PDYN Nasdaq Services-Prepackaged Software Financials FY2020βFY2025
Palladyne AI Corp. had $5.2M of revenue in fiscal 2025, down 32.6% on the year before. Over five years, revenue changed β9.9% a year on average.
Last close Β· Oct 23, 2026
$3.70
1.4%Hi! I read Palladyne AI Corp.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β32.6%
No. Sales fell 32.6% last year.
Does it make a profit?
191.4%
Yes. It keeps 191.4% of every sale as profit.
Does profit turn into cash?
β540.4%
No. It spent more cash than it brought in.
How healthy are the accounts?
2 / 8
Weak. It passes 2 of 8 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Palladyne AI Corp. had $5.2M of revenue in fiscal 2025, down 32.6% on the year before. Over five years, revenue changed β9.9% a year on average. Its operating margin was β617.7%, down 271.9Β pts: of every 100 in sales, about β618 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Palladyne AI Corp. made $10.0M of net profit in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$28.4M in fiscal 2025, β540.4% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $0.2M and sold $0.8M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.2M
2 insiders
Sold, 12 months
$0.8M
4 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 8, 2026 | Benjamin G WolffPresident & CEO, Director | Bought | 17,121 | $5.79 | $0.1M | Form 4 |
| Aug 21, 2026 | Trevor ThatcherChief Financial Officer | Sold | 4,636 | $6.16 | $0.0M | Form 4 |
| Aug 21, 2026 | Stephen SonneChief Legal Officer | Sold | 5,341 | $6.16 | $0.0M | Form 4 |
| Aug 21, 2026 | Denis GaragicChief Technology Officer | Sold | 17,255 | $6.16 | $0.1M | Form 4 |
| May 21, 2026 | Stephen SonneChief Legal Officer | Sold | 5,245 | $6.14 | $0.0M | Form 4 |
| May 21, 2026 | Trevor ThatcherChief Financial Officer | Sold | 4,561 | $6.14 | $0.0M | Form 4 |
| May 21, 2026 | Denis GaragicChief Technology Officer | Sold | 17,176 | $6.14 | $0.1M | Form 4 |
| Mar 30, 2026 | Trevor ThatcherChief Financial Officer | Sold | 3,030 | $5.55 | $0.0M | Form 4 |
| Mar 30, 2026 | Stephen SonneChief Legal Officer | Sold | 3,471 | $5.55 | $0.0M | Form 4 |
| Mar 30, 2026 | Denis GaragicChief Technology Officer | Sold | 15,149 | $5.55 | $0.1M | Form 4 |
| Mar 27, 2026 | Benjamin G WolffPresident & CEO, Director | Bought | 1,000 | $5.85 | $0.0M | Form 4 |
| Mar 12, 2026 | Denis GaragicChief Technology Officer | Sold | 12,945 | $7.55 | $0.1M | Form 4 |
| Mar 12, 2026 | Stephen SonneChief Legal Officer | Sold | 6,802 | $7.55 | $0.1M | Form 4 |
| Mar 12, 2026 | Trevor ThatcherChief Financial Officer | Sold | 7,649 | $7.55 | $0.1M | Form 4 |
| Nov 21, 2025 | Kristi MartindaleChief Commercial Officer | Sold | 6,753 | $5.11 | $0.0M | Form 4 |
| Nov 21, 2025 | Michael T. YoungDirector | Bought | 3,000 | $5.19 | $0.0M | Form 4 |
| Nov 21, 2025 | Stephen SonneChief Legal Officer | Sold | 3,411 | $5.11 | $0.0M | Form 4 |
| Nov 21, 2025 | Denis GaragicChief Technology Officer | Sold | 15,611 | $5.11 | $0.1M | Form 4 |
| Nov 21, 2025 | Trevor ThatcherChief Financial Officer | Sold | 2,648 | $5.11 | $0.0M | Form 4 |
| Nov 20, 2025 | Benjamin G WolffPresident & CEO, Director | Bought | 3,000 | $5.29 | $0.0M | Form 4 |
| Nov 19, 2025 | Benjamin G WolffPresident & CEO, Director | Bought | 8,000 | $5.40 | $0.0M | Form 4 |
| Nov 18, 2025 | Michael T. YoungDirector | Bought | 5,300 | $5.61 | $0.0M | Form 4 |
| Nov 18, 2025 | Benjamin G WolffPresident & CEO, Director | Bought | 7,000 | $5.49 | $0.0M | Form 4 |
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Palladyne AI Corp. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $217M | $114M | $39.1M | $40.1M | $47.1M |
| Current ratio | 37.1x | 12.3x | 5.3x | 9.6x | 9.3x |
| Quick ratio | 36.9x | 11.9x | 5.2x | 9.6x | 9.2x |
| Total assets | $236M | $168M | $60.4M | $56.3M | $95.7M |
| Total liabilities | $21.9M | $23.2M | $19.5M | $65.8M | $21.0M |
| Shareholders' equity | $214M | $144M | $40.9M | β$9.5M | $74.7M |
