Key Milestones for Commercialization of
Artificial Intelligence Software Platform for Industrial Robots and
Cobots Achieved on Schedule with Substantially Improved Financial
Results
Palladyne AI Corp. (NASDAQ: PDYN and PDYNW) (“Palladyne AI”), a
developer of artificial intelligence software for robotic platforms
in the commercial and defense sectors, today announced recent key
business and financial achievements.
Highlights
- Minimal viable product (MVP) version of Palladyne IQ released
for customer evaluation and trials -- expect commercial launch of
Palladyne IQ during the second half of 2024.
- Successful completion of first on-site trial of Palladyne IQ at
a customer location.
- Revenues increased by 112% in the second quarter 2024 as
compared to the second quarter of 2023 and increased 72% in the
first half of 2024 as compared to the first half of 2023.
- 73% decrease in operating expenses, including restructuring
charges, and 81% decrease in net loss in the second quarter 2024 as
compared to the second quarter 2023.
- 66% decrease in operating expenses, including restructuring
charges and 75% decrease in net loss in the first half 2024 as
compared to the first half 2023.
- Key executives and business leaders with prior experience at
ABB, Delta Airlines, iRobot and Softbank have joined the company to
drive commercialization and customer acquisition.
“Palladyne AI makes robots smarter to do jobs that have
historically been too complex to automate. While it is early days,
we are seeing strong interest from companies globally that are
looking to accelerate operations while driving efficiency by
expanding the jobs done by robots,” said Ben Wolff, President and
Chief Executive Officer of Palladyne AI Corp.
Our AI/ML Software Platform enhances the utility and
functionality of third-party stationary and mobile robotic systems
by enabling these systems to quickly observe, learn, reason and act
in structured, unstructured and dynamic environments. Our software
platform is designed with artificial intelligence (AI) and machine
learning (ML) technologies that enable robotic systems to perceive
their environment and quickly adapt to changing circumstances by
generalizing (i.e., learning) from their past experience using
dynamic real-time operations “on the edge” (i.e., on the robotic
system) without extensive programming and with minimal robot
training. We are developing two products based on our AI/ML
Software Platform: Palladyne IQ for use with both stationary
industrial robots and cobots, and Palladyne Pilot for use with
mobile robotic platforms such as drones and unmanned ground
vehicles. During the second quarter 2024, we released our MVP
version (i.e., a version of the product that is capable of
performing the minimal functions necessary but that does not have
all the features of and has not been fully tested, debugged or
refined into our planned product for general commercial release) of
Palladyne IQ and have had our first trial of Palladyne IQ at a
customer location.
We believe our software’s closed-loop autonomy approach is the
key to expedite robot training, expand the tasks that a robot can
perform, reduce costly workflow stoppages, mitigate downtimes and
reduce human labor requirements. We anticipate that this
“human-like” ability to learn and adapt will be a key
differentiator in helping our customers achieve and maintain
optimal productivity in dynamic or unstructured environments, where
new situations and unexpected challenges are more likely to cause
delays and costly downtime.
“We have designed our AI/ML Software Platform to be hardware
agnostic in order to be compatible with most industrial robots
being sold today,” continued Mr. Wolff. “We have so far met our key
product development milestones on time in 2024, and expect to
release the commercial version of Palladyne IQ in the second half
of this year. We intend to continue product testing, enhance
product features and functionality and work with prospective
customers throughout the remainder of this year with a goal of
generating revenues from Palladyne IQ product sales beginning in
the first half of 2025.”
Financial Performance
We are pleased to announce that our efforts to reduce expenses,
including our decision to focus on our AI/ML Software Platform and
suspend our hardware product development efforts and the two
reductions in force announced in 2023, have resulted in a 73%
decrease in operating expenses, including restructuring charges,
and 81% decrease in net loss in the second quarter 2024 as compared
to the second quarter 2023, and a 66% decrease in operating
expenses, including restructuring charges, and 75% decrease in net
loss in the first half 2024 as compared to the first half 2023. As
a result, we have been able to dramatically reduce our use of cash,
ending the second quarter of 2024 with a cash (including cash
equivalents and marketable securities) balance of $25.8
million.
