US Market News
3 weeks ago
Palladyne AI Announces Employee Equity AwardsMay 22, 2026 4:05 PM
Business Wire Palladyne AI Corp. (Nasdaq: PDYN and PDYNW) (“Palladyne AI”), a U.S.-based defense and industrial technology company delivering embodied AI-powered collaborative autonomy solutions, advanced avionics, precision-manufactured components, UAVs, and advanced aerospace engineering services, today announced that effective May 20, 2026, the Compensation Committee of Palladyne AI’s Board of Directors approved the grant of, in the aggregate, 91,528 restricted stock units, or RSUs, as material inducements to three employees entering into employment with a subsidiary of Palladyne AI (the “New Hire Awards”). The New Hire Awards were made under Palladyne AI’s 2024 Inducement Equity Incentive Plan (the “2024 Inducement Plan”). Each of the New Hire Awards was granted as an inducement material to the employee's commencement of employment with a subsidiary of Palladyne AI pursuant to Nasdaq Listing Rule 5635(c)(4). All of the New Hire Awards will vest as to 25% of the RSUs on the one-year anniversary of the grant date and as to 1/12 of the remaining RSUs on each of May 20, August 20, November 20, and March 10 of the succeeding three years, subject to the recipient continuing to be a service provider to Palladyne AI or one of its subsidiaries. Each New Hire Award is subject to the terms and conditions of the 2024 Inducement Plan and the grant agreements covering the awards. Palladyne AI grants equity awards to certain of its employees to better align their interests with those of our stockholders, as a meaningful retention incentive and as a means of reducing cash used in compensation expense. About Palladyne AI Corp. Palladyne AI is a U.S.-based technology company developing patented embodied artificial intelligence, collaborative autonomy solutions, advanced avionics, autonomous systems, advanced UAV engineering services, and precision-manufactured components for defense and industrial markets. Palladyne AI delivers secure, American-developed and operated platforms designed to meet the stringent requirements of U.S. government and public-sector customers, including data sovereignty, security, and compliance. Palladyne AI’s embodied AI is designed to operate in complex, contested, and high-risk environments, enabling distributed tasking, human-on-the-loop decision-making, degraded-communications resilience, and multi-domain coordination. Its platform-agnostic autonomy stack combines real-time sensor fusion, adaptive AI models, and edge-native orchestration - without vendor lock-in - to support autonomous and collaborative systems across air, ground, maritime, and industrial domains where performance, resilience, and trust are paramount. For more information about Palladyne AI, including GuideTech and Palladyne Defense, please visit www.palladyneai.com/. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the capabilities or future capabilities of Palladyne AI’s products and services; and retention and compensation expense strategies. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or “continue” or similar expressions. Such forward-looking statements involve risks and uncertainties that may cause actual events, results, or performance to differ materially from those indicated by such statements. These forward-looking statements are based on Palladyne AI’s management’s current expectations and beliefs, as well as a number of assumptions concerning future events. However, there can be no assurance that the events, results, or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and Palladyne AI is not under any obligation and expressly disclaims any obligation to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports which Palladyne AI has filed or will file from time to time with the Securities and Exchange Commission (the “SEC”), in particular the risks and uncertainties set forth in the sections of those reports entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements,” for a description of risks facing Palladyne AI and that could cause actual events, results or performance to differ from those indicated in the forward-looking statements contained herein. The documents filed by Palladyne AI with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov. View source version on businesswire.com: https://www.businesswire.com/news/home/20260522964763/en/ Palladyne AI Investor Contact:
Brian S. Siegel, IRC®, M.B.A.
Senior Managing Director
Hayden IR - Chicago
(346) 396-8696 (o)
brian@haydenir.com
IR@palladyneai.com Palladyne AI Press Contact:
Heath Meyer
(858) 768-1527
PR@palladyneai.com Original: Palladyne AI Announces Employee Equity Awards
US Market News
2 months ago
Palladyne AI Secures Additional Foundational Swarming U.S. Patent on AI-Driven Path Creation, Target Detection, and Behavioral PredictionApril 6, 2026 7:00 AM
Business Wire
Second Patent in Four Months Strengthens IP Protection Across Autonomous Robotics, Multi-Sensor Surveillance, and Intelligent Edge Computing Markets
Palladyne AI (NASDAQ: PDYN), a U.S.-based defense and industrial technology company commercializing embedded AI, collaborative autonomy, and advanced avionics for defense markets, today announced the issuance of U.S. Patent 12,517,525 B1, titled “Path Creation, Detection and Prediction Using Primitives,” protecting its proprietary Bayesian Program Learning (BPL) framework for intelligent target recognition, autonomous path planning, and real-time behavioral prediction across multiple types of sensors deployed across multi-domain environments (space, air, land, and maritime).
