Palladyne AI Corp.
PDYN Technology Software Infrastructure
Palladyne AI Corp.’s revenue for fiscal 2025 (year ended December 2025) was $5.2 million, down 32.6% from fiscal 2024. In the quarter to June 2026, revenue grew 469.8%, EPS fell 35.0% and free cash flow fell 107.0%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Palladyne AI Corp. (PDYN) Altman Z-score
Palladyne AI Corp.'s Altman Z-score for fiscal 2025 is −2.79, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −2.79 | 7.06 |
| FY2024 | −9.84 | 5.06 |
| FY2023 | −14.90 | (11.95) |
| FY2022 | −2.94 | (33.11) |
| FY2021 | 30.16 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.49 | — | 0.59 | |
| Retained earnings / total assets | (5.02) | — | −7.03 | |
| EBIT / total assets | (0.34) | — | −1.12 | |
| Market value of equity / total liabilities | 7.87 | — | 4.72 | |
| Sales / total assets | 0.05 | — | 0.05 | |
| Altman Z-score | Distress zone | −2.79 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −11.71 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| EXOD Exodus Movement, Inc. compare | 14.5× |
| ZSQR Z Squared Inc. compare | 5.7× |
| BKKT Bakkt Holdings, Inc. compare | 5.3× |
| GRRR Gorilla Technology Group Inc. compare | 2.0× |
| ZENA ZenaTech, Inc. compare | 1.6× |
| AMBR Amber International Holding Limited - Sponsored ADR compare | 1.0× |
| SANG Sangoma Technologies Corporation compare | 0.5× |
| PDYN Palladyne AI Corp. | −2.8× |
| MOVE Corvex, Inc. compare | −51.1× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets