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…
Earnings analysis · 10-Q
PDYN earnings analysis
Filed May 5, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.28
- Segment
- Engineering Services
- Segment
- Product Development Contracts
- Segment
- Product Revenue
What stood out
-
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.
What to watch
-
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.
Management's outlook
Management reaffirmed a full-year revenue guidance of $24 million to $27 million.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.