Dyadic International, Inc. (DYAI) · 10+ Years of Financial Ratios

Profitability	2003 Y	2004 Y	2005 Y	2006 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	29.11	-37.24	-31.59	-1.42	-50.95	154.43	-5.33	-3.9	-12.1	-20.58	-27.62	-50.89	-55.61	-61.97
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	16.96	23.34	19.05	26.25	43.25	-91.48	60.72	12.94	10.31	20.7	13.17	11.05	19.11	27.54	31.84
EBITDA Margin (%)	-90.3	-36.6	-59.08	-68.16	4.24	-5,155.05	-1,154.93	-979.6	-972.54	-584.48	-550.53	-621.96	-608.64	-345.21	-282.58
Operating Margin (%)	-90.3	-33.1	-62.87	-69.78	2.76	-5,156.2	-1,154.93	-979.6	-972.54	-584.48	-550.53	-621.96	-608.64	-345.21	-282.58
Incremental Operating Margin (%)	- -	- -	- -	- -	640.12	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	- -	-36.26	-65.8	-70.33	-2.5	-5,110.99	-464.06	-568.52	-290.41	-517.03	-493.59	-580.18	-543.73	-332.23	-234.42
Profit Margin (%)	-90.3	28.46	-66.2	-70.74	-2.5	-5,655.57	20,837.76	-608.67	-281.61	-439.36	-494.21	-582.13	-543.73	-332.23	-234.42
Net Income to Common Margin (%)	-90.3	26.27	-66.2	-70.74	-2.5	-5,655.57	20,837.76	-608.67	-281.61	-439.36	-494.21	-582.13	-543.73	-332.23	-234.42
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	5.68	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit	2003 Y	2004 Y	2005 Y	2006 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	- -	3	- -	3	8	8	- -	- -	- -	- -	- -	- -	- -	- -	- -
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	- -	3	- -	2	8	8	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBITDA	- -	-0.56	-0.03	-0.25	11.34	-1.49	- -	- -	- -	- -	- -	- -	- -	- -	-0.02
Net Debt/EBITDA	0.07	2.79	1.27	2.72	-0.89	-1.03	18.81	1.19	0.78	0.32	0.52	2.07	1.08	0.57	0.8
Total Debt/EBIT	- -	-0.62	-0.03	-0.24	17.42	-1.49	- -	- -	- -	- -	- -	- -	- -	- -	-0.02
Net Debt/EBIT	0.07	3.08	1.19	2.66	-1.37	-1.03	18.81	1.19	0.78	0.32	0.52	2.07	1.08	0.57	0.8
EBITDA to Interest Expense	- -	- -	- -	- -	1.06	-7.98	- -	-6,389.34	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	0.47	-8.49	- -	-6,389.34	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	0.69	-7.98	- -	-6,389.34	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	1	1	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-1,275.67	-71.73	-143.08	-99.39	-525.33	-989.6	-24.36	-42.87	-53.82	-76.22	-110.3	-168.38	-299.1	-535.56	-976.2
Long-Term Debt/Equity (%)	- -	13.27	- -	8.44	320.96	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.51
Long-Term Debt/Capital (%)	- -	-16.35	- -	-5.63	-11.73	-10.66	- -	- -	- -	- -	- -	- -	- -	- -	-0.11
Long-Term Debt/Total Assets (%)	- -	9.96	- -	5.27	55.17	95.32	- -	- -	- -	- -	- -	- -	- -	- -	1.08
Total Debt/Equity (%)	- -	13.97	1.74	9.12	320.96	-359.23	- -	- -	- -	- -	- -	- -	- -	- -	2.33
Total Debt/Capital (%)	- -	-17.21	-0.8	-6.08	-11.73	-10.66	- -	- -	- -	- -	- -	- -	- -	- -	-0.17
Total Debt/Total Assets (%)	- -	10.49	1.13	5.69	55.17	95.32	- -	- -	- -	- -	- -	- -	- -	- -	1.67
Net Debt to Equity	16.95	-69.51	-77.28	-101.11	-25.29	-249.04	-92.96	-11.94	-11.58	-5.62	-13.45	-72.55	-85.63	-52.26	-110.83
Net Debt/Capital (%)	5.63	42.22	25.96	38.85	0.82	-7.16	78.6	21.49	17.48	6.74	10.46	28.95	19.82	7.31	7.52
EBITDA	- -	-6	-9	-10	1	-5	-4	-6	-7	-8	-9	-10	-15	-10	-8
EBITDA-CapEx	- -	-6	-10	-11	- -	-6	-4	-6	-7	-8	-9	-10	-15	-10	-8
Operating Income (Loss)	- -	-6	-10	-11	- -	-5	-4	-6	-7	-8	-9	-10	-15	-10	-8

Liquidity	2003 Y	2004 Y	2005 Y	2006 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	0.14	4.22	2.62	7.04	2.15	0.94	23.88	48.44	62.02	48.49	21.55	17.89	7.93	5.16	3.23
Current Ratio	0.18	6.39	4.59	9.31	3.35	3.14	24.08	57.04	64.53	50.31	22.44	18.32	8.22	5.48	3.58
Quick Ratio	0.18	4.86	3.24	7.68	2.59	1.33	23.91	49.51	63.01	49.81	22.27	18.14	8.07	5.32	3.44
CFO/Avg Current Liab	- -	-2.39	-1.65	0.17	1.19	-1.83	-0.29	-3.11	-1.9	-5.45	-4.74	-4.09	-5.39	-3.23	-2.86
Common Equity/Total Assets	-1,275.67	-71.73	-143.08	-99.39	-525.33	-989.6	-24.36	-42.87	-53.82	-76.22	-110.3	-168.38	-299.1	-535.56	-976.2
Long-Term Debt/Equity (%)	- -	13.27	- -	8.44	320.96	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.51
Long-Term Debt/Capital (%)	- -	-16.35	- -	-5.63	-11.73	-10.66	- -	- -	- -	- -	- -	- -	- -	- -	-0.11
Long-Term Debt/Total Assets (%)	- -	9.96	- -	5.27	55.17	95.32	- -	- -	- -	- -	- -	- -	- -	- -	1.08
Total Debt/Equity (%)	- -	13.97	1.74	9.12	320.96	-359.23	- -	- -	- -	- -	- -	- -	- -	- -	2.33
Total Debt/Capital (%)	- -	-17.21	-0.8	-6.08	-11.73	-10.66	- -	- -	- -	- -	- -	- -	- -	- -	-0.17
Total Debt/Total Assets (%)	- -	10.49	1.13	5.69	55.17	95.32	- -	- -	- -	- -	- -	- -	- -	- -	1.67
CFO/Total Liabilities	-141.87	-72.56	-93.29	4.66	41.19	-57.41	-27.94	-597.06	-219.95	-518.71	-364.16	-404.36	-387.7	-307.94	-287.39
CFO/CapEx	- -	-58.36	-18.91	1.52	12.55	-17.7	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	-49.06	10.87	1.23	5.72	-3.03	-14.17	15.02	31.4	30.44	35.2	52.32	52.21	21.02	-0.86	-3.57