| Net debt (β = net cash) | β | β | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Palladyne AI Corp. passes 2 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β |
| F-score | β / 3 | 3 / 8 | 3 / 8 | 2 / 8 | 5 / 8 | 2 / 8 |
| Accruals ratio | β10.6% | β28.8% | β45.5% | β34.2% | β85.7% | 49.6% |
| Altman Z'' | 3.17 | 12.14 | β1.80 | β29.84 | β27.35 | β11.71 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $8.8M | $5.1M | $14.6M | $6.1M | $7.8M | $5.2M |
| Net interest income | $0.0M | β$0.0M | $1.8M | $3.3M | $1.2M | $1.9M |
| Gross profit | $3.2M | $1.2M | $3.0M | $1.1M | $4.3M | $2.6M |
| Research and development | $14.1M | $17.5M | $34.1M | $39.0M | $10.4M | $12.9M |
| Operating income | β$21.0M | β$81.0M | β$177M | β$121M | β$26.9M | β$32.4M |
| Pretax income | β$20.9M | β$81.5M | β$161M | β$116M | β$72.6M | $7.5M |
| Income tax | $0.0M | $0.0M | β$3.9M | $0.0M | $0.0M | β$2.5M |
| Net income | β$20.9M | β$81.5M | β$157M | β$116M | β$72.6M | $10.0M |
| Net income to common | β$20.9M | β$81.5M | β$157M | β$116M | β$72.6M | $10.0M |
| Diluted EPS | β$0.21 | β$0.72 | β$6.42 | β$4.51 | β$2.71 | $0.24 |
| Diluted shares | 0.10B | 0.11B | 0.02B | 0.03B | 0.03B | 0.04B |
| Cash flow | ||||||
| Cash from operations | β$16.9M | β$42.1M | β$65.4M | β$76.6M | β$22.6M | β$27.6M |
| Capital expenditure | $1.0M | $4.7M | $1.5M | $0.8M | $0.3M | $0.7M |
| Free cash flow | β$17.8M | β$46.8M | β$66.9M | β$77.4M | β$22.9M | β$28.4M |
| Depreciation and amortization | $0.5M | $0.5M | $1.4M | $1.6M | $0.8M | $1.0M |
| Stock-based compensation | $2.3M | $43.1M | $35.6M | $12.0M | $2.8M | $4.4M |
| Acquisitions | β | β | $29.7M | β | $0.0M | $5.3M |
| Balance sheet | ||||||
| Cash and short-term investments | $33.7M | $217M | $114M | $39.1M | $40.1M | $47.1M |
| Finance lease liabilities | β | β | β | β | β | $0.9M |
| Current assets | $36.3M | $228M | $129M | $45.1M | $42.7M | $52.6M |
| Current liabilities | $3.6M | $6.2M | $10.5M | $8.5M | $4.4M | $5.7M |
| Inventory | $0.7M | $1.0M | $3.6M | $1.1M | $0.1M | $0.3M |
| Property and equipment, net | $1.4M | $7.1M | $7.6M | $4.8M | $4.2M | $8.9M |
| Goodwill | β | β | β | β | $0.0M | $14.7M |
| Intangible assets | β | β | $19.1M | $0.0M | β | $10.4M |
| Total assets | $38.1M | $236M | $168M | $60.4M | $56.3M | $95.7M |
| Total liabilities | $5.1M | $21.9M | $23.2M | $19.5M | $65.8M | $21.0M |
| Shareholders' equity | $32.9M | $214M | $144M | $40.9M | β$9.5M | $74.7M |
| Margins | ||||||
| Gross margin | 36.4% | 23.8% | 20.3% | 18.0% | 55.2% | 48.7% |
| Operating margin | β238.3% | β1,595.9% | β1,215.2% | β1,968.0% | β345.8% | β617.7% |
| EBITDA margin | β233.1% | β1,585.4% | β1,205.5% | β1,942.8% | β335.2% | β599.1% |
| Net margin | β237.4% | β1,606.1% | β1,078.5% | β1,880.8% | β932.7% | 191.4% |
| FCF margin | β202.3% | β922.0% | β459.1% | β1,259.4% | β294.0% | β540.4% |
| Net interest share of revenue | 0.5% | β0.7% | 12.6% | 53.6% | 16.0% | 37.1% |
| Returns | ||||||
| Return on capital employed | β60.9% | β35.3% | β112.7% | β232.7% | β52.0% | β36.0% |
| Return on equity | β63.6% | β66.0% | β87.7% | β124.7% | β462.9% | 30.8% |
| Return on assets | β55.0% | β59.5% | β77.9% | β101.4% | β124.5% | 13.2% |
| Return on tangible equity | β63.6% | β38.1% | β125.4% | β282.6% | β | 20.3% |
| Growth | ||||||
| Revenue growth | β | β42.4% | 187.1% | β57.8% | 26.7% | β32.6% |
| Share count change | β | 13.1% | β78.4% | 4.8% | 4.4% | 57.3% |
| Financial health | ||||||
| Current ratio | 10.2x | 37.1x | 12.3x | 5.3x | 9.6x | 9.3x |
| Quick ratio | 10.0x | 36.9x | 11.9x | 5.2x | 9.6x | 9.2x |
| Capital allocation | ||||||
| Capex / revenue | 10.8% | 92.4% | 10.3% | 12.7% | 3.4% | 13.6% |
| Stock comp / revenue | 26.0% | 849.6% | 244.7% | 195.9% | 36.0% | 84.8% |
| Quality scores | ||||||
| Piotroski F-score | β | 3.0 | 3.0 | 2.0 | 5.0 | 2.0 |
| Altman Z'' | 3.2 | 12.1 | β1.8 | β29.8 | β27.3 | β11.7 |
| Accruals ratio | β10.6% | β28.8% | β45.5% | β34.2% | β85.7% | 49.6% |
Source: SEC EDGAR XBRL filings (CIK 0001826681). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