"We believe our patented BPL framework does three things no conventional AI system can match at the edge: it recognizes targets across multiple sensor types without the cloud, it turns a spoken instruction into an optimized robotic motion plan in seconds, and it keeps tracking even when the signal goes dark,” said Denis Garagic, CTO, Co-Founder, and Named Inventor, Palladyne AI.
This patent represents a significant expansion of Palladyne AI’s intellectual property portfolio and strengthens its competitive position across high-value commercial and defense markets covering three distinct capability domains:
Target Recognition: Detects, classifies, and tracks moving targets across EO, IR, LiDAR, radar, acoustic, and RF sensors: fully on-device, without cloud connectivity.
Autonomous Path Planning: Converts natural-language commands into optimized motion plans without manual reprogramming which accelerates deployment and reduces task changeover time from hours to minutes in manufacturing, logistics, and field operations.
Behavioral Prediction & Track Continuity: Predicts target behavior even through sensor dropout, occlusion, or jamming which enables persistent tracking in communications-denied and degraded environments.
“This patent is a direct expression of the long-term value we are building at Palladyne AI,” said Ben Wolff, President and CEO, Palladyne AI. “Our framework is not incremental, it is a fundamentally different approach to machine intelligence. We believe this IP is revolutionary and will compound in value as autonomous systems become central to both defense and industrial customers as they accelerate adoption of trusted, edge-native autonomy.”
For more information on Palladyne AI and its patented technology, please visit https://www.palladyneai.com.
About Palladyne AI
Palladyne AI is a U.S.-based technology company developing patented embodied artificial intelligence, collaborative autonomy solutions, advanced avionics, autonomous systems, advanced UAV engineering services, and precision-manufactured components for defense and industrial markets. Palladyne AI delivers secure, American-developed and operated platforms designed to meet the stringent requirements of U.S. government and public-sector customers, including data sovereignty, security, and compliance.
Palladyne AI’s embodied AI is designed to operate in complex, contested, and high-risk environments, enabling distributed tasking, human-on-the-loop decision-making, degraded-communications resilience, and multi-domain coordination. Its platform-agnostic autonomy stack combines real-time sensor fusion, adaptive AI models, and edge-native orchestration to support autonomous and collaborative systems across air, ground, maritime, and industrial domains where performance, resilience, and trust are paramount. For more information about Palladyne AI, including GuideTech and Palladyne Defense, please visit www.palladyneai.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the impact the patent will have on the company’s competitive position and long-term value, the long-term value of the patent and the related intellectual property and the IP protection afforded by the patent. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or “continue” or similar expressions. Such forward-looking statements involve risks and uncertainties that may cause actual events, results, or performance to differ materially from those indicated by such statements. These forward-looking statements are based on Palladyne AI’s management’s current expectations and beliefs, as well as a number of assumptions concerning future events. However, there can be no assurance that the events, results, or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and Palladyne AI is not under any obligation and expressly disclaims any obligation, to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.
Readers should carefully review the statements set forth in the reports which Palladyne AI has filed or will file from time to time with the Securities and Exchange Commission (the “SEC”), in particular the risks and uncertainties set forth in the sections of those reports entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements,” for a description of risks facing Palladyne AI and that could cause actual events, results or performance to differ from those indicated in the forward-looking statements contained herein. The documents filed by Palladyne AI with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260406135212/en/
Palladyne AI Investor Contact:
Brian S. Siegel, IRC®, M.B.A.
Senior Managing Director
Hayden IR - Chicago
(346) 396-8696 (o)
brian@haydenir.com
IR@palladyneai.com
Palladyne AI Press Contact:
Heath Meyer
(858) 768-1527
PR@palladyneai.com
Original: Palladyne AI Secures Additional Foundational Swarming U.S. Patent on AI-Driven Path Creation, Target Detection, and Behavioral Prediction
US Market News
3 months ago
Palladyne AI Announces Employee Equity AwardsMarch 13, 2026 4:01 PM
Business Wire
Palladyne AI Corp. (Nasdaq: PDYN and PDYNW) (“Palladyne AI”), a U.S.-based defense and industrial technology company delivering embodied artificial intelligence software and autonomy solutions, today announced that effective March 10, 2026, the Compensation Committee of Palladyne AI’s Board of Directors approved the grant of, in the aggregate, 107,932 restricted stock units, or RSUs, as material inducements to seven employees entering into employment with a subsidiary of Palladyne AI (the “New Hire Awards”).
