PALLADYNE AI CORP Financials

PDYN

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows PALLADYNE AI CORP (PDYN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 50/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

PALLADYNE AI CORP has an operating margin of -345.8%, meaning the company retains $-346 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -1968.0% the prior year.

Growth

100

PALLADYNE AI CORP's revenue surged 26.7% year-over-year to $7.8M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Liquidity

100

With a current ratio of 9.64, PALLADYNE AI CORP holds $9.64 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

While PALLADYNE AI CORP generated -$22.6M in operating cash flow, capex of $265K consumed most of it, leaving -$22.9M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Neutral

5/9

PALLADYNE AI CORP passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

0.31x

For every $1 of reported earnings, PALLADYNE AI CORP generates $0.31 in operating cash flow (-$22.6M OCF vs -$72.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-21.6x

PALLADYNE AI CORP earns $-21.6 in operating income for every $1 of interest expense (-$26.9M vs $1.2M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

$7.8M

YoY+26.7%

PALLADYNE AI CORP generated $7.8M in revenue in fiscal year 2024. This represents an increase of 26.7% from the prior year.

EBITDA

-$26.1M

YoY+77.6%

PALLADYNE AI CORP's EBITDA was -$26.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 77.6% from the prior year.

Free Cash Flow

-$22.9M

YoY+70.4%

PALLADYNE AI CORP generated -$22.9M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 70.4% from the prior year.

Net Income

-$72.6M

YoY+37.2%

PALLADYNE AI CORP reported -$72.6M in net income in fiscal year 2024. This represents an increase of 37.2% from the prior year.

EPS (Diluted)

$-2.71

YoY+39.9%

PALLADYNE AI CORP earned $-2.71 per diluted share (EPS) in fiscal year 2024. This represents an increase of 39.9% from the prior year.

Cash & Debt

$31.2M

YoY+34.8%

PALLADYNE AI CORP held $31.2M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

35M

YoY+36.0%

PALLADYNE AI CORP had 35M shares outstanding in fiscal year 2024. This represents an increase of 36.0% from the prior year.

Gross Margin

55.2%

YoY+37.2pp

PALLADYNE AI CORP's gross margin was 55.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 37.2 percentage points from the prior year.

Operating Margin

-345.8%

YoY+1622.3pp

PALLADYNE AI CORP's operating margin was -345.8% in fiscal year 2024, reflecting core business profitability. This is up 1622.3 percentage points from the prior year.

Net Margin

-932.7%

YoY+948.1pp

PALLADYNE AI CORP's net profit margin was -932.7% in fiscal year 2024, showing the share of revenue converted to profit. This is up 948.1 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$10.4M

YoY-73.2%

PALLADYNE AI CORP invested $10.4M in research and development in fiscal year 2024. This represents a decrease of 73.2% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$265K

YoY-66.1%

PALLADYNE AI CORP invested $265K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 66.1% from the prior year.

