Business
Palladyne AI Corp Provides Mid-Year Business and Financial Update
Key Milestones for Commercialization of Artificial Intelligence Software Platform for Industrial Robots and Cobots Achieved on Schedule with Substantially
About this update from Palladyne Ai Corp.
[{"type":"text","content":"\nKey Milestones for Commercialization of Artificial Intelligence Software Platform for Industrial Robots and Cobots Achieved on Schedule with Substantially Improved Financial Results\n\n\n SALT LAKE CITY--(BUSINESS WIRE)--\nPalladyne 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.\n\n\nHighlights\n\n\n\nMinimal 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.\n\n\n\nSuccessful completion of first on-site trial of Palladyne IQ at a customer location.\n\n\n\nRevenues 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.\n\n\n\n73% 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.\n\n\n\n66% 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.\n\n\n\nKey executives and business leaders with prior experience at ABB, Delta Airlines, iRobot and Softbank have joined the company to drive commercialization and customer acquisition.\n\n\n\n“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.\n\n\nOur 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 operation...