What is Palladyne AI's operating income?

Palladyne AI's total operating income in 2025 was -$32.40 million, based on the following breakdown: Total Gross Profit: $2.56 million Total Operating Expenses: $34.96 million

Palladyne AI (PDYN) Financials

$3.70 +0.05 (+1.37%)

Closing price 10/23/2026 04:00 PM Eastern

Extended Trading

$3.67 -0.03 (-0.81%)

As of 10/23/2026 07:55 PM Eastern

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Annual Income Statements for Palladyne AI

This table shows Palladyne AI's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-21	-82	-157	-116	-73	10
Consolidated Net Income / (Loss)	-21	-82	-157	-116	-73	10
Net Income / (Loss) Continuing Operations	-21	-82	-157	-116	-73	10
Total Pre-Tax Income	-21	-82	-161	-116	-73	7.50
Total Operating Income	-21	-81	-177	-121	-27	-32
Total Gross Profit	3.21	1.21	2.96	1.11	4.30	2.56
Total Revenue	8.81	5.08	15	6.15	7.79	5.25
Operating Revenue	8.81	5.08	15	6.15	7.79	5.25
Total Cost of Revenue	5.60	3.87	12	5.04	3.49	2.69
Operating Cost of Revenue	5.60	3.87	12	5.04	3.49	2.69
Total Operating Expenses	24	82	180	122	31	35
Selling, General & Admin Expense	7.30	58	63	31	17	17
Marketing Expense	2.80	6.62	9.95	11	4.13	4.74
Research & Development Expense	14	18	34	39	10	13
Amortization Expense	-	0.00	2.18	2.82	0.00	0.12
Impairment Charge	-	0.00	70	0.00	0.00	0.00
Restructuring Charge	-	-	0.00	38	-0.19	0.00
Total Other Income / (Expense), net	0.07	-0.52	16	5.37	-46	40
Interest Expense	-0.04	0.03	-1.83	-3.29	-1.24	-1.94
Other Income / (Expense), net	0.03	-0.48	14	2.08	-47	38
Income Tax Expense	0.00	0.00	-3.89	0.01	0.01	-2.54
Basic Earnings per Share	($0.21)	($0.72)	($6.42)	($4.51)	($2.71)	$0.26
Weighted Average Basic Shares Outstanding	100.11M	113.18M	24.47M	25.64M	26.77M	38.84M
Diluted Earnings per Share	($0.21)	($0.72)	($6.42)	($4.51)	($2.71)	$0.24
Weighted Average Diluted Shares Outstanding	100.11M	113.18M	24.47M	25.64M	26.77M	42.13M
Weighted Average Basic & Diluted Shares Outstanding	100.11M	113.18M	154.30M	25.90M	35.22M	46.49M

This table shows Palladyne AI's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-36	-7.23	-5.32	-7.10	-53	23	-7.49	-3.74	-1.49	-13	-12
Consolidated Net Income / (Loss)	-36	-7.23	-5.32	-7.10	-53	23	-7.49	-3.74	-1.49	-13	-12
Net Income / (Loss) Continuing Operations	-36	-7.23	-5.32	-7.09	-53	23	-7.49	-3.74	-1.49	-13	-12
Total Pre-Tax Income	-36	-7.23	-5.32	-7.09	-53	23	-7.49	-3.74	-4.03	-13	-12
Total Operating Income	-37	-7.35	-5.79	-7.30	-6.48	-6.93	-8.09	-8.07	-9.31	-12	-13
Total Gross Profit	-0.34	1.56	2.14	0.39	0.21	1.36	0.54	0.40	0.26	1.07	1.68
Total Revenue	0.75	3.44	2.71	0.87	0.76	1.71	1.02	0.86	1.66	3.54	5.78
Operating Revenue	0.75	3.44	2.71	0.87	0.76	1.71	1.02	0.86	1.66	3.54	5.78
Total Cost of Revenue	1.09	1.89	0.57	0.48	0.55	0.35	0.47	0.46	1.40	2.47	4.10
Operating Cost of Revenue	1.09	1.89	0.57	0.48	0.55	0.35	0.47	0.46	1.40	2.47	4.10
Total Operating Expenses	37	8.91	7.93	7.69	6.69	8.29	8.64	8.46	9.57	13	15
Selling, General & Admin Expense	5.91	5.13	4.29	3.97	3.46	4.20	4.18	4.14	4.68	6.88	8.14
Marketing Expense	0.93	0.81	1.38	1.33	0.62	1.22	1.33	1.18	1.01	1.85	2.27
Research & Development Expense	7.89	2.90	2.35	2.58	2.61	2.87	3.13	3.15	3.76	3.91	4.33
Amortization Expense	0.36	0.00	0.00	0.00	-	0.00	0.00	0.00	0.12	0.36	0.36
Restructuring Charge	22	0.08	-0.09	-0.19	-	0.00	0.00	0.00	-	0.00	0.00
Total Other Income / (Expense), net	0.58	0.12	0.46	0.21	-46	30	0.61	4.33	5.28	-0.69	1.09
Interest Expense	-0.52	-0.37	-0.35	-0.25	-0.28	-0.44	-0.51	-0.57	-0.43	-0.33	-0.26
Other Income / (Expense), net	0.07	-0.25	0.12	-0.04	-47	29	0.10	3.76	4.85	-1.01	0.83
Income Tax Expense	0.01	0.00	0.00	0.00	0.01	0.00	0.00	0.00	-2.54	0.00	0.00
Basic Earnings per Share	($1.42)	($0.28)	($0.20)	($0.27)	($1.98)	$0.64	($0.20)	($0.09)	($0.09)	($0.28)	($0.27)
Weighted Average Basic Shares Outstanding	25.64M	25.88M	26.62M	26.18M	26.77M	35.35M	37.75M	40.49M	38.84M	45.07M	45.99M
Diluted Earnings per Share	($1.42)	($0.28)	($0.20)	($0.27)	($1.98)	$0.55	($0.20)	($0.09)	($0.02)	($0.28)	($0.27)
Weighted Average Diluted Shares Outstanding	25.64M	25.88M	26.62M	26.18M	26.77M	41.07M	37.75M	40.49M	42.13M	45.07M	45.99M
Weighted Average Basic & Diluted Shares Outstanding	25.90M	26.60M	26.80M	30.11M	35.22M	35.71M	41.95M	42.04M	46.49M	47.24M	49.34M