PDYN Income Statement

Metric	FY24	FY23	FY22	FY21	FY20
Revenue	$7.8M+26.7%	$6.1M-57.8%	$14.6M+187.1%	$5.1M-42.4%	$8.8M
Cost of Revenue	$3.5M-30.8%	$5.0M-56.6%	$11.6M+200.3%	$3.9M-31.0%	$5.6M
Gross Profit	$4.3M+289.0%	$1.1M-62.6%	$3.0M+144.6%	$1.2M-62.4%	$3.2M
R&D Expenses	$10.4M-73.2%	$39.0M+14.3%	$34.1M+94.9%	$17.5M+24.1%	$14.1M
SG&A Expenses	$16.8M-46.5%	$31.5M-50.5%	$63.5M+9.3%	$58.1M+695.7%	$7.3M
Operating Income	-$26.9M+77.7%	-$121.0M+31.7%	-$177.0M-118.6%	-$81.0M-285.7%	-$21.0M
Interest Expense	$1.2M-62.2%	$3.3M+79.9%	$1.8M+5485.3%	-$34K-185.0%	$40K
Income Tax	$5K-28.6%	$7K+100.2%	-$3.9M-389300.0%	$1K0.0%	$1K
Net Income	-$72.6M+37.2%	-$115.6M+26.4%	-$157.1M-92.8%	-$81.5M-289.5%	-$20.9M
EPS (Diluted)	$-2.71+39.9%	$-4.51+29.8%	$-6.42	$-0.72	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$860K-15.3%	$1.0M-40.6%	$1.7M+124.7%	$761K-71.9%	$2.7M-21.2%	$3.4M+361.3%	$746K-59.2%	$1.8M
Cost of Revenue	$461K-2.7%	$474K+34.3%	$353K-36.3%	$554K-2.6%	$569K-69.8%	$1.9M+73.0%	$1.1M-10.8%	$1.2M
Gross Profit	$399K-26.2%	$541K-60.1%	$1.4M+555.6%	$207K-90.3%	$2.1M+37.9%	$1.6M+552.0%	-$344K-156.9%	$605K
R&D Expenses	$3.1M+0.7%	$3.1M+8.9%	$2.9M+9.9%	$2.6M+11.2%	$2.3M-18.9%	$2.9M-63.3%	$7.9M-21.2%	$10.0M
SG&A Expenses	$4.1M-1.0%	$4.2M-0.5%	$4.2M+21.3%	$3.5M-19.3%	$4.3M-16.3%	$5.1M-13.3%	$5.9M-21.8%	$7.6M
Operating Income	-$8.1M+0.4%	-$8.1M-16.8%	-$6.9M-6.9%	-$6.5M-12.0%	-$5.8M+21.3%	-$7.4M+80.2%	-$37.1M-20.5%	-$30.8M
Interest Expense	$566K+12.1%	$505K+14.3%	$442K+59.6%	$277K-19.9%	$346K-7.0%	$372K-27.8%	$515K-36.1%	$806K
Income Tax	$0	$0	$0-100.0%	$2K	$0	$0-100.0%	$4K	$0
Net Income	-$3.7M+50.0%	-$7.5M-132.9%	$22.8M+143.0%	-$53.0M-895.1%	-$5.3M+26.4%	-$7.2M+80.2%	-$36.5M-25.9%	-$29.0M
EPS (Diluted)	$-0.09+55.0%	$-0.20-136.4%	$0.55+128.1%	$-1.96-880.0%	$-0.20+28.6%	$-0.28+80.3%	$-1.42-25.7%	$-1.13

PDYN Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20
Total Assets	$56.3M-6.9%	$60.4M-64.0%	$167.6M-28.9%	$235.8M+519.8%	$38.1M
Current Assets	$42.7M-5.2%	$45.1M-65.1%	$129.1M-43.5%	$228.3M+528.4%	$36.3M
Cash & Equivalents	$31.2M+34.8%	$23.1M-34.2%	$35.2M-83.8%	$217.1M+544.9%	$33.7M
Inventory	$71K-93.3%	$1.1M-70.1%	$3.6M+254.1%	$1.0M+42.3%	$707K
Accounts Receivable	$134K-75.9%	$555K-70.3%	$1.9M+136.8%	$788K-25.0%	$1.1M
Goodwill	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$65.8M+237.0%	$19.5M-15.8%	$23.2M+6.0%	$21.9M+324.7%	$5.1M
Current Liabilities	$4.4M-47.6%	$8.5M-19.7%	$10.5M+70.9%	$6.2M+73.3%	$3.6M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A
Total Equity	-$9.5M-123.3%	$40.9M-71.7%	$144.4M-32.5%	$214.0M+550.2%	$32.9M
Retained Earnings	-$490.8M-17.4%	-$418.2M-38.2%	-$302.6M-108.0%	-$145.5M-127.4%	-$64.0M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$72.9M-6.9%	$78.3M+23.7%	$63.3M+12.5%	$56.3M+24.7%	$45.1M-10.5%	$50.4M-16.6%	$60.4M-36.8%	$95.6M
Current Assets	$60.5M-8.1%	$65.8M+30.9%	$50.3M+17.6%	$42.7M+40.0%	$30.5M-14.1%	$35.5M-21.2%	$45.1M-26.6%	$61.4M
Cash & Equivalents	$27.4M+35.8%	$20.1M+100.3%	$10.1M-67.7%	$31.2M+20.7%	$25.8M-18.8%	$31.8M+37.4%	$23.1M-34.5%	$35.3M
Inventory	$76K0.0%	$76K+4.1%	$73K+2.8%	$71K	$0	$0-100.0%	$1.1M-3.9%	$1.1M
Accounts Receivable	$326K+37.6%	$237K+48.1%	$160K+19.4%	$134K-73.2%	$500K+22.5%	$408K-26.5%	$555K-60.4%	$1.4M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$21.1M-13.9%	$24.5M-30.1%	$35.0M-46.8%	$65.8M+329.9%	$15.3M-5.5%	$16.2M-17.0%	$19.5M+0.5%	$19.4M
Current Liabilities	$4.5M+16.1%	$3.8M+22.6%	$3.1M-29.3%	$4.4M-6.0%	$4.7M-9.6%	$5.2M-38.3%	$8.5M+6.4%	$7.9M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$51.8M-3.7%	$53.8M+90.2%	$28.3M+396.9%	-$9.5M-132.0%	$29.8M-12.8%	$34.2M-16.4%	$40.9M-46.3%	$76.2M
Retained Earnings	-$479.3M-0.8%	-$475.6M-1.6%	-$468.1M+4.6%	-$490.8M-13.9%	-$430.8M-1.3%	-$425.4M-1.7%	-$418.2M-9.6%	-$381.7M

