“We just completed a joint field exercise with Palladyne AI” and observed SwarmOS operating in soldiers’ hands.” Great breadcrumb coming out of exercises.
Clark's command of Marine Corps Forces Special Operations Command (MARSOC) and his prior service as Director of Operations and Chief of Staff at U.S. Special Operations Command (USSOCOM) give Palladyne AI direct line of sight into how MARSOC and the broader special operations community define, evaluate, and field new technology. His experience will help inform how Palladyne AI applies and positions its portfolio of low-cost, attritable systems and the components that enable them, coupled with SwarmOS™ collaborative autonomy software, for the direct action, special reconnaissance, and distributed operations MARSOC executes.
"Special operations forces operate in environments where complexity, time pressure, and communications constraints are the norm," said Clark. "The next generation of autonomous systems must make small teams more effective without adding complexity for the operator. Palladyne AI's focus on edge autonomy, collaborative systems, and practical human-machine teaming is aligned with the kind of capability the force needs as autonomous operations scale."
"Gen. Clark joins us at a pivotal moment," said Ben Wolff, President and Chief Executive Officer of Palladyne AI. "Palladyne AI is building a vertically integrated capability for the U.S. Department of War that includes collaborative autonomy, the systems and munitions it commands, and the American manufacturing base behind them. Leaders of Gen. Clark's caliber choose to advise Palladyne AI because they believe in that capability and its potential for the mission."
‐------------------------‐-----
Damn. Another powerhouse. Palladyne attracts them all like a moth to a flame.
That's telling.
• $PDYN: don't skim past this one bc of earnings. SwarmOS and Gremlin-X performed at Project Convergence Capstone 6, the largest Project Convergence experiment the @USArmy has run to date and its culminating division-scale test of how it intends to fight going forward. Next up: Northern Strike Why it matters: - Being in PC-C6 at all is the signal. This is where the Army, the broader Joint Force and allied partners pressure-test the systems they actually plan to field. SwarmOS was in it. - Second live Army test in under three months (@4thInfDiv#IvyMass), each one harder than the last. The Army keeps bringing SwarmOS back and raising the bar, and it has delivered every time. -SwarmOS ran the full sensor-to-effects chain across drones from multiple manufacturers: autonomous ISR aircraft found and identified targets, shared them through the Army's C2, a soldier authorized the strike, Gremlin-X engaged, SwarmOS coordinated battle damage assessment. - Integrated with @anduriltech 's Lattice inside the Army's Next Generation Command and Control architecture. - Earned IL5 certification, clearing the @DeptofWar 's cloud security bar for sensitive mission data and C2 workflows. That's a real gate, not a demo. The story is no longer what SwarmOS is designed to do. It's what it has now repeatedly done in the exercises shaping how the Army plans to fight.
@haydenir@HenryInvests@sunao_viewer@stocks4545@GrumpierBTDay@LilyFunds@RedCatHoldings@USArmy@SecWar@CENTCOM@us_navyseals@USASOCNews@AFSpecOpsCmd@USSOCOM@thejointstaff@USNavy@USMC@nick88886666@GeoInvesting@MSmicrocaps@NasdaqExchange@stockseer@mkfilko@FinnStockinger@CDAODoW$AVEX$RCAT$ONDS$DPRO$SWMR$KTOS$AVAV$UMAC
-----------
The keyword is "fielding".
Not try-outs, experimenting, testing..no..it's fielding.
Palladyne AI Reports Second Quarter 2026 Results
Business Wire
Revenue increased 470% year-over-year and 63% sequentially to $5.8 million, driven by both acquisitions and organic growth
Backlog of $24.6 million as of June 30, 2026, net of revenue recognized, reflects approximately $13.0 million in new contract awards during the quarter
Reiterates full-year 2026 revenue guidance of $24 million to $27 million (357% - 415% growth); expects sequential revenue growth in Q3
SALT LAKE CITY--(BUSINESS WIRE)-- Palladyne AI Corp. (PDYN.NaE) (“Palladyne AI” or “the Company”), a U.S.-based aerospace, defense and industrial technology company delivering embodied AI-powered collaborative autonomy solutions, advanced avionics, precision-manufactured components, UAVs, and advanced aerospace engineering services, today announced financial results for the second quarter ended June 30, 2026.
Ben Wolff, President and Chief Executive Officer of Palladyne AI (PDYN.NaE), commented:
“The headline this quarter is the $13 million of new contract awards, and it is why we are comfortable reiterating guidance for the year. Backlog stands at nearly $25 million even after we recognized a record quarter of revenue, and it remains the number I watch most closely because it is the foundation the next several quarters are built on.
