Palladyne AI (PDYN)


Market Price (8/6/2026): $5.96 | Market Cap: $268.6 MilSector: Information Technology | Industry: Systems Software

Palladyne AI (PDYN)


Market Price (8/6/2026): $5.96
Market Cap: $268.6 Mil
Sector: Information Technology
Industry: Systems Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12%

Megatrend and thematic drivers
Megatrends include Artificial Intelligence. Themes include AI Software Platforms.

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -37 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -529%

Expensive valuation multiples
P/SPrice/Sales ratio is 38x

Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -18%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 64%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -429%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -438%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -14%

Significant short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 20%

Key risks
PDYN key risks include [1] significant unprofitability from its unproven, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12%
1 Megatrend and thematic drivers
Megatrends include Artificial Intelligence. Themes include AI Software Platforms.
2 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -37 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -529%
3 Expensive valuation multiples
P/SPrice/Sales ratio is 38x
4 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -18%
5 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 64%
6 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -429%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -438%
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -14%
8 Significant short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 20%
9 Key risks
PDYN key risks include [1] significant unprofitability from its unproven, Show more.

PDYN in ETFs

Weight = PDYN's share of each fund

IWM0.01%
IWN0.01%
VTWO0.01%
IWO0.00%
DFAC0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 8/4/2026

Palladyne AI (PDYN) stock has remained largely at the same level since 4/30/2026 because of the following key factors:

1. Mixed fiscal Q1 and preliminary fiscal Q2 2026 results presented a balanced outlook for investors.

Palladyne AI's fiscal Q1 2026, which ended in March 2026 and was reported on May 5, 2026, saw the company miss analyst expectations with an earnings per share (EPS) of ($0.28) against a consensus of ($0.16), and revenue of $3.54 million against an estimated $4.93 million. This quarter also reflected a negative net margin of 358.04%. However, preliminary results for fiscal Q2 2026, which ended June 30, 2026, and were announced on July 8, 2026, showcased significant growth, with revenue reaching approximately $5.8 million, a 480% increase year-over-year and 66% sequentially from fiscal Q1 2026. The company's backlog also grew to approximately $24.0 million from $17.3 million at the end of fiscal Q1 2026. The contrasting performance between the two quarters likely created a neutral sentiment, preventing a strong directional move in the stock.

2. Significant new contract wins and strategic partnerships were announced, but their impact might have been tempered by prior underperformance.

Palladyne AI secured notable business developments during the period. On June 8, 2026, the company announced a partnership with Israel Aerospace Industries (IAI), gaining exclusive U.S. rights to several combat-proven systems. Subsequently, on July 7, 2026, Palladyne AI executed a $4.2 million U.S. Air Force contract to enhance swarming capabilities, with an additional $2.9 million option exercised on July 22, 2026, bringing the total award to $10.6 million. Furthermore, Palladyne AI's subsidiary, GuideTech, won a new $2.3 million contract for its BRAIN flight computer on June 29, 2026. While these contract wins and partnerships are positive indicators for future revenue, the stock's stability suggests that investors might have already factored in these developments or remained cautious due to the fiscal Q1 2026 earnings miss.

Show more
Updated on 8/4/2026

Palladyne AI (PDYN) stock has remained largely at the same level since 4/30/2026 because of the following key factors:

1. Mixed fiscal Q1 and preliminary fiscal Q2 2026 results presented a balanced outlook for investors.

Palladyne AI's fiscal Q1 2026, which ended in March 2026 and was reported on May 5, 2026, saw the company miss analyst expectations with an earnings per share (EPS) of ($0.28) against a consensus of ($0.16), and revenue of $3.54 million against an estimated $4.93 million. This quarter also reflected a negative net margin of 358.04%. However, preliminary results for fiscal Q2 2026, which ended June 30, 2026, and were announced on July 8, 2026, showcased significant growth, with revenue reaching approximately $5.8 million, a 480% increase year-over-year and 66% sequentially from fiscal Q1 2026. The company's backlog also grew to approximately $24.0 million from $17.3 million at the end of fiscal Q1 2026. The contrasting performance between the two quarters likely created a neutral sentiment, preventing a strong directional move in the stock.

2. Significant new contract wins and strategic partnerships were announced, but their impact might have been tempered by prior underperformance.

Palladyne AI secured notable business developments during the period. On June 8, 2026, the company announced a partnership with Israel Aerospace Industries (IAI), gaining exclusive U.S. rights to several combat-proven systems. Subsequently, on July 7, 2026, Palladyne AI executed a $4.2 million U.S. Air Force contract to enhance swarming capabilities, with an additional $2.9 million option exercised on July 22, 2026, bringing the total award to $10.6 million. Furthermore, Palladyne AI's subsidiary, GuideTech, won a new $2.3 million contract for its BRAIN flight computer on June 29, 2026. While these contract wins and partnerships are positive indicators for future revenue, the stock's stability suggests that investors might have already factored in these developments or remained cautious due to the fiscal Q1 2026 earnings miss.

