Palladyne AI Corp. (PDYN) AI Stock Summary

Snapshot

Palladyne AI is a small defense and robotics software company with FY 2025 revenue of just $5.2M, down 32.6% YoY, and an operating loss of $32.4M, far larger than revenue. Cash sits at $43.7M but free cash flow is negative $28.4M a year, and Signal8 models roughly 10.6 months of runway. Share count jumped 57% YoY from dilution, and on Sep 28, 2026 the company filed to delist from Nasdaq.

What's Happening Right Now

• Mon 28th Sep '26 · Delisting: On Sep 28, 2026, Palladyne AI filed a Form 25-NSE with the SEC to remove its shares from Nasdaq listing, which typically pushes trading to less liquid OTC markets.
• Tue 8th Sep '26 · Partnership: Palladyne AI and FANUC America announced a collaboration pairing FANUC's industrial robots with Palladyne's IQ software for manufacturing and logistics automation; no financial terms were disclosed.
• Wed 26th Aug '26 · Partnership: Palladyne AI announced a collaboration with NORDA Dynamics to integrate its SwarmOS software with NORDA's combat-proven Underdog autonomy module for aerial targeting.
• Thu 6th Aug '26 · Earnings: Q2 2026 revenue hit $5.8M (up 470% YoY), backlog rose 43% to $24.6M, and the company signed an exclusive IAI partnership, while reiterating full-year guidance of $24M-$27M revenue and $32M-$36M in operating cash burn.
• Wed 22nd Jul '26 · Contract: The U.S. Air Force exercised a $2.9M option on Palladyne's STRATFI contract, bringing the total award value to $10.6M for its Palladyne IQ autonomy architecture.

Ownership

Institutions hold 17.1%, insiders hold 5.6%.

Bottom Line

The headline event here is the Sep 28, 2026 Form 25-NSE filing to delist from Nasdaq, a serious event that typically pushes shares to harder-to-trade OTC markets. That sits alongside a business still burning heavily: a $32.4M operating loss on just $5.2M of FY 2025 revenue, negative free cash flow of $28.4M, under 11 months of modelled cash runway, and share count up 57% from dilution. Recent quarterly revenue growth and defense contract wins (Air Force, IAI, FANUC) show real commercial traction, but the delisting and cash position are the dominant story right now.