PDYN Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$22.6M+70.5%	-$76.6M-17.2%	-$65.4M-55.3%	-$42.1M-149.4%	-$16.9M
Capital Expenditures	$265K-66.1%	$782K-47.8%	$1.5M-68.0%	$4.7M+393.5%	$950K
Free Cash Flow	-$22.9M+70.4%	-$77.4M-15.7%	-$66.9M-43.0%	-$46.8M-162.4%	-$17.8M
Investing Cash Flow	$6.9M-89.4%	$64.7M+159.3%	-$109.0M-2226.0%	-$4.7M-393.5%	-$950K
Financing Cash Flow	$23.8M+29124.4%	-$82K+98.9%	-$7.5M-103.3%	$230.2M+444.3%	$42.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	-$6.3M-18.1%	-$5.3M+29.1%	-$7.5M-47.5%	-$5.1M+12.1%	-$5.8M+19.9%	-$7.2M+56.1%	-$16.5M+18.1%	-$20.1M
Capital Expenditures	$384K	$0-100.0%	$93K+93.8%	$48K-66.4%	$143K+130.6%	$62K+124.7%	-$251K-169.7%	$360K
Free Cash Flow	-$6.7M-25.3%	-$5.3M+30.0%	-$7.6M-47.9%	-$5.1M+13.4%	-$5.9M+18.6%	-$7.3M+56.4%	-$16.7M+18.3%	-$20.5M
Investing Cash Flow	$12.8M+329.7%	-$5.6M+79.7%	-$27.5M-209.3%	-$8.9M-6128.7%	-$143K-100.9%	$15.9M+267.5%	$4.3M-85.5%	$29.9M
Financing Cash Flow	$679K-96.8%	$21.0M+50.7%	$13.9M-41.6%	$23.9M+88481.5%	-$27K+37.2%	-$43K-290.9%	-$11K-37.5%	-$8K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PDYN Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20
Gross Margin	55.2%+37.2pp	18.0%-2.3pp	20.3%-3.5pp	23.8%-12.6pp	36.4%
Operating Margin	-345.8%+1622.3pp	-1968.0%-752.9pp	-1215.2%+380.7pp	-1595.9%-1357.6pp	-238.3%
Net Margin	-932.7%+948.1pp	-1880.8%-802.3pp	-1078.5%+527.6pp	-1606.1%-1368.6pp	-237.4%
Return on Equity	N/A	N/A	N/A	N/A	N/A
Return on Assets	-129.1%+62.2pp	-191.3%-97.6pp	-93.7%-59.2pp	-34.6%+20.4pp	-55.0%
Current Ratio	9.64+4.3	5.33-6.9	12.26-24.8	37.06+26.8	10.22
Debt-to-Equity	-6.90-7.4	0.48+0.3	0.16+0.1	0.10-0.1	0.16
FCF Margin	-294.0%+965.4pp	-1259.4%-800.3pp	-459.1%+462.9pp	-922.0%-719.7pp	-202.3%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	46.4%-6.9pp	53.3%-26.1pp	79.4%+52.2pp	27.2%-51.8pp	79.0%+33.8pp	45.2%+91.3pp	-46.1%-79.2pp	33.1%
Operating Margin	-937.8%-140.4pp	-797.4%-392.1pp	-405.3%+446.7pp	-852.0%-638.7pp	-213.3%+0.4pp	-213.7%+4753.5pp	-4967.2%-3283.8pp	-1683.3%
Net Margin	-434.9%+302.8pp	-737.6%-2068.6pp	1330.9%+8291.4pp	-6960.4%-6764.3pp	-196.2%+13.9pp	-210.1%+4679.5pp	-4889.5%-3303.3pp	-1586.3%
Return on Equity	N/A	N/A	80.4%	N/A	N/A	N/A	N/A	N/A
Return on Assets	-5.1%+4.4pp	-9.6%-45.5pp	35.9%+130.1pp	-94.2%-82.4pp	-11.8%+2.5pp	-14.3%+46.0pp	-60.4%-30.0pp	-30.3%
Current Ratio	13.56-3.6	17.12+1.1	16.03+6.4	9.64+3.2	6.47-0.3	6.81+1.5	5.33-2.4	7.72
Debt-to-Equity	0.41-0.0	0.45-0.8	1.24+8.1	-6.90-7.4	0.51+0.0	0.470.0	0.48+0.2	0.26
FCF Margin	-776.1%-251.3pp	-524.7%-79.8pp	-445.0%+231.0pp	-676.0%-457.0pp	-218.9%-6.9pp	-212.1%+2033.0pp	-2245.0%-1123.1pp	-1122.0%