3. Mixed analyst sentiment and valuation concerns potentially capped upward movement despite positive growth indicators.

As of August 1, 2026, analyst ratings varied, with some sources indicating a "Buy" consensus from three analysts (one Strong Buy, one Buy, one Hold), while others reported a "Hold" consensus from six analysts (one Sell, two Hold, three Buy). The average price target from analysts ranged from $10.00 to $11.50, suggesting substantial upside from the current price levels around $5.00. However, an InvestingPro analysis indicated that the stock was "slightly overvalued relative to its Fair Value". Additionally, Stockoscope reported an "Overall analyst sentiment of 2.9/5 (Neutral)" as of July 31, 2026. This mixed expert opinion, coupled with valuation concerns, likely contributed to the stock remaining largely at its existing price level.

4. Shareholder dilution from the past year may have counteracted some positive news.

Shareholders of Palladyne AI experienced substantial dilution over the past year, with the total shares outstanding increasing by 32.3%. This increase in the number of shares means that future earnings and growth are spread across a larger base, potentially reducing the per-share impact of otherwise positive company developments such as new contract wins or revenue growth. This dilution could have acted as a moderating factor, preventing the stock price from appreciating significantly despite the company's operational achievements.

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Stock Movement Drivers

Fundamental Drivers

The -2.0% change in PDYN stock from 4/30/2026 to 8/5/2026 was primarily driven by a -22.7% change in the company's P/S Multiple.
(LTM values as of)43020268052026Change
Stock Price ($)6.095.97-2.0%
Change Contribution By: 
Total Revenues ($ Mil)5734.8%
P/S Multiple49.238.0-22.7%
Shares Outstanding (Mil)4245-6.0%
Cumulative Contribution-2.0%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 8/5/2026
ReturnCorrelation
PDYN-2.0% 
Market (SPY)7.1%43.0%
Sector (XLK)16.6%54.4%

Fundamental Drivers

The -8.4% change in PDYN stock from 1/31/2026 to 8/5/2026 was primarily driven by a -37.4% change in the company's P/S Multiple.
(LTM values as of)13120268052026Change
Stock Price ($)6.525.97-8.4%
Change Contribution By: 
Total Revenues ($ Mil)4762.8%
P/S Multiple60.738.0-37.4%
Shares Outstanding (Mil)4045-10.2%
Cumulative Contribution-8.4%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 8/5/2026
ReturnCorrelation
PDYN-8.4% 
Market (SPY)11.5%38.4%
Sector (XLK)29.4%47.2%

Fundamental Drivers

The -27.0% change in PDYN stock from 7/31/2025 to 8/5/2026 was primarily driven by a -31.4% change in the company's P/S Multiple.
(LTM values as of)73120258052026Change
Stock Price ($)8.185.97-27.0%
Change Contribution By: 
Total Revenues ($ Mil)6716.8%
P/S Multiple55.538.0-31.4%
Shares Outstanding (Mil)4145-8.9%
Cumulative Contribution-27.0%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 8/5/2026
ReturnCorrelation
PDYN-27.0% 
Market (SPY)22.8%39.3%
Sector (XLK)42.1%43.0%

Fundamental Drivers

The 231.7% change in PDYN stock from 7/31/2023 to 8/5/2026 was primarily driven by a 1237.5% change in the company's P/S Multiple.
(LTM values as of)73120238052026Change
Stock Price ($)1.805.97231.7%
Change Contribution By: 
Total Revenues ($ Mil)167-56.1%
P/S Multiple2.838.01237.5%
Shares Outstanding (Mil)2545-43.5%
Cumulative Contribution231.7%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2023 to 8/5/2026
ReturnCorrelation
PDYN231.7% 
Market (SPY)74.1%19.1%
Sector (XLK)112.4%19.6%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
PDYN Return3%-94%-79%1601%-65%41%-90%
Peers Return54%-46%126%66%28%9%333%
S&P 500 Return27%-19%24%23%16%13%106%

Monthly Win Rates [3]
PDYN Win Rate60%25%33%67%33%62% 
Peers Win Rate67%30%77%68%53%52% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
PDYN Max Drawdown--94%-90%-57%-67%-52% 
Peers Max Drawdown-15%-54%-16%-21%-30%-23% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: MSFT, GOOGL, AMZN, NVDA, META.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/5/2026 (YTD)

