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  4. [8-K] Palladyne AI Corp. Reports Material Event

Surging Q2 sales at Palladyne AI (NASDAQ: PDYN) and rising backlog

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Palladyne AI Corp. reported preliminary second-quarter 2026 revenue of approximately $5.8M, reflecting around 480% growth from $1.0M a year earlier and about 66% sequential growth from $3.5M in first-quarter 2026.

Backlog reached roughly $24.0M as of June 30, 2026, up from $17.3M at the end of the prior quarter, driven by about $12.5M in new customer programs and contract awards. Management expects most of this backlog to convert to revenue over the next 12–18 months.

Cash, cash equivalents and marketable securities were about $44.0M as of June 30, 2026, described as roughly flat versus March 31, 2026. All figures are unaudited, based on initial analysis, and remain subject to normal closing procedures and potential adjustments.

Positive

  • Exceptional revenue growth: Preliminary Q2 2026 revenue is approximately $5.8M, up about 480% year over year and 66% sequentially, indicating rapid topline expansion from a small base.
  • Backlog expansion: Backlog increased to roughly $24.0M from $17.3M in one quarter, supported by about $12.5M in new contracts, providing greater visibility into near-term demand.
  • Stable liquidity: Cash, cash equivalents and marketable securities of about $44.0M as of June 30, 2026 remained roughly flat versus March 31, 2026 while the business scaled.

Negative

  • None.

Insights

Preliminary Q2 shows explosive growth with stronger contracted demand.

Palladyne AI is signaling a sharp scale-up, with preliminary Q2 2026 revenue of about $5.8M, roughly 480% above the prior-year quarter and about 66% above Q1 2026. This is paired with growing visibility from contracted work.

Backlog reached approximately $24.0M as of June 30, 2026, up from $17.3M three months earlier, reflecting roughly $12.5M of gross new contracts. Cash and marketable securities of about $44.0M remained roughly flat, suggesting expansion without a visible near-term cash spike.

Because these figures are preliminary and unaudited, final results after closing procedures and any adjustments will matter. Future company filings for the quarter ended June 30, 2026 will provide full financial statements and clarify margin structure, profitability, and actual backlog conversion pace.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Preliminary Q2 2026 revenue $5.8M Approximately, vs $1.0M in Q2 2025 and $3.5M in Q1 2026
Revenue growth YoY 480% Approximate increase in Q2 2026 vs Q2 2025
Revenue growth QoQ 66% Approximate sequential increase Q2 2026 vs Q1 2026
Backlog $24.0M As of June 30, 2026, up from $17.3M at March 31, 2026
Gross new contracts $12.5M Approximate new customer programs and awards during Q2 2026
Cash, equivalents and marketable securities $44.0M As of June 30, 2026, roughly flat vs March 31, 2026
backlog financial
"Backlog of approximately $24.0 million as of June 30, 2026, up from $17.3 million as of March 31, 2026"
A backlog is the amount of work or orders that a company has received but hasn't completed yet. It’s like a restaurant with many dishes to serve; the backlog shows how many orders are still waiting to be finished. It matters because a large backlog can indicate strong demand or potential delays in delivering products or services.
preliminary financial results financial
"today announced preliminary financial results for its second fiscal quarter ended June 30, 2026"
Preliminary financial results are an early, unaudited summary of a company’s recent revenue, profits and key financial figures released before the final, checked reports. Think of it as a draft snapshot that gives investors a quick look at performance; it matters because it can change market expectations, influence stock price and guide short-term decisions, but the numbers may be adjusted when independently verified.
unaudited financial
"These preliminary financial results are based on management’s initial analysis... and are not yet available and remain subject to completion"
"Unaudited" describes financial statements or reports that have not been examined or verified by an independent accountant or auditor. Because they haven't undergone this review, they may not be as reliable or accurate as audited reports, making them less certain for investors to rely on when assessing a company's financial health. Think of it as a preliminary estimate that could change once checked by an expert.
forward-looking statements regulatory
"This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
embodied artificial intelligence technical
"a U.S.-based technology company developing patented embodied artificial intelligence, collaborative autonomy solutions, advanced avionics"
Embodied artificial intelligence is software that controls a physical device—such as a robot, drone, or smart sensor—so it can perceive, move and act in the real world rather than just process data in a computer. Investors care because embedding AI into hardware creates new markets, recurring service and maintenance revenue, and higher upfront costs and regulatory or safety risks, much like putting an engine into a new type of vehicle changes manufacturing and ongoing business models.
loitering munitions technical
"a family of combat-proven systems, the HARPY, HAROP and Mini HARPY, that fill gaps in the U.S. arsenal"
A loitering munition is a weapon that combines a small, guided aircraft and its explosive warhead into a single system that can fly over an area, wait while searching for a target, then dive in to destroy it — think of it as a drone with a built‑in bomb that can loiter like a hawk before striking. Investors care because demand, production, export rules, and ethical or regulatory restrictions can sharply affect defense company revenues, supply chains, and share prices.
Revenue $5.8M +480% YoY and +66% QoQ
Backlog $24.0M +1312% YoY and +39% QoQ
Cash, cash equivalents and marketable securities $44.0M roughly flat vs Q1 2026
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FAQ

