Palladyne AI reaffirms $24M-$27M 2026 revenue outlook as backlog climbs to $24.6M

Earnings
โดย Seeking Alpha·US·Read original
Summary · why it matters

Palladyne AI Corp. reaffirmed its full-year 2026 revenue guidance of $24 million to $27 million and reported that backlog rose to $24.6 million at the end of the second quarter, up from $17 million at the end of the first quarter. The company posted record quarterly revenue of approximately $5.8 million, a 63% increase from $3.5 million in the first quarter, with product revenue of $2.7 million, engineering services revenue of $1.9 million, and AI product development contract revenue of $1.2 million. Operating cash burn was $11.1 million for the quarter, and management reiterated full-year operating cash burn guidance of $32 million to $36 million, expecting a decline in the second half. CEO Benjamin Wolff highlighted a follow-on order from a defense prime for more than 1,000 BRAIN FC1 units valued at approximately $2.3 million, five times larger than the prior order, and noted the company secured rights to Americanize and manufacture IAI's HAROP, HARPY and Mini HARPY loitering munitions for the U.S. Department of War, with initial units potentially available in about 18 months once a clear government demand signal emerges. The company ended the quarter with $43.7 million in cash, cash equivalents and marketable securities, and expects a majority of the current backlog to convert to revenue over the next 12 to 18 months.

Impact on stocks 1

Robotics & Physical AI▲ · 1 stocks
Palladyne AI Corp
PDYN
▲ PositiveDemandrelevance

Backlog climbs to $24.6M and record revenue with a large follow-on order for BRAIN FC1 units.

Theme Impact 3

Off-coverage companies 1

Israel Aerospace IndustriesPrivate▲ Positive
Demandrelevance

IAI's loitering munitions to be manufactured by Palladyne for U.S., indicating potential demand.

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