The New Hire Awards were made under Palladyne AI’s 2024 Inducement Equity Incentive Plan (the “2024 Inducement Plan”). Each of the New Hire Awards was granted as an inducement material to the employee's commencement of employment with a subsidiary of Palladyne AI pursuant to Nasdaq Listing Rule 5635(c)(4). Six of the New Hire Awards will vest as to 25% of the RSUs on the one-year anniversary of the grant date and as to 1/12 of the remaining RSUs on each of May 20, August 20, November 20, and March 10 of the succeeding three years, subject to the recipient continuing to be a service provider to Palladyne AI or one of its subsidiaries. One of the New Hire Awards will vest as to 25% of the RSUs on November 20, 2026 and as to 1/12 of the remaining RSUs on each of March 10, May 20, April 20, and November 20 of the succeeding three years, subject to the recipient continuing to be a service provider to Palladyne AI or one of its subsidiaries. Each New Hire Award is subject to the terms and conditions of the 2024 Inducement Plan and the grant agreements covering the awards.
The Company grants equity awards to certain of its employees to better align their interests with those of our stockholders, as a meaningful retention incentive and as a means of reducing cash used in compensation expense.
About Palladyne AI Corp.
Palladyne AI Corp. (Nasdaq: PDYN) is a U.S.-based technology company developing patented embodied artificial intelligence, collaborative autonomy solutions, advanced avionics, autonomous systems, advanced UAV engineering services, and precision-manufactured components for defense and industrial markets. Palladyne AI delivers secure, American-developed and operated platforms designed to meet the stringent requirements of U.S. government and public-sector customers, including data sovereignty, security, and compliance.
Palladyne AI’s embodied AI is designed to operate in complex, contested, and high-risk environments, enabling distributed tasking, human-on-the-loop decision-making, degraded-communications resilience, and multi-domain coordination. Its platform-agnostic autonomy stack combines real-time sensor fusion, adaptive AI models, and edge-native orchestration—without vendor lock-in—to support autonomous and collaborative systems across air, ground, maritime, and industrial domains where performance, resilience, and trust are paramount. For more information about Palladyne AI, including GuideTech and Palladyne Defense, please visit www.palladyneai.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the capabilities or future capabilities of the Company’s AI/ML foundational technology and related software products; the benefits of the software and the industries that could benefit from it; and the applicability of the software to different kinds of machines (such as UAVs, UGVs and ROVs). Forward-looking statements are inherently subject to risks, uncertainties, and assumptions. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or “continue” or similar expressions. Such forward-looking statements involve risks and uncertainties that may cause actual events, results, or performance to differ materially from those indicated by such statements. These forward-looking statements are based on Palladyne AI’s management’s current expectations and beliefs, as well as a number of assumptions concerning future events. However, there can be no assurance that the events, results, or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and Palladyne AI is not under any obligation and expressly disclaims any obligation, to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.
Readers should carefully review the statements set forth in the reports which Palladyne AI has filed or will file from time to time with the Securities and Exchange Commission (the “SEC”), in particular the risks and uncertainties set forth in the sections of those reports entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements,” for a description of risks facing Palladyne AI and that could cause actual events, results or performance to differ from those indicated in the forward-looking statements contained herein. The documents filed by Palladyne AI with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260313732506/en/
Palladyne AI Investor Contact:
Brian S. Siegel, IRC®, M.B.A.
Senior Managing Director
Hayden IR - Chicago
(346) 396-8696 (o)
brian@haydenir.com
IR@palladyneai.com
Palladyne AI Press Contact:
Heath Meyer
(858) 768-1527
PR@palladyneai.com
Original: Palladyne AI Announces Employee Equity Awards
US Market News
3 months ago
Palladyne AI Reports Fourth Quarter and Full Year 2025 Results and Reiterates 2026 Revenue Guidance of $24 to $27 MillionMarch 5, 2026 6:00 AM
Business Wire
2026 revenue guidance implies 357% to 415% year-over-year growth, with backlog increasing more than 30% since year-end to nearly $18 million midway through the first quarter
2025 culminated in structural repositioning following November acquisitions
Launch of Palladyne Defense and commercialization of Palladyne IQ 2.0 position Company for execution in 2026
Palladyne AI Corp. (NASDAQ: PDYN and PDYNW) (“Palladyne AI”), a U.S.-based defense and industrial technology company delivering embodied AI-powered collaborative autonomy solutions, advanced avionics, precision-manufactured components, UAVs, and advanced aerospace engineering services, today announced financial results for the fourth quarter and full year ended December 31, 2025.
Ben Wolff, President and Chief Executive Officer of Palladyne AI, commented:
“2025 was a year of operational validation that culminated in structural transformation. In November, we completed the acquisitions of GuideTech, Warnke Precision Machining and MKR Fabricators and launched Palladyne Defense. That repositioning expanded our capabilities beyond autonomy software to include advanced avionics, engineering services, proprietary airframe and missile development and certified U.S.-based manufacturing. We exited 2025 as a fundamentally different company, with expanded backlog, deeper defense engagement and an integrated autonomy-to-manufacturing stack aligned with evolving Department of War priorities.