“From a product standpoint, the milestone was executing Ivy Mass and hitting every objective we set for it. Ivy Mass was the first in a series of 4th Infantry Division exercises we were competitively selected for under the Army'sDisruptive Applications program. Over the course of three weeks, we integrated SwarmOS with the Army's Next-Generation Command and Control prototype ecosystem. SwarmOS enabled us to operate drones from four different manufacturers, including our own Gremlin-X mini bomber, under a single operator. We also just completed another major DoW exercise in late July, and we have been invited to five more over the next 8 months, starting with Northern Strike, which is underway now.
“We also signed our partnership with Israel Aerospace Industries (IAI) during the quarter, which gives us exclusive U.S. rights to Americanize, manufacture, integrate and market IAI’s HARPY, HAROP and Mini HARPY loitering munitions to the Department of War. These are long-range, battle-proven systems for suppressing and destroying enemy air defenses, and they fill a capability gap that the U.S. arsenal has today. I believe systems like these could not only reduce the kind of aircraft losses we have seen in recent operations in the Middle East, but also do it far more cost-effectively than current methods for eliminating enemy air defenses. Since signing, we have been working alongside IAI on the strategy and planning for bringing the Department of War on board with these systems, including Americanization requirements and manufacturing readiness.
“Financially, every part of the business grew this quarter. Our operating cash burn1 ran higher than last quarter. That increase reflects two things: we are still early in scaling revenue against our cost base, and we made deliberate investments ahead of that ramp. We made some one-time capital expenditures, added business development and program management headcount in our Aerospace and Defense division to pursue and support Department of War work, and brought on additional engineers to support existing contracts and advance programs, including Gremlin-X. Those are costs we are taking on against contracts we can already see, and we expect quarterly cash usage to come down as revenue and margins ramp through the second half.”
Signed an exclusive partnership with IAI covering U.S. rights to the HARPY, HAROP and Mini HARPY long-range loitering munitions, with no upfront payment and up to ten years of exclusivity;
Competitively selected for two U.S. Army contracts under the Disruptive Applications Broad Agency Announcement to operationally validate SwarmOS and Gremlin-X with 4th Infantry Division warfighters;
Secured $2.6 million in orders for BRAIN flight computers from a defense prime, including a $2.3 million contract supporting a low-cost kinetic counter-UAS interceptor;
Commenced previously announced $4.2 million Air Force Research Laboratory HANGTIME contract, integrating satellites into a coordinated sensor network for the first time;
Received a $2.9 million U.S. Air Force STRATFI option exercise for the Palladyne IQ embodied AI architecture, bringing total program value to over $10.6 million;
Demonstrated SwarmOS and Gremlin-X at the Army's Ivy Mass exercise, subsequently participated in an additional Department of War exercise in July, and have been invited to five more through March 2027;
Selected as one of 14 companies invited to the AFRL Relentless Wolfpack Industry Day, and the only small cap in that group, on a submission combining SwarmStrike with SwarmOS.
Second Quarter 2026 Financial Highlights (vs. second quarter 2025)
Revenue increased 470% to $5.8 million compared to $1.0 million;
Operating loss of ($13.4) million compared to ($8.1) million, mainly reflecting higher stock-based compensation and continued investment in Palladyne Aerospace and Defense;
GAAP net loss and basic and diluted GAAP loss per share (EPS) of ($12.3) million and ($0.27), respectively, compared to ($7.5) million and ($0.20), respectively, in the prior year period
Second quarter 2026 included a $0.8 million non-cash gain on warrant liability revaluation, compared to a gain of $0.1 million in the prior year period;
Second quarter 2026 included $2.3 million in non-cash stock compensation expenses compared to $1.1 million in the prior year period;
Non-GAAP net loss and basic and diluted Non-GAAP EPS of ($10.8) million and ($0.23), compared to ($6.4) million and ($0.17) in the prior year period, respectively2;
Cash, cash equivalents and marketable securities totaled $43.7 million as of June 30, 2026, roughly flat to March 31, 2026; and
Backlog as of June 30, 2026 increased 43% during the quarter to $24.6 million, reflecting approximately $13.0 million in new contracts awarded, partially offset by revenue recognized during the quarter.