This table details how cash moves in and out of Palladyne AI's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	24	183	-182	-12	8.05	-13
Net Cash From Operating Activities	-17	-42	-65	-77	-23	-28
Net Cash From Continuing Operating Activities	-17	-42	-65	-77	-23	-28
Net Income / (Loss) Continuing Operations	-21	-82	-157	-116	-73	10
Consolidated Net Income / (Loss)	-21	-82	-157	-116	-73	10
Depreciation Expense	0.46	0.53	1.41	1.55	0.83	0.97
Amortization Expense	-	0.00	0.69	0.77	-0.08	-1.27
Non-Cash Adjustments To Reconcile Net Income	2.94	44	90	44	51	-35
Changes in Operating Assets and Liabilities, net	0.65	-4.78	-0.83	-7.61	-1.64	-2.13
Net Cash From Investing Activities	-0.95	-4.69	-109	65	6.88	-25
Net Cash From Continuing Investing Activities	-0.95	-4.69	-109	65	6.88	-25
Purchase of Property, Plant & Equipment	-0.95	-4.69	-1.50	-0.78	-0.27	-0.71
Acquisitions	-	0.00	-30	-	0.00	-5.30
Purchase of Investments	-	0.00	-178	-65	-8.86	-76
Sale and/or Maturity of Investments	-	0.00	100	130	16	57
Net Cash From Financing Activities	42	230	-7.52	-0.08	24	39
Net Cash From Continuing Financing Activities	42	230	-7.52	-0.08	24	39
Repayment of Debt	-	-	-	-	0.00	-3.70
Repurchase of Common Equity	-	-0.28	-8.11	-0.08	-0.79	-0.05
Issuance of Common Equity	40	0.00	0.00	0.00	24	37
Other Financing Activities, net	0.04	229	0.59	-0.00	0.13	6.47
Cash Income Taxes Paid	0.00	0.00	0.00	0.01	0.01	0.00

This table details how cash moves in and out of Palladyne AI's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	-12	8.66	-5.97	-4.50	9.86	-21	10	7.21	-9.14	-0.37	16
Net Cash From Operating Activities	-16	-7.24	-5.80	-4.50	-5.10	-7.52	-5.33	-6.29	-8.51	-10	-10
Net Cash From Continuing Operating Activities	-17	-7.24	-5.80	-4.50	-5.10	-7.52	-5.33	-6.29	-8.51	-10	-10
Net Income / (Loss) Continuing Operations	-36	-7.23	-5.32	-7.10	-53	23	-7.49	-3.74	-1.49	-13	-12
Consolidated Net Income / (Loss)	-36	-7.23	-5.32	-7.10	-53	23	-7.49	-3.74	-1.49	-13	-12
Depreciation Expense	0.29	0.20	0.20	0.21	0.21	0.22	0.21	0.22	0.32	0.36	0.40
Amortization Expense	0.14	-0.06	0.00	-	-0.02	-0.26	-0.39	-0.42	-0.20	0.12	0.15
Non-Cash Adjustments To Reconcile Net Income	20	1.71	0.21	0.09	48	-28	1.64	-3.71	-4.85	2.37	0.57
Changes in Operating Assets and Liabilities, net	-0.63	-1.86	-0.89	2.30	-0.34	-1.91	0.70	1.36	-2.27	-0.48	1.05
Net Cash From Investing Activities	4.34	16	-0.14	-0.01	-8.91	-28	-5.58	13	-4.27	3.31	15
Net Cash From Continuing Investing Activities	4.34	16	-0.14	-0.01	-8.91	-28	-5.58	13	-4.27	3.31	15
Purchase of Property, Plant & Equipment	0.25	-0.06	-0.14	-0.01	-0.05	-0.09	-	-0.38	-0.24	-0.03	-0.86
Purchase of Investments	-5.91	0.00	-	-	-8.86	-27	-20	-9.79	-19	-17	-4.94
Sale and/or Maturity of Investments	10	16	-	-	-	0.00	14	23	20	20	21
Net Cash From Financing Activities	-0.01	-0.04	-0.03	0.01	24	14	21	0.68	3.64	6.56	11
Net Cash From Continuing Financing Activities	-0.01	-0.04	-0.03	0.01	24	14	21	0.68	3.64	6.56	11
Repayment of Debt	-	-	-	-	-	0.00	-	-	-	-0.02	0.02
Issuance of Common Equity	-	0.00	-	-	-	14	15	0.67	7.34	6.53	11
Cash Interest Paid	-	-	-	-	-	0.00	-	-	-	0.06	0.05

