Quarterly ResultMay 5, 2026, 07:23 AM
Palladyne AI Q1 Revenue +107% to $3.5M; Backlog $17M; Reiterates FY26 Guidance
AI Summary
Palladyne AI Corp. reported its first quarter 2026 financial results, with revenue increasing 107% year-over-year to $3.5 million. The company's backlog grew to approximately $17 million, reflecting $7 million in new contract awards during the quarter. Despite significant revenue growth and strategic operational advancements in defense and commercial sectors, the company posted a GAAP net loss of ($12.6) million and a non-GAAP net loss of ($10.2) million. Palladyne AI reiterated its full-year 2026 revenue guidance of $24 million to $27 million, expecting sequential growth with acceleration in the second half.
Key Highlights
- Q1 2026 revenue increased 107% year-over-year to $3.5 million.
- Backlog grew to approximately $17 million as of March 31, 2026, including $7 million in new contract awards.
- Reiterated full-year 2026 revenue guidance of $24 million to $27 million, representing 357%-415% growth.
- GAAP net loss was ($12.6) million, or ($0.28) per share, compared to net income of $22.8 million in Q1 2025.
- Non-GAAP net loss was ($10.2) million, or ($0.23) per share, compared to ($5.3) million in Q1 2025.
- Cash, cash equivalents, and marketable securities totaled $43.7 million as of March 31, 2026.
- Secured a contract with a major U.S. defense prime contractor for a propulsion subsystem, expected to contribute nearly $1 million in 2026 revenue.
- Initiated active deployment of Palladyne IQ 2.0 with the first commercial customer.