Guidance ($M)
Revenue
Reiterated
Operating Cash Burn
Reiterated
Revenue:
Palladyne AI (PDYN.NaE) is reiterating its guidance for $24.0 - $27.0 million, representing expected year-over-year growth of approximately 357% to 415% compared to 2025 revenue of $5.2 million. The Company expects growth to increase sequentially in Q3 as backlog converts, new contracts are awarded and performed, and commercial deployments expand.
Backlog of $24.6 million as of June 30, 2026, reflects continued contract momentum during the quarter. Palladyne AI (PDYN.NaE) expects a majority of this backlog to be recognized as revenue over the next 12-18 months.
Cash Burn:
The Company reiterates its full-year 2026 expected operating cash burn of ($32.0) – ($36.0) million, or ($8.0) – ($9.0) million per quarter, on average. Second quarter operating cash burn primarily reflected strategic hiring in the Aerospace and Defense division, and roughly $0.9 million in capital expenditures. The Company expects cash burn to trend lower through the remainder of 2026 as revenue and margins ramp in the third and fourth quarters.
Based on its liquidity position and expected backlog conversion, management believes it is well-positioned to execute its 2026 plan.
Conference Call
Palladyne AI (PDYN.NaE) will host a conference call today at 8:00 a.m. Eastern Time to discuss its financial and operational results, strategy and future opportunities.
Dial-in and Webcast Information
Date/Time:
Thursday, August 6, 2026, at 8:00 a.m. Eastern Time
Toll-Free (North America):
1-877-407-0789
Toll/International:
1-201-689-8562
Conference Call ID:
13761965
Webcast Link: https://viavid.webcasts.com/starthere.jsp?ei=1770788&tp\_key=11383e4c0c
Call me™: Participants can use the Guest dial-in #s above and be answered by an operator, or click the Call me™ link for instant telephone access to the event. Call me™ link will be made active 15 minutes prior to the scheduled start time. https://callme.viavid.com/viavid/?callme=true&passcode=13757186&h=true&info=company&r=true&B=6
Replay Information
About Palladyne AI (PDYN.NaE)
Palladyne AI (PDYN.NaE) is a U.S.-based technology company developing patented embodied artificial intelligence, collaborative autonomy solutions, advanced avionics, autonomous systems, advanced UAV engineering services, and precision-manufactured components for aerospace, defense and industrial markets. Palladyne AI(PDYN.NaE) delivers secure, American-developed and operated platforms designed to meet the stringent requirements of U.S. government and public-sector customers, including data sovereignty, security, and compliance.
Palladyne AI’s embodied AI is designed to operate in complex, contested, and high-risk environments, enabling distributed tasking, human-on-the-loop decision-making, degraded-communications resilience, and multi-domain coordination. Its platform-agnostic autonomy stack combines real-time sensor fusion, adaptive AI models, and edge-native orchestration - without vendor lock-in - to support autonomous and collaborative systems across air, ground, maritime, and industrial domains where performance, resilience, and trust are paramount. For more information about Palladyne AI (PDYN.NaE), including GuideTech and Palladyne Aerospace and Defense, please visit www.palladyneai.com/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding 2026 expected financial performance, including expected timing and amount of revenue; the amount and timing of backlog realization; the benefits of its AI software and other products and the markets for its products and services; cash usage; the pursuit of opportunities across U.S. government programs; the award and timing of new contracts and commercial deployments; and its ability to execute on its 2026 plan. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or “continue” or similar expressions. Such forward-looking statements involve risks and uncertainties that may cause actual events, results, or performance to differ materially from those indicated by such statements. These forward-looking statements are based on Palladyne AI’s management’s current expectations and beliefs, as well as a number of assumptions concerning future events. However, there can be no assurance that the events, results, or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and Palladyne AI (PDYN.NaE) is not under any obligation and expressly disclaims any obligation to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.
Readers should carefully review the statements set forth in the reports which Palladyne AI (PDYN.NaE) has filed or will file from time to time with the Securities and Exchange Commission (the “SEC”), in particular the risks and uncertainties set forth in the sections of those reports entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements,” for a description of risks facing Palladyne AI (PDYN.NaE) and that could cause actual events, results or performance to differ from those indicated in the forward-looking statements contained herein. The documents filed by Palladyne AI (PDYN.NaE) with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov.
Toll-Free (North America)
1-844-512-2921
Toll/International:
1-412-317-6671
Conference Call ID:
13761965
Expiration:
Thursday, August 20, 2026, at 11:59 p.m. Eastern Time
PALLADYNE AI CORP.(PDYN.NaE)
CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands, except share data)
December 31, 2025