This table presents Palladyne AI's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	38	236	168	60	56	96
Total Current Assets	36	228	129	45	43	53
Cash & Equivalents	34	217	35	23	31	18
Short-Term Investments	-	0.00	79	16	8.88	29
Accounts Receivable	1.05	0.79	1.87	0.56	0.13	1.06
Inventories, net	0.71	1.01	3.56	1.07	0.07	0.34
Prepaid Expenses	0.69	9.20	5.02	2.32	1.28	1.65
Other Current Assets	0.22	0.22	4.16	2.03	1.18	2.46
Plant, Property, & Equipment, net	1.43	7.05	7.64	4.84	4.24	8.89
Total Noncurrent Assets	0.29	0.44	31	11	9.28	34
Goodwill	-	-	-	-	0.00	15
Intangible Assets	-	0.00	19	0.00	0.00	10
Other Noncurrent Operating Assets	0.29	0.44	12	11	9.28	9.11
Total Liabilities & Shareholders' Equity	38	236	168	60	56	96
Total Liabilities	5.15	22	23	20	66	21
Total Current Liabilities	3.56	6.16	11	8.46	4.43	5.67
Accounts Payable	0.97	1.68	3.62	1.29	0.44	1.06
Accrued Expenses	1.26	4.48	6.03	5.81	2.92	3.55
Other Current Liabilities	-	0.00	0.89	1.36	1.08	1.06
Total Noncurrent Liabilities	1.59	16	13	11	61	15
Other Noncurrent Operating Liabilities	0.53	16	13	11	61	15
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	33	214	144	41	-9.53	75
Total Preferred & Common Equity	33	0.00	144	41	-9.53	75
Total Common Equity	33	214	144	41	-9.53	75
Common Stock	97	359	447	459	481	555
Retained Earnings	-64	-145	-303	-418	-491	-481
Accumulated Other Comprehensive Income / (Loss)	-	0.00	-0.02	0.00	0.01	0.01

This table presents Palladyne AI's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	96	50	45	39	63	78	73	93	94
Total Current Assets	61	36	31	25	50	66	61	50	52
Cash & Equivalents	35	32	26	21	10	20	27	18	34
Short-Term Investments	20	0.00	0.00	0.00	37	43	30	26	9.97
Accounts Receivable	1.40	0.41	0.50	0.62	0.16	0.24	0.33	1.59	2.31
Inventories, net	1.11	0.00	0.00	0.00	0.07	0.08	0.08	0.99	0.94
Prepaid Expenses	2.15	1.77	1.88	1.17	1.62	1.30	1.15	1.47	1.71
Other Current Assets	1.61	1.55	2.32	1.58	1.77	1.50	1.82	2.62	3.33
Plant, Property, & Equipment, net	6.69	4.68	4.61	4.41	4.12	3.90	4.06	8.54	9.02
Total Noncurrent Assets	28	10	9.98	9.63	8.92	8.60	8.35	34	33
Goodwill	-	-	-	-	-	-	-	15	15
Intangible Assets	17	0.00	0.00	0.00	0.00	-	-	10	9.72
Other Noncurrent Operating Assets	11	10	9.98	9.63	8.92	8.60	8.35	8.85	8.89
Total Liabilities & Shareholders' Equity	96	50	45	39	63	78	73	93	94
Total Liabilities	19	16	15	15	35	24	21	23	24
Total Current Liabilities	7.95	5.22	4.72	4.92	3.14	3.84	4.46	6.42	8.26
Accounts Payable	2.06	0.76	0.41	0.18	0.27	0.32	0.57	1.06	1.20
Accrued Expenses	4.58	3.09	2.99	3.55	1.87	2.58	2.92	4.27	5.87
Other Current Liabilities	1.31	1.37	1.31	1.20	0.99	0.95	0.98	1.08	1.20
Total Noncurrent Liabilities	11	11	11	10	32	21	17	16	15
Other Noncurrent Operating Liabilities	11	11	11	10	32	21	17	16	15
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	76	34	30	23	28	54	52	70	71
Total Preferred & Common Equity	76	34	30	23	28	54	52	70	71
Total Common Equity	76	34	30	23	28	54	52	70	71
Common Stock	458	460	461	461	496	529	531	563	577
Retained Earnings	-382	-425	-431	-438	-468	-476	-479	-493	-506
Accumulated Other Comprehensive Income / (Loss)	0.00	-0.00	0.00	0.00	-0.00	-0.01	0.01	-0.00	0.00

