Palladyne AI reports preliminary Q2 revenue of ~$5.8M

Palladyne AI (NASDAQ: PDYN) reported preliminary revenue of approximately $5.8 million for the second fiscal quarter ended June 30, 2026, according to a press release from the Salt Lake City-based defense and technology company.

The figure represents an approximately 480% increase compared to $1.0 million in the same quarter of 2025, and a roughly 66% sequential increase from $3.5 million in the first quarter of 2026. The company noted these results are preliminary and subject to completion of financial closing procedures.

Backlog as of June 30, 2026, stood at approximately $24.0 million, up from $17.3 million at the end of the first quarter. The company added approximately $12.5 million in gross new contracts during the quarter. Palladyne AI said it expects a majority of the backlog to be recognized as revenue over the next 12 to 18 months.

Cash, cash equivalents and marketable securities were approximately $44.0 million as of June 30, 2026, roughly unchanged from March 31, 2026.

CEO Ben Wolff cited several developments during the quarter, including battlefield exercises involving the company's SwarmOS and Gremlin-X products, a contract for its BRAIN flight computer with a defense prime for use on a counter-UAS system, and a partnership announced June 8 with Israel Aerospace Industries. That partnership grants Palladyne AI exclusive U.S. rights to the HARPY, HAROP, and Mini HARPY loitering munition systems.

The company's independent auditors have not reviewed or audited the preliminary figures. Final results may differ materially from these estimates.

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