Overview
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- TickerPDYN on Nasdaq1
- IndustryServices-Prepackaged Software1
- HeadquartersSalt Lake City, Utah1
- Incorporated inDE2
- Business address650 South 500 West, Salt Lake City, Ut 841012
- Filer categoryNon-accelerated filer, Smaller reporting company, Emerging growth company2
- Legal formCorporation
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The following discussion should be read in conjunction with the information about us contained elsewhere in this Report, including the information set forth in our consolidated financial statements and the related notes. Some of the information contained in this section or set forth elsewhere in this Report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should read Part I Item 1A Risk Factors and the section titled "Special Note Regarding Forward-Looking Statements" for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and throughout this Report. We use the terms "Palladyne AI," "the Company," "we," "us," and "our" to refer to Pall…4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
-617.7%Operating margin5
191.4%Net margin5
-32.6%Revenue growth, 20255
13.4%Return on equity5
-$28.4MFree cash flow5
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Services Revenue brought in 89% of the revenue Palladyne AI Corp. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2024 | 2025 |
|---|---|---|
| Services Revenue | $5.1M | $4.7M |
| Manufacturing Revenue | $559.0K | |
| Product Revenue | $2.7M | $3.0K |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue10¢$2.7M
- Research and development46¢$12.9M
- Income tax9¢$2.5M
- Profit36¢$10.0M
Out of $5.2M in revenue.5
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Revenue, net | $5.2M | $7.8M |
| Cost of revenue (exclusive of items shown separately below) | $2.7M | $3.5M |
| Research and development | $12.9M | $10.4M |
| General and administrative | $17.2M | $16.8M |
| Sales and marketing | $4.7M | $4.1M |
| Intangible amortization expense | $118.0K | $0 |
| Asset write-down and restructuring | $0 | -$192.0K |
| Goodwill impairment | $0 | $0 |
| Total operating expenses | $37.6M | $34.7M |
| Loss from operations | -$32.4M | -$26.9M |
| Interest income, net | $1.9M | $1.2M |
| Gain (loss) on warrant liabilities | $37.7M | -$46.9M |
| Other income, net | $221.0K | $2.0K |
| Income (loss) before income tax expense | $7.5M | -$72.6M |
| Income tax benefit (expense) | $2.5M | -$5.0K |
| Net income (loss) | $10.0M | -$72.6M |
| Basic net income (loss) per share | $0.26 | -$2.71 |
| Diluted net income (loss) per share | $0.24 | -$2.71 |
| Weighted average shares outstanding, Basic | 38.8M shares | 26.8M shares |
| Weighted average shares outstanding, Diluted | 42.1M shares | 26.8M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $18.2M | $31.2M | |
| Marketable securities | $28.8M | $8.9M | |
| Accounts receivable, net of allowance for credit losses of $0.0 million and $0.3 million at December 31, 2025 and 2024, respectively | $1.1M | $134.0K | |
| Unbilled receivables | $2.5M | $1.2M | $2.0M |
| Inventories | $339.0K | $71.0K | |
| Prepaid expenses and other current assets | $1.7M | $1.3M | |
| Total current assets | $52.6M | $42.7M | |
| Property and equipment, net | $8.9M | $4.2M | |
| Intangible assets, net | $10.4M | ||
| Goodwill | $14.7M | $0 | |
| Operating lease assets | $8.6M | $8.8M | |
| Other non-current assets | $460.0K | $438.0K | |
| Total assets | $95.7M | $56.3M | |
| Accounts payable | $1.1M | $435.0K | |
| Accrued liabilities | $3.5M | $2.9M | |
| Current operating lease liabilities | $1.1M | $1.1M | |
| Total current liabilities | $5.7M | $4.4M | |
| Warrant liabilities | $2.8M | $51.4M | |
| Operating lease liabilities | $9.7M | $10.0M | |
| Other non-current liabilities | $2.9M | $0 | |
| Total liabilities | $21.0M | $65.8M | |
| Common stock, $0.0001 par value, 165,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 46,117,164 and 33,883,894 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | $5.0K | $3.0K | |
| Additional paid-in capital | $555.5M | $481.3M | |
| Accumulated other comprehensive income | $11.0K | $6.0K | |
| Accumulated deficit | -$480.8M | -$490.8M | |
| Total stockholders' equity (deficit) | $74.7M | -$9.5M | $40.9M |
| Total liabilities and stockholders' equity (deficit) | $95.7M | $56.3M | |
| Allowance for credit losses | $0 | $300.0K | |
| Common stock, par value | $0.00 | $0.00 | |
| Common stock, shares authorized | 165.0M shares | 165.0M shares | |