This table displays calculated financial ratios and metrics derived from Palladyne AI's official financial filings.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	0.00	142,848,780.00	154,700,000.00	25,900,000.00	-	42,037,410.00
DEI Adjusted Shares Outstanding	0.00	142,848,780.00	154,700,000.00	25,900,000.00	-	42,037,410.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	-0.57	-1.02	-4.46	-	0.24
Growth Metrics	-	-	-	-	-	-
Revenue Growth	0.00%	-42.41%	187.07%	-57.81%	26.68%	-32.62%
EBITDA Growth	0.00%	-294.70%	-98.60%	27.49%	37.28%	107.20%
EBIT Growth	0.00%	-288.61%	-99.89%	27.00%	37.87%	107.52%
NOPAT Growth	0.00%	-285.69%	-118.59%	31.68%	77.74%	-130.12%
Net Income Growth	0.00%	-289.51%	-92.78%	26.43%	37.18%	113.82%
EPS Growth	0.00%	-242.86%	-92.78%	29.75%	39.91%	108.86%
Operating Cash Flow Growth	0.00%	-149.40%	-55.31%	-17.17%	70.47%	-22.14%
Free Cash Flow Firm Growth	0.00%	0.00%	-202.52%	63.98%	157.65%	-469.85%
Invested Capital Growth	0.00%	-292.90%	1,050.32%	-93.83%	-2,784.20%	155.68%
Revenue Q/Q Growth	0.00%	0.00%	54.14%	-46.65%	0.19%	20.71%
EBITDA Q/Q Growth	0.00%	0.00%	-57.48%	32.44%	-29.14%	112.12%
EBIT Q/Q Growth	0.00%	0.00%	-56.72%	32.03%	-28.22%	112.86%
NOPAT Q/Q Growth	0.00%	0.00%	-61.67%	32.46%	53.17%	-109.49%
Net Income Q/Q Growth	0.00%	0.00%	-58.91%	32.57%	-29.39%	124.23%
EPS Q/Q Growth	0.00%	0.00%	-58.91%	32.38%	-26.64%	123.53%
Operating Cash Flow Q/Q Growth	0.00%	-66.09%	0.38%	5.48%	33.50%	-14.07%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-11.40%	253.04%	-806.11%
Invested Capital Q/Q Growth	0.00%	0.00%	-68.67%	-91.21%	-2,470.00%	621.13%
Profitability Metrics	-	-	-	-	-	-
Gross Margin	36.43%	23.80%	20.28%	17.98%	55.20%	48.72%
EBITDA Margin	-232.69%	-1,594.92%	-1,103.40%	-1,896.52%	-938.94%	100.32%
Operating Margin	-238.27%	-1,595.88%	-1,215.17%	-1,968.04%	-345.79%	-617.69%
EBIT Margin	-237.89%	-1,605.38%	-1,117.80%	-1,934.27%	-948.57%	105.93%
Profit (Net Income) Margin	-237.44%	-1,606.07%	-1,078.52%	-1,880.78%	-932.66%	191.36%
Tax Burden Percent	100.00%	100.00%	97.58%	100.01%	100.01%	133.84%
Interest Burden Percent	99.81%	100.04%	98.88%	97.23%	98.32%	134.98%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	-33.84%
Return on Invested Capital (ROIC)	-899.59%	0.00%	-924.76%	-532.48%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	-879.68%	0.00%	-904.73%	-492.20%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	835.99%	0.00%	837.08%	407.75%	0.00%	0.00%
Return on Equity (ROE)	-63.60%	-66.03%	-87.68%	-124.73%	-462.94%	30.82%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-524.25%	-355.72%	0.00%	-436.61%
Operating Return on Assets (OROA)	-55.10%	-59.50%	-80.73%	-104.26%	-126.60%	7.31%
Return on Assets (ROA)	-54.99%	-59.52%	-77.89%	-101.37%	-124.47%	13.21%
Return on Common Equity (ROCE)	-63.60%	-66.04%	-87.68%	-124.73%	-462.94%	30.82%
Return on Equity Simple (ROE_SIMPLE)	-63.59%	0.00%	-108.78%	-282.59%	761.74%	0.00%
Net Operating Profit after Tax (NOPAT)	-15	-57	-124	-85	-19	-43
NOPAT Margin	-166.79%	-1,117.12%	-850.62%	-1,377.63%	-242.05%	-826.69%
Net Nonoperating Expense Percent (NNEP)	-19.91%	-19.98%	-20.03%	-40.28%	-135.91%	122.60%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-206.99%	197.69%	-58.08%
Cost of Revenue to Revenue	63.57%	76.20%	79.72%	82.02%	44.80%	51.28%
SG&A Expenses to Revenue	82.80%	1,144.02%	435.72%	511.78%	216.31%	327.85%
R&D to Revenue	160.18%	345.14%	234.36%	634.75%	134.05%	245.88%
Operating Expenses to Revenue	274.71%	1,619.68%	1,235.45%	1,986.02%	400.99%	666.41%
Earnings before Interest and Taxes (EBIT)	-21	-81	-163	-119	-74	5.56
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-21	-81	-161	-117	-73	5.26
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	7.29	39.98	3.61	0.46	0.00	2.40
Price to Tangible Book Value (P/TBV)	7.29	39.98	4.16	0.46	0.00	3.62
Price to Revenue (P/Rev)	27.23	1,685.47	35.76	3.04	47.45	34.14
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	17.84
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	5.61%
Enterprise Value to Invested Capital (EV/IC)	127.74	0.00	13.57	0.00	0.00	4.78
Enterprise Value to Revenue (EV/Rev)	23.68	1,642.69	27.90	0.00	42.31	25.17
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	25.09
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	23.76
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	10.10	0.00
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	0.07	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.03	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.95	-1.01	-0.93	-0.83	-2.52	-1.34
Leverage Ratio	1.16	1.11	1.13	1.23	3.72	2.33
Compound Leverage Factor	1.15	1.11	1.11	1.20	3.66	3.15
Debt to Total Capital	6.78%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	3.76%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	3.02%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	-0.01%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	93.23%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	-0.12	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	1.52	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	-0.05	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	-0.16	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	2.13	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	-0.07	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	25.07	233.92	8.69	-14.78	-12.22	-1.09
Noncontrolling Interest Sharing Ratio	-0.01%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-
Current Ratio	10.22	37.06	12.26	5.33	9.64	9.28
Quick Ratio	9.77	35.37	11.05	4.69	9.34	8.49
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-52	-157	-57	33	-121
Operating Cash Flow to CapEx	-1,777.05%	-898.10%	-4,365.22%	-9,797.95%	-8,538.49%	-3,876.16%
Free Cash Flow to Firm to Interest Expense	0.00	-1,526.70	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	-1,238.32	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	-1,376.21	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	0.23	0.04	0.07	0.05	0.13	0.07
Accounts Receivable Turnover	8.39	5.52	10.98	5.08	8.34	8.82
Inventory Turnover	7.92	4.51	5.08	2.18	6.14	13.12
Fixed Asset Turnover	6.18	1.20	1.98	0.98	1.71	0.80
Accounts Payable Turnover	5.76	2.92	4.38	2.05	4.04	3.60
Days Sales Outstanding (DSO)	43.53	66.13	33.25	71.89	43.79	41.36
Days Inventory Outstanding (DIO)	46.06	80.84	71.78	167.51	59.44	27.82
Days Payable Outstanding (DPO)	63.33	125.21	83.30	177.79	90.31	101.29
Cash Conversion Cycle (CCC)	26.26	21.77	21.73	61.61	12.91	-32.11
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	1.63	-3.15	30	1.85	-50	28
Invested Capital Turnover	5.39	-6.69	1.09	0.39	-0.33	-0.48
Increase / (Decrease) in Invested Capital	0.00	-4.79	33	-28	-51	77
Enterprise Value (EV)	209	8,337	407	-20	329	132
Market Capitalization	240	8,554	521	19	369	179
Book Value per Share	$0.33	$1.50	$0.93	$1.58	($0.32)	$1.78
Tangible Book Value per Share	$0.33	$1.50	$0.81	$1.58	($0.32)	$1.18
Total Capital	35	214	144	41	-9.53	75
Total Debt	2.39	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	1.07	0.00	0.00	0.00	0.00	0.00
Net Debt	-31	-217	-114	-39	-40	-47
Capital Expenditures (CapEx)	0.95	4.69	1.50	0.78	0.27	0.71
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.44	5.06	4.07	-2.48	-1.77	-0.16
Debt-free Net Working Capital (DFNWC)	34	222	119	37	38	47
Net Working Capital (NWC)	33	222	119	37	38	47
Net Nonoperating Expense (NNE)	6.23	25	33	31	54	-53
Net Nonoperating Obligations (NNO)	-31	-217	-114	-39	-40	-47
Total Depreciation and Amortization (D&A)	0.46	0.53	2.10	2.32	0.75	-0.29
Debt-free, Cash-free Net Working Capital to Revenue	5.03%	99.63%	27.94%	-40.34%	-22.78%	-3.13%
Debt-free Net Working Capital to Revenue	387.01%	4,377.73%	813.83%	595.62%	491.87%	893.84%
Net Working Capital to Revenue	371.94%	4,377.73%	813.83%	595.62%	491.87%	893.84%
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($0.72)	($1.07)	($4.51)	($2.71)	$0.26
Adjusted Weighted Average Basic Shares Outstanding	0.00	142.90M	146.84M	25.64M	26.77M	38.84M
Adjusted Diluted Earnings per Share	$0.00	($0.72)	($1.07)	($4.51)	($2.71)	$0.24
Adjusted Weighted Average Diluted Shares Outstanding	0.00	142.90M	146.84M	25.64M	26.77M	42.13M
Adjusted Basic & Diluted Earnings per Share	$0.00	($0.72)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	113.18M	154.30M	25.90M	35.22M	46.49M
Normalized Net Operating Profit after Tax (NOPAT)	-15	-57	-75	-58	-19	-23
Normalized NOPAT Margin	-166.79%	-1,117.12%	-513.15%	-945.44%	-243.78%	-432.38%
Pre Tax Income Margin	-237.43%	-1,606.05%	-1,105.24%	-1,880.67%	-932.60%	142.99%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	0.00	-2,396.26	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	-1,667.46	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	-2,534.15	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	-1,805.34	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	-0.25%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	-0.59%	-5.16%	-0.07%	-1.08%	0.50%

