Palladyne AI's preliminary second quarter 2026 revenue surged 480% year-over-year as backlog grew to $24 million.

Palladyne AI announced preliminary second quarter results, reporting significant top-line and backlog growth. Revenue was approximately $5.8 million, up 480% from the prior year, while the company's backlog of committed contracts increased to $24.0 million. The company maintained a stable cash position of approximately $44.0 million.

Key Highlights

• Preliminary revenue grew approximately 480% year-over-year to $5.8 million and 66% sequentially from the first quarter of 2026.
• Backlog increased 39% sequentially to $24.0 million, driven by approximately $12.5 million in new customer contracts and awards during the quarter.
• Cash, cash equivalents and marketable securities remained stable at approximately $44.0 million, roughly flat compared to the end of the previous quarter.