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Palladyne AI cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$11.0M in Q2 2026 · −$36.7M over twelve months

Operating cash flow−$10.2M
Capital spending−$862K
Free cash flow−$11.0M
Cash conversion cycle27 days

Analysis

In Q2 2026, Palladyne AI generated −$10.2M of operating cash flow and spent $862K on capital projects, leaving free cash flow of −$11.0M. That is $5.7M less than in Q2 2025 (−$5.3M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$35.2M; the largest uses were operating cash flow ($35.2M), other financing ($3.2M), capital spending ($1.5M); besides operations, cash came from other investing ($28.6M), shares issued ($25.1M); the cash balance rose by $13.6M.

Operating cash flow was −$10.2M against net income of −$12.3M. The largest differences: stock-based pay +$2.3M, depreciation & amortization +$756K, receivables −$718K.

Its cash conversion cycle was 27 days (receivables 31 + inventory 21 − payables 25).

Free cash flow

