The company's financial stability is challenged by an accumulated deficit of $493.4 million as of 2026Q1, alongside $14.7 million in goodwill that may no longer align with the current software-focused operational reality.
| Total Current Assets | 50.35M | 52.56M | 42.73M | 45.06M | 129.1M | 228.33M | 36.33M |
| Cash & Short-Term Investments | 43.68M | 47.05M | 40.07M | 39.09M | 114.5M | 217.11M | 33.66M |
| Cash Only | 17.85M | 18.22M | 31.19M | 23.14M | 35.16M | 217.11M | 33.66M |
| Short-Term Investments | 25.82M | 28.84M | 8.88M | 15.95M | 79.34M | 0 | 0 |
| Accounts Receivable | 4.21M | 3.51M | 1.31M | 2.59M | 6.03M | 1.01M | 1.27M |
| Days Sales Outstanding | 149.62 | 244.21 | 61.55 | 153.76 | 150.97 | 72.57 | 52.6 |
| Inventory | 989K | 339K | 71K | 1.06M | 3.56M | 1.01M | 707K |
| Days Inventory Outstanding | 28.08 | 46 | 7.43 | 77.11 | 111.95 | 94.95 | 46.06 |
| Other Current Assets | 1.47M | 1.65M | 908K | 1.45M | 1.59M | 101K | 380K |
| Total Non-Current Assets | 42.2M | 43.16M | 13.52M | 15.36M | 38.53M | 7.49M | 1.72M |
| Property, Plant & Equipment | 16.96M | 17.53M | 13.09M | 14.93M | 18.92M | 7.05M | 1.43M |
| Fixed Asset Turnover | 0.48x | 0.30x | 0.60x | 0.41x | 0.77x | 0.72x | 6.18x |
| Goodwill | 14.73M | 14.73M | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 10.07M | 10.43M | 0 | 0 | 19.12M | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 434K | 460K | 438K | 429K | 487K | 441K | 292K |
| Total Assets | 92.55M | 95.71M | 56.25M | 60.43M | 167.63M | 235.82M | 38.05M |
| Asset Turnover | 0.08x | 0.05x | 0.14x | 0.10x | 0.09x | 0.02x | 0.23x |
| Asset Growth % | 278.2% | 70.15% | -6.91% | -63.95% | -28.92% | 519.76% | - |
| Total Current Liabilities | 6.42M | 5.67M | 4.43M | 8.46M | 10.53M | 6.16M | 3.56M |
| Accounts Payable | 1.06M | 1.06M | 435K | 1.29M | 3.62M | 1.68M | 972K |
| Days Payables Outstanding | 56.89 | 143.56 | 45.52 | 93.48 | 113.77 | 158.67 | 63.33 |
| Short-Term Debt | 1.08M | 1.06M | 0 | 0 | 0 | 0 | 1.33M |
| Deferred Revenue (Current) | 496K | 0 | 744K | 75K | 0 | 0 | 0 |
| Other Current Liabilities | 4.27M | 3.55M | 0 | 0 | 0 | 1.97M | 196K |
| Current Ratio | 7.85x | 9.28x | 9.64x | 5.33x | 12.26x | 37.06x | 10.22x |
| Quick Ratio | 7.69x | 9.22x | 9.62x | 5.20x | 11.92x | 36.90x | 10.02x |
| Cash Conversion Cycle | 120.8 | 146.66 | 23.46 | 137.39 | 149.15 | 8.86 | 35.33 |
| Total Non-Current Liabilities | 16.22M | 15.37M | 61.35M | 11.06M | 12.64M | 15.7M | 1.59M |
| Long-Term Debt | 9.45M | 0 | 0 | 0 | 0 | 0 | 1.07M |
| Capital Lease Obligations | 28.41M | 9.72M | 9.96M | 11.04M | 12.39M | 7K | 240K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 6.77M | 5.65M | 51.4M | 29K | 253K | 15.69M | 286K |
| Total Liabilities | 22.64M | 21.04M | 65.79M | 19.52M | 23.18M | 21.86M | 5.15M |
| Total Debt | 10.53M | 10.78M | 11.04M | 12.4M | 13.28M | 7K | 2.63M |
| Net Debt | -7.32M | -7.44M | -20.15M | -10.74M | -21.88M | -217.11M | -31.03M |
| Debt / Equity | 0.15x | 0.14x | - | 0.30x | 0.09x | 0.00x | 0.08x |
| Debt / EBITDA | -0.29x | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.20x | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | -2382.09x | - |
| Total Equity | 69.92M | 74.67M | -9.53M | 40.91M | 144.45M | 213.96M | 32.9M |
| Equity Growth % | 1232.33% | 883.33% | -123.31% | -71.68% | -32.49% | 550.26% | - |
| Book Value per Share | 1.55 | 1.77 | -0.36 | 1.60 | 5.90 | 11.34 | 1.90 |
| Total Shareholders' Equity | 69.92M | 74.67M | -9.53M | 40.91M | 144.45M | 213.96M | 32.91M |