| Common stock, shares issued | 46.1M shares | 33.9M shares | |
| Common stock, shares outstanding | 46.1M shares | 33.9M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $18.2M | $31.2M | |
| Marketable securities | $28.8M | $8.9M | |
| Accounts receivable, net of allowance for credit losses of $0.0 million and $0.3 million at December 31, 2025 and 2024, respectively | $1.1M | $134.0K | |
| Unbilled receivables | $2.5M | $1.2M | $2.0M |
| Inventories | $339.0K | $71.0K | |
| Prepaid expenses and other current assets | $1.7M | $1.3M | |
| Total current assets | $52.6M | $42.7M | |
| Property and equipment, net | $8.9M | $4.2M | |
| Intangible assets, net | $10.4M | ||
| Goodwill | $14.7M | $0 | |
| Operating lease assets | $8.6M | $8.8M | |
| Other non-current assets | $460.0K | $438.0K | |
| Total assets | $95.7M | $56.3M | |
| Accounts payable | $1.1M | $435.0K | |
| Accrued liabilities | $3.5M | $2.9M | |
| Current operating lease liabilities | $1.1M | $1.1M | |
| Total current liabilities | $5.7M | $4.4M | |
| Warrant liabilities | $2.8M | $51.4M | |
| Operating lease liabilities | $9.7M | $10.0M | |
| Other non-current liabilities | $2.9M | $0 | |
| Total liabilities | $21.0M | $65.8M | |
| Common stock, $0.0001 par value, 165,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 46,117,164 and 33,883,894 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | $5.0K | $3.0K | |
| Additional paid-in capital | $555.5M | $481.3M | |
| Accumulated other comprehensive income | $11.0K | $6.0K | |
| Accumulated deficit | -$480.8M | -$490.8M | |
| Total stockholders' equity (deficit) | $74.7M | -$9.5M | $40.9M |
| Total liabilities and stockholders' equity (deficit) | $95.7M | $56.3M | |
| Allowance for credit losses | $0 | $300.0K | |
| Common stock, par value | $0.00 | $0.00 | |
| Common stock, shares authorized | 165.0M shares | 165.0M shares | |
| Common stock, shares issued | 46.1M shares | 33.9M shares | |
| Common stock, shares outstanding | 46.1M shares | 33.9M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net Income (Loss) | $10.0M | -$72.6M |
| Stock-based compensation | $4.4M | $2.8M |
| Depreciation of property and equipment | $974.0K | $825.0K |
| Amortization of intangible assets | $118.0K | $0 |
| Change in fair value of warrant liabilities | -$37.7M | $46.9M |
| Allowance for credit losses | $0 | $285.0K |
| Amortization of investment discount | -$1.4M | -$75.0K |
| Deferred income tax benefit | -$2.5M | $0 |
| Accounts receivable | $1.1M | $136.0K |
| Unbilled receivable | -$960.0K | $855.0K |
| Inventories | $58.0K | $994.0K |
| Prepaid expenses and other current assets | -$132.0K | $1.0M |
| Operating lease assets & other non-current assets | $1.0M | $1.2M |
| Accounts payable | -$708.0K | -$819.0K |
| Accrued liabilities and current operating lease liabilities | -$904.0K | -$3.2M |
| Operating lease liabilities | -$1.0M | -$1.1M |
| Net cash used in operating activities | -$27.6M | -$22.6M |
| Purchases of property and equipment | -$713.0K | -$265.0K |
| Acquisition of a business, net of cash acquired | -$5.3M | $0 |
| Purchases of marketable securities | -$75.6M | -$8.9M |
| Maturities of marketable securities | $57.0M | $16.0M |
| Net cash (used in) provided by investing activities | -$24.6M | $6.9M |
| Proceeds from exercise of stock options | $74.0K | $130.0K |
| Proceeds from issuance of common stock under ESPP | $148.0K | $0 |
| Proceeds from the exercise of warrants | $6.4M | $0 |
| Shares repurchased for payment of tax withholdings | $0 | -$105.0K |
| Payment of obligations under finance leases | -$20.0K | -$3.0K |
| Payment of debt obligations | -$3.7M | $0 |
| Proceeds from the issuance of warrants | $0 | $4.4M |
| Proceeds from issuance of common stock | $36.4M | $20.0M |
| Payment of transaction costs related to issuance of common stock | -$50.0K | -$682.0K |
| Net cash provided by financing activities | $39.2M | $23.8M |
| Net (decrease) increase in cash and cash equivalents | -$13.0M | $8.0M |
| Cash paid for income taxes | $2.0K | $10.0K |
| Purchases of property and equipment financed through notes payable | $113.0K | $0 |
| Common stock issued in connection with a business acquisition | $15.9M | $0 |
| Warrant liabilities reclassified to equity upon exercise | $10.9M | $0 |
No quarter-by-quarter statement was filed.
Corporate structure
Palladyne AI Corp. sits at the top of its group. 9 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Palladyne AI Corp.