How Low Can It Go

EventPDYNS&P 500
2025 US Tariff Shock
  % Loss-37.2%-18.8%
  % Gain to Breakeven59.2%23.1%
  Time to Breakeven58 days79 days
2024 Yen Carry Trade Unwind
  % Loss-17.7%-7.8%
  % Gain to Breakeven21.5%8.5%
  Time to Breakeven8 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-64.8%-9.5%
  % Gain to Breakeven184.2%10.5%
  Time to Breakeven119 days24 days
2023 SVB Regional Banking Crisis
  % Loss-58.1%-6.7%
  % Gain to Breakeven138.5%7.1%
  Time to Breakeven501 days31 days

Compare to MSFT, GOOGL, AMZN, NVDA, META

In The Past

Palladyne AI's stock fell -37.2% during the 2025 US Tariff Shock. Such a loss loss requires a 59.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventPDYNS&P 500
2025 US Tariff Shock
  % Loss-37.2%-18.8%
  % Gain to Breakeven59.2%23.1%
  Time to Breakeven58 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-64.8%-9.5%
  % Gain to Breakeven184.2%10.5%
  Time to Breakeven119 days24 days
2023 SVB Regional Banking Crisis
  % Loss-58.1%-6.7%
  % Gain to Breakeven138.5%7.1%
  Time to Breakeven501 days31 days

Compare to MSFT, GOOGL, AMZN, NVDA, META

In The Past

Palladyne AI's stock fell -37.2% during the 2025 US Tariff Shock. Such a loss loss requires a 59.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Palladyne AI (PDYN)

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Palladyne AI (PDYN) is a software company focused on significantly enhancing the utility and functionality of existing third-party robotic systems. The company develops an advanced Artificial Intelligence (AI) and Machine Learning (ML) software platform. This platform is designed to make both stationary and mobile robots more intelligent and autonomous, enabling them to observe their surroundings, learn from experiences, reason about situations, and execute actions effectively in both structured and unstructured environments.

The core value proposition of Palladyne AI's software platform lies in its ability to empower robotic systems to dynamically perceive their environment. This allows robots to quickly adapt to changing circumstances by generalizing from prior experiences, rather than relying on rigid, pre-programmed instructions. A key benefit for customers is the ability to achieve dynamic, real-time robot operations with significantly less need for extensive programming or time-consuming robot training, thereby boosting operational efficiency and flexibility.

Palladyne AI serves a diverse range of industries within the United States. Its customer base includes critical sectors such as industrial manufacturing, warehousing and logistics, and defense. Furthermore, the company's solutions cater to needs in infrastructure maintenance and repair, energy, and aerospace and aviation, among other industries seeking to leverage advanced robotic intelligence for improved performance and operational capabilities.

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AI Analysis | Feedback

Here are a few analogies to describe Palladyne AI:

  • Palladyne AI is like NVIDIA for robotic brains, providing the core AI software that makes third-party robots smart and adaptable.
  • Palladyne AI is like Android or Windows for robots, offering the advanced AI operating system that allows diverse robotic hardware to learn, perceive, and act intelligently.

AI Analysis | Feedback

  • AI/ML Software Platform: This software platform enhances the utility and functionality of third-party stationary and mobile robotic systems, enabling them to observe, learn, reason, and act in various environments with minimal programming.

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Ben Wolff, Chief Executive Officer
Ben Wolff was appointed CEO in February 2024 and has held various leadership roles at Palladyne AI Corp. throughout the years, including prior President and CEO and Chairman of the Board of Directors. He is also a Co-Founder of Palladyne AI Corp. Prior to his current role, Mr. Wolff served as CEO, President, and Chairman at Pendrell Corporation from December 2009 to November 2014. He also co-founded Clearwire Corporation in April 2004, where he served as President and CEO until March 2009 and Co-Chairman until October 2011. In 2015, Mr. Wolff led a consortium that acquired Sarcos (now Palladyne AI) from Raytheon.

Trevor Thatcher, Chief Financial Officer
Trevor Thatcher serves as the Chief Financial Officer of Palladyne AI Corp.

Denis Garagic, Chief Technology Officer
Denis Garagic is a Co-Founder and the Chief Technology Officer of Palladyne AI Corp. Before joining Palladyne AI, he was at BAE Systems FAST Labs from April 2007 to May 2020, where he focused on creating cognitive computing solutions for the Department of Defense and intelligence community. Dr. Garagic also served as a Technical Review Authority, Principal Investigator, or Research Lead on various programs, including those for DARPA and Air Force Research Labs.

