PDYN earnings analysis
What we found in PDYN's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Palladyne AI Corp. reported Q1 2026 earnings with revenue of $3.5 million, a significant increase of 107% versus $1.7 million in Q1 2025. However, the company experienced a widening net loss of $12.6 million, resulting in an EPS of -$0.28, and did not meet analyst revenue expectations of $4.8 million. Management indicated ongoing challenges in product development and sales cycles, while reiterating a full-year revenue guidance of $24 million to $27 million.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Revenue increased by 107%, from $1.7 million in Q1 2025 to $3.5 million in Q1 2026.
- Cash Position
- Cash and cash equivalents totaled $43.7 million as of March 31, 2026, down from $47.1 million at the end of 2025.
- Backlog Improvement
- Backlog as of March 31, 2026, reached $17.3 million, providing a buffer for future revenue.
- Engineering Services Growth
- Engineering services revenue was $1.8 million in Q1 2026, driven by the recently acquired GuideTech business.
- Government Contracts
- A portion of total revenue continues to come from product development contracts, contributing positively despite fluctuations.
- Reiterated Revenue Guidance
- Full-year revenue guidance for 2026 maintained at $24 million to $27 million, reflecting management's optimism.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Widening Operating Losses
- Operating loss for Q1 2026 was $11.9 million, compared to a loss of $32.4 million for the entire year of 2025.
- Negative EPS
- Reported EPS of -$0.28, wider than estimated EPS of -$0.18, indicating continuing operational challenges.
- Decreasing Product Development Revenue
- Product development contract revenue fell to $0.1 million, down 96% from $1.7 million in Q1 2025.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.28
- Segment
- Engineering Services
- Segment
- Product Development Contracts
- Segment
- Product Revenue
What they said about what is next.
Management reaffirmed a full-year revenue guidance of $24 million to $27 million.
The filing reads about the same as the one before it.
What came before.
- 10-K · March 5, 2026
- Palladyne AI positions itself as a dual-market provider of edge-native, closed-loop embodied AI for Defense/Public Safety and Commercial/Industrial customers, centered on products Palladyne IQ, SwarmOS and Palladyne…
- 10-Q · November 12, 2025
- Palladyne AI reported Q3 2025 revenue of $860,000 (down 14% vs Q2 2025 and down 1.3% vs Q3 2024) with gross margin of 46.4% and a Q3 GAAP loss per share of $0.09. Operating loss widened (loss from operations $8.065m)…
- 10-Q · August 6, 2025
- Palladyne AI reported Q2 revenue of $1,015,000, down sharply from $2,713,000 in Q2 2024, with gross margin compressing to 53.3% (from 79.0%) and a Q2 net loss of $7,487,000 (EPS -$0.20). Operating loss widened to…
- 10-Q · May 7, 2025
- Palladyne AI reported net income of $22.8M (net diluted EPS $0.55) for Q1 2025, driven primarily by a $29.2M non-cash gain on warrant liabilities. Revenue declined to $1.71M from $3.44M a year ago, with product…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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