This table displays calculated financial ratios and metrics derived from Palladyne AI's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	25,900,000.00	25,900,000.00	26,600,000.00	26,800,000.00	-	35,219,701.00	35,713,527.00	41,948,874.00	42,037,410.00	46,494,865.00	47,244,225.00
DEI Adjusted Shares Outstanding	25,900,000.00	25,900,000.00	26,600,000.00	26,800,000.00	-	35,219,701.00	35,713,527.00	41,948,874.00	42,037,410.00	46,494,865.00	47,244,225.00
DEI Earnings Per Adjusted Shares Outstanding	-1.41	-0.28	-0.20	-0.26	-	0.65	-0.21	-0.09	-0.04	-0.27	-0.26
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-87.81%	49.87%	112.45%	-52.33%	2.01%	-50.31%	-62.59%	-1.26%	118.27%	106.90%	469.75%
EBITDA Growth	60.50%	66.14%	81.13%	75.42%	-45.14%	398.85%	-49.50%	36.88%	91.80%	-155.91%	-47.32%
EBIT Growth	60.23%	66.33%	80.80%	75.35%	-43.95%	393.61%	-40.98%	41.35%	91.62%	-157.95%	-57.51%
NOPAT Growth	61.07%	68.29%	80.68%	76.27%	82.50%	-34.66%	-39.87%	-10.49%	-43.65%	-20.38%	-65.72%
Net Income Growth	60.49%	66.34%	81.43%	75.52%	-45.22%	414.83%	-40.65%	47.29%	97.18%	-155.40%	-64.63%
EPS Growth	62.33%	66.67%	82.14%	76.11%	-39.44%	296.43%	0.00%	66.67%	98.99%	-150.91%	-35.00%
Operating Cash Flow Growth	21.23%	64.04%	70.82%	77.66%	69.11%	-3.87%	8.12%	-39.84%	-66.90%	-36.23%	-90.80%
Free Cash Flow Firm Growth	102.17%	151.25%	-67.36%	-73.93%	2,064.39%	-41.12%	-54.74%	-87.37%	-278.51%	-483.09%	-731.33%
Invested Capital Growth	-93.83%	-92.25%	-83.35%	-90.05%	-2,784.20%	-863.34%	-322.86%	-353.23%	155.68%	243.04%	405.49%
Revenue Q/Q Growth	-59.17%	361.26%	-21.16%	-67.90%	-12.63%	124.70%	-40.64%	-15.27%	93.14%	113.00%	63.45%
EBITDA Q/Q Growth	-25.96%	79.60%	26.71%	-30.54%	-643.62%	142.01%	-136.66%	44.88%	3.42%	-186.48%	3.40%
EBIT Q/Q Growth	-24.17%	79.45%	25.42%	-29.51%	-625.20%	141.91%	-135.81%	46.12%	-3.62%	-189.85%	2.67%
NOPAT Q/Q Growth	-20.49%	80.16%	21.30%	-26.13%	11.17%	-52.71%	18.25%	0.36%	-15.49%	-27.97%	-12.53%
Net Income Q/Q Growth	-25.86%	80.18%	26.37%	-33.31%	-646.46%	142.97%	-132.90%	50.05%	60.08%	-744.47%	2.24%
EPS Q/Q Growth	-25.66%	80.28%	28.57%	-35.00%	-633.33%	127.78%	-136.36%	55.00%	77.78%	-1,300.00%	3.57%
Operating Cash Flow Q/Q Growth	18.08%	56.14%	19.89%	22.41%	-13.29%	-47.49%	29.14%	-18.10%	-35.21%	-20.39%	0.75%
Free Cash Flow Firm Q/Q Growth	-95.91%	982.44%	-32.35%	-12.86%	239.17%	-70.55%	-48.00%	-75.68%	-4,892.21%	36.80%	14.30%
Invested Capital Q/Q Growth	-91.21%	30.03%	65.63%	-47.41%	-2,470.00%	63.02%	51.64%	40.25%	621.13%	-5.01%	3.28%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	-46.11%	45.19%	79.03%	45.01%	27.20%	79.36%	53.30%	46.40%	15.59%	30.10%	29.07%
EBITDA Margin	-4,899.73%	-216.71%	-201.44%	-819.06%	-6,971.09%	1,303.22%	-804.93%	-523.60%	-261.83%	-352.15%	-208.13%
Operating Margin	-4,967.16%	-213.69%	-213.31%	-838.00%	-852.04%	-405.32%	-797.44%	-937.79%	-560.75%	-336.89%	-231.94%
EBIT Margin	-4,958.04%	-220.90%	-208.96%	-842.94%	-6,996.58%	1,305.09%	-787.39%	-500.70%	-268.63%	-365.55%	-217.67%
Profit (Net Income) Margin	-4,889.54%	-210.08%	-196.20%	-814.70%	-6,960.45%	1,330.94%	-737.64%	-434.88%	-89.89%	-356.36%	-213.14%
Tax Burden Percent	100.01%	100.00%	100.00%	100.04%	100.00%	100.00%	100.00%	100.00%	37.04%	100.00%	100.00%
Interest Burden Percent	98.61%	95.11%	93.90%	96.61%	99.48%	101.98%	93.68%	86.86%	90.34%	97.49%	97.92%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-1,343.92%	-65.28%	-93.46%	-394.21%	0.00%	0.00%	0.00%	0.00%	0.00%	-422.65%	-210.97%
ROIC Less NNEP Spread (ROIC-NNEP)	-1,330.20%	-61.98%	-90.94%	-389.02%	0.00%	0.00%	0.00%	0.00%	0.00%	-413.20%	-205.45%
Return on Net Nonoperating Assets (RNNOA)	1,101.97%	49.03%	71.26%	298.66%	0.00%	0.00%	0.00%	0.00%	0.00%	379.99%	175.41%
Return on Equity (ROE)	-241.95%	-16.24%	-22.20%	-95.55%	-462.94%	-136.41%	-107.11%	-110.11%	30.82%	-42.66%	-35.55%
Cash Return on Invested Capital (CROIC)	-355.72%	-269.19%	-263.52%	-184.24%	0.00%	0.00%	0.00%	0.00%	-436.61%	-269.67%	-243.07%
Operating Return on Assets (OROA)	-267.24%	-16.25%	-22.00%	-97.53%	-933.77%	139.00%	-55.59%	-38.97%	-18.55%	-33.18%	-29.85%
Return on Assets (ROA)	-263.55%	-15.45%	-20.66%	-94.27%	-928.94%	141.75%	-52.08%	-33.85%	-6.21%	-32.35%	-29.23%
Return on Common Equity (ROCE)	-241.95%	-16.24%	-22.20%	-95.55%	-462.94%	-136.41%	-107.11%	-110.11%	30.82%	-42.66%	-35.55%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-296.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-26	-5.15	-4.05	-5.11	-4.54	-6.93	-5.67	-5.65	-6.52	-8.34	-9.39
NOPAT Margin	-3,477.01%	-149.58%	-149.31%	-586.60%	-596.43%	-405.32%	-558.21%	-656.45%	-392.52%	-235.82%	-162.36%
Net Nonoperating Expense Percent (NNEP)	-13.72%	-3.29%	-2.52%	-5.20%	-122.41%	75.70%	-4.11%	4.86%	11.54%	-9.44%	-5.52%
Return On Investment Capital (ROIC_SIMPLE)	-63.41%	-15.05%	-13.59%	-21.82%	47.61%	-24.49%	-10.53%	-10.89%	-8.73%	-11.93%	-13.25%
Cost of Revenue to Revenue	146.11%	54.81%	20.97%	54.99%	72.80%	20.64%	46.70%	53.60%	84.41%	69.90%	70.93%
SG&A Expenses to Revenue	792.23%	148.94%	158.16%	455.22%	454.80%	245.56%	411.72%	481.16%	281.94%	194.38%	140.81%
R&D to Revenue	1,057.91%	84.13%	86.55%	296.44%	343.23%	167.84%	307.88%	365.81%	226.25%	110.37%	74.81%
Operating Expenses to Revenue	4,921.05%	258.88%	292.33%	883.01%	879.24%	484.68%	850.74%	984.19%	576.34%	366.99%	261.01%
Earnings before Interest and Taxes (EBIT)	-37	-7.60	-5.67	-7.34	-53	22	-7.99	-4.31	-4.46	-13	-13
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-37	-7.46	-5.47	-7.13	-53	22	-8.17	-4.50	-4.35	-12	-12
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.46	1.37	1.43	2.05	0.00	7.32	5.75	6.95	2.40	4.04	4.05
Price to Tangible Book Value (P/TBV)	0.46	1.37	1.43	2.05	0.00	7.32	5.75	6.95	3.62	6.26	6.19