“Over the past few months, we have moved decisively to execute across the defense and commercial parts of our business. We commercially released Palladyne IQ 2.0, integrating feedback from potential customers into its development, and recently signed our first customer for the product. We also introduced IntelliSwarm, integrating SwarmOS into the BRAIN X2 flight module, and demonstrated collaborative autonomy between our recently branded Gremlin-X™ (formerly Project Banshee) platform running IntelliSwarm and multiple Red Cat platforms operating with SwarmOS, validating distributed, multi-platform collaboration in real-world environments.
“We also established our presence in the space domain. Through our satellite-related development work with the Air Force Research Laboratory, we are extending SwarmOS capabilities to integrate communications with space-based systems. Separately, our engagement with Portal Space Systems advances propulsion design for next-generation space platforms and establishes a foundation for potential future collaboration surrounding collaborative autonomy.”
Recent Strategic and Operational Highlights
Launched Palladyne Defense following the acquisitions of GuideTech, Warnke Precision Machining and MKR Fabricators, integrating autonomy software, advanced avionics engineering and design, components, proprietary UAVs and missile systems, and certified U.S.-based manufacturing;
Commercially released Palladyne IQ 2.0 and signed an initial customer following customer-driven refinement throughout 2025;
Hired Matt Muta as President of Commercial and Industrial to focus on capturing commercial opportunities;
Branded Project Banshee (next-generation autonomous UAV mini-bomber platform currently under development) as Gremlin-X;
Demonstrated collaborative autonomous swarming between the Gremlin-X platform utilizing IntelliSwarm, and multiple Red Cat platforms operating with SwarmOS;
Expanded into the space domain through satellite-related development work with the Air Force Research Laboratory and propulsion design engagement with Portal Space Systems;
Progressed development milestones across Gremlin-X and new BRAIN variants;
Secured missile propulsion subsystem contract from a new defense prime customer; and
Strengthened intellectual property portfolio through a new patent issuance supporting advanced swarming and decentralized autonomy architectures and filed four new patent applications related to Palladyne’s AI software products and technologies.
Fourth Quarter 2025 Financial Highlights (vs. fourth quarter 2024)
Revenue increased 118% to $1.7 million compared to $0.8 million;
Operating loss of ($9.3) million compared to ($6.5) million;
GAAP net loss and basic and diluted loss per share (EPS) of ($1.5) million, and ($0.04), compared to ($53.0) million, and ($1.75);
*Non-GAAP net loss and Non-GAAP EPS of ($6.9) million, and ($0.16), compared to ($5.2) million, and ($0.17);
Cash, cash equivalents and marketable securities totaled $47.0 million at December 31, 2025;
Backlog as of December 31, 2025, was $13.5 million.
Full Year 2025 Financial Highlights (vs. full year 2024)
Revenue decreased 33% to $5.2 million compared to $7.8 million;
Operating loss of ($32.4) million compared to ($26.9) million;
GAAP net income and diluted EPS of $10.0 million, and $0.24, compared to a net loss of ($72.6) million, and ($2.71);
*Non-GAAP net loss and Non-GAAP EPS of ($25.2) million, and ($0.60), compared to ($22.6) million, and ($0.84).
*see GAAP to Non-GAAP reconciliation at the end of this press release
2026 Outlook
The Company reiterates its previously announced full year 2026 revenue guidance of $24 million to $27 million, representing expected year-over-year growth of approximately 357% to 415% compared to 2025 revenue of $5.2 million. Supporting this guidance, Palladyne AI had a contracted 12-18 month backlog of nearly $18.0 million as of mid-February 2026, a more than 30% increase since December 31, 2025.
The guidance reflects revenue contributions from acquired entities, backlog conversion and monetization of development programs secured during and following the Company’s fourth quarter repositioning. Management believes recent contract wins and expanding program activity across air and space domains provide increased visibility into achieving these targets.
The Company continues to advance product maturation milestones and pursue early customer wins across Palladyne IQ 2.0, SwarmOS and BRAIN platforms while maintaining a disciplined focus on execution.
Conference Call
Palladyne AI will host a conference call today, Thursday, March 5, 2026, at 8:00 a.m. Eastern Time to discuss its financial and operational results, strategy and future opportunities.