Steve Sonne, Chief Legal Officer & Secretary
Steve Sonne holds the positions of Chief Legal Officer and Secretary at Palladyne AI Corp.

Matthew Muta, President of Commercial & Industrial
Matthew Muta was appointed President of Commercial and Industrial, effective March 2, 2026. He previously served as a long-time board member of Palladyne AI. Mr. Muta brings experience from senior roles at Microsoft, Delta Air Lines, and UnitedHealth Group, where his work focused on enterprise software adoption and platform strategy.

AI Analysis | Feedback

Key Risks to Palladyne AI (PDYN)

  1. History of Losses and Unproven Commercialization

    Palladyne AI, formerly Sarcos Technology and Robotics Corporation, has a significant history of operational losses and negative cash flows, with management anticipating continued losses for the foreseeable future. A primary risk is the unproven commercialization of its AI/ML products and the uncertainty surrounding long sales cycles and market adoption rates for its new licensing sales model. The company previously struggled to commercialize its hardware-centric robotic solutions, and the success of its current software-focused business model has yet to be fully demonstrated.
  2. Intense Competition and Rapid Technological Obsolescence

    The market for AI/ML software platforms and robotics is highly competitive and characterized by rapid innovation. Palladyne AI faces significant competitive pressure from larger, more established robotics and industrial players, which could hinder its ability to gain market share or sustain its technological advantage. The fast pace of technological change in the AI and robotics sectors also poses a risk of its software platform becoming obsolete if it cannot continuously innovate and adapt.
  3. Execution Risk of Strategic Repositioning and Acquisitions

    The company recently underwent a strategic repositioning, pivoting to a software-driven embodied AI and defense autonomy platform, which included acquisitions in late 2025. Integrating these new subsidiaries and building upon existing relationships present significant execution risks. Palladyne AI must successfully execute its growth forecasts, convert pilot programs into scalable licenses, and prove the return on investment of its new offerings to justify its current valuation and achieve profitability.

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Palladyne AI (PDYN) Addressable Markets

Palladyne AI Corp. (PDYN) develops an Artificial Intelligence (AI)/Machine Learning (ML) software platform designed to enhance the utility and functionality of third-party stationary and mobile robotic systems across various industries. The addressable markets for their main products and services are substantial and span globally, with significant growth projected in several key regions, including North America.

The global robotic software market, which directly relates to Palladyne AI's offering, was valued at approximately USD 20 billion in 2024 and is projected to reach USD 150 billion by 2034, growing at a compound annual growth rate (CAGR) of 22.4% from 2025 to 2034. Another estimate places the global robot software market at USD 24.37 billion in 2025, expanding to USD 78.81 billion by 2031 with a CAGR of 21.62%. Specifically, the software segment within the broader Artificial Intelligence (AI) robots market is expected to hold a significant share, with the global AI robots market itself estimated at USD 20.82 billion in 2025 and projected to reach USD 149.34 billion by 2032, at a CAGR of 32.5% from 2025 to 2032. In the U.S., the AI in robotic platforms market was estimated at USD 5.3 billion in 2024, with a significant growth trajectory at a CAGR of 31.6%.

For the specific industries Palladyne AI serves, the addressable markets for AI/ML software and robotics include:

  • Warehousing and Logistics: The global AI robotics in warehousing market was valued at USD 12.45 billion in 2024 and is predicted to grow to approximately USD 100.13 billion by 2034, expanding at a CAGR of 23.18% from 2025 to 2034. North America held a dominant presence in this market in 2024, accounting for an estimated 40% market share. The software segment within the AI in warehousing market held the highest market share of 52.34% in 2025 globally. In the U.S., the AI in warehousing market is projected to reach USD 3.9 billion by 2026.
  • Industrial Manufacturing: The global AI-driven industrial robotics market size is calculated at USD 8.98 billion in 2025 and is predicted to increase to approximately USD 49.11 billion by 2034, expanding at a CAGR of 20.77% from 2025 to 2034. North America is expected to experience the fastest growth in this market during the forecast period.
  • Defense, Aerospace, and Aviation: The global AI and robotics in aerospace and defense market was valued at USD 32.5 billion in 2024 and is expected to reach USD 67.9 billion by 2034, with a CAGR of 7.7% from 2025 to 2034. North America held the largest share of 34.5% in this market in 2024. The software sub-segment accounted for the highest market share in 2021 and is estimated to show the fastest growth within this sector. More broadly, the global aerospace artificial intelligence market, where software holds a significant share, was estimated at USD 1.40 billion in 2024 and is predicted to reach approximately USD 50.20 billion by 2034, expanding at a CAGR of 43.04% from 2025 to 2034. The U.S. aerospace artificial intelligence market alone is projected to be worth around USD 15.22 billion by 2034. The military robots market globally was valued at USD 20.26 billion in 2025 and is set to exceed USD 45.81 billion by 2035, driven by the increasing adoption of AI/ML. North America is projected to capture the largest revenue share of 51.5% by 2035 in the military robots market. The AI in aviation market globally reached USD 2.9 billion in 2024 and is anticipated to grow to USD 23.8 billion by 2033 at a CAGR of 22.7% from 2025 to 2033.
  • Energy: The global AI in energy market was estimated at USD 11.30 billion in 2024 and is anticipated to reach USD 54.83 billion by 2030, growing at a CAGR of 30.2% from 2025 to 2030. The robotics segment held a 21% revenue share in the AI in energy market in 2023. North America remains the largest market for AI in energy management.

AI Analysis | Feedback

Palladyne AI (PDYN) Revenue Growth Drivers

Palladyne AI (PDYN) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

  1. Acquisitions and Vertical Integration: Palladyne AI's strategic acquisitions of GuideTech, Warnke Precision Machining, and MKR Fabricators in late 2025 have been instrumental in transforming the company into a vertically integrated defense and industrial AI platform. These acquisitions are anticipated to significantly contribute to revenue, particularly through defense contracts and expanded manufacturing capabilities.
  2. Commercialization and Adoption of Advanced AI/ML Software: The company's focus on commercializing its Artificial Intelligence/Machine Learning (AI/ML) software platforms, including the recently launched Palladyne IQ 2.0 (which has secured its first customer), SwarmOS, and Palladyne Pilot, is a crucial driver. These platforms are designed to enhance the utility and functionality of third-party robotic systems, with expectations for initial defense and homeland security customer adoption for SwarmOS and BRAIN X2, and commercial deployments of Palladyne IQ 2.0 and Palladyne Pilot.
  3. Expansion into Defense and Space Markets: Palladyne AI is aggressively expanding its presence in the defense and space sectors. This includes the establishment of Palladyne Defense, securing contracts related to collaborative autonomy and swarming in defense, and engaging in satellite-related development programs with the Air Force Research Laboratory, as well as propulsion design for next-generation spacecraft with Portal Space Systems. This strategic focus is a major growth catalyst.
  4. Conversion of Growing Backlog and New Contract Wins: The company has reported a substantial and increasing contracted backlog, which reached nearly $18 million by mid-February 2026. This backlog, largely stemming from recent acquisitions and new customer programs, is expected to convert into recognized revenue over the coming 12-18 months. Continued success in securing new contracts, particularly within the defense and early commercial sectors, will further bolster revenue growth.

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Share Repurchases

No significant share repurchases were identified for general share buyback programs in the last 3-5 years.

Share Issuance

  • In September 2021, as Sarcos Technology and Robotics Corporation, the company completed a business combination with Rotor Acquisition Corp., which resulted in gross proceeds exceeding $260 million. This included a $220 million Private Investment in Public Equity (PIPE) financing.
  • In the first half of 2025, Palladyne AI raised $34.8 million, net of commissions and offering expenses, through at-the-market offerings and the exercise of warrants.
  • Shares outstanding increased to 46 million in fiscal year 2025.

Inbound Investments

  • The company's going public via a SPAC merger with Rotor Acquisition Corp. in September 2021 generated over $260 million in gross proceeds. This included a $220 million PIPE investment from various third-parties, such as BlackRock, Millennium Management, and Palantir Technologies Inc.

Outbound Investments

  • Sarcos acquired RE2 Robotics (RE2, Inc.), which impacted research and development expenses in Q1 2023.
  • In November 2025, Palladyne AI completed the acquisitions of GuideTech, Warnke Precision Machining, and MKR Fabricators, which expanded its capabilities into advanced avionics, engineering services, and manufacturing.

Capital Expenditures

  • Capital expenditures were $713K in fiscal year 2025, representing a 169.1% increase from the prior year, funding long-term assets and infrastructure.
  • In 2022, the company estimated its monthly cash burn from operations and capital expenditures would average $5.5 million.
  • Following a strategic shift in late 2023, the primary focus of capital allocation and investment has been on developing and commercializing its AI/ML Software Platform. The company also continues to invest in its SwarmOS and IQ products.