Price to Revenue (P/Rev)	3.04	6.43	4.88	6.17	47.45	34.20	70.98	82.91	34.14	39.90	24.26
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	17.84	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.61%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	6.28	4.20	12.73	0.00	0.00	0.00	0.00	4.78	9.09	8.99
Enterprise Value to Revenue (EV/Rev)	0.00	2.07	1.92	3.43	42.31	26.50	56.59	69.76	25.17	33.72	20.56
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	25.09	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	23.76	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	10.10	73.09	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.83	-0.79	-0.78	-0.77	-2.52	-1.26	-1.06	-1.04	-1.34	-0.92	-0.85
Leverage Ratio	1.23	1.24	1.29	1.35	3.72	1.82	1.48	1.48	2.33	1.59	1.39
Compound Leverage Factor	1.21	1.18	1.21	1.30	3.70	1.86	1.38	1.29	2.11	1.55	1.36
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	-10.31	-9.71	-11.23	-13.76	-11.01	-4.65	-0.25	1.84	-1.44	0.20	0.06
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.33	6.81	6.47	5.02	9.64	16.03	17.12	13.56	9.28	7.85	6.30
Quick Ratio	4.69	6.17	5.58	4.46	9.34	14.92	16.37	12.87	8.49	7.05	5.58
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2.17	23	16	14	47	14	7.18	1.75	-84	-53	-45
Operating Cash Flow to CapEx	0.00%	-11,670.97%	-4,053.85%	-37,483.33%	-10,616.67%	-8,081.72%	0.00%	-1,638.02%	-3,603.81%	0.00%	-1,178.89%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.05	0.07	0.11	0.12	0.13	0.11	0.07	0.08	0.07	0.09	0.14
Accounts Receivable Turnover	5.08	5.36	9.81	7.69	8.34	21.32	11.82	9.21	8.82	8.07	9.30
Inventory Turnover	2.18	0.00	0.00	0.00	6.14	0.00	0.00	0.00	13.12	9.06	16.61
Fixed Asset Turnover	0.98	1.18	1.54	1.40	1.71	1.38	1.02	1.03	0.80	1.12	1.83
Accounts Payable Turnover	2.05	3.02	1.90	3.60	4.04	3.79	5.12	4.96	3.60	7.22	11.15
Days Sales Outstanding (DSO)	71.89	68.13	37.22	47.44	43.79	17.12	30.87	39.64	41.36	45.23	39.27
Days Inventory Outstanding (DIO)	167.51	0.00	0.00	0.00	59.44	0.00	0.00	0.00	27.82	40.29	21.97
Days Payable Outstanding (DPO)	177.79	121.05	191.69	101.32	90.31	96.24	71.23	73.61	101.29	50.58	32.72
Cash Conversion Cycle (CCC)	61.61	-52.92	-154.46	-53.88	12.91	-79.12	-40.36	-33.97	-32.11	34.94	28.52
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1.85	2.40	3.98	2.09	-50	-18	-8.87	-5.30	28	26	27
Invested Capital Turnover	0.39	0.44	0.63	0.67	-0.33	-0.76	-1.78	-2.71	-0.48	1.79	1.30
Increase / (Decrease) in Invested Capital	-28	-29	-20	-19	-51	-21	-13	-7.39	77	45	36
Enterprise Value (EV)	-20	15	17	27	329	160	247	303	132	239	243
Market Capitalization	19	47	43	48	369	207	309	360	179	282	287
Book Value per Share	$1.58	$1.32	$1.12	$0.87	($0.32)	$0.80	$1.51	$1.24	$1.78	$1.50	$1.50
Tangible Book Value per Share	$1.58	$1.32	$1.12	$0.87	($0.32)	$0.80	$1.51	$1.24	$1.18	$0.97	$0.98
Total Capital	41	34	30	23	-9.53	28	54	52	75	70	71
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-39	-32	-26	-21	-40	-47	-63	-57	-47	-44	-44
Capital Expenditures (CapEx)	-0.25	0.06	0.14	0.01	0.05	0.09	0.00	0.38	0.24	-0.07	0.86
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2.48	-1.49	-0.02	-1.55	-1.77	0.48	-0.73	-1.10	-0.16	0.25	0.03
Debt-free Net Working Capital (DFNWC)	37	30	26	20	38	47	62	56	47	44	44
Net Working Capital (NWC)	37	30	26	20	38	47	62	56	47	44	44
Net Nonoperating Expense (NNE)	11	2.08	1.27	1.99	48	-30	1.82	-1.91	-5.03	4.26	2.94
Net Nonoperating Obligations (NNO)	-39	-32	-26	-21	-40	-47	-63	-57	-47	-44	-44
Total Depreciation and Amortization (D&A)	0.44	0.14	0.20	0.21	0.19	-0.03	-0.18	-0.20	0.11	0.47	0.55
Debt-free, Cash-free Net Working Capital to Revenue	-40.34%	-20.42%	-0.17%	-19.95%	-22.78%	7.99%	-16.82%	-25.24%	-3.13%	3.59%	0.25%
Debt-free Net Working Capital to Revenue	595.62%	415.70%	295.82%	254.51%	491.87%	778.30%	1,422.29%	1,289.67%	893.84%	621.03%	369.67%
Net Working Capital to Revenue	595.62%	415.70%	295.82%	254.51%	491.87%	778.30%	1,422.29%	1,289.67%	893.84%	621.03%	369.67%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.42)	($0.28)	($0.20)	($0.27)	($1.98)	$0.64	($0.20)	($0.09)	($0.09)	($0.28)	($0.27)
Adjusted Weighted Average Basic Shares Outstanding	25.64M	25.88M	26.62M	26.18M	26.77M	35.35M	37.75M	40.49M	38.84M	45.07M	45.99M
Adjusted Diluted Earnings per Share	($1.42)	($0.28)	($0.20)	($0.27)	($1.98)	$0.55	($0.20)	($0.09)	($0.02)	($0.28)	($0.27)
Adjusted Weighted Average Diluted Shares Outstanding	25.64M	25.88M	26.62M	26.18M	26.77M	41.07M	37.75M	40.49M	42.13M	45.07M	45.99M
Adjusted Basic & Diluted Earnings per Share	($1.42)	$0.00	$0.00	$0.00	($1.98)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	25.90M	26.60M	26.80M	30.11M	35.22M	35.71M	41.95M	42.04M	46.49M	47.24M	49.34M
Normalized Net Operating Profit after Tax (NOPAT)	-11	-5.09	-4.11	-5.24	-4.54	-4.85	-5.67	-5.65	-6.52	-8.34	-9.39
Normalized NOPAT Margin	-1,448.51%	-147.89%	-151.59%	-601.63%	-596.43%	-283.73%	-558.21%	-656.45%	-392.52%	-235.82%	-162.36%
Pre Tax Income Margin	-4,889.01%	-210.08%	-196.20%	-814.35%	-6,960.18%	1,330.94%	-737.64%	-434.88%	-242.69%	-356.36%	-213.14%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-0.07%	-0.11%	-0.11%	-0.17%	-1.08%	-1.86%	-1.71%	-1.82%	0.50%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Palladyne AI’s second-quarter 2026 results show strong top-line momentum, but the company remains deeply unprofitable and dependent on external financing. Revenue increased to $5.8 million from $3.5 million in the first quarter and $1.0 million in the year-ago quarter. However, operating expenses continued to substantially exceed gross profit, resulting in a $13.4 million operating loss and a $12.3 million net loss.

