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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.
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