Palladyne AI
PDYN on Nasdaq. Prepackaged software. Market value $253m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-14.53 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 23 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$5.12 a share, 24% above its 1-year low
Over the past year the price has ranged from $4.14 to $10.73.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $5m | $15m | $6m | $8m | $5m |
| Operating margin | |||||
| Operating margin | -1595.9% | -1215.2% | -1968.0% | -345.8% | -617.7% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.15bn | 0.03bn | 0.03bn | 0.04bn | 0.05bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting checksSkipped: company is not yet profitable
- DebtUnknown
- Revenue growth, five yearsSlow, 0.8% a year
- Buying back its own sharesYes, 68% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $6 million last quarter, up 470% on a year ago.
- A loss of $12 million, compared with a loss of $7 million a year ago.
- It loses 361 cents on each $1 of sales, compared with 661 cents a year earlier.
- Over the past 12 months it spent $37 million more cash than it brought in, compared with $23 million a year earlier.
- 22% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $871,000 |
| December 2024 | $761,000 |
| March 2025 | $2m |
| June 2025 | $1m |
| September 2025 | $860,000 |
| December 2025 | $2m |
| March 2026 | $4m |
| June 2026 | $6m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$7m |
| December 2024 | -$53m |
| March 2025 | $23m |
| June 2025 | -$7m |
| September 2025 | -$4m |
| December 2025 | -$1m |
| March 2026 | -$13m |
| June 2026 | -$12m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 5 March 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
None of the long-term investors we follow own it. 119 funds in all.
Largest holders overall
- BlackRock$17mAdded
- Vanguard Capital Management$9mAdded
- Raymond James Financial$7m
- Geode Capital Management$6mAdded
- State Street$4mAdded
- Themes Management$3mAdded
- Susquehanna International Group, LLP$3mAdded
- UBS Group AG$3mAdded
- Morgan Stanley$2mAdded
- Millennium Management$2mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- BlackRock, Inc.Passive investor5.4%+4.1 ptsSince 30 June 2026
- KERBER WILLIAM XAVIER IIIPassive investor5.0%−1.6 ptsSince 13 May 2026
What they said
Mr. Kerber purchased the Issuer's Common stock as an individual for the purposes of investment. Since the filing of the last amendment dated June 13, 2025 Mr. Kerber has made the following changes to his holdings of the Issuer's Common Stock: * Purchases of an additional 10,000…
Read the filing - Schlumberger N.V. (Schlumberger Limited)Passive investorat least 4.4%(filed with 3 related holders)Since 31 December 2024
- Dr. Fraser SmithSold down below 5%Since 26 December 2024
- Marc OlivierPassive investorSold down below 5%Since 27 December 2024
- BlackRock Portfolio Management LLCPassive investorSold down below 5%Since 30 September 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 5.4%+4.1 pts | 30 June 2026 | |
KERBER WILLIAM XAVIER III Passive investor | 5.0%−1.6 pts | 13 May 2026 | What they saidMr. Kerber purchased the Issuer's Common stock as an individual for the purposes of investment. Since the filing of the last amendment dated June 13, 2025 Mr. Kerber has made the following changes to his holdings of the Issuer's Common Stock: * Purchases of an additional 10,000… Read the filing |
Schlumberger N.V. (Schlumberger Limited) Passive investor | at least 4.4% (filed with 3 related holders) | 31 December 2024 | |
Dr. Fraser Smith | Sold down below 5% | 26 December 2024 | |
Marc Olivier Passive investor | Sold down below 5% | 27 December 2024 | |
BlackRock Portfolio Management LLC Passive investor | Sold down below 5% | 30 September 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $247,782 of shares on the open market. 4 sold $805,627.
- Wolff Benjamin GPRESIDENT & CEO, DirectorBought
- Date
- 8 September 2026
- Shares
- 17,121
- Price
- $5.79
- Value
- $99,129
- THATCHER TREVORCHIEF FINANCIAL OFFICERSold
- Date
- 21 August 2026
- Shares
- 4,636
- Price
- $6.16
- Value
- $28,553
- SONNE STEPHENCHIEF LEGAL OFFICERSold
- Date
- 21 August 2026
- Shares
- 5,341
- Price
- $6.16
- Value
- $32,895
- GARAGIC DENISCHIEF TECHNOLOGY OFFICERSold
- Date
- 21 August 2026
- Shares
- 17,255
- Price
- $6.16
- Value
- $106,272
- THATCHER TREVORCHIEF FINANCIAL OFFICERSold
- Date
- 21 May 2026
- Shares
- 4,561
- Price
- $6.14
- Value
- $28,005
- SONNE STEPHENCHIEF LEGAL OFFICERSold
- Date
- 21 May 2026
- Shares
- 5,245
- Price
- $6.14
- Value
- $32,204
- GARAGIC DENISCHIEF TECHNOLOGY OFFICERSold
- Date
- 21 May 2026
- Shares
- 17,176
- Price
- $6.14
- Value
- $105,461
- THATCHER TREVORCHIEF FINANCIAL OFFICERSold
- Date
- 30 March 2026
- Shares
- 3,030
- Price
- $5.55
- Value
- $16,817
- SONNE STEPHENCHIEF LEGAL OFFICERSold
- Date
- 30 March 2026
- Shares
- 3,471
- Price
- $5.55
- Value
- $19,264
- GARAGIC DENISCHIEF TECHNOLOGY OFFICERSold
- Date
- 30 March 2026
- Shares
- 15,149
- Price
- $5.55
- Value
- $84,077
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 8 September 2026 | Wolff Benjamin G PRESIDENT & CEO, Director | Bought | 17,121 | $5.79 | $99,129 |
| 21 August 2026 | THATCHER TREVOR CHIEF FINANCIAL OFFICER | Sold | 4,636 | $6.16 | $28,553 |
| 21 August 2026 | SONNE STEPHEN CHIEF LEGAL OFFICER | Sold | 5,341 | $6.16 | $32,895 |
| 21 August 2026 | GARAGIC DENIS CHIEF TECHNOLOGY OFFICER | Sold | 17,255 | $6.16 | $106,272 |
| 21 May 2026 | THATCHER TREVOR CHIEF FINANCIAL OFFICER | Sold | 4,561 | $6.14 | $28,005 |
| 21 May 2026 | SONNE STEPHEN CHIEF LEGAL OFFICER | Sold | 5,245 | $6.14 | $32,204 |
| 21 May 2026 | GARAGIC DENIS CHIEF TECHNOLOGY OFFICER | Sold | 17,176 | $6.14 | $105,461 |
| 30 March 2026 | THATCHER TREVOR CHIEF FINANCIAL OFFICER | Sold | 3,030 | $5.55 | $16,817 |
| 30 March 2026 | SONNE STEPHEN CHIEF LEGAL OFFICER | Sold | 3,471 | $5.55 | $19,264 |
| 30 March 2026 | GARAGIC DENIS CHIEF TECHNOLOGY OFFICER | Sold | 15,149 | $5.55 | $84,077 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 5 Mar 2026, plus the 10-Q filed 6 Aug 2026 and 5 later 8-Ks.
One big customer
Worth knowingOne customer brings in a big share of sales: 73% last year. Losing that customer would hurt.
“One and two customers accounted for more than 10% of the Company's revenue for each of the years ended December 31, 2025 and 2024, respectively. These concentrations accounted for 73% and 98% of revenue for the years ended December 31, 2025 and 2024, respectively.”
From the 10-K filed 5 March 2026, Item 8. Financial Statements and Notes (table). Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have barely grown: 0.8% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.