PDYN 8-K

Palladyne AI Corp. (PDYN)

8-K 2026-03-05 For: 2026-03-05

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Added on April 08, 2026


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)


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



Exhibit Number	Description
99.1	Press Release dated March 5, 2026
104	Cover Page Interactive Data File (formatted as Inline XBRL)


			Palladyne AI Corp.

Dated:	March 5, 2026	By:	/s/ Stephen Sonne
		Name: Title:	Stephen Sonne Chief Legal Officer & Secretary


	As of
	December 31, 2025			December 31, 2024

Assets
Current assets:
Cash and cash equivalents	$	18,219		$	31,188
Marketable securities		28,836			8,883
Accounts receivable, net of allowance for credit losses of $0.0 million and $0.3 million at December 31, 2025 and 2024, respectively		1,055			134
Unbilled receivables		2,455			1,179
Inventories		339			71
Prepaid expenses and other current assets		1,653			1,275
Total current assets		52,557			42,730
Property and equipment, net		8,889			4,244
Intangible assets, net		10,430			—
Goodwill		14,731			—
Operating lease assets		8,645			8,841
Other non-current assets		460			438
Total assets	$	95,712		$	56,253
Liabilities and stockholders’ equity (deficit)
Current liabilities:
Accounts payable	$	1,058		$	435
Accrued liabilities		3,550			2,919
Current operating lease liabilities		1,058			1,079
Total current liabilities		5,666			4,433
Warrant liabilities		2,772			51,396
Operating lease liabilities		9,725			9,957
Other non-current liabilities		2,874			—
Total liabilities		21,037			65,786
Commitments and contingencies
Stockholders’ equity (deficit):
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			3
Additional paid-in capital		555,451			481,289
Accumulated other comprehensive income		11			6
Accumulated deficit		(480,792	)		(490,831	)
Total stockholders’ equity (deficit)		74,675			(9,533	)
Total liabilities and stockholders’ equity (deficit)	$	95,712		$	56,253

PDYN 8-K

FORM 8-K

Item 2.02 Results of Operations and Financial Condition.

Item 7.01 Regulation FD Disclosure.

Item 9.01 Financial Statements and Exhibits.


	Three Months Ended December 31,						Year Ended December 31,
	2025			2024			2025			2024
Revenue, net	$	1,661		$	761		$	5,246		$	7,786
Operating expenses:
Cost of revenue (exclusive of items shown separately below)		1,402			554			2,690			3,488
Research and development		3,758			2,612			12,899			10,437
General and administrative		4,683			3,461			17,199			16,842
Sales and marketing		1,014			618			4,744			4,134
Asset write-down and restructuring		—			—			—			(192	)
Total operating expenses		10,975			7,245			37,650			34,709
Loss from operations		(9,314	)		(6,484	)		(32,404	)		(26,923	)
Interest income, net		432			277			1,944			1,244
Gain (loss) on warrant liabilities		4,630			(46,760	)		37,740			(46,935	)
Other income, net		221			—			221			2
Income (loss) before income tax expense		(4,031	)		(52,967	)		7,501			(72,612	)
Income tax benefit (expense)		2,538			(2	)		2,538			(5	)
Net income (loss)	$	(1,493	)	$	(52,969	)	$	10,039		$	(72,617	)
Net income (loss) per share
Basic	$	(0.04	)	$	(1.75	)	$	0.26		$	(2.71	)
Diluted	$	(0.04	)	$	(1.75	)	$	0.24		$	(2.71	)
Weighted-average shares used in computing net income (loss) per share
Basic		42,329,510			30,277,019			38,841,116			26,774,895
Diluted		42,329,510			30,277,019			42,125,932			26,774,895


	Year Ended December 31,
	2025			2024
Cash flows from operating activities:
Net income (loss)	$	10,039		$	(72,617	)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Stock-based compensation		4,447			2,805
Depreciation of property and equipment		974			825
Amortization of intangible assets		118			—
Change in fair value of warrant liabilities		(37,740	)		46,935
Allowance for credit losses		—			285
Amortization of investment discount		(1,386	)		(75	)
Deferred income tax benefit		(2,541	)		—
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable		1,096			136
Unbilled receivable		(960	)		855
Inventories		58			994
Prepaid expenses and other current assets		(132	)		1,048
Operating lease assets & other non-current assets		1,005			1,242
Accounts payable		(708	)		(819	)
Accrued liabilities and current operating lease liabilities		(904	)		(3,164	)
Operating lease liabilities		(1,003	)		(1,077	)
Net cash used in operating activities		(27,637	)		(22,627	)
Cash flows from investing activities:
Purchases of property and equipment		(713	)		(265	)
Acquisition of a business, net of cash acquired		(5,302	)		—
Purchases of marketable securities		(75,563	)		(8,859	)
Maturities of marketable securities		57,000			16,000
Net cash (used in) provided by investing activities		(24,578	)		6,876
Cash flows from financing activities:
Proceeds from exercise of stock options		74			130
Proceeds from issuance of common stock under ESPP		148			—
Proceeds from the exercise of warrants		6,419			—
Shares repurchased for payment of tax withholdings		—			(105	)
Payment of obligations under finance leases		(20	)		(3	)
Payment of debt obligations		(3,696	)		—
Proceeds from the issuance of warrants		—			4,432
Proceeds from issuance of common stock		36,371			20,028
Payment of transaction costs related to issuance of common stock		(50	)		(682	)
Net cash provided by financing activities		39,246			23,800