- BlackRock Portfolio Management LLC Filed SCHEDULE 13G/A on Palladyne AI Corp., latest Oct 5, 2026 (3 filings since Apr 15, 2025)
- BlackRock Filed SCHEDULE 13G on Palladyne AI Corp., latest Jul 29, 2026 (5 filings since Feb 8, 2022)
- William X. Kerber Iii. Filed SCHEDULE 13D/A on Palladyne AI Corp., latest May 14, 2026 (5 filings since Mar 5, 2024)
- SLB Filed SCHEDULE 13G/A on Palladyne AI Corp., latest Feb 12, 2025 (4 filings since Oct 4, 2021)
- Fraser Smith Filed SCHEDULE 13D/A on Palladyne AI Corp., latest Dec 31, 2024 (3 filings since Oct 4, 2021)
- Marc Olivier Filed SCHEDULE 13D/A on Palladyne AI Corp., latest Dec 31, 2024 (4 filings since Oct 4, 2021)
- Benjamin G. Wolff Filed SC 13D/A on Palladyne AI Corp., latest Nov 4, 2024 (5 filings since Oct 4, 2021)
- Brian D. Finn Filed SC 13D/A on Palladyne AI Corp., latest Dec 5, 2022 (3 filings since Oct 4, 2021)
- DIG INVESTMENT XVIII AB Filed SC 13G/A on Palladyne AI Corp., latest Sep 28, 2022 (2 filings since Jun 2, 2022)
- Beryl Capital Management LLC Filed SC 13G/A on Palladyne AI Corp., latest Feb 14, 2022
- CITADEL ADVISORS LLC Filed SC 13G/A on Palladyne AI Corp., latest Feb 14, 2022
- INTEGRATED CORE STRATEGIES (US) LLC Filed SC 13G/A on Palladyne AI Corp., latest Feb 14, 2022
- Palladyne AI Corp. Salt Lake City, Utah
- GuideTech, LLC Subsidiary · Utah, United States
- MKR Fabrication LLC Subsidiary · Michigan, United States
- MKR Fabrication Properties, LLC Subsidiary · Michigan, United States
- Palladyne Corp. Subsidiary · Utah, United States
- RE2, LLC Subsidiary · Delaware, United States
- Sarcos Group LC Subsidiary · Utah, United States
- Warnke Precision Machining, LLC Subsidiary · Michigan, United States
- ZeptoVision Inc. Subsidiary · Delaware, United States
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Palladyne AI Corp. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $12.7M5 Dec 31, 2025 | $7.3M5 Dec 31, 2024 | +74.8% |
| Accumulated depreciation | $3.8M5 Dec 31, 2025 | $3.0M5 Dec 31, 2024 | +26.1% |
| Property and equipment, net | $8.9M5 Dec 31, 2025 | $4.2M5 Dec 31, 2024 | +109.4% |
| Finance-lease assets | $987.0K5 Dec 31, 2025 | ||
| Operating-lease assets (leased space) | $8.6M5 Dec 31, 2025 | $8.8M5 Dec 31, 2024 | −2.2% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $18.2M5 Dec 31, 2025 | $31.2M5 Dec 31, 2024 | −41.6% |
| Marketable securities, current | $28.8M5 Dec 31, 2025 | $8.9M5 Dec 31, 2024 | +224.6% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $14.7M5 Dec 31, 2025 | $05 Dec 31, 2024 | |
| Intangible assets, net (excluding goodwill) | $10.4M5 Dec 31, 2025 | $19.1M8 Dec 31, 2022 | −45.4% |
| Finite-lived intangibles, gross | $10.5M5 Dec 31, 2025 | $21.3M9 Dec 31, 2023 | −50.5% |
| Accumulated amortization | $118.0K5 Dec 31, 2025 | $21.3M9 Dec 31, 2023 | −99.4% |
| Finite-lived intangibles, net | $10.4M5 Dec 31, 2025 | $09 Dec 31, 2023 |
Inventory
| Item | Latest | A year before | Change |
|---|---|---|---|
| Inventory, total | $339.0K5 Dec 31, 2025 | $71.0K5 Dec 31, 2024 | +377.5% |
| Work in process | $311.0K5 Dec 31, 2025 | $05 Dec 31, 2024 | |
| Finished goods | $28.0K5 Dec 31, 2025 | $05 Dec 31, 2024 |
Properties, in its own words
Our primary facility is located in Salt Lake City, Utah consisting of approximately 61,000 square feet of leased space. The Salt Lake City, Utah lease expires in May 2033 and has two options to extend the lease for three-year periods. We have a 65,000 square foot fabrication facility in Saginaw, Michigan. We also, lease a 20,000 square foot machining facility in Oxford, Michigan. The Oxford, Michigan lease expires in 2035 and has an option to extend the lease for a ten year period. Should we need additional space, we believe we will be able to obtain additional space on commercially reasonable terms.
Item 2 of the 10-K filed Mar 5, 2026.4
Leadership
Who has led Palladyne AI Corp., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
2025
- Chief executive officerLaura J. Peterson Jun 15, 2023 to Jun 15, 202312
- Chief executive officerBrian D. Finn Jan 14, 2021 to Apr 14, 202213
- Chief executive officerBenjamin G. Wolff Sep 24, 2021 to Dec 14, 202114
- Chief executive officerKiva A. Allgood Dec 14, 2021 to Apr 3, 202315
- ChairBenjamin G. Wolff Dec 30, 2021 to Dec 28, 202216
- PresidentLaura J. Peterson Jun 15, 2023 to Jun 15, 202312
- PresidentBenjamin G. Wolff Sep 24, 2021 to Dec 14, 202114
- PresidentKiva A. Allgood Dec 14, 2021 to Apr 3, 202315
- Chief financial officerTrevor Thatcher Mar 13, 2024 to now17
- Chief financial officerAndrew Hamer Oct 18, 2022 to Feb 27, 202418
- Chief financial officerAmy Huntington Salerno Jan 14, 2021 to Jan 14, 202119
- Chief operating officerJorgen Pedersen May 5, 2022 to May 23, 202320
- Chief operating officerMarian Joh Sep 24, 2021 to Sep 24, 202121
Board members and other officers (19)
- Vice chairLaura J. Peterson Feb 27, 2024 to Feb 27, 202422
- Chief Revenue OfficerMatthew Vogt Nov 8, 2023 to now23
- Chief Technology OfficerDenis Garagic Apr 4, 2022 to now24
- VP of Corporate DevelopmentSam S. Potter Jan 14, 2021 to Jan 14, 202125
- Chief Innovation OfficerFraser Smith Sep 24, 2021 to Mar 17, 202226
- EVP, Ch. Product & Market OffKristi Martindale Sep 24, 2021 to now27
- Board memberStephen Twitty Sep 23, 2025 to now28
- Board memberBrian D. Finn Jan 14, 2021 to now13
- Board memberDavid J. Berkman Jan 14, 2021 to Jan 14, 202129
- Board memberKim Fennebresque Jan 14, 2021 to Jan 14, 202130
- Board memberStefan M. Selig Jan 14, 2021 to Jan 14, 202131
- Board memberBenjamin G. Wolff Sep 24, 2021 to now14
- Board memberDennis M. Weibling Sep 24, 2021 to now32
- Board memberLaura J. Peterson Sep 24, 2021 to Feb 27, 202433
- Board memberMatthew Shigenobu Muta Sep 24, 2021 to now34
- Board memberPeter S. Klein Sep 24, 2021 to Jun 16, 202335
- Board memberPriya Balasubramaniam Sep 24, 2021 to Jun 16, 202336
- Board memberKiva A. Allgood Dec 14, 2021 to Apr 3, 202315
- General counselStephen Sonne Nov 8, 2023 to now37
Named in SEC Form D filings
People the company listed in its private-offering notices.