Revenue growth accelerated. Q2 2026 revenue rose approximately 63.5% sequentially and 469% from Q2 2025. This is the strongest quarterly revenue level in the supplied data and suggests improving commercial traction.
Gross profit also improved in dollars. Gross profit increased to $1.7 million from $1.1 million in Q1 2026 and $541,000 in Q2 2025. The gross margin was approximately 29%, providing a larger contribution toward covering operating costs.
Liquidity remains substantial in the near term. Palladyne held $33.8 million in cash and $10.0 million in short-term investments at June 30, 2026, or approximately $43.7 million in combined liquid resources. Total current assets of $52.0 million compared with current liabilities of $8.3 million, indicating a strong current liquidity position.
Debt exposure appears limited. Total liabilities were $23.6 million, while the balance sheet shows only modest debt repayment activity. The company’s capital structure is primarily funded by equity rather than significant interest-bearing borrowings.

Cash increased despite operating losses, but the improvement was largely financing- and investment-driven. Cash rose by $15.9 million during Q2. Investing activities provided $15.2 million, primarily from $21.0 million of investment sales or maturities, while financing activities provided $10.9 million from common-stock issuance. These sources offset a $10.2 million operating cash outflow.
Research and development spending remains elevated. Q2 research and development expense was $4.3 million, up from $3.9 million in Q1 2026 and $3.1 million in Q2 2025. Continued investment may support future products, but investors will need to see stronger revenue conversion before these expenses produce operating leverage.
The balance sheet has become more asset-heavy. Goodwill and intangible assets totaled approximately $24.5 million at June 30, 2026. These assets may support the company’s technology strategy, but they can also create impairment risk if expected growth or acquisitions do not generate anticipated returns.