How much revenue did Palladyne AI (PDYN) preliminarily report for Q2 2026?
Palladyne AI preliminarily reported Q2 2026 revenue of approximately $5.8 million. This represents about 480% growth versus $1.0 million in the prior-year quarter and around 66% sequential growth from $3.5 million in Q1 2026, highlighting rapid expansion from a low base.

What is Palladyne AI’s (PDYN) backlog as of June 30, 2026?
As of June 30, 2026, Palladyne AI’s backlog was approximately $24.0 million. This rose from $17.3 million at March 31, 2026, reflecting about $12.5 million in new customer programs and contract awards, with most expected to convert to revenue over the next 12–18 months.

How did Palladyne AI’s (PDYN) Q2 2026 results compare to Q2 2025 and Q1 2026?
Preliminary Q2 2026 revenue of roughly $5.8 million is about 480% higher than $1.0 million in Q2 2025 and around 66% above $3.5 million in Q1 2026. These figures underscore strong year-over-year and sequential growth, based on unaudited management estimates.

What is Palladyne AI’s (PDYN) cash position following Q2 2026?
Palladyne AI reported cash, cash equivalents and marketable securities of about $44.0 million as of June 30, 2026. Management described this balance as roughly flat compared to March 31, 2026, suggesting liquidity remained stable while revenue and backlog increased substantially.

Are Palladyne AI’s (PDYN) Q2 2026 financial figures audited or final?
The Q2 2026 revenue, backlog and cash figures are preliminary and unaudited. They are based on management’s initial analysis and remain subject to completion of financial closing procedures and possible adjustments, so actual reported results could differ, potentially materially, from these early estimates.

How quickly does Palladyne AI (PDYN) expect to recognize its Q2 2026 backlog as revenue?
Palladyne AI states that backlog of about $24.0 million represents committed contracts and purchase orders. The company expects that a majority of this amount will be recognized as revenue over the next 12 to 18 months, offering near- to medium-term demand visibility.
0001826681false0001826681us-gaap:CommonStockMember2026-07-082026-07-0800018266812026-07-082026-07-080001826681pdyn:RedeemableWarrantMember2026-07-082026-07-08

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 08, 2026

 

 

Palladyne AI Corp.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware

001-39897

85-2838301

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

650 South 500 West, Suite 150

 

Salt Lake City, Utah

 

84101

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (888) 927-7296

 

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

Common Stock, par value $0.0001 per share

 

PDYN

 

The Nasdaq Stock Market LLC

Redeemable warrants, exercisable for shares of Common Stock at an exercise price of $69.00 per share

 

PDYNW

 

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

Item 2.02 Results of Operations and Financial Condition.

On July 8, 2026, Palladyne AI Corp. (the "Company") issued a press release announcing preliminary results for the second quarter ended June 30, 2026. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The Company’s actual results for the quarter ended June 30, 2026 are still being finalized; therefore, such preliminary unaudited financial information is subject to further review and actual results could differ materially from management’s expectations.

The information furnished in this Current Report under this Item 2.02 and the exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 7.01 Regulation FD Disclosure.

The Company announces material information to the public through a variety of means, including filings with the Securities and Exchange Commission, public conference calls, the Company’s website (https://www.palladyneai.com/), its investor relations website (https://investor.palladyneai.com/), and its news site (https://www.palladyneai.com/press/). The Company uses these channels, as well as its social media, including its X (@PalladyneAI) and LinkedIn accounts (https://www.linkedin.com/company/palladyneaicorp/), to communicate with investors and the public news and developments about the Company, its products and other matters. Therefore, the Company encourages investors, the media, and others interested in the Company to review the information it makes public in these locations, as such information could be deemed to be material information. The information that can be accessed through hyperlinks or website addresses included in this Current Report on Form 8-K and Exhibit 99.1 attached hereto is deemed not to be incorporated in or part of this Current Report on Form 8-K.

Item 8.01 Other Events.

On July 8, 2026, the Company announced preliminary unaudited financial information for the quarter ended June 30, 2026. Total revenue for the quarter ended June 30, 2026 is expected to be approximately $5.8 million, and cash, cash equivalents and marketable securities and backlog are expected to be approximately $44.0 million and $24.0 million, respectively, as of June 30, 2026.