Dial-in and Webcast Information
Date/Time:
Thursday, March 5, 2026, at 8:00 a.m. Eastern Time
Toll-Free (North America):
1-877-407-0789
Toll/International:
1-201-689-8562
Conference Call ID:
13758938
Webcast Link:
https://viavid.webcasts.com/starthere.jsp?ei=1753897&tp_key=50d08a7821
Call me™: Participants can use the Guest dial-in #s above and be answered by an operator, or click the Call me™ link for instant telephone access to the event. Call me™ link will be made active 15 minutes prior to the scheduled start time. https://callme.viavid.com/viavid/?callme=true&passcode=13757186&h=true&info=company&r=true&B=6
Replay Information
Toll-Free (North America)
1-844-512-2921
Toll/International:
1-412-317-6671
Conference Call ID:
13758938
Expiration:
Thursday, March 19, 2026, 11:59 p.m. Central Time
About Palladyne AI
Palladyne AI is a U.S.-based technology company developing patented embodied artificial intelligence, collaborative autonomy solutions, advanced avionics, autonomous systems, advanced UAV engineering services, and precision-manufactured components for defense and industrial markets. Palladyne AI delivers secure, American-developed and operated platforms designed to meet the stringent requirements of U.S. government and public-sector customers, including data sovereignty, security, and compliance.
Palladyne AI’s embodied AI is designed to operate in complex, contested, and high-risk environments, enabling distributed tasking, human-on-the-loop decision-making, degraded-communications resilience, and multi-domain coordination. Its platform-agnostic autonomy stack combines real-time sensor fusion, adaptive AI models, and edge-native orchestration - without vendor lock-in - to support autonomous and collaborative systems across air, ground, maritime, and industrial domains where performance, resilience, and trust are paramount. For more information about Palladyne AI, including GuideTech and Palladyne Defense, please visit www.palladyneai.com/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the capabilities or future capabilities of Palladyne AI’s technology and related products, including IntelliSwarm; anticipated growth, operating scale and operating inflection of the Company; the applicability of Palladyne AI’s products and technology to the space domain; 2026 expected financial performance, including expected revenue and sources of revenue; the time of customer acquisition, revenue recognition and backlog realization; the benefits of its AI software and other products and the markets for its products and services; and the applicability of IntelliSwarm and its autonomy software to different kinds of machines (such as UAVs, UGVs and ROVs); future development and qualification plans; and intended future target customers. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or “continue” or similar expressions. Such forward-looking statements involve risks and uncertainties that may cause actual events, results, or performance to differ materially from those indicated by such statements. These forward-looking statements are based on Palladyne AI’s management’s current expectations and beliefs, as well as a number of assumptions concerning future events. However, there can be no assurance that the events, results, or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and Palladyne AI is not under any obligation and expressly disclaims any obligation to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.
Readers should carefully review the statements set forth in the reports which Palladyne AI has filed or will file from time to time with the Securities and Exchange Commission (the “SEC”), in particular the risks and uncertainties set forth in the sections of those reports entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements,” for a description of risks facing Palladyne AI and that could cause actual events, results or performance to differ from those indicated in the forward-looking statements contained herein. The documents filed by Palladyne AI with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov.
PALLADYNE AI CORP.
CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands, except share data)
As of
December 31, 2025
December 31, 2024
Assets
Current assets:
Cash and cash equivalents
$
18,219
$
31,188
Marketable securities
28,836
8,883
Accounts receivable, net of allowance for credit losses of $0.0 million and $0.3 million at December 31, 2025 and 2024, respectively
1,055
134
Unbilled receivables
2,455
1,179
Inventories
339
71
Prepaid expenses and other current assets
1,653
1,275
Total current assets
52,557
42,730
Property and equipment, net
8,889
4,244
Intangible assets, net
10,430
—
Goodwill
14,731
—
Operating lease assets
8,645
8,841
Other non-current assets
460
438
Total assets
$
95,712
$
56,253
Liabilities and stockholders’ equity (deficit)
Current liabilities:
Accounts payable
$
1,058
$
435
Accrued liabilities
3,550
2,919
Current operating lease liabilities
1,058
1,079
Total current liabilities
5,666
4,433
Warrant liabilities
2,772
51,396
Operating lease liabilities
9,725
9,957
Other non-current liabilities
2,874
—
Total liabilities
21,037
65,786
Commitments and contingencies
Stockholders’ equity (deficit):
Common stock, $0.0001 par value, 165,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 46,117,164 and 33,883,894 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively
5
3
Additional paid-in capital
555,451
481,289
Accumulated other comprehensive income
11
6
Accumulated deficit
(480,792
)
(490,831
)
Total stockholders’ equity (deficit)
74,675
(9,533
)
Total liabilities and stockholders’ equity (deficit)
$
95,712
$
56,253
PALLADYNE AI CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except share and per share data)
Three Months Ended December 31,
Year Ended December 31,
?
?
2025
2024
?
2025
2024
Revenue, net
?
$
1,661
$
761
?
$
5,246
$
7,786
Operating expenses:?
