PALLADYNE AI CORP - PDYNW STOCK NEWS

Palladyne AI Corp. (NASDAQ: PDYN) has announced the appointment of Michael Young to its Board of Directors, effective February 24, 2025. Young brings over 35 years of professional experience, including 17 years at Caterpillar where he led Caterpillar Ventures and M&A activities in Asia Pacific. During his tenure at Caterpillar Ventures (2015-2023), he directed investments in more than 30 companies focused on energy, electrification, autonomy, robotics, and digital solutions.

Young will replace Laura J. Peterson, who will retire from her position as Executive Vice Chair. Peterson has served on the Board since September 2021 and held various executive positions including interim President and CEO. Prior to Caterpillar, Young served at Dell Computer for six years, including as CFO for the China and Hong Kong business.

Palladyne AI (NASDAQ: PDYN) and Red Cat Holdings (NASDAQ: RCAT) have achieved a significant milestone with their first successful multi-drone collaborative autonomous flight. The test demonstrated multiple Teal drones equipped with Palladyne Pilot AI software autonomously working together to identify, prioritize, and track ground targets while sharing multi-modal sensor information.

This achievement follows their December 2024 demonstration of single-drone autonomous capabilities. The technology enables drones to collaborate under constrained communication conditions, allowing a single operator to manage multiple drones with reduced cognitive load. The companies believe this capability will provide tactical advantages in military applications.

Palladyne AI expects to make the Palladyne Pilot software commercially available by the end of Q1 2025.

Palladyne AI Corp. (NASDAQ: PDYN) has secured a new contract from the Air Force Research Laboratory (AFRL) to adapt its Palladyne™ Pilot AI software platform to next-generation U.S.-made AI computing chipsets. The 26-month project will commence in early 2025.

The Pilot platform, based on the CLUTCHES framework, combines multi-sensor fusion with adaptive real-time sensor management for unmanned aerial vehicles (UAVs). It enables a network of collaborating unmanned systems and multi-modal sensors that self-orchestrate for intelligence, surveillance, and reconnaissance applications.

The software currently operates on Nvidia and Qualcomm AI chipsets, and this expansion aims to make Pilot compatible with the majority of small drone platforms. AFRL reports that initial tests show promising results in reducing operational burden while improving mission effectiveness for Air Force drone operators.

Palladyne AI (NASDAQ: PDYN) has achieved a significant milestone with its Palladyne Pilot AI software platform, successfully completing the first autonomous tracking flight using a third-party small drone. The platform demonstrated its ability to identify, prioritize, and autonomously track terrestrial targets while interfacing with the drone's autopilot software.

This advancement builds upon previous successful demonstrations of target identification and prioritization on stationary nodes and hovering drones. The company expects to complete commercialization of Palladyne Pilot by the end of Q1 2025, aiming to bring intelligence capabilities previously available only in expensive unmanned systems to more economical small drones.

Palladyne AI (NASDAQ: PDYN) announced an expanded partnership with Red Cat Holdings and its Teal Drones subsidiary, focusing on joint sales and marketing activities. The partnership involves embedding Palladyne AI's artificial intelligence software into Teal drones to enable autonomous operation and create networks of collaborating drones. The Palladyne Pilot software will be available on all Teal drones, including those to be delivered under Red Cat's recent U.S. Army's Short Range Reconnaissance Program contract, with deliveries expected to begin in 2025.

Palladyne AI Corp (NASDAQ: PDYN) has announced a $7.0 million financing through multiple offerings. The company entered into an agreement with an institutional investor for a registered direct offering of 2,790,700 shares at $2.15 per share, along with warrants to purchase an equal number of shares at $2.30 per share. In a concurrent private placement, company insiders purchased 430,105 shares at $2.20 per share with matching warrants. The warrants will be exercisable after six months and expire in 5.5 years. A.G.P./Alliance Global Partners is acting as sole placement agent, with closing expected around November 1, 2024. Proceeds will fund software product development and working capital.

Palladyne AI Corp. (NASDAQ: PDYN) has successfully completed Phase I of a multi-million-dollar contract with the Air Logistics Complex at Warner Robins Air Force Base in Georgia. The contract, valued at $13.8 million over four years, is part of the Air Force's STRATFI program through AFWERX AFVentures. Phase II will continue integrating Palladyne IQ software for remediation activities on complex aircraft components.

The software has demonstrated its ability to autonomously prepare contoured surfaces using sanding and media blasting techniques, providing high value to repair and maintenance operations. Mr. Shane Groves from Warner Robins Air Logistics Complex praised the technology as transformational for both commercial and DoD industrial automation advancements.

Palladyne AI Corp. (NASDAQ: PDYN) and Red Cat Holdings, Inc. (NASDAQ: RCAT) have announced a partnership to enhance the autonomous capabilities of Red Cat's Teal drones using Palladyne AI's Pilot software. The collaboration aims to integrate artificial intelligence into Teal drones, enabling autonomous operation and advanced features.

Palladyne AI's Pilot software will facilitate persistent detection, tracking, and classification of objects by synthesizing multi-modal sensor fusion data in real-time. This integration is expected to create a network of collaborating drones and sensors that self-orchestrate, providing superior intelligence, surveillance, and reconnaissance capabilities.

The partnership will showcase their combined system capabilities at the Association of the United States Army (AUSA) annual meeting from October 14-16, 2024, in Salt Lake City. Palladyne AI will join Red Cat at the AUSA conference in booth 330 and participate in joint marketing initiatives throughout the year.

Palladyne AI Corp (NASDAQ: PDYN) has released a mid-year business and financial update, highlighting key milestones in the commercialization of its AI software platform for industrial robots and cobots. The company has achieved significant financial improvements, including a 112% increase in Q2 2024 revenues compared to Q2 2023, and a 72% increase in H1 2024 revenues compared to H1 2023.

Palladyne AI has successfully released the MVP version of Palladyne IQ for customer evaluation and trials, with a commercial launch expected in H2 2024. The company has also completed its first on-site trial at a customer location. Operating expenses have decreased by 73% in Q2 2024 and 66% in H1 2024 compared to the same periods in 2023, while net losses have decreased by 81% and 75% respectively.