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- GuideTech, LLC Utah3
- MKR Fabrication LLC Michigan3
- MKR Fabrication Properties, LLC Michigan3
- Palladyne Corp. Utah3
- RE2, LLC Delaware3
- Sarcos Group LC Utah3
- Warnke Precision Machining, LLC Michigan3
- ZeptoVision Inc. Delaware3
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Former names
Timeline
- Aug 6, 20268-K Results of operations; Regulation FD disclosure40
- Jul 8, 20268-K Results of operations; Regulation FD disclosure; Other events41
- Jun 8, 20268-K Regulation FD disclosure; Other events42
- Jun 8, 20268-K Unregistered sale of shares; Executive or director change; Shareholder vote43
- May 5, 20268-K Results of operations; Regulation FD disclosure44
- Mar 5, 20268-K Results of operations; Regulation FD disclosure45
- Feb 18, 20268-K Executive or director change; Regulation FD disclosure46
- Jan 14, 20268-K Regulation FD disclosure47
- Jan 13, 20268-K Results of operations; Regulation FD disclosure; Other events48
- Nov 17, 20258-K Unregistered sale of shares; Executive or director change; Regulation FD disclosure49
- Nov 17, 20258-K Regulation FD disclosure50
- Nov 12, 20258-K Results of operations; Regulation FD disclosure51
- Jun 15, 2023New chief executive Laura J. Peterson becomes CEO12
- Dec 14, 2021New chief executive Kiva A. Allgood becomes CEO15
- Sep 24, 2021New chief executive Benjamin G. Wolff becomes CEO14
- Jan 14, 2021New chief executive Brian D. Finn becomes CEO13
Calendar
Coming up
- Nov 11, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.09) a share, on Nov 12, 2025.52
When it reported results
- Aug 6, 2026Reported quarterly or annual results40
- Jul 8, 2026Reported quarterly or annual results41
- May 5, 2026Reported quarterly or annual results44
- Mar 5, 2026Reported quarterly or annual results45
- Jan 13, 2026Reported quarterly or annual results48
- Nov 12, 2025Reported quarterly or annual results51
- Aug 6, 2025Reported quarterly or annual results53
- Mar 31, 2025Reported quarterly or annual results54
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
514 filings to the SEC since October 2021: 6 annual reports, 16 quarterly reports, 69 major events, 255 insider forms, 38 large holders, 2 private raises, 128 other. The latest 20:
- Oct 5, 2026SCHEDULE 13G/A EDGAR
- Sep 28, 202625-NSE EDGAR
- Sep 8, 20264 EDGAR
- Aug 21, 20264 EDGAR
- Aug 21, 2026144 EDGAR
- Aug 21, 20264 EDGAR
- Aug 21, 2026144 EDGAR
- Aug 21, 20264 EDGAR
- Aug 21, 2026144 EDGAR
- Aug 6, 202610-Q EDGAR
- Aug 6, 20268-K EDGAR
- Jul 29, 2026SCHEDULE 13G EDGAR
- Jul 8, 20268-K EDGAR
- Jun 8, 20264 EDGAR
- Jun 8, 20264 EDGAR
- Jun 8, 20264 EDGAR
- Jun 8, 20264 EDGAR
- Jun 8, 20264 EDGAR
- Jun 8, 20264 EDGAR
- Jun 8, 20264 EDGAR
The 514 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
94 open-market trades by officers, directors and large owners since October 2021: 62 buys and 32 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 8, 2026 | Wolff Benjamin GPRESIDENT & CEO | Buy | 17,121 | $5.79 | $99.1K | Form 4 |
| Aug 21, 2026 | THATCHER TREVORCHIEF FINANCIAL OFFICER | Sale | 4,636 | $6.16 | $28.6K | Form 4 |