?
?
Cost of revenue (exclusive of items shown separately below)
1,402
554
2,690
3,488
Research and development
?
3,758
2,612
?
12,899
10,437
General and administrative
?
4,683
3,461
?
17,199
16,842
Sales and marketing
?
1,014
618
?
4,744
4,134
Asset write-down and restructuring
—
—
—
(192
)
Total operating expenses
?
10,975
7,245
?
37,650
34,709
Loss from operations
(9,314
)
(6,484
)
(32,404
)
(26,923
)
Interest income, net
432
277
1,944
1,244
Gain (loss) on warrant liabilities
4,630
(46,760
)
37,740
(46,935
)
Other income, net
221
—
221
2
Income (loss) before income tax expense
(4,031
)
(52,967
)
7,501
(72,612
)
Income tax benefit (expense)
2,538
(2
)
2,538
(5
)
Net income (loss)
$
(1,493
)
$
(52,969
)
$
10,039
$
(72,617
)
Net income (loss) per share
?
?
Basic
?
$
(0.04
)
$
(1.75
)
?
$
0.26
$
(2.71
)
Diluted
$
(0.04
)
$
(1.75
)
$
0.24
$
(2.71
)
Weighted-average shares used in computing net income (loss) per share
?
?
Basic
?
42,329,510
30,277,019
?
38,841,116
26,774,895
Diluted
42,329,510
30,277,019
?
42,125,932
26,774,895
PALLADYNE AI CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)
Year Ended December 31,
2025
2024
Cash flows from operating activities:
Net income (loss)
$
10,039
$
(72,617
)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Stock-based compensation
4,447
2,805
Depreciation of property and equipment
974
825
Amortization of intangible assets
118
—
Change in fair value of warrant liabilities
(37,740
)
46,935
Allowance for credit losses
—
285
Amortization of investment discount
(1,386
)
(75
)
Deferred income tax benefit
(2,541
)
—
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable
1,096
136
Unbilled receivable
(960
)
855
Inventories
58
994
Prepaid expenses and other current assets
(132
)
1,048
Operating lease assets & other non-current assets
1,005
1,242
Accounts payable
(708
)
(819
)
Accrued liabilities and current operating lease liabilities
(904
)
(3,164
)
Operating lease liabilities
(1,003
)
(1,077
)
Net cash used in operating activities
(27,637
)
(22,627
)
Cash flows from investing activities:
Purchases of property and equipment
(713
)
(265
)
Acquisition of a business, net of cash acquired
(5,302
)
—
Purchases of marketable securities
(75,563
)
(8,859
)
Maturities of marketable securities
57,000
16,000
Net cash (used in) provided by investing activities
(24,578
)
6,876
Cash flows from financing activities:
Proceeds from exercise of stock options
74
130
Proceeds from issuance of common stock under ESPP
148
—
Proceeds from the exercise of warrants
6,419
—
Shares repurchased for payment of tax withholdings
—
(105
)
Payment of obligations under finance leases
(20
)
(3
)
Payment of debt obligations
(3,696
)
—
Proceeds from the issuance of warrants
—
4,432
Proceeds from issuance of common stock
36,371
20,028
Payment of transaction costs related to issuance of common stock
(50
)
(682
)
Net cash provided by financing activities
39,246
23,800
Net (decrease) increase in cash and cash equivalents
(12,969
)
8,049
Cash and cash equivalents at beginning of period
31,188
23,139
Cash and cash equivalents at end of period
$
18,219
$
31,188
Supplemental disclosure of cash flow information:
Cash paid for income taxes
$
2
$
10
Supplemental disclosure of non-cash activities:
Common stock issued in connection with a business acquisition
$
15,872
$
—
Purchases of property and equipment financed through notes payable
$
113
$
—
Warrant liabilities reclassified to equity upon exercise
$
10,883
$
—
PALLADYNE AI CORP.
NON-GAAP FINANCIAL MEASURES
(Unaudited)
To supplement our financial statements presented in accordance with GAAP and to provide investors with additional information regarding our financial results, we have presented in this release non-GAAP net income (loss) and non-GAAP net income (loss) per share (non-GAAP EPS), each of which are non-GAAP financial measures. Non-GAAP net income (loss) and non-GAAP EPS are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly titled measures presented by other companies.
We define non-GAAP net income (loss) as our GAAP measures of net income (loss) excluding the impacts of stock-based compensation expense, gain or loss on change in fair value of warrant liabilities, expenses related to business combinations and other non-recurring or non-operating expenses. We define non-GAAP EPS as non-GAAP net income (loss) divided by weighted average outstanding shares.