Better Bets vs. Palladyne AI (PDYN)

Latest Trefis Analyses

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Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

PDYNMSFTGOOGLAMZNNVDAMETAMedian
NamePalladyn.MicrosoftAlphabet Amazon.c.NVIDIA Meta Pla. 
Mkt Price5.97487.46362.43272.65219.22588.77317.54
Mkt Cap0.33,619.94,403.92,936.25,324.01,497.23,278.0
Rev LTM7331,839445,867775,680253,491228,247292,665
Op Inc LTM-37155,237147,62893,712162,28586,927120,670
FCF LTM-3166,98753,273-11,625119,07640,97647,124
FCF 3Y Avg-4070,89060,26316,73276,82546,95853,610
CFO LTM-30182,935185,675161,403125,648130,301145,852
CFO 3Y Avg-39145,882141,481130,16480,777103,674116,919

Growth & Margins

PDYNMSFTGOOGLAMZNNVDAMETAMedian
NamePalladyn.MicrosoftAlphabet Amazon.c.NVIDIA Meta Pla. 
Rev Chg LTM16.8%17.8%20.1%15.8%70.7%27.7%18.9%
Rev Chg 3Y Avg-18.3%16.1%15.5%13.0%121.7%23.8%15.8%
Rev Chg Q106.9%17.7%24.2%19.6%85.2%28.0%26.1%
QoQ Delta Rev Chg LTM34.8%4.3%5.5%4.4%17.4%6.2%5.9%
Op Inc Chg LTM-39.6%20.8%21.6%23.0%88.3%10.4%21.2%
Op Inc Chg 3Y Avg18.7%20.6%25.6%90.0%376.9%49.8%37.7%
Op Mgn LTM-528.6%46.8%33.1%12.1%64.0%38.1%35.6%
Op Mgn 3Y Avg-630.3%45.7%31.9%10.8%60.6%40.5%36.2%
QoQ Delta Op Mgn LTM89.1%-0.0%0.4%0.6%3.6%-3.1%0.5%
CFO/Rev LTM-429.2%55.1%41.6%20.8%49.6%57.1%45.6%
CFO/Rev 3Y Avg-560.5%50.6%36.5%18.9%50.5%55.6%43.5%
FCF/Rev LTM-438.3%20.2%11.9%-1.5%47.0%18.0%15.0%
FCF/Rev 3Y Avg-568.4%25.3%16.1%2.8%48.3%26.4%20.7%

Valuation

PDYNMSFTGOOGLAMZNNVDAMETAMedian
NamePalladyn.MicrosoftAlphabet Amazon.c.NVIDIA Meta Pla. 
Mkt Cap0.33,619.94,403.92,936.25,324.01,497.23,278.0
P/S38.010.99.93.821.06.610.4
P/Op Inc-7.223.329.831.332.817.226.6
P/EBIT-7.221.414.616.428.116.716.6
P/E-10.627.118.021.733.422.021.8
P/CFO-8.919.823.718.242.411.519.0
Total Yield-9.4%4.4%5.8%4.6%3.0%4.9%4.5%
Dividend Yield0.0%0.7%0.2%0.0%0.0%0.4%0.1%
FCF Yield 3Y Avg-57.8%2.2%2.4%0.8%1.9%3.2%2.0%
D/E0.00.00.00.10.00.10.0
Net D/E-0.1-0.0-0.00.0-0.00.0-0.0

Returns

PDYNMSFTGOOGLAMZNNVDAMETAMedian
NamePalladyn.MicrosoftAlphabet Amazon.c.NVIDIA Meta Pla. 
1M Rtn4.6%26.0%-1.1%11.7%12.1%-1.9%8.1%
3M Rtn-7.6%18.0%-8.9%-0.9%5.6%-3.8%-2.3%
6M Rtn-11.0%18.2%9.0%17.0%26.0%-11.8%13.0%
12M Rtn-33.1%-6.9%86.7%27.6%23.1%-22.6%8.1%
3Y Rtn235.4%52.2%185.4%95.4%391.6%91.1%140.4%
1M Excs Rtn8.2%22.4%-4.2%7.9%8.4%-7.3%8.1%
3M Excs Rtn-9.2%12.4%-13.0%-6.7%5.3%-9.0%-7.9%
6M Excs Rtn-36.1%7.4%-4.8%2.6%10.1%-26.4%-1.1%
12M Excs Rtn-51.9%-30.3%64.3%6.8%-0.1%-45.9%-15.2%
3Y Excs Rtn163.4%-19.8%107.2%35.7%301.7%18.1%71.4%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single segment58   
Product Development Contract Revenue  5144
Product Revenue  101
Total586155


Net Income by Segment
$ Mil20252024
Single segment10-73
Total10-73


Price Behavior

Price Behavior
Market Price$5.97 
Market Cap ($ Bil)0.3 
First Trading Date03/08/2021 
Distance from 52W High-42.0% 
   50 Days200 Days
DMA Price$6.21$6.37
DMA Trenddowndown
Distance from DMA-3.9%-6.3%
 3M1YR
Volatility94.9%97.3%
Downside Capture397.54374.10
Upside Capture287.81242.02
Correlation (SPY)45.3%38.7%
PDYN Betas & Captures as of 7/31/2026