| Aug 21, 2026 | SONNE STEPHENCHIEF LEGAL OFFICER | Sale | 5,341 | $6.16 | $32.9K | Form 4 |
| Aug 21, 2026 | GARAGIC DENISCHIEF TECHNOLOGY OFFICER | Sale | 17,255 | $6.16 | $106.3K | Form 4 |
| May 21, 2026 | THATCHER TREVORCHIEF FINANCIAL OFFICER | Sale | 4,561 | $6.14 | $28.0K | Form 4 |
| May 21, 2026 | SONNE STEPHENCHIEF LEGAL OFFICER | Sale | 5,245 | $6.14 | $32.2K | Form 4 |
| May 21, 2026 | GARAGIC DENISCHIEF TECHNOLOGY OFFICER | Sale | 17,176 | $6.14 | $105.5K | Form 4 |
| Mar 30, 2026 | THATCHER TREVORCHIEF FINANCIAL OFFICER | Sale | 3,030 | $5.55 | $16.8K | Form 4 |
| Mar 30, 2026 | SONNE STEPHENCHIEF LEGAL OFFICER | Sale | 3,471 | $5.55 | $19.3K | Form 4 |
| Mar 30, 2026 | GARAGIC DENISCHIEF TECHNOLOGY OFFICER | Sale | 15,149 | $5.55 | $84.1K | Form 4 |
| Mar 27, 2026 | Wolff Benjamin GPRESIDENT & CEO | Buy | 1,000 | $5.85 | $5.8K | Form 4 |
| Mar 12, 2026 | THATCHER TREVORCHIEF FINANCIAL OFFICER | Sale | 7,649 | $7.55 | $57.8K | Form 4 |
| Mar 12, 2026 | SONNE STEPHENCHIEF LEGAL OFFICER | Sale | 6,802 | $7.55 | $51.4K | Form 4 |
| Mar 12, 2026 | GARAGIC DENISCHIEF TECHNOLOGY OFFICER | Sale | 12,945 | $7.55 | $97.7K | Form 4 |
| Nov 21, 2025 | Young Michael T.Director | Buy | 3,000 | $5.19 | $15.6K | Form 4 |
| Nov 21, 2025 | THATCHER TREVORCHIEF FINANCIAL OFFICER | Sale | 2,648 | $5.11 | $13.5K | Form 4 |
| Nov 21, 2025 | SONNE STEPHENCHIEF LEGAL OFFICER | Sale | 3,411 | $5.11 | $17.4K | Form 4 |
| Nov 21, 2025 | GARAGIC DENISCHIEF TECHNOLOGY OFFICER | Sale | 15,611 | $5.11 | $79.8K | Form 4 |
| Nov 21, 2025 | Martindale KristiChief Commercial Officer | Sale | 6,753 | $5.11 | $34.5K | Form 4 |
| Nov 20, 2025 | Wolff Benjamin GPRESIDENT & CEO | Buy | 3,000 | $5.29 | $15.9K | Form 4 |
All 94 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- BlackRock Portfolio Management LLCSCHEDULE 13G/A, 3 filings Apr 15, 2025 to Oct 5, 202655
- BlackRockSCHEDULE 13G, 5 filings Feb 8, 2022 to Jul 29, 202656
- William X. Kerber Iii.SCHEDULE 13D/A, 5 filings Mar 5, 2024 to May 14, 202657
- SLBSCHEDULE 13G/A, 4 filings Oct 4, 2021 to Feb 12, 202558
- Fraser SmithSCHEDULE 13D/A, 3 filings Oct 4, 2021 to Dec 31, 202459
- Marc OlivierSCHEDULE 13D/A, 4 filings Oct 4, 2021 to Dec 31, 202460
- Benjamin G. WolffSC 13D/A, 5 filings Oct 4, 2021 to Nov 4, 202461
- Brian D. FinnSC 13D/A, 3 filings Oct 4, 2021 to Dec 5, 202262
- DIG INVESTMENT XVIII ABSC 13G/A, 2 filings Jun 2, 2022 to Sep 28, 202263
- Beryl Capital Management LLCSC 13G/A, 1 filing Feb 14, 202264
- CITADEL ADVISORS LLCSC 13G/A, 1 filing Feb 14, 202265
- INTEGRATED CORE STRATEGIES (US) LLCSC 13G/A, 1 filing Feb 14, 202266
- Empyrean Capital Partners, LPSC 13G/A, 1 filing Feb 10, 202267
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Benjamin G. Wolff | 57 | $10.1K | $3.4M68 |
| 2025 | Denis Garagić | 57 | $440.9K | $1.2M68 |
| 2025 | Stephen Sonne | 57 | $383.9K | $886.2K68 |
| 2024 | Chief Technology Officer | $412.2K | $1.1M68 | |
| 2024 | Chief Legal Officer and Secretary | $370.0K | $684.4K68 | |
| 2024 | PresidentChief Executive Officer and Director | $228.8K | $597.9K68 |
Funding
Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.
