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Palladyne AI Corp., a technology company, develops and offers embodied artificial intelligence software and collaborative autonomy solutions in the United States. Its Artificial Intelligence (AI)/ Machine Learning (ML) Foundational Technology enables robots to observe, learn, reason, and act in unstructured. In addition, the company's technologies enable robotic systems to perceive their environment and quickly adapt to changing circumstances by generalizing from their experience using dynamic real-time operations without extensive programming, training, or the latency associated with processing in the cloud. Further, it offers Palladyne IQ used with industrial robots and cobots, enabling them to learn multiple tasks and handle disruptions or obstacles; and develops Palladyne Pilot for use with unmanned platform, such as UAVs to enable persistent detection, identification, tracking, and classification of objects of interest by sharing situational awareness information across multiple drones that is derived by fusing multi-modal sensor data. It serves industrial manufacturing, defense, infrastructure maintenance, repair and surveillance, energy, and aerospace and aviation industries. The company was formerly known as Sarcos Technology and Robotics Corporation and changed its name to Palladyne AI Corp. in March 2024. Palladyne AI Corp. is headquartered in Salt Lake City, Utah.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $5M | $-31M | $10M | $-28M | 13.4% | -32.6% | - |
| 2024 | $8M | $-26M | $-73M | $-23M | 761.7% | 26.7% | - |
| 2023 | $6M | $-79M | $-116M | $-77M | -282.6% | -57.8% | - |
| 2022 | $15M | $-103M | $-157M | $-67M | -108.8% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 14.57 | 6.15 | 7.79 | 5.25 |
| Cost Of Revenue | 11.61 | 5.04 | 3.49 | 2.69 |
| Gross Profit | 2.96 | 1.10 | 4.30 | 2.56 |
| Operating Expense | 109.76 | 84.11 | 31.41 | 34.96 |
| Operating Income | -106.80 | -83.01 | -27.11 | -32.40 |
| EBITDA | -103.21 | -78.64 | -26.29 | -31.31 |
| EBIT | -106.80 | -83.01 | -27.11 | -32.40 |
| Pretax Income | -161.02 | -115.59 | -72.61 | 7.50 |
| Tax Provision | -3.89 | 0.01 | 0.01 | -2.54 |
| Net Income | -157.13 | -115.59 | -72.62 | 10.04 |
| Net Income Common Stockholders | -157.13 | -115.59 | -72.62 | 10.04 |
| Total Expenses | 121.37 | 89.16 | 34.90 | 37.65 |
| Interest Income | 1.83 | 3.29 | 1.24 | 1.94 |
| Research And Development | 34.14 | 39.01 | 10.44 | 12.90 |
| Selling General And Administration | 73.43 | 42.28 | 20.98 | 21.94 |
| Normalized EBITDA | -46.41 | -40.85 | 20.45 | -69.05 |
| Normalized Income | -101.70 | -77.81 | -25.87 | -19.78 |
| Basic EPS | -6.42 | -4.51 | -2.71 | 0 |
| Diluted EPS | -6.42 | -4.51 | -2.71 | 0 |
| Tax Effect Of Unusual Items | -1.36 | 0 | 0 | 7.93 |
| Tax Rate For Calcs | 0.02 | 0 | 0 | 0.21 |
| Total Unusual Items | -56.79 | -37.78 | -46.74 | 37.74 |
| Total Unusual Items Excluding Goodwill | -56.79 | -37.78 | -46.74 | 37.74 |
| Net Income From Continuing Operation Net Minority Interest | -157.13 | -115.59 | -72.62 | 10.04 |
| Reconciled Depreciation | 3.59 | 4.38 | 0.82 | 1.09 |
| Reconciled Cost Of Revenue | 10.21 | 3.49 | 2.66 | 1.72 |
| Net Interest Income | 1.83 | 3.29 | 1.24 | 1.94 |
| Net Income From Continuing And Discontinued Operation | -157.13 | -115.59 | -72.62 | 10.04 |
| Total Operating Income As Reported | -177.04 | -120.96 | -26.92 | -32.40 |
| Diluted Average Shares | 24.47 | 25.64 | 26.77 | 0 |
| Basic Average Shares | 24.47 | 25.64 | 26.77 | 0 |
| Diluted NI Availto Com Stockholders | -157.13 | -115.59 | -72.62 | 10.04 |
| Net Income Including Noncontrolling Interests | -157.13 | -115.59 | -72.62 | 10.04 |
| Net Income Continuous Operations | -157.13 | -115.59 | -72.62 | 10.04 |
| Other Income Expense | -56.05 | -35.87 | -46.74 | 37.96 |
| Other Non Operating Income Expenses | 0.74 | 1.91 | 0 | 0.22 |
| Special Income Charges | -70.24 | -37.95 | 0.19 | 0 |
| Other Special Charges | 0 | 23.20 | 0 | 0 |
| Write Off | 0 | 11.35 | -0.19 | 0 |
| Impairment Of Capital Assets | 70.24 | 0 | 0 | 0 |
| Restructuring And Mergern Acquisition | 0 | 3.40 | 0 | 0 |
| Gain On Sale Of Security | 13.44 | 0.16 | -46.94 | 37.74 |
| Net Non Operating Interest Income Expense | 1.83 | 3.29 | 1.24 | 1.94 |
| Total Other Finance Cost | -1.83 | 0 | 0 | 0 |
| Interest Income Non Operating | 1.83 | 3.29 | 1.24 | 1.94 |
| Depreciation Amortization Depletion Income Statement | 2.18 | 2.82 | 0 | 0.12 |
| Depreciation And Amortization In Income Statement | 2.18 | 2.82 | 0 | 0.12 |
| Amortization | 2.18 | 2.82 | 0 | 0.12 |
| Amortization Of Intangibles Income Statement | 2.18 | 2.82 | 0 | 0.12 |
| Selling And Marketing Expense | 9.95 | 10.83 | 4.13 | 4.74 |
| General And Administrative Expense | 63.48 | 31.45 | 16.84 | 17.20 |
| Other Gand A | 63.48 | 31.45 | 16.84 | 17.20 |
| Operating Revenue | 14.57 | 6.15 | 7.79 | 5.25 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Palladyne AI Corp.this co. | PDYN | $274M | 24.21 | 3.59 | 13.4% | -7.50 |
| CS Disco, Inc. | LAW | $285M | - | 2.22 | -34.6% | -4.74 |
| Atomera Incorporated | ATOM | $281M | - | 12.76 | -109.8% | -13.04 |
| Methode Electronics, Inc. | MEI | $271M | - | 0.40 | -9.0% | 12.89 |
| Conduent Incorporated | CNDT | $265M | - | 0.39 |
| -24.8% |
| 18.79 |
| Asure Software, Inc. | ASUR | $264M | - | 1.31 | -6.6% | 17.27 |
| 8x8, Inc. | EGHT | $254M | - | 1.77 | -22.3% | 14.50 |
| Backblaze, Inc. | BLZE | $251M | - | 2.95 | -30.8% | -48.22 |
| Bakkt, Inc. | BKKT | $240M | - | 1.78 | -95.1% | -1.84 |
| Peer Median | - | - | 1.78 | -27.8% | 5.53 | |