“Backlog” represents the total value of committed customer contracts and purchase orders. The Company expects that the majority of its backlog will be recognized as revenue within the next 12 to 18 months.

These preliminary financial results are based on management’s initial analysis of results of operations for the quarter ended June 30, 2026, and the Company's consolidated interim financial statements for the quarter ended June 30, 2026 are not yet available. The actual amounts that the Company reports will be subject to the Company’s financial closing procedures and any final adjustments that may be made prior to the time its financial results for the quarter ended June 30, 2026 are finalized and filed with the Securities and Exchange Commission (the “SEC”). The Company’s independent registered public accounting firm has not audited, reviewed, compiled, or applied agreed-upon procedures with respect to the preliminary financial data. These estimates should not be viewed as a substitute for financial statements prepared in accordance with accounting principles generally accepted in the United States and are not necessarily indicative of the results to be achieved in any future period.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

 

 

Exhibit
Number

Description

99.1

Press Release dated July 8, 2026

104

Cover Page Interactive Data File (formatted as Inline XBRL)

Forward-Looking Statements

This report contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this report that are not historical facts may be considered “forward-looking statements,” including, but not limited to, statements regarding the Company’s preliminary unaudited revenue for the quarter ended June 30, 2026; preliminary unaudited

backlog and cash and cash equivalents as of June 30, 2026; and the timing of revenue and backlog recognition. Forward-looking statements are typically, but not always, identified by the use of words such as “may,” “would,” “believe,” “intend,” “plan,” “anticipate,” “estimate,” “expect,” and other similar terminology. Forward-looking statements are based on current expectations of management and upon what management believes to be reasonable assumptions based on information currently available to it, and are subject to risks and uncertainties. Such risks and uncertainties may cause actual results to differ materially from the expectations set forth in the forward-looking statements. Such risks and uncertainties include, but are not limited to, risks related to preliminary financial results, including the risks that the preliminary financial results reported herein reflect information available to the Company only at this time and may differ from actual results, including in connection with the Company’s completion of financial closing procedures, risks and uncertainties associated with the Company’s business and finances in general, as well as other risks detailed in the Company’s recent filings on Forms 10-K and 10-Q with SEC. The Company undertakes no obligation to update any forward-looking statements to reflect new information, events or circumstances, or to reflect the occurrence of unanticipated events.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Palladyne AI Corp.

Dated:

July 8, 2026

By:

/s/ Stephen Sonne

Name:

Title:

Stephen Sonne
Chief Legal Officer & Secretary

 

Exhibit 99.1

 

Palladyne AI Announces Preliminary Second Quarter 2026 Revenue of Approximately $5.8 Million and Backlog of Approximately $24.0 Million

Preliminary second quarter revenue expected to be approximately $5.8 million, up approximately 480% year over year and 66% sequentially

Backlog grew to approximately $24.0 million from $17.3 million at the end of the first quarter

Cash, cash equivalents and marketable securities remained roughly flat from the first quarter at approximately $44.0 million

SALT LAKE CITY – July 8, 2026 – Palladyne AI Corp. (NASDAQ: PDYN and PDYNW) (“Palladyne AI” or “the Company”), a U.S.-based defense and industrial technology company delivering embodied AI-powered collaborative autonomy solutions, advanced avionics, precision-manufactured components, UAVs, and advanced aerospace engineering services, today announced preliminary financial results for its second fiscal quarter ended June 30, 2026.

Select Preliminary 2Q26 Results

In $M

2Q FY26

2Q FY25

2Q FY26 vs. 2Q FY 25

1Q FY26

2Q FY26 Vs. 1QFY 26

Revenue

~$5.8

$1.0

~480%

$3.5

~66%

Backlog

~$24.0

$1.7

~1312%

$17.3

~39%

 

Ben Wolff, President and Chief Executive Officer of Palladyne AI, commented:

"The second quarter was another quarter where we delivered on our stated plan. Revenue grew substantially again, both year over year and sequentially vs Q1, and we continued to win new business across all of our operations.

“Our plan for this year has been straightforward from the start. We had spent years building the underlying autonomy technology. With the acquisitions we completed in November, we became a vertically integrated, autonomy-based defense technology company, with the engineering, manufacturing and program capability that laid the groundwork for what we announced on June 8.

"That announcement, our partnership with Israel Aerospace Industries, the largest Israeli defense company and pioneer of the loitering munition category more than 40 years ago, was a major step forward for us. This partnership gives us exclusive U.S. rights to a family of combat-proven systems, the HARPY, HAROP and Mini HARPY, that fill gaps in the U.S.