 1M2M3M6M1Y3Y
Beta2.122.512.722.752.892.01
Up Beta3.802.711.732.322.421.11
Down Beta2.561.952.502.843.241.36
Up Capture31%127%297%353%498%13117%
Bmk +ve Days11223567138427
Stock +ve Days9162855109320
Down Capture253%327%298%231%184%112%
Bmk -ve Days11212859114326
Stock -ve Days13263470141420

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PDYN
PDYN-30.0%97.2%0.06-
Sector ETF (XLK)42.5%25.9%1.3342.6%
Equity (SPY)23.1%12.9%1.3438.7%
Gold (GLD)25.4%28.3%0.7924.8%
Commodities (DBC)29.5%19.8%1.198.0%
Real Estate (VNQ)14.4%13.7%0.74-3.9%
Bitcoin (BTCUSD)-44.6%42.9%-1.2532.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PDYN
PDYN-36.5%137.9%0.22-
Sector ETF (XLK)20.4%25.8%0.7018.9%
Equity (SPY)13.4%17.2%0.6018.8%
Gold (GLD)18.2%18.6%0.798.4%
Commodities (DBC)8.1%19.6%0.315.1%
Real Estate (VNQ)2.5%18.9%0.0310.3%
Bitcoin (BTCUSD)9.9%53.0%0.3713.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PDYN
PDYN-20.1%132.8%0.21-
Sector ETF (XLK)24.6%24.9%0.8918.6%
Equity (SPY)15.3%17.9%0.7318.5%
Gold (GLD)12.0%16.2%0.608.3%
Commodities (DBC)7.1%18.0%0.314.9%
Real Estate (VNQ)4.9%20.7%0.2010.1%
Bitcoin (BTCUSD)58.2%66.2%0.9812.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date7152026
Short Interest: Shares Quantity9.2 Mil
Short Interest: % Change Since 630202610.7%
Average Daily Volume1.6 Mil
Days-to-Cover Short Interest5.7 days
Basic Shares Quantity45.1 Mil
Short % of Basic Shares20.5%

Earnings Returns History

Updated 7/17/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/8/20265.6%-0.6% 
5/5/2026-5.8%1.1%19.8%
3/5/202634.1%0.0%-12.8%
1/13/202613.7%7.5%4.9%
11/12/2025-0.6%-17.3%-28.9%
8/6/2025-12.2%-5.2%-17.1%
2/20/2025-4.6%-18.0%-12.3%
8/7/20240.0%-5.7%-7.0%
...
SUMMARY STATS   
# Positive774
# Negative9911
Median Positive8.6%7.9%18.0%
Median Negative-7.9%-13.5%-12.8%
Max Positive34.1%24.3%19.8%
Max Negative-12.2%-21.4%-47.1%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/8/20265.6%-0.6% 
5/5/2026-5.8%1.1%19.8%
3/5/202634.1%0.0%-12.8%
1/13/202613.7%7.5%4.9%
11/12/2025-0.6%-17.3%-28.9%
8/6/2025-12.2%-5.2%-17.1%
2/20/2025-4.6%-18.0%-12.3%
8/7/20240.0%-5.7%-7.0%
11/14/20238.6%7.9%-6.0%
8/9/2023-10.1%-21.4%-37.1%
5/10/2023-7.9%-13.5%-16.6%
3/16/2023-8.7%-9.5%-0.4%
11/8/2022-9.1%-21.1%-47.1%
8/9/20227.1%13.9%17.6%
5/11/20229.6%23.8%-1.6%
11/9/2021-0.1%24.3%18.3%
SUMMARY STATS   
# Positive774
# Negative9911
Median Positive8.6%7.9%18.0%
Median Negative-7.9%-13.5%-12.8%
Max Positive34.1%24.3%19.8%
Max Negative-12.2%-21.4%-47.1%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/05/202610-Q
12/31/202503/05/202610-K
09/30/202511/12/202510-Q
06/30/202508/06/202510-Q
03/31/202505/07/202510-Q
12/31/202402/20/202510-K
09/30/202411/13/202410-Q
06/30/202408/07/202410-Q
03/31/202405/08/202410-Q
12/31/202302/28/202410-K
09/30/202311/14/202310-Q
06/30/202308/09/202310-Q
03/31/202305/10/202310-Q
12/31/202203/16/202310-K
09/30/202211/08/202210-Q
06/30/202208/09/202210-Q
Collapse to Preview
Report DateFiling DateFiling
03/31/202605/05/202610-Q
12/31/202503/05/202610-K
09/30/202511/12/202510-Q
06/30/202508/06/202510-Q
03/31/202505/07/202510-Q
12/31/202402/20/202510-K
09/30/202411/13/202410-Q
06/30/202408/07/202410-Q
03/31/202405/08/202410-Q
12/31/202302/28/202410-K
09/30/202311/14/202310-Q
06/30/202308/09/202310-Q
03/31/202305/10/202310-Q
12/31/202203/16/202310-K
09/30/202211/08/202210-Q
06/30/202208/09/202210-Q
03/31/202205/11/202210-Q
12/31/202103/29/202210-K
09/30/202111/09/202110-Q

