Palladyne AI Corp. PDYN
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 Palladyne AI Corp.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $5.2M | $7.8M | $6.1M | $14.6M | $5.1M | $8.8M | — |
| Cost of revenue | $2.7M | $3.5M | $5.0M | $11.6M | $3.9M | $5.6M | — |
| Gross profit | $2.6M | $4.3M | $1.1M | $3.0M | $1.2M | $3.2M | — |
| R&D | $12.9M | $10.4M | $39.0M | $34.1M | $17.5M | $14.1M | — |
| SG&A | $17.2M | $16.8M | $31.5M | $63.5M | $58.1M | $7.3M | — |
| Total operating expenses | $37.6M | $34.7M | $127.1M | $191.6M | $86.1M | $29.8M | — |
| Operating income | -$32.4M | -$26.9M | -$121.0M | -$177.0M | -$81.0M | -$21.0M | — |
| Interest expense | $1.9M | $1.2M | $3.3M | $1.8M | $34.0K | $40.0K | — |
| Pre-tax income | $7.5M | -$72.6M | -$115.6M | -$161.0M | -$81.5M | -$20.9M | — |
| Income tax | $2.5M | $5.0K | $7.0K | $3.9M | $1.0K | $1.0K | — |
| Net income | $10.0M | -$72.6M | -$115.6M | -$157.1M | -$81.5M | -$20.9M | — |
| EPS, basic | 0.26 | -2.71 | -4.51 | -6.42 | -0.72 | — | — |
| EPS, diluted | 0.24 | -2.71 | -4.51 | -6.42 | -0.72 | -0.21 | — |
| Shares, diluted (wtd. avg.) | $42.1M | $26.8M | $25.6M | $24.5M | $113.2M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $18.2M | $31.2M | $23.1M | $35.2M | $217.1M | $33.7M | $9.2M |
| Short-term investments | $28.8M | $8.9M | $15.9M | $79.3M | — | — | — |
| Receivables | $1.1M | $134.0K | $555.0K | $1.9M | $788.0K | $1.1M | — |
| Inventory | $339.0K | $71.0K | $1.1M | $3.6M | $1.0M | $707.0K | — |
| Total current assets | $52.6M | $42.7M | $45.1M | $129.1M | $228.3M | $36.3M | — |
| Property, plant and equipment | $8.9M | $4.2M | $4.8M | $7.6M | $7.1M | $1.4M | — |
| Goodwill | $14.7M | $0 | — | — | — | — | — |
| Other intangibles | $10.4M | — | $0 | $19.1M | — | — | — |
| Total assets | $95.7M | $56.3M | $60.4M | $167.6M | $235.8M | $38.1M | — |
| Accounts payable | $1.1M | $435.0K | $1.3M | $3.6M | $1.7M | $972.0K | — |
| Total current liabilities | $5.7M | $4.4M | $8.5M | $10.5M | $6.2M | $3.6M | — |
| Total liabilities | $21.0M | $65.8M | $19.5M | $23.2M | $21.9M | $5.1M | — |
| Retained earnings | -$480.8M | -$490.8M | -$418.2M | -$302.6M | -$145.5M | -$64.0M | — |
| Total equity | $74.7M | -$9.5M | $40.9M | $144.4M | $214.0M | $32.9M | $11.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$27.6M | -$22.6M | -$76.6M | -$65.4M | -$42.1M | -$16.9M | — |
| Depreciation and amortisation | $974.0K | $825.0K | $1.6M | $1.4M | $531.0K | $458.0K | — |
| Stock-based compensation | $4.4M | $2.8M | $12.0M | $35.6M | $43.1M | $2.3M | — |
| Capital expenditure | $713.0K | $265.0K | $782.0K | $1.5M | $4.7M | $950.0K | — |
| Investing cash flow | -$24.6M | $6.9M | $64.7M | -$109.0M | -$4.7M | -$950.0K | — |
| Financing cash flow | $39.2M | $23.8M | -$82.0K | -$7.5M | $230.2M | $42.3M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-092443.
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