Working Capital	2003 Y	2004 Y	2005 Y	2006 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	- -	10.86	5.34	5.44	7.67	0.08	0.57	6.11	4.55	6.45	5.37	5.69	20.75	27.05	11.02
Days Sales Outstanding	- -	33.6	68.34	67.12	47.57	4,698.64	643.98	59.73	80.24	56.57	67.92	64.15	17.59	13.49	33.12
Inventory Turnover	- -	3.86	2.13	1.98	2.2	0.06	0.07	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	94.46	171.13	184.23	165.9	5,775.15	5,308.27	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	13.14	4.18	4.95	2.7	0.66	-6.19	1.14	1.7	2.48	2.33	1.46	1.52	1.5	2.04
Accounts Payable Turnover Days	- -	27.77	87.27	73.79	135.42	554.87	-59.01	321.5	214.46	147.33	156.59	250.58	240.37	242.76	178.52
Cash Conversion Cycle	- -	100.29	152.2	177.56	78.05	9,918.92	6,011.25	-261.77	-134.22	-90.76	-88.67	-186.43	-222.78	-229.27	-145.4
Inventory to Cash Days	- -	-60.86	-102.79	-117.11	-118.33	-1,076.5	-4,664.29	59.73	80.24	56.57	67.92	64.15	17.59	13.49	33.12
Inventories	- -	7	5	6	3	4	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	6	- -	- -	3	4	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	5	6	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value	2003 Y	2004 Y	2005 Y	2006 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	- -	149	44	187	52	32	69	52	39	50	142	148	128	35	48
- Cash & Cash Equivalents	- -	21	12	31	9	2	69	7	6	2	5	21	16	6	7
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	3	- -	3	8	8	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	- -	132	32	159	51	37	1	4	-9	9	107	119	107	22	40
Total Capital	- -	-20	-34	-42	-70	-76	-19	-25	-27	-33	-41	-51	-64	-73	-80
Total Debt/Capital (%)	- -	-17.21	-0.8	-6.08	-11.73	-10.66	- -	- -	- -	- -	- -	- -	- -	- -	-0.17
Total Debt / EV	- -	0.03	0.01	0.02	0.16	0.22	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales	- -	7.88	2.04	10.31	2.98	353.64	2.25	5.94	- -	7.17	63.95	74	44.65	7.48	13.94
EV/EBITDA	- -	- -	- -	- -	70.28	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	107.93	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	200.65	8.83	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	121.08	8.25	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Market Cap	- -	109	43	153	50	32	59	59	40	52	140	148	126	34	48
Diluted Enterprise Value	- -	92	32	124	49	37	-9	52	34	50	135	127	110	29	41
EV per Share	- -	5.94	1.44	5.3	1.5	1.1	0.02	0.11	- -	0.35	3.93	4.31	3.8	0.77	1.4
TTM Sales	- -	17	16	15	17	- -	- -	1	1	1	2	2	2	3	3
TTM EBITDA	- -	-6	-9	-10	1	-5	-4	-6	-7	-8	-9	-10	-15	-10	-8
TTM Operating Income	- -	-6	-10	-11	- -	-5	-4	-6	-7	-8	-9	-10	-15	-10	-8
TTM Cash Flow to Firm	- -	-6	-8	1	6	-6	-1	-6	-2	-4	-6	-7	-11	-8	-7
TTM Free Cash Flow to Firm	- -	-6	-7	1	6	-5	-1	-6	-2	-4	-6	-7	-11	-8	-7

