Palladyne AI shares climbed 12% to $3.97 in morning trading after the company reported third-quarter revenue of $8.6 million, up from $860,000 a year earlier, and raised the lower end of its full-year revenue forecast. The stock remains down 43% over the past 12 months.
Revenue exceeded the $7.5 million expected by analysts surveyed by FactSet. Palladyne reported a quarterly net loss of $12 million, or 25 cents a share, compared with a loss of $3.7 million, or 9 cents a share, a year earlier. Analysts had expected a loss of $12 million, or 25 cents a share. The adjusted loss was 17 cents a share.
Backlog stood at $18.7 million as of Sept. 30, down 24%. The company said the change reflected $8.6 million in recognized revenue, partly offset by $2.7 million in net new contract awards. Palladyne expects to recognize most of the backlog as revenue over the next 12 to 18 months.
The company raised the low end of its annual revenue guidance to $25 million and kept the high end at $27 million. That compares with revenue of $5.2 million in 2025. Palladyne said its $47 million in cash, cash equivalents and marketable securities should cover operations, working capital and capital expenditure requirements for at least the next 12 months.
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