Note: Shareholder equity is negative (-$9.5M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

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Frequently Asked Questions

What is PALLADYNE AI CORP's annual revenue?

PALLADYNE AI CORP (PDYN) reported $7.8M in total revenue for fiscal year 2024. This represents a 26.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is PALLADYNE AI CORP's revenue growing?

PALLADYNE AI CORP (PDYN) revenue grew by 26.7% year-over-year, from $6.1M to $7.8M in fiscal year 2024.

Is PALLADYNE AI CORP profitable?

No, PALLADYNE AI CORP (PDYN) reported a net income of -$72.6M in fiscal year 2024, with a net profit margin of -932.7%.

What is PALLADYNE AI CORP's earnings per share (EPS)?

PALLADYNE AI CORP (PDYN) reported diluted earnings per share of $-2.71 for fiscal year 2024. This represents a 39.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is PALLADYNE AI CORP's EBITDA?

PALLADYNE AI CORP (PDYN) had EBITDA of -$26.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is PALLADYNE AI CORP's gross margin?

PALLADYNE AI CORP (PDYN) had a gross margin of 55.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is PALLADYNE AI CORP's operating margin?

PALLADYNE AI CORP (PDYN) had an operating margin of -345.8% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is PALLADYNE AI CORP's net profit margin?

PALLADYNE AI CORP (PDYN) had a net profit margin of -932.7% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is PALLADYNE AI CORP's free cash flow?

PALLADYNE AI CORP (PDYN) generated -$22.9M in free cash flow during fiscal year 2024. This represents a 70.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is PALLADYNE AI CORP's operating cash flow?

PALLADYNE AI CORP (PDYN) generated -$22.6M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are PALLADYNE AI CORP's total assets?

PALLADYNE AI CORP (PDYN) had $56.3M in total assets as of fiscal year 2024, including both current and long-term assets.

What are PALLADYNE AI CORP's capital expenditures?

PALLADYNE AI CORP (PDYN) invested $265K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does PALLADYNE AI CORP spend on research and development?

PALLADYNE AI CORP (PDYN) invested $10.4M in research and development during fiscal year 2024.

How many shares does PALLADYNE AI CORP have outstanding?

PALLADYNE AI CORP (PDYN) had 35M shares outstanding as of fiscal year 2024.

What is PALLADYNE AI CORP's current ratio?

PALLADYNE AI CORP (PDYN) had a current ratio of 9.64 as of fiscal year 2024, which is generally considered healthy.

What is PALLADYNE AI CORP's debt-to-equity ratio?

PALLADYNE AI CORP (PDYN) had a debt-to-equity ratio of -6.90 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is PALLADYNE AI CORP's return on assets (ROA)?

PALLADYNE AI CORP (PDYN) had a return on assets of -129.1% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is PALLADYNE AI CORP's cash runway?

Based on fiscal year 2024 data, PALLADYNE AI CORP (PDYN) had $31.2M in cash against an annual operating cash burn of $22.6M. This gives an estimated cash runway of approximately 17 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is PALLADYNE AI CORP's debt-to-equity ratio negative or unusual?

PALLADYNE AI CORP (PDYN) has negative shareholder equity of -$9.5M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is PALLADYNE AI CORP's Piotroski F-Score?

PALLADYNE AI CORP (PDYN) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are PALLADYNE AI CORP's earnings high quality?

PALLADYNE AI CORP (PDYN) has an earnings quality ratio of 0.31x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can PALLADYNE AI CORP cover its interest payments?

PALLADYNE AI CORP (PDYN) has an interest coverage ratio of -21.6x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is PALLADYNE AI CORP?

PALLADYNE AI CORP (PDYN) scores 50 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.