The most directly comparable GAAP measures to non-GAAP net income (loss) and non-GAAP EPS are net income (loss) and EPS, respectively. We believe excluding the impact of the previously listed items in calculating non-GAAP net income (loss) and non-GAAP EPS can provide a useful measure for period-to-period comparisons of our core operating performance. We monitor, and have presented in this release, non-GAAP net income (loss) and non-GAAP (EPS) because they are each a key measure used by our management and board of directors to understand and evaluate our operating performance and to establish budgets. We believe non-GAAP net income (loss) and non-GAAP EPS help identify underlying trends in our business that could otherwise be masked by the effect of the expenses that we include in net income (loss) but not in non-GAAP net income (loss). Accordingly, we believe non-GAAP net income (loss) and non-GAAP (EPS) provide useful information to investors, analysts and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance.
Non-GAAP net income (loss) and non-GAAP (EPS) are not prepared in accordance with GAAP and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. There are a number of limitations related to the use of non-GAAP net income (loss) and non-GAAP EPS rather than net income (loss) and EPS, which is for each the most directly comparable financial measure calculated and presented in accordance with GAAP. In addition, the expenses and other items that we exclude in our calculations of non-GAAP net income (loss) and non-GAAP EPS may differ from the expenses and other items, if any, that other companies may exclude from non-GAAP net income (loss) and non-GAAP EPS when they report their operating results, limiting the usefulness of non-GAAP net income (loss) and non-GAAP EPS for comparative purposes.
In addition, other companies may use other measures to evaluate their performance, all of which could reduce the usefulness of non-GAAP net income (loss) and non-GAAP EPS as tools for comparison.
The following table reconciles non-GAAP net income (loss) to net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP (in thousands, except share and per share data):
Three Months Ended December 31,
Year Ended December 31,
?
?
2025
2024
?
2025
2024
Net income (loss)
$
(1,493
)
$
(52,969
)
$
10,039
$
(72,617
)
Non-GAAP adjustments:
Stock-based compensation expense
1,101
578
4,447
2,805
(Gain) loss on warrant liability
(4,630
)
46,760
(37,740
)
46,935
Asset write-down and restructuring (1)
—
—
—
(192
)
Transaction Expenses (2)
631
466
631
466
Income tax benefit related to business combinations
(2,541
)
—
(2,541
)
—
Non-GAAP net loss
$
(6,932
)
$
(5,165
)
$
(25,164
)
$
(22,603
)
Net income (loss) per share
Basic
$
(0.04
)
$
(1.75
)
$
0.26
$
(2.71
)
Diluted
$
(0.04
)
$
(1.75
)
$
0.24
$
(2.71
)
Non-GAAP net loss per share
Basic
$
(0.16
)
$
(0.17
)
$
(0.65
)
$
(0.84
)
Diluted
$
(0.16
)
$
(0.17
)
$
(0.60
)
$
(0.84
)
Weighted-average shares used in computing net loss per share
Basic
42,329,510
30,277,019
38,841,116
26,774,895
Diluted
42,329,510
30,277,019
42,125,932
26,774,895
(1)
Asset write-down and restructuring benefit for the twelve months ended December 31, 2024, reflects restructuring charges, net of estimate adjustments, and is included within general and administrative expenses within the consolidated statements of operations.
(2)
Transaction expenses for the twelve months ended December 31, 2025, primarily consisted of legal and accounting costs incurred in connection with the business combinations completed in November 2025. Transaction expenses for the twelve months ended December 31, 2024, primarily consisting of brokerage, legal and accounting fees incurred in connection with our issuance of warrants in November 2024. In both periods, these costs are included within general and administrative expenses within the consolidated statements of operations.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260305148397/en/
Palladyne AI Investor Contact:
Brian S. Siegel, IRC®, M.B.A.
Senior Managing Director
Hayden IR - Chicago
(346) 396-8696 (o)
brian@haydenir.com
IR@palladyneai.com
Palladyne AI Press Contact:
Heath Meyer
(858) 768-1527
PR@palladyneai.com
Original: Palladyne AI Reports Fourth Quarter and Full Year 2025 Results and Reiterates 2026 Revenue Guidance of $24 to $27 Million
US Market News
5 months ago
Palladyne AI Awarded U.S. Air Force Contract to Advance Swarming Capabilities for Integrated Cross-Domain OperationsJanuary 28, 2026 12:00 PM
Business Wire
Palladyne AI’s SwarmOS™ platform to support satellite integration, marking a major expansion of its multi-domain autonomy and ISR capabilities across space, air, maritime, and land
Palladyne AI Corp. (NASDAQ: PDYN and PDYNW) (“Palladyne AI”), a developer of artificial intelligence software for robotic platforms in the defense and commercial sectors, today announced that it has been awarded a contract by the Air Force Research Laboratory (AFRL) to solve one of the most persistent challenges in modern defense operations—how to make different autonomous systems work together as one coordinated team. The “Hierarchical Adaptive Networked Game-Theoretic Integration of Multiple Echelons (HANGTIME)” contract will address this need.
