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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% | -113.8% |
| 2024 | $8M | $-26M | $-73M | $-23M | 761.7% | 26.7% | -37.2% |
| 2023 | $6M | $-79M | $-116M | $-77M | -282.6% | -57.8% | -26.4% |
| 2022 | $15M | $-103M | $-157M | $-67M | -108.8% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 14.57 | 6.15 | 7.79 | 5.25 |
| Operating 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 | 84.12 | 31.41 | 34.96 |
| Research And Development | - | 34.14 | 39.01 | 10.44 | 12.90 |
| Selling General And Administration | - | 73.43 | 42.28 | 20.98 | 21.94 |
| Total Expenses | - | 121.37 | 89.16 | 34.90 | 37.65 |
| Operating Income | - | -106.80 | -83.01 | -27.12 | -32.40 |
| Total Operating Income As Reported | - | -177.04 | -120.96 | -26.92 | -32.40 |
| EBITDA | - | -103.21 | -78.64 | -26.29 | -31.31 |
| Normalized EBITDA | - | -46.42 | -40.85 | 20.45 | -69.05 |
| EBIT | - | -106.80 | -83.01 | -27.12 | -32.40 |
| Interest Income | - | 1.83 | 3.29 | 1.24 | 1.94 |
| Net Interest Income | - | 1.83 | 3.29 | 1.24 | 1.94 |
| Other Non Operating Income Expenses | - | 0.74 | 1.91 | 0 | 0.22 |
| Other Income Expense | - | -56.05 | -35.87 | -46.74 | 37.96 |
| Interest Income Non Operating | - | 1.83 | 3.29 | 1.24 | 1.94 |
| Net Non Operating Interest Income Expense | - | 1.83 | 3.29 | 1.24 | 1.94 |
| Pretax Income | - | -161.02 | -115.59 | -72.61 | 7.50 |
| Tax Provision | - | -3.89 | 0.01 | 0 | -2.54 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -1.36 | 0 | 0 | 7.93 |
| Net Income Continuous Operations | - | -157.13 | -115.59 | -72.62 | 10.04 |
| Net Income From Continuing And Discontinued Operation | - | -157.13 | -115.59 | -72.62 | 10.04 |
| Net Income From Continuing Operation Net Minority Interest | - | -157.13 | -115.59 | -72.62 | 10.04 |
| Net Income | - | -157.13 | -115.59 | -72.62 | 10.04 |
| Net Income Common Stockholders | - | -157.13 | -115.59 | -72.62 | 10.04 |
| Net Income Including Noncontrolling Interests | - | -157.13 | -115.59 | -72.62 | 10.04 |
| Normalized Income | - | -101.70 | -77.81 | -25.87 | -19.78 |
| Diluted NI Availto Com Stockholders | - | -157.13 | -115.59 | -72.62 | 10.04 |
| Basic Average Shares | - | 24.47 | 25.64 | 26.77 | 38.84 |
| Diluted Average Shares | - | 24.47 | 25.64 | 26.77 | 42.13 |
| Reconciled Depreciation | - | 3.59 | 4.38 | 0.82 | 1.09 |
| Reconciled Cost Of Revenue | - | 10.20 | 3.49 | 2.66 | 1.72 |
| Total Unusual Items | - | -56.79 | -37.78 | -46.74 | 37.74 |
| Total Unusual Items Excluding Goodwill | - | -56.79 | -37.78 | -46.74 | 37.74 |
| Special Income Charges | - | -70.24 | -37.95 | 0.19 | 0 |
| Other Special Charges | -4.39 | - | 23.20 | - | - |
| Write Off | - | 0 | 11.35 | -0.19 | 0 |
| Impairment Of Capital Assets | 0 | 70.24 | 0 | - | - |
| Restructuring And Mergern Acquisition | - | - | 3.40 | - | - |
| Gain On Sale Of Security | - | 13.44 | 0.16 | -46.94 | 37.74 |
| 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 |
| General And Administrative Expense | - | 63.48 | 31.45 | 16.84 | 17.20 |
| Other Gand A | - | 63.48 | 31.45 | 16.84 | 17.20 |
| Total Other Finance Cost | 0.03 | -1.83 | - | - | - |
| Selling And Marketing Expense | - | 9.95 | 10.83 | 4.13 | 4.74 |
| Amortization | - | 2.18 | 2.82 | 0 | 0.12 |
| Amortization Of Intangibles Income Statement | - | 2.18 | 2.82 | 0 | 0.12 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Palladyne AI Corp.this co. | PDYN | $386M | 38.40↑ premium | 5.16 | 13.4% | -12.07 |
| Alight, Inc. | ALIT | $406M | -0.13 | 0.39 | -296.6% | -0.88 |
| M-tron Industries, Inc. | MPTI | $400M | 47.30 | 6.32 | 13.4% | 33.29 |
| IBEX Limited | IBEX | $399M | 10.83 | 2.97 | 27.4% | 7.00 |
| Yext, Inc. | YEXT | $397M | 10.48 |
| - |
| - |
| - |
| - |
| - |
| 2.49 |
| 23.8% |
| 5.01 |
| Paysign, Inc. | PAYS | $390M | 51.60 | 8.04 | 15.6% | 23.89 |
| Rimini Street, Inc. | RMNI | $384M | 10.35 | -14.21 | -137.3% | 5.02 |
| Xperi Inc. | XPER | $375M | -6.65 | 0.90 | -13.6% | 32.76 |
| Paysafe Limited | PSFE | $374M | -2.05 | 0.57 | -27.9% | 8.16 |
| Peer Median | - | 10.42 | 1.70 | -0.1% | 7.58 | |