Quarterly ResultJul 8, 2026, 07:07 AM
Palladyne AI Q2 Revenue $5.8M, Backlog $24.0M
AI Summary
Palladyne AI Corp. announced preliminary financial results for the second quarter ended June 30, 2026, reporting approximately $5.8 million in revenue, a 480% increase year-over-year and 66% sequentially. The company's backlog grew to about $24.0 million, up from $17.3 million in the first quarter, with $12.5 million in new contracts added. Cash, cash equivalents, and marketable securities remained stable at approximately $44.0 million. CEO Ben Wolff highlighted strong performance and strategic wins, including a partnership with Israel Aerospace Industries for exclusive U.S. rights to loitering munition systems.
Key Highlights
- Preliminary Q2 2026 revenue approximately $5.8 million, up 480% year-over-year.
- Sequential revenue growth of approximately 66% compared to Q1 2026.
- Backlog grew to approximately $24.0 million as of June 30, 2026, from $17.3 million in Q1.
- Cash, cash equivalents, and marketable securities remained roughly flat at $44.0 million.
- Gross new contracts added during the quarter totaled approximately $12.5 million.
- Company highlighted partnership with Israel Aerospace Industries for combat-proven systems.
Price Impact
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