Today, drones, ships, and satellites often operate largely independently, limiting how quickly warfighters can see and respond to threats. HANGTIME will utilize Palladyne AI’s patented SwarmOS™ software platform—the defense variant of the Palladyne™ Pilot embodied AI software—as the baseline technology to bridge that gap, connecting disparate systems so they can share intelligence, adapt to changing conditions, and act in sync across domains, including space, air, maritime, and land.
By integrating satellites for the first time, this project also extends Palladyne AI’s technology from the ground to orbit, enabling faster, more informed decision-making and coordinated mission execution, turning tactical commanders into strategic commanders by giving them more cross-domain intelligence, surveillance, and reconnaissance (ISR) capabilities than ever before.
“Our collaboration with AFRL showcases what’s next for autonomous operations,” said Ben Wolff, President and CEO, Palladyne AI. “This isn’t about replacing humans—it’s about giving them sharper, faster insight. By connecting satellite, aerial, and ground systems using the patented SwarmOS embodied AI platform as a foundational technology, we’re helping the warfighter make better decisions in real time and stay one step ahead on the battlefield.”
“The HANGTIME project is a breakthrough that unites high-altitude assets and situational unmanned systems into one coordinated sensor network—delivering a major advantage for the defense industry,” said Dr. Denis Garagic, Chief Technology Officer, Palladyne AI. “For the first time, a single AI framework can coordinate assets across multiple domains, including satellites. That means these systems can now think and act together as a team, sharing what they see and learning as conditions change.”
“The HANGTIME effort represents a critical step in multi-domain autonomy for coordinated execution in challenging environments,” said Caleb Williams, Program Manager, AFRL/RIEA.
For more information on Palladyne AI and its patented collaborative autonomy software including SwarmOS, please visit www.palladyneai.com. For more information about AFRL, please visit www.afrl.af.mil.
About Palladyne AI
Palladyne AI is a U.S.-based technology company developing patented embodied artificial intelligence, collaborative autonomy solutions, advanced avionics, autonomous systems, advanced UAV engineering services, and precision-manufactured components for defense and industrial markets. Palladyne AI delivers secure, American-developed and operated platforms designed to meet the stringent requirements of U.S. government and public-sector customers, including data sovereignty, security, and compliance.
Palladyne AI’s embodied AI is designed to operate in complex, contested, and high-risk environments, enabling distributed tasking, human-on-the-loop decision-making, degraded-communications resilience, and multi-domain coordination. Its platform-agnostic autonomy stack combines real-time sensor fusion, adaptive AI models, and edge-native orchestration—without vendor lock-in—to support autonomous and collaborative systems across air, ground, maritime, and industrial domains where performance, resilience, and trust are paramount. For more information about Palladyne AI, including GuideTech and Palladyne Defense, please visit www.palladyneai.com.
Originator Reference Number: RIE-26-001
Case Number: AFRL-2026-0324
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Palladyne AI’s ability to integrate SwarmOS with satellites and other disparate systems to act together across domains; the capabilities or future capabilities of the Company’s AI/ML foundational technology and related software products; the benefits of the software and the industries that could benefit from it, and the applicability of the software to different kinds of machines (such as UAVs, UGVs and ROVs). Forward-looking statements are inherently subject to risks, uncertainties, and assumptions. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or “continue” or similar expressions. Such forward-looking statements involve risks and uncertainties that may cause actual events, results, or performance to differ materially from those indicated by such statements. These forward-looking statements are based on Palladyne AI’s management’s current expectations and beliefs, as well as a number of assumptions concerning future events. However, there can be no assurance that the events, results, or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and Palladyne AI is not under any obligation and expressly disclaims any obligation, to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.
Readers should carefully review the statements set forth in the reports which Palladyne AI has filed or will file from time to time with the Securities and Exchange Commission (the “SEC”), in particular the risks and uncertainties set forth in the sections of those reports entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements,” for a description of risks facing Palladyne AI and that could cause actual events, results or performance to differ from those indicated in the forward-looking statements contained herein. The documents filed by Palladyne AI with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260128851511/en/
Palladyne AI Investor Contact:
Brian S. Siegel, IRC®, M.B.A.
Senior Managing Director
Hayden IR - Chicago
(346) 396-8696 (o)
brian@haydenir.com
IR@palladyneai.com
Palladyne AI Press Contact:
Heath Meyer
(858) 768-1527
PR@palladyneai.com
Original: Palladyne AI Awarded U.S. Air Force Contract to Advance Swarming Capabilities for Integrated Cross-Domain Operations
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