Operating losses remain very large relative to revenue. Q2 operating expenses totaled $15.1 million against $1.7 million of gross profit. The resulting $13.4 million operating loss was wider than the $11.9 million loss in Q1 2026 and the $8.1 million loss in Q2 2025.
The company continues to burn cash from operations. Operating cash outflow was $10.2 million in Q2 2026, following a $10.2 million outflow in Q1. Palladyne therefore used approximately $20.4 million in operating cash during the first half of 2026, despite holding meaningful liquid assets.
External equity funding is an important source of liquidity. Palladyne issued $10.9 million of common equity in Q2 and $6.5 million in Q1. Repeated equity issuance can extend the company’s cash runway, but it also increases dilution risk for existing shareholders.
Share dilution has been significant. Weighted-average basic shares outstanding increased to approximately 46.0 million in Q2 2026 from 37.7 million in Q2 2025, an increase of roughly 22%. The common-stock balance also rose to $576.6 million, while retained earnings declined to a deficit of $505.7 million.
Net profitability has not improved meaningfully. The company reported a $12.3 million net loss, or $0.27 per basic and diluted share, compared with a $12.6 million loss, or $0.28 per share, in Q1 2026. The modest per-share improvement was helped partly by revenue growth and does not yet indicate a sustainable path to profitability.

Overall, Palladyne AI’s revenue trajectory is encouraging, and its liquid balance sheet provides some financial flexibility. However, the core business is still generating substantial operating losses and consuming more than $10 million of cash per quarter. For the stock to improve on a fundamental basis, investors will likely want to see continued revenue growth, expanding gross margins, controlled operating expenses and a reduced reliance on equity financing.

10/24/26 03:56 AM ETAI Generated. May Contain Errors.

Palladyne AI Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Palladyne AI's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Palladyne AI's net income appears to be on an upward trend, with a most recent value of $10.04 million in 2025, compared with -$20.93 million in 2020. The previous period was -$72.62 million in 2024. View Palladyne AI's forecast to see where analysts expect Palladyne AI to go next.

Palladyne AI's total operating income in 2025 was -$32.40 million, based on the following breakdown:

Total Gross Profit: $2.56 million
Total Operating Expenses: $34.96 million

Over the last 5 years, Palladyne AI's total revenue changed from $8.81 million in 2020 to $5.25 million in 2025, a change of -40.5%.

In the past 11 quarters, Palladyne AI's cash and equivalents has ranged from $10.06 million in Q1 2025 to $35.31 million in Q3 2023, and is currently $33.77 million as of their latest financial filing in Q2 2026.

Palladyne AI had total debt of $0.00 at the end of 2025, compared with none in 2024, and a 100.0% decrease since 2020.

Over the last 5 years, Palladyne AI's book value per share changed from 0.33 in 2020 to 1.78 in 2025, a change of 440.4%.

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Financial statements for NASDAQ:PDYN last updated on 8/6/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Palladyne AI (PDYN) Financials

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Palladyne AI (PDYN) Financials

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Financials Breakdown Chart

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When does Palladyne AI's fiscal year end?

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