| Common Stock | 5K | 5K | 3K | 3K | 3K | 14K | 10K |
| Retained Earnings | -493.4M | -480.79M | -490.83M | -418.21M | -302.62M | -145.49M | -63.98M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -1K | 11K | 6K | 3K | -17K | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | -3K |
Liquidity and capital exhaustion
As reported in recent financial filings, PDYN's equity base has experienced significant volatility, declining from $40.9 million in 2023Q4 to $69.9 million in 2026Q1, a trend that underscores the company's struggle to maintain a stable capital foundation while navigating a difficult transition toward a software-centric business model.
The erratic movement in total equity suggests that the company is highly susceptible to balance sheet impairment, likely driven by persistent net losses and the absence of retained earnings growth. Investors should monitor whether the recent stabilization in equity can be sustained without further dilutive financing events.
Based on the company's reported figures, PDYN held $17.9 million in cash as of 2026Q1, a level that appears insufficient given the ongoing operational burn rate and the lack of consistent, recurring revenue streams to support the firm's high fixed-cost structure during this critical strategic pivot.
While the current ratio of 7.85 suggests a superficial level of liquidity, this metric is likely distorted by the composition of current assets and the lack of meaningful deferred revenue. The company's reliance on cash reserves to fund operations indicates a high probability of future capital raises that could dilute existing shareholders.
According to balance sheet data, PDYN's asset base includes $14.7 million in goodwill as of 2026Q1, which warrants close scrutiny as it may represent legacy value from the former hardware business that may no longer be supported by the current software-focused operational reality of the firm.
The presence of significant intangible assets in a company undergoing a total business model transformation suggests a risk of future impairment charges. The shift in PPE from $14.9 million in 2023Q4 to $17.0 million in 2026Q1 appears inconsistent with a transition to an asset-light software model, potentially indicating ongoing capital intensity.
As indicated by the provided financial statements, the company's accumulated deficit of $493.4 million as of 2026Q1 serves as a stark reminder of the value destruction inherent in the firm's history, casting doubt on the long-term viability of the current software-first strategy without a fundamental operational turnaround.
The discrepancy between the company's market valuation and its massive accumulated deficit suggests that the market may be pricing in speculative upside that is not supported by the balance sheet. Analysts should remain cautious regarding the potential for further balance sheet restructuring or asset write-downs that could exacerbate the current vulnerability.
Quick answers to the most common questions about buying PDYN stock.
As of 2025, Palladyne AI Corp. (PDYN) had total assets of $95.7M including $52.6M in current assets.
Palladyne AI Corp. (PDYN) carries total debt of $10.8M, offset by $47.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Palladyne AI Corp. (PDYN) has total shareholders' equity (book value) of $74.7M ($1.77 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Palladyne AI Corp. (PDYN) reported a current ratio of 9.28x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.