Multiples	2003 Y	2004 Y	2005 Y	2006 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings	- -	21.92	- -	- -	- -	- -	0.9	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	21.78	-6	-10.88	-135.77	-8.52	0.58	-16.22	-19.31	-7.72	-15.3	-19.83	-9.94	-7.73	-7.5
Price/Earnings High	- -	23.56	-13.58	-18.96	-167.03	-10.15	0.9	-18.12	-24.24	-9.68	-22.33	-28.81	-13.72	-13.4	-9.75
Price/Earnings Low	- -	19.63	-3.41	-3.55	-108.8	-5.25	0.44	-14.17	-16.92	-6.76	-5.92	-7.6	-7.03	-3.44	-5.3
Price/Book Value	- -	-6.35	-1.3	-4.17	-0.66	-0.38	-3.71	-2.08	-1.43	-1.53	-3.43	-2.92	-2	-0.47	-0.59
Price/Book Value Average	- -	-6.31	-1.89	-3.24	-0.77	-0.6	-2.41	-2.06	-1.48	-1.29	-3.12	-3.65	-2.07	-1.03	-0.64
Price/Book Value High	- -	-6.82	-4.28	-5.64	-0.95	-0.72	-3.71	-2.3	-1.86	-1.61	-4.55	-5.31	-2.85	-1.79	-0.83
Price/Book Value Low	- -	-5.68	-1.07	-1.05	-0.62	-0.37	-1.81	-1.8	-1.3	-1.13	-1.21	-1.4	-1.46	-0.46	-0.45
Price/Tangible Book Value	- -	6.23	2.99	7.12	25.84	-11.83	0.94	0.91	0.78	1.19	3.95	5.19	6.94	3.12	8.09
Price/Tangible Book Value Average	- -	6.19	4.36	5.53	30.13	-19	0.61	0.9	0.81	1	3.59	6.5	7.17	6.83	8.68
Price/Tangible Book Value High	- -	6.7	9.85	9.62	37.07	-22.65	0.94	1	1.01	1.25	5.24	9.45	9.89	11.85	11.27
Price/Tangible Book Value Low	- -	5.58	2.48	1.8	24.14	-11.7	0.46	0.79	0.71	0.87	1.39	2.49	5.07	3.04	6.13
Price/Sales	- -	5.76	2.73	9.92	2.91	299.91	187.24	99.84	52.62	40.37	83.21	92.09	52.34	11.71	16.39
Price/Sales Average	- -	5.72	3.97	7.7	3.39	481.69	121.7	98.75	54.38	33.92	75.59	115.42	54.06	25.68	17.59
Price/Sales High	- -	6.19	8.99	13.41	4.17	574.02	187.24	110.31	68.25	42.51	110.36	167.72	74.58	44.53	22.85
Price/Sales Low	- -	5.16	2.26	2.51	2.72	296.69	91.44	86.28	47.66	29.69	29.24	44.25	38.22	11.42	12.42
Price/Cash Flow	- -	-16.29	-5.55	193.06	9.78	-5.11	-73.65	-9.81	-23.6	-11.87	-24.19	-22.44	-11.16	-4.25	-7.06
Price/Cash Flow Average	- -	-16.19	-8.08	149.84	11.41	-8.21	-47.87	-9.71	-24.39	-9.97	-21.98	-28.12	-11.52	-9.31	-7.58
Price/Cash Flow High	- -	-17.51	-18.27	261.02	14.03	-9.79	-73.65	-10.84	-30.61	-12.5	-32.08	-40.87	-15.9	-16.14	-9.85
Price/Cash Flow Low	- -	-14.59	-4.59	48.81	9.14	-5.06	-35.97	-8.48	-21.37	-8.73	-8.5	-10.78	-8.15	-4.14	-5.35
Price/Free Cash Flow	- -	-18.81	-5.86	116.5	9.06	-5.42	-73.65	-9.81	-23.6	-11.87	-24.19	-22.44	-11.16	-4.25	-7.06
Price/Free Cash Flow Average	- -	-18.69	-8.53	90.42	10.56	-8.71	-47.87	-9.71	-24.39	-9.97	-21.98	-28.12	-11.52	-9.31	-7.58
Price/Free Cash Flow High	- -	-20.21	-19.29	157.51	12.99	-10.38	-73.65	-10.84	-30.61	-12.5	-32.08	-40.87	-15.9	-16.14	-9.85
Price/Free Cash Flow Low	- -	-16.84	-4.84	29.45	8.46	-5.36	-35.97	-8.48	-21.37	-8.73	-8.5	-10.78	-8.15	-4.14	-5.35
EV/Sales	- -	7.88	2.04	10.31	2.98	353.64	2.25	5.94	- -	7.17	63.95	74	44.65	7.48	13.94
EV/Sales Average	- -	7.83	3.31	7.59	3.48	535.66	- -	75.9	45.64	30.91	73.72	102.63	48.27	23.88	15.4
EV/Sales High	- -	8.55	8.42	14.59	4.29	628.11	2.25	86.15	59.23	39.19	108.94	154.97	69.08	42.86	20.66
EV/Sales Low	- -	6.95	1.56	1.22	2.78	350.41	- -	64.84	39.06	26.82	26.75	31.4	32.2	9.52	10.22
EV/EBITDA	- -	- -	- -	- -	70.28	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Average	0.07	-21.39	-5.6	-11.13	82.08	-10.39	6.46	-7.75	-4.69	-5.29	-13.39	-16.5	-7.93	-6.92	-5.45
EV/EBITDA High	0.07	-23.35	-14.25	-21.41	101.19	-12.18	-0.2	-8.79	-6.09	-6.71	-19.79	-24.92	-11.35	-12.42	-7.31
EV/EBITDA Low	0.07	-19	-2.64	-1.79	65.6	-6.8	9.53	-6.62	-4.02	-4.59	-4.86	-5.05	-5.29	-2.76	-3.62
EV/EBIT	- -	- -	- -	- -	107.93	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	0.07	-23.65	-5.26	-10.87	126.06	-10.39	6.46	-7.75	-4.69	-5.29	-13.39	-16.5	-7.93	-6.92	-5.45
EV/EBIT High	0.07	-25.82	-13.39	-20.91	155.4	-12.18	-0.2	-8.79	-6.09	-6.71	-19.79	-24.92	-11.35	-12.42	-7.31
EV/EBIT Low	0.07	-21.01	-2.48	-1.75	100.74	-6.8	9.53	-6.62	-4.02	-4.59	-4.86	-5.05	-5.29	-2.76	-3.62
Last Price	- -	6.7	1.96	6.25	1.52	0.93	1.72	1.62	1.38	1.89	5.18	5.37	4.52	1.21	1.65
High Price	- -	7.2	6.45	8.45	2.18	1.78	1.72	1.79	1.79	1.99	6.87	9.78	6.44	4.6	2.3
Low Price	- -	6	1.62	1.58	1.42	0.92	0.84	1.4	1.25	1.39	1.82	2.58	3.3	1.18	1.25
Enterprise Value	- -	132	32	159	51	37	1	4	-9	9	107	119	107	22	40
Enterprise Value Average	- -	131	53	117	60	57	-24	45	35	40	124	164	116	70	45
Enterprise Value High	- -	143	134	224	74	66	1	51	45	51	183	248	166	126	60
Enterprise Value Low	- -	116	25	19	48	37	-35	38	30	35	45	50	77	28	30