 

arsenal for which there is no direct domestic equivalent. Despite hundreds of millions of dollars invested by others in this space, no other company has replicated what this family of loitering munitions systems delivers, particularly when it comes to battle-tested capabilities to suppress and destroy enemy air defenses. This partnership, together with the battlefield exercises we participated in this past quarter with SwarmOS™ and Gremlin-X™ and the first large purchase of our BRAIN flight computer by a defense prime for use on a counter-UAS system, has given us even greater optimism about the long-term prospects for our aerospace and defense business."

Second Quarter 2026 Preliminary Financial Highlights

•
Revenue of approximately $5.8 million, an increase of approximately 480% compared to $1.0 million in the second quarter of 2025;
o
Sequential revenue growth of approximately 66% compared to $3.5 million in the first quarter of 2026;
•
Backlog of approximately $24.0 million as of June 30, 2026, up from $17.3 million as of March 31, 2026;
o
Gross new contracts added during the quarter of approximately $12.5 million;
•
Cash, cash equivalents and marketable securities of approximately $44.0 million as of June 30, 2026, roughly flat compared to March 31, 2026.

Backlog and Contracted Demand

As of June 30, 2026, backlog was approximately $24.0 million, up from $17.3 million as of March 31, 2026, reflecting approximately $12.5 million in new customer programs and contract awards secured across the Company’s operations during the quarter, net of revenue recognized. Backlog represents the total value of committed customer contracts and purchase orders. Palladyne AI expects a majority of this backlog to be recognized as revenue over the next 12 to 18 months.

###

About Palladyne AI

Palladyne AI is a U.S.-based technology company developing patented embodied artificial intelligence, collaborative autonomy solutions, advanced avionics, autonomous systems, advanced UAV engineering services, and precision-manufactured components for defense and industrial markets. Palladyne AI delivers secure, American-developed and operated platforms designed to meet the stringent requirements of U.S. government and public-sector customers, including data sovereignty, security, and compliance.

 

Palladyne AI’s embodied AI is designed to operate in complex, contested, and high-risk environments, enabling distributed tasking, human-on-the-loop decision-making, degraded-communications resilience, and multi-domain coordination. Its platform-agnostic autonomy stack combines real-time sensor fusion, adaptive AI models, and edge-native orchestration, without vendor lock-in, to support autonomous and collaborative systems across air, ground, maritime, and industrial domains where performance, resilience, and trust are paramount. For more information about Palladyne AI, including GuideTech and Palladyne Aerospace and Defense, please visit www.palladyneai.com.

Preliminary Results Disclaimer

These preliminary financial results are based on management’s initial analysis of operations for the quarter ended June 30, 2026. The Company’s consolidated financial statements for the quarter ended June 30, 2026 are not yet available and remain subject to completion of financial closing procedures and potential final adjustments. As a result, actual results may differ from these preliminary estimates, and those differences may be material.

The Company’s independent registered public accounting firm has not audited, reviewed, compiled or performed agreed-upon procedures with respect to this preliminary financial information. These estimates should not be viewed as a substitute for financial statements prepared in accordance with U.S. generally accepted accounting principles and are not necessarily indicative of future results.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s preliminary unaudited revenue for the quarter ended June 30, 2026; preliminary unaudited backlog and cash, cash equivalents and marketable securities as of June 30, 2026; the timing and amount of backlog conversion and revenue recognition; the Company’s plans, strategies and objectives; anticipated growth and operating scale; the expected benefits of the Company’s acquisition activity; the expected benefits of the Company’s strategic partnership with Israel Aerospace Industries and the potential impact on the Company’s long-term growth opportunity; potential future customer programs and contract awards; the capabilities or future capabilities of Palladyne AI’s and its strategic partners’ technology and related products; and the markets for the Company’s products and services. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by,

 

followed by, or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or “continue” or similar expressions. Such forward-looking statements involve risks and uncertainties that may cause actual events, results, or performance to differ materially from those indicated by such statements. These forward-looking statements are based on Palladyne AI’s management’s current expectations and beliefs, as well as a number of assumptions concerning future events. However, there can be no assurance that the events, results, or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and Palladyne AI is not under any obligation and expressly disclaims any obligation, to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.

Readers should carefully review the statements set forth in the reports which Palladyne AI has filed or will file from time to time with the Securities and Exchange Commission (the “SEC”), in particular the risks and uncertainties set forth in the sections of those reports entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements,” for a description of risks facing Palladyne AI and that could cause actual events, results or performance to differ from those indicated in the forward-looking statements contained herein. The documents filed by Palladyne AI with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov.

Palladyne AI Investor Contact:

Brian S. Siegel, IRC®, M.B.A.

Senior Managing Director

Hayden IR - Chicago

(346) 396-8696 (o)

brian@haydenir.com

IR@palladyneai.com

Palladyne AI Press Contact:

Heath Meyer

(858) 768-1527

PR@palladyneai.com

Source: View Original Filing on SEC EDGAR

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