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) Beneish M-score
Palladyne AI Corp.'s Beneish M-score for fiscal 2025 is 2.33; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | 2.33 | 9.28 |
| FY2024 | −6.95 | (0.74) |
| FY2023 | −6.21 | (42.86) |
| FY2022 | 36.65 | 41.17 |
| FY2021 | −4.52 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 3.97 | — | 3.65 | |
| Gross margin index | 1.13 | — | 0.60 | |
| Asset quality index | 2.17 | — | 0.88 | |
| Sales growth index | 0.67 | — | 0.60 | |
| Depreciation index Depreciation not reported — index set to 1 | 1.00 | — | Set to 1 | 0.12 |
| SG&A index | 1.55 | — | −0.27 | |
| Total accruals to total assets | 0.39 | — | 1.84 | |
| Leverage index | 0.75 | — | −0.25 | |
| Beneish M-score | Flagged by the model | 2.33 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| SANG Sangoma Technologies Corporation compare | −4.7× |
| EXOD Exodus Movement, Inc. compare | −2.6× |
| GRRR Gorilla Technology Group Inc. compare | −1.0× |
| BKKT Bakkt Holdings, Inc. compare | 0.5× |
| PDYN Palladyne AI Corp. | 2.3× |
| ZENA ZenaTech, Inc. compare | 3.9× |
| AMBR Amber International Holding Limited - Sponsored ADR compare | 4.5× |
| MOVE Corvex, Inc. compare | — |
| ZSQR Z Squared Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI