |
| Cash from financing activities | $5.0M | $5.8M | $0 | $543,591 | $1.2M | $255,469 | $550,188 | −$2.3M | −$6.2M | −$13.1M |
| Summary | ||||||||||
| Net change in cash | −$653,251 | −$8,278 | $720,756 | −$10.0M | −$4.9M | $15.8M | $2.4M | −$3.4M | −$8.5M | −$61.7M |
| Cash at end of period | $5.9M | $6.5M | $6.5M | $5.8M | $15.7M | $20.6M | $4.8M | $2.4M | $5.8M | $6.9M |
| Free cash flow | −$5.7M | −$4.0M | −$6.7M | −$8.1M | −$11.3M | −$6.6M | −$5.8M | −$4.4M | −$2.6M | −$6.0M |
| Free cash flow margin | −462.7% | −113.7% | −232.1% | −275.9% | −469.1% | −410.4% | −344.0% | −340.2% | −343.6% | −1,018.0% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$2.1M | −$2.0M | −$1.6M | −$2.0M | −$1.8M | −$2.0M | −$1.6M | −$203,460 | −$2.0M | −$2.0M | −$2.1M | −$1.6M |
| Depreciation & amortization | −$8,422 | −$3,390 | $18,342 | −$26,515 | −$5,997 | $11,762 | $4,572 | −$71,801 | $23,592 | $3,125 | $2.2M | — |
| Stock-based compensation | $144,372 | $139,299 | $192,339 | $172,352 | $340,462 | $225,030 | $274,808 | $247,390 | $297,603 | $306,478 | $297,859 | $281,307 |
| Change in working capital | $150,234 | −$142,350 | −$415,338 | −$69,014 | $1.3M | −$156,017 | $571,120 | −$243,888 | −$219,622 | $646,916 | $855,800 | −$619,742 |
| Other non-cash items | $19,668 | −$2,210 | $1,809 | $46,825 | $28,130 | −$2,927 | $3,985 | $70,702 | −$20,725 | −$59,902 | −$2.2M | −$9,027 |
| Cash from operating activities | −$1.8M | −$2.0M | −$1.8M | −$1.9M | −$130,015 | −$1.9M | −$696,395 | −$201,057 | −$2.0M | −$1.1M | −$923,380 | −$2.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$4 | −$4 | $0 | −$4 | $0 | $0 | −$5 | −$5 | −$5 | $0 | $0 | $0 |
| Investments (net) | −$356,884 | $1.3M | $468,159 | $93,442 | −$961,620 | $482,104 | $1.3M | −$11,977 | −$2.5M | −$654,907 | $34,154 | $3.5M |
| Acquisitions & other investing | $4 | $4 | $0 | $4 | $0 | $0 | $5 | $5 | $5 | $0 | $0 | $0 |
| Cash from investing activities | −$356,884 | $1.3M | $468,159 | $93,442 | −$961,620 | $482,104 | $1.3M | −$11,977 | −$2.5M | −$654,907 | $34,154 | $3.5M |
| Financing activities | ||||||||||||
| Net borrowing (repayment) | — | — | $0 | $0 | $0 | $0 | $0 | $0 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $0 | −$1 | $4.9M | $0 | $24,249 | $24,251 | $0 | $0 | $5.8M | $0 | $0 |
| Cash from financing activities | $0 | $0 | −$1 | $4.9M | $0 | $24,249 | $24,251 | $0 | $0 | $5.8M | $0 | $0 |
| Summary | ||||||||||||
| Net change in cash | −$2.2M | −$697,771 | −$1.3M | $3.4M | −$1.1M | −$1.4M | $585,136 | −$211,784 | −$4.4M | $4.1M | −$888,148 | $1.6M |
| Cash at end of period | $3.0M | $5.2M | $5.9M | $7.2M | $4.0M | $5.1M | $6.5M | $5.9M | $6.1M | $10.6M | $6.5M | $7.4M |
| Free cash flow | −$1.8M | −$2.0M | −$1.8M | −$1.9M | −$130,015 | −$1.9M | −$696,395 | −$201,057 | −$2.0M | −$1.1M | −$923,380 | −$2.0M |
| Free cash flow margin | −189.2% | −176.7% | −751.0% | −159.1% | −28.1% | −1,064.8% | −85.2% | −10.3% | −509.0% | −332.6% | −134.5% | −494.1% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
DYAI cash generation
In fiscal 2025 (ended December 31, 2025), Dyadic International generated -$5.7 million of cash from operations and spent $0 on capital expenditures, leaving free cash flow of -$5.7 million, −462.7% of revenue. Cash and equivalents fell by $0.7 million over the year.
Related: DYAI income statement, DYAI balance sheet. See the DYAI stock overview for the latest quote and news.
DYAI cash flow FAQ
What is Dyadic International's free cash flow?
Dyadic International's free cash flow was -$5.7 million in fiscal 2025: -$5.7 million of operating cash flow minus $0 of capital expenditures It was -$4.0 million a year earlier..
How much cash does Dyadic International generate from operations?
Dyadic International generated -$5.7 million of cash from operating activities in fiscal 2025.