Revenues increased by 112% in the second quarter of 2024 as
compared to the second quarter of 2023 and increased by 72% in the
first half of 2024 as compared to the first half of 2023. The
increase in the second quarter of 2024 as compared to the second
quarter of 2023 was due to accelerated progress on and completion
of certain milestones in our product development contracts. The
increase in the first half of 2024 was primarily due to legacy
product sales in the first quarter of 2024.
About Palladyne AI Corp.
Palladyne AI Corp. (NASDAQ: PDYN) has developed an advanced
artificial intelligence (AI) and machine learning (ML) software
platform poised to revolutionize the capabilities of robots,
enabling them to observe, learn, reason, and act in a manner akin
to human intelligence. Our AI/ML Software Platform empowers robots
to perceive variations or changes in the real-world environment,
enabling them to autonomously maneuver and manipulate objects
accurately in response.
The Palladyne AI/ML Software Platform operates on the edge and
dramatically reduces the significant effort required to program and
deploy robots enabling industrial robots and collaborative robots
(cobots) to quickly achieve autonomous capabilities even in dynamic
and or complex environments. Designed to enable robotic systems to
perceive their environment and quickly adapt to changing
circumstances by generalizing (i.e., learning) from their past
experience using dynamic real-time operations “on the edge” (i.e.,
on the robotic system) without extensive programming and with
minimal robot training. Palladyne AI believes its software has wide
application, including in industries such as automotive, aviation,
construction, defense, general manufacturing, infrastructure
inspection, logistics and warehousing. Its applicability extends
beyond traditional robotics to include Unmanned Aerial Vehicles
(UAVs), Unmanned Ground Vehicles (UGVs), and Remotely Operated
Vehicles (ROVs). Palladyne AI’s approach is expected to elevate the
return on investment associated with a diverse range of machines
that are fixed, fly, float or roll.
By enabling autonomy, reducing programming complexity and
enhancing efficiency, we are paving the way for a future where
machines can excel in tasks that were once considered beyond their
reach.
For more information, please visit www.palladyneai.com and
connect with us on LinkedIn at
www.linkedin.com/company/palladyneaicorp.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements regarding the timing of commercial
product release and product revenues, capabilities or future
capabilities of the Company’s software platform and products, the
benefits of the software platform and products and the industries
that could benefit from them, the impact of the software platform
and products on robotics, future product development efforts and
engagement with potential customers and the applicability of the
software platform to different kinds of machines (such as UAVs,
UGVs and ROVs and different available industrial robots).
Forward-looking statements are inherently subject to risks,
uncertainties, and assumptions. Generally, statements that are not
historical facts, including statements concerning possible or
assumed future actions, business strategies, events, or results of
operations, are forward-looking statements. These statements may be
preceded by, followed by, or include the words “believes,”
“estimates,” “expects,” “projects,” “forecasts,” “may,” “will,”
“should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends”
or “continue” or similar expressions. Such forward-looking
statements involve risks and uncertainties that may cause actual
events, results, or performance to differ materially from those
indicated by such statements. These forward-looking statements are
based on Palladyne AI’s management’s current expectations and
beliefs, as well as a number of assumptions concerning future
events. However, there can be no assurance that the events,
results, or trends identified in these forward-looking statements
will occur or be achieved. Forward-looking statements speak only as
of the date they are made, and Palladyne AI is not under any
obligation and expressly disclaims any obligation, to update, alter
or otherwise revise any forward-looking statement, whether as a
result of new information, future events, or otherwise, except as
required by law.
Readers should carefully review the statements set forth in the
reports which Palladyne AI has filed or will file from time to time
with the Securities and Exchange Commission (the “SEC”), in
particular the risks and uncertainties set forth in the sections of
those reports entitled “Risk Factors” and “Cautionary Note
Regarding Forward-Looking Statements,” for a description of risks
facing Palladyne AI and that could cause actual events, results or
performance to differ from those indicated in the forward-looking
statements contained herein. The documents filed by Palladyne AI
with the SEC may be obtained free of charge at the SEC’s website at
www.sec.gov.
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version on businesswire.com: https://www.businesswire.com/news/home/20240807704800/en/
Investor Contact: IR@palladyneai.com
Press Contact: PR@palladyneai.com
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