Palladyne AI Corp
palladyneai.comWhat Do They Do?
Provides research, development, engineering and design services, autonomy software, and precision-manufactured components to government and defense contractors and commercial and industrial customers.
10-K for FY2025, filed Mar 5, 2026The Company derives its revenue from three sources. First, the Company enters into service contracts to provide research and development…View ↗
We are a U.S.-based technology company developing and offering embodied artificial intelligence ("AI") software and collaborative autonomy…View ↗
We are focused on commercializing Palladyne IQ, SwarmOS/Pilot and IntelliSwarm, as well as growing our avionics, engineering services and…View ↗
How Do They Make Money?
Government and commercial customers pay for research, engineering and design work as it progresses; product and manufacturing sales bring in revenue when goods ship.
10-K for FY2025, filed Mar 5, 2026The Company derives its revenue from three sources. First, the Company enters into service contracts to provide research and development…View ↗
Cost-type contracts – Research, development and/or testing service contracts, including cost-plus-fixed-fee and time and material…View ↗
Time and materials contracts – Time and materials contracts relate primarily to design-to-field advanced engineering design services that…View ↗
Product revenue relates to sales of the Company's commercially available products, and certain miscellaneous parts, accessories and repair…View ↗
Through its precision U.S. manufacturing capabilities, the Company sells precision machined and fabricated components, subassemblies and…View ↗
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10-K for FY2025, filed Mar 5, 2026
FY2025 revenue by product or service ↗
$5.2M
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10-K for FY2025, filed Mar 5, 2026
$5.2M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Services Revenue
Recurring
10-K for FY2025, filed Mar 5, 2026 |
89% |
Services Revenue, FY2025
$4.7M Sources
|
Recurring |
|
Product Revenue
Sold outright
|
0.1%
FY2022: 2.3%
|
Product Revenue, FY2025
$3K Sources
|
Sold outright |
|
Manufacturing Revenue
Sold outright
10-K for FY2025, filed Mar 5, 2026 |
11% |
Manufacturing Revenue, FY2025
$559K Sources
|
Sold outright |
Who Are Their Customers?
Customers include U.S. defense prime contractors, the U.S. government and commercial businesses, which buy research, engineering and design services, products, and manufactured components under customer contracts.
10-K for FY2025, filed Mar 5, 2026We are focused on commercializing Palladyne IQ, SwarmOS/Pilot and IntelliSwarm, as well as growing our avionics, engineering services and…View ↗
The Company derives its revenue from three sources. First, the Company enters into service contracts to provide research and development…View ↗
Third, the Company generates manufacturing revenue through the sale of precision machined and fabricated components, subassemblies and…View ↗
10-K for FY2025, filed Mar 5, 2026
One and two customers accounted for more than 10% of the Company's revenue for each of the years ended December 31, 2025 and 2024…View ↗
Do Revenues Turn Into Profits?
Yes. Its net income in FY2025 was larger than its revenue, but spent more cash than it brought in: free cash flow was −$28.4M.
10-K for FY2025, filed Mar 5, 2026
−$32.4MView ↗
10-K for FY2025, filed Mar 5, 2026
$10MView ↗
10-K for FY2025, filed Mar 5, 2026
−$28.4MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 6, 2026
−$12.3MView ↗
- ▲ +65% (Loss)
- vs −$7.5M in Q2 FY2025
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Aug 6, 2026
Reiterated 2026 revenue guidance of $24 million to $27 million
Sources
8-K, filed Aug 6, 2026
Reiterates full-year 2026 revenue guidance of $24 million to $27 million (357% - 415% growth); expects sequential revenue growth in Q3View ↗
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Jun 8, 2026
Secured exclusive U.S. rights to manufacture and market IAI munitions
The agreement covers HAROP, HARPY and Mini-HARPY and includes a license and royalty on sales.
Sources
8-K, filed Jun 8, 2026
On June 8, 2026, the Company announced that it has entered into a memorandum of understanding (the “MOU”) with Israel Aerospace Industries…View ↗
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May 5, 2026
Reiterated 2026 revenue guidance of $24 million to $27 million
Sources
8-K, filed May 5, 2026
Reiterates full-year 2026 revenue guidance of $24 million to $27 million (357% - 415% growth); expects sequential revenue growth each…View ↗
Flat. Revenue was $5.2M in FY2025, about the same as the $5.1M of FY2021.
From robots to autonomy software
The older report centers on teleoperated and semi-autonomous robotic systems; the latest emphasizes embodied autonomy software for third-party robots and unmanned platforms, alongside avionics, UAVs and components.
10-K for FY2022, filed Mar 16, 2023 10-K for FY2025, filed Mar 5, 2026We are a technology leader in the design, development and manufacture of advanced robotic systems and solutions that redefine human…View ↗
We are a U.S.-based technology company developing and offering embodied artificial intelligence ("AI") software and collaborative autonomy…View ↗
More contracted services and manufacturing
The older report describes upfront sales of robotic systems and solutions; the latest also describes funded research, engineering and design services, plus precision-manufactured components for defense and commercial customers.
10-K for FY2022, filed Mar 16, 2023 10-K for FY2025, filed Mar 5, 2026Based on interest shown by our development customers and potential commercial customers in purchasing our systems and solutions, we have…View ↗
Who Do They Compete With?
Competes with Anduril, Shield AI, Skydio, Lockheed Martin, Northrop Grumman, Boeing, RTX, Leidos, ModalAI, ArkElectronics, Applied Navigation, Bright Machines, Intrinsic, Liquid AI, Mujin, Physical Intelligence, Rapid Robotics, Skild AI, Fanuc, and KUKA
10-K for FY2025, filed Mar 5, 2026We believe that SwarmOS/Pilot will face competition from a variety of other UAV software solutions currently available on the market, which…View ↗
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