Per Share Data Items	2003 Y	2004 Y	2005 Y	2006 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	5	22	23	30	34	34	40	32	28	27	27	27	28	29	29
Diluted Weighted Avg Shares	5	16	22	24	33	34	34	37	29	28	27	27	28	28	29
Basic Weighted Avg Shares	5	14	22	24	33	34	34	37	29	28	27	27	28	28	29
Revenue per Share	0.04	1.16	0.72	0.63	0.52	- -	0.01	0.02	0.03	0.05	0.06	0.06	0.09	0.1	0.1
EBITDA per Share	-0.04	-0.43	-0.42	-0.43	0.02	-0.16	-0.11	-0.16	-0.26	-0.27	-0.34	-0.36	-0.53	-0.36	-0.28
Operating Income per Share	-0.04	-0.39	-0.45	-0.44	0.01	-0.16	-0.11	-0.16	-0.26	-0.27	-0.34	-0.36	-0.53	-0.36	-0.28
Basic EPS, GAAP	-0.04	0.31	-0.48	-0.45	-0.01	-0.18	1.91	-0.1	-0.07	-0.21	-0.31	-0.34	-0.47	-0.34	-0.24
Basic EPS from Cont Ops	-0.04	-0.42	-0.47	-0.45	-0.01	-0.16	-0.04	-0.1	-0.07	-0.21	-0.31	-0.34	-0.47	-0.34	-0.24
Diluted EPS, GAAP	-0.04	0.27	-0.48	-0.45	-0.01	-0.18	1.91	-0.1	-0.07	-0.21	-0.31	-0.34	-0.47	-0.34	-0.24
Diluted EPS from Cont Ops	-0.04	-0.37	-0.47	-0.45	-0.01	-0.16	-0.04	-0.1	-0.07	-0.21	-0.31	-0.34	-0.47	-0.34	-0.24
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	-0.03	-0.41	-0.35	0.03	0.16	-0.18	-0.02	-0.17	-0.06	-0.16	-0.21	-0.24	-0.41	-0.29	-0.23
Free Cash Flow per Basic Share	-0.03	-0.42	-0.37	0.01	0.14	-0.19	-0.02	-0.17	-0.06	-0.16	-0.21	-0.24	-0.41	-0.29	-0.23
Cash & Equivalents per Share	- -	0.92	0.54	1.04	0.26	0.07	1.7	1.51	1.68	1.54	1.25	1.06	0.72	0.44	0.25
Book Value per Share	-0.04	-1.06	-1.51	-1.5	-2.31	-2.47	-0.46	-0.78	-0.96	-1.24	-1.51	-1.84	-2.26	-2.57	-2.78
Tangible Book Value per Share	-0.01	1.08	0.65	0.88	0.06	-0.08	1.83	1.78	1.76	1.59	1.31	1.03	0.65	0.39	0.2

Dyadic International, Inc.

DYAI US

1.97

1.97