- Private raises (Form D) $60.8M
Figures by year
| Year | Private raises (Form D) | Total |
|---|---|---|
| 2024 | $6.9M | $6.9M |
| 2022 | $53.9M | $53.9M |
Private raises
Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| BlackRock, Inc. | 2,764,973 | $16.8M | 0.0% | +553,053 |
| Vanguard Capital Management LLC | 1,506,873 | $9.2M | 0.0% | +116,265 |
| Raymond James Financial Inc | 1,209,861 | $7.4M | 0.0% | +13,983 |
| Geode Capital Management, LLC | 928,526 | $5.6M | 0.0% | +146,624 |
| State Street Corp | 708,629 | $4.3M | 0.0% | +77,449 |
| Themes Management Co LLC | 520,205 | $3.2M | 2.1% | +127,946 |
| Susquehanna International Group, Llp | 513,708 | $3.1M | 0.0% | +161,673 |
| UBS Group AG | 419,191 | $2.5M | 0.0% | +28,497 |
| Morgan Stanley | 388,212 | $2.4M | 0.0% | +194,539 |
| Millennium Management LLC | 310,883 | $1.9M | 0.0% | −43,346 |
| Northern Trust Corp | 285,951 | $1.7M | 0.0% | +49,900 |
| Marshall Wace, Llp | 281,789 | $1.7M | 0.0% | +186,537 |
| Vanguard Portfolio Management LLC | 244,002 | $1.5M | 0.0% | +69,474 |
| Vanguard Fiduciary Trust Co | 240,725 | $1.5M | 0.0% | +18,727 |
| AlphaCentric Advisors LLC | 100,000 | $608.0K | 0.5% | No change |
| Charles Schwab Investment Management Inc | 97,821 | $594.8K | 0.0% | +14,780 |
| Citadel Advisors LLC | 92,477 | $562.3K | 0.0% | +74,045 |
| Bank of New York Mellon Corp | 84,406 | $513.2K | 0.0% | +8,498 |
| Adage Capital Partners Gp, L.l.c. | 83,333 | $506.7K | 0.0% | No change |
| Royal Bank Of Canada | 79,733 | $485.0K | 0.0% | −11,092 |
| Nuveen, LLC | 73,915 | $449.4K | 0.0% | +22,924 |
| Arkadios Wealth Advisors | 60,300 | $366.6K | 0.0% | −1,521 |
| Alliancebernstein L.P. | 58,200 | $353.3K | 0.0% | New |
| LPL Financial LLC | 54,477 | $331.2K | 0.0% | +31,562 |
| Envestnet Asset Management Inc | 53,877 | $327.6K | 0.0% | +2,358 |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How Palladyne AI Corp. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARPalladyne AI Corp.1
- CIK0001826681
- Employer ID (EIN)85-28383014
- Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company4
- Incorporated inDelaware4
- Fiscal year endsDecember 311
- Industry code (SIC)7372 Services-Prepackaged Software1
- SEC reviewing officeOffice of Technology, Division of Corporation Finance1
- Business address650 South 500 West, Salt Lake City, UT 841011
- Phone888-927-72961
- Shares outstanding49,338,510 as of Jul 29, 202611
- Public float$315.5M as of Jun 30, 20254
- AuditorKPMG LLP, Salt Lake City, Utah PCAOB ID 185; no auditor attestation of internal control over financial reporting4
- On EDGAR sinceOct 5, 20201
- Filings599 in all: 4 (237), 8-K (77), 144 (34), 3 (30), 424B3 (30), 10-Q (18), 425 (16), CORRESP (11)1
All 50 form types
EFFECT (10), UPLOAD (10), 4/A (9), DEFA14A (9), SC 13G (8), SC 13G/A (8), SCHEDULE 13D/A (8), SC 13D/A (7), 10-K (6), DEF 14A (5), ARS (4), S-1 (4), SC 13D (4), SCHEDULE 13G/A (4), SD (4), 424B5 (3), 8-K/A (3), POS AM (3), PRE 14A (3), S-3 (3), S-8 (3), 3/A (2), 8-A12B (2), CERT (2), D (2), PRER14A (2), S-1/A (2), SCHEDULE 13G (2), 10-K/A (1), 10-Q/A (1), 144/A (1), 25 (1), 25-NSE (1), 424B4 (1), DEFM14A (1), DRS (1), FWP (1), NT 10-Q (1), PREM14A (1), S-1MEF (1), S-3/A (1), SCHEDULE 13D (1)
- Latest filingsAnnual report (10-K) Mar 5, 2026
Quarterly report (10-Q) Aug 6, 2026
Proxy statement (DEF 14A) Apr 22, 2026
Latest 8-K (8-K) Aug 6, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, $0.0001 par value 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 |
From the cover page of the 10-K filed Mar 5, 2026 (Section 12(b) of the Exchange Act).4
Risk factors and legal proceedings
The risks Palladyne AI Corp. names in Item 1A of its 10-K filed Mar 5, 2026: 65 risks under these headings, as written.4
- Risks Related to Our Business
- We are an early stage company with a history of losses, and expect to incur significant losses for the foreseeable future.
- Our operating and financial projections rely on management assumptions and analyses. If these assumptions or analyses prove to be incorrect, as they often have in the past, our actual operating results may be materially different from our expected or forecasted results.
- We have yet to achieve positive operating cash flow, and our ability to generate positive cash flow is uncertain.
- We have no or limited previous history or experience with commercializing our products and may not be able to do so efficiently, effectively or at all. We were unsuccessful in our efforts to commercialize our legacy hardware technologies that we and our predecessor companies developed over the past several decades.
- Successful commercialization of our technology and products may be delayed beyond our current expectations and therefore product availability to customers, customer acquisition and receipt of product revenue could be delayed.
- Any issues in the development and use of our AI/ML Foundational Technology or AI-enabled products, or issues in products developed by others, may result in reputational harm or liability.
- Our AI/ML Foundational Technology and other technologies and products are new, and customer trials and discussions may not result in purchases.