Recent Forward Guidance

Updated 7/27/2026

Latest: Q2 2026 Earnings Reported 7/8/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2027 Backlog Revenue Recognition 12.00 Mil    

Prior: Q1 2026 Earnings Reported 5/5/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Revenue24.00 Mil25.50 Mil27.00 Mil0 AffirmedGuidance: 25.50 Mil for 2026
2026 Operating Cash Usage-9.00 Mil-8.50 Mil-8.00 Mil   

Q4 2025 Earnings Reported 3/5/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Revenue24.00 Mil25.50 Mil27.00 Mil0 AffirmedGuidance: 25.50 Mil for 2026
2026 Revenue Growth357.0%386.0%415.0% -2.0%LoweredGuidance: 388.0% for 2026
2026 Backlog 18.00 Mil    

Insider Activity

Updated 6/8/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Thatcher, TrevorCHIEF FINANCIAL OFFICERDirectSell52120266.144,56128,0231,079,482Form
2Sonne, StephenCHIEF LEGAL OFFICERDirectSell52120266.145,24532,2251,213,379Form
3Garagic, DenisCHIEF TECHNOLOGY OFFICERDirectSell52120266.1417,176105,5293,440,388Form
4Wolff, Benjamin GPRESIDENT & CEODirectBuy33020265.851,0005,85016,598,796Form
5Thatcher, TrevorCHIEF FINANCIAL OFFICERDirectSell31220267.557,64957,7501,383,824Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Thatcher, TrevorCHIEF FINANCIAL OFFICERDirectSell52120266.144,56128,0231,079,482Form
2Sonne, StephenCHIEF LEGAL OFFICERDirectSell52120266.145,24532,2251,213,379Form
3Garagic, DenisCHIEF TECHNOLOGY OFFICERDirectSell52120266.1417,176105,5293,440,388Form
4Wolff, Benjamin GPRESIDENT & CEODirectBuy33020265.851,0005,85016,598,796Form
5Thatcher, TrevorCHIEF FINANCIAL OFFICERDirectSell31220267.557,64957,7501,383,824Form
6Sonne, StephenCHIEF LEGAL OFFICERDirectSell31220267.556,80251,3551,556,855Form
7Garagic, DenisCHIEF TECHNOLOGY OFFICERDirectSell31220267.5512,94597,7354,471,744Form
8Young, Michael TDirectBuy112520255.193,00015,569119,983Form
9Wolff, Benjamin GPRESIDENT & CEODirectBuy112420255.293,00015,86014,995,201Form
10Thatcher, TrevorCHIEF FINANCIAL OFFICERDirectSell112120255.112,64813,539843,306Form
11Sonne, StephenCHIEF LEGAL OFFICERDirectSell112120255.113,41117,440956,153Form
12Martindale, KristiChief Commercial OfficerDirectSell112120255.116,75334,5271,561,904Form
13Garagic, DenisCHIEF TECHNOLOGY OFFICERDirectSell112120255.1115,61179,8172,910,508Form
14Wolff, Benjamin GPRESIDENT & CEODirectBuy112020255.408,00043,23215,311,699Form
15Young, Michael TDirectBuy111920255.615,30029,718112,811Form
16Wolff, Benjamin GPRESIDENT & CEODirectBuy111820255.497,00038,39615,497,890Form
17Thatcher, TrevorCHIEF FINANCIAL OFFICERDirectSell82120257.422,51218,6321,243,028Form
18Sonne, StephenCHIEF LEGAL OFFICERDirectSell82120257.423,23624,0021,412,395Form
19Martindale, KristiChief Commercial OfficerDirectSell82120257.426,40647,5152,315,948Form
20Garagic, DenisCHIEF TECHNOLOGY OFFICERDirectSell82120257.4214,809109,8434,338,075Form
Core Cache Last Updated: 8/5/2026