- If our target markets and the industries we seek to serve do not continue to develop as we anticipate, or if potential customers do not adopt our technologies, products and services and license or purchase our products and services, our sales will not grow as quickly as expected, or at all, and our business, operating results and financial condition would be harmed.
- If we are unable to successfully introduce and implement enhancements, new features or modifications to our technologies and products, our business would be harmed.
- We may fail to attract or retain customers at sufficient rates or in sufficient numbers or at all.
- We have no previous history with our licensing sales model for our software products.
The other 54 risks
- Important assumptions about market demand, pricing, adoption rates and sales cycles for our products and services may be inaccurate.
- The benefits of our AI/ML Foundational Technology and related products to customers and projected return on investment have not been substantiated through customer use.
- We currently intend to target many customers that are large businesses, including large U.S. government prime contractors, with substantial negotiating power, exacting product standards and potentially competitive internal solutions. If we are unable to sell our software products to these customers, our prospects and results of operations will be adversely affected.
- A portion of our revenue is currently and will continue to be generated by contracts with government entities, which makes us subject to a number of uncertainties, challenges and risks.
- We operate in a competitive industry that is subject to rapid technological change, and we expect competition to increase. Our products may not be competitive with other alternatives.
- If we are unable to maintain our technological and manufacturing process expertise, our business could be adversely affected.
- We may not be able to successfully enhance our product offerings through our research and development efforts.
- Risks Related to Our Operations and Growth
- The success of our recent acquisitions of GuideTech, Warnke Precision Machining and MKR Fabricators is subject to numerous risks and uncertainties, including integration risks.
- Real or perceived design flaws, errors, defects, glitches, bugs or malfunctions (collectively, "flaws") in our technologies, products and services, failure of our products to perform as expected, connectivity issues or user errors can result in lower than expected return on investment for customers, personal injury or property damage and significant security or safety concerns, each of which could materially and adversely affect our results of operations, financial condition or reputation.
- Even if our technologies and products perform properly and our products are used as intended, if personal injuries occur while operating our products or third-party products that incorporate our technologies and products, we could be exposed to liability and our results of operations, financial condition and reputation may be adversely affected.
- We use "open source" software, which could negatively affect our ability to offer our technologies and products and subject us to possible litigation.
- Our business and prospects depend significantly on our ability to build our brands. We may not succeed in establishing, maintaining and strengthening effective brands, and our brands and reputation could be harmed by negative publicity regarding us or our technologies, products or services.
- Our management team has broad discretion in making strategic decisions to execute our growth plans, and our management's decisions have not always led to the desired result. Current and future decisions may not be successful in achieving our business objectives or may have unintended consequences that negatively impact our growth prospects.
- If we fail to effectively manage our business, we may not be able to develop, market and commercialize our technologies and products successfully.
- We may be unable to adequately control the costs associated with our operations in order to achieve profitability.
- We expect to incur substantial research and development costs and devote significant resources to developing and commercializing our AI/ML Foundational Technology, other technologies and products, and we may never reach profitability and/or achieve significant or any licensing revenue.
- Some of our products require hardware components, and we are dependent on our suppliers, some of which are currently single, sole or limited source suppliers. Any inability of these suppliers to deliver necessary components of our products at prices, volumes, performance, timing and specifications acceptable to us could have a material adverse effect on our business, prospects, financial condition and operating results.
- Our business involves significant risks and uncertainties that may not be covered by indemnity or insurance.
- We face risks related to wars, natural disasters, health epidemics and other calamities and supply chain disruption, any of which could significantly disrupt our operations.
- Risks Related to Our Finances
- Our business plans require a significant amount of capital. We may sell additional equity or debt securities to meet capital needs or as we may otherwise determine to be advisable that may dilute our stockholders or introduce covenants that may restrict our operations or our ability to pay dividends. If we require additional capital and are not able to secure new funding, we may not be able to continue our business operations.
- Our financial results may vary significantly from period to period due to fluctuations in our operating costs, revenues, product demand and other factors.
- We are highly dependent on the services of our senior management and other key employees and, if we are unable to attract, integrate and retain a sufficient number of qualified employees, our ability to develop and commercialize our technologies and products, offer our services, operate our business and compete could be harmed.
- We incur significant expenses and administrative burdens as a publicly-traded company, which could have a material adverse effect on our business, prospects, financial condition and operating results.
- If we fail to maintain and strengthen effective systems of disclosure controls and procedures and internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable regulations could be adversely affected.
- Our ability to use net operating loss carryforwards and other tax attributes may be limited.
- We have been and may in the future be subject to risks associated with strategic relationships, acquisitions or transactions and may not identify or form desired strategic relationships in the future.
- Risks Related to Legal Claims and Regulatory Compliance
- Issues in the development and use of AI/ML, combined with an uncertain regulatory environment, may result in reputational harm, liability or other adverse consequences to our business operations.
- If our manufacturing or engineering processes and services do not comply with applicable regulatory requirements, or if we manufacture or design products containing defects, demand for our services may decline and we may be subject to liability claims.
- Changes in tax laws could have a material adverse effect on our business, cash flows, results of operations or financial condition.
- We may become subject to new or changing governmental regulations relating to the design, manufacturing, development, marketing, licensing, distribution or use of our technology and products or to the providing of customer service or in connection with the entry into certain transactions with foreign entities, and a failure to comply with such regulations could lead to delays in launching our products and/or withdrawal of our products from the market, delay our projected revenues, increase costs and/or make our business unviable.
- We may be subject to claims, lawsuits, arbitration proceedings, government investigations and other legal, regulatory and administrative proceedings and face potential liability and expenses related thereto, which could have a material adverse effect on our business, operating results and financial condition.
- We are subject to evolving laws, regulations, standards, policies and contractual obligations related to data privacy and security, and our actual or perceived failure to comply with such obligations could harm our reputation, subject us to significant fines and liability or otherwise adversely affect our business, prospects, financial condition and operating results.
- We are subject to cybersecurity risks to our operational systems, security systems, infrastructure and data processed by us or third-party vendors.
- We are subject to laws, regulations and contractual provisions as a government contractor and subcontractor, which may pose increased risk of potential liability and expenses related thereto, which could have a material adverse effect on our business, operating results and financial condition.
- We are subject to U.S. and foreign anti-corruption and anti-money laundering laws and regulations. We can face criminal liability and other serious consequences for violations of these laws, which can harm our business, prospects, financial condition and operating results.
- We are subject to governmental export and import controls and laws that could subject us to liability if we are not in compliance with such laws.
- Increased scrutiny and changing expectations from regulators, investors, customers, employees, and others regarding our environmental, social and governance practices and reporting could cause us to incur additional costs, devote additional resources and expose us to additional risks, which could adversely impact our reputation, customer acquisition and retention, access to capital and employee retention.
- Risks Related to Our Intellectual Property
- Our success depends in part on our ability to obtain and maintain protection for the intellectual property relating to our AI/ML Foundational Technology and our other technologies and products.
- We may not be able to effectively protect our intellectual property rights in our target markets or at all.
- We may be subject to intellectual property infringement claims or misappropriation claims, which may be time consuming and expensive and, if adversely determined, could limit our ability to commercialize our software or other products.
- Intellectual property discovered through government funded programs may be subject to federal regulations such as "march-in" rights, certain reporting requirements and a preference for U.S.-based companies. Compliance with such regulations may limit our exclusive rights and limit our ability to contract with non-U.S. manufacturers.
- We may be subject to damages resulting from claims that we or our employees have wrongfully used or disclosed alleged trade secrets of our employees' former employers.
- Risks Related to Ownership of our Securities
- The issuance or sale of shares of our Common Stock, or rights to acquire shares of our Common Stock could depress the trading price of our Common Stock and may cause dilution to our existing stockholders.
- The price of our Common Stock could decline due to the large number of shares of our Common Stock being subject to employee equity awards.
- The markets for our publicly traded securities have been volatile and may not continue at all.
- Our publicly traded securities are subject to potential delisting from the Nasdaq Global Market if we do not meet Nasdaq's continued listing requirements, which would likely impair the liquidity of the trading market for our Common Stock and warrants.
- If securities or industry analysts cease publishing research or reports about us, our business or our market, or if they change their recommendations regarding our Common Stock, the price and trading volume of our Common Stock could decline.
- There is no guarantee that the deSPAC Public Warrants or the deSPAC Private Placement Warrants will ever be in the money, and they may expire worthless.
- We may redeem unexpired deSPAC Warrants prior to their exercise at a time that is disadvantageous to deSPAC Warrant holders, thereby making their deSPAC Warrants worthless.
- DeSPAC Warrants are exercisable for Common Stock, and their exercise would increase the number of shares eligible for future resale in the public market and result in dilution to our stockholders.
- 2024 Warrants are exercisable for Common Stock, and their exercise would increase the number of shares eligible for future resale in the public market and result in dilution to our stockholders.
- Anti-takeover provisions contained in our Charter and Bylaws, as well as provisions of Delaware law, could impair a takeover attempt, which could limit the price investors might be willing to pay in the future for our Common Stock.
- Our Bylaws provide that the Court of Chancery of the State of Delaware will be the sole and exclusive forum for certain stockholder litigation matters, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers, employees or stockholders.
- The JOBS Act permits "emerging growth companies" like us to take advantage of certain exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies.
Legal proceedings
From time to time, we may be subject to legal proceedings. We are not currently a party to or aware of any proceedings that we believe will have, individually or in the aggregate, a material adverse effect on our business, financial condition or results
of operations. Regardless of outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.
The opening of Item 3, Legal Proceedings.4
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 16SEC EDGARBenjamin G. Wolff, Chair
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- 21SEC EDGARMarian Joh, Chief operating officer
- 22SEC EDGARLaura J. Peterson, Vice chair
- 23SEC EDGARMatthew Vogt, Chief Revenue Officer
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- 25
- 26
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- 28SEC EDGARStephen Twitty, Board member
- 29SEC EDGARDavid J. Berkman, Board member
- 30SEC EDGARKim Fennebresque, Board member
- 31SEC EDGARStefan M. Selig, Board member
- 32SEC EDGARDennis M. Weibling, Board member
- 33SEC EDGARLaura J. Peterson, Board member
- 34SEC EDGARMatthew Shigenobu Muta, Board member
- 35SEC EDGARPeter S. Klein, Board member
- 36SEC EDGARPriya Balasubramaniam, Board member
- 37SEC EDGARStephen Sonne, General counsel
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- 47SEC EDGARRegulation FD disclosure
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- 50SEC EDGARRegulation FD disclosure
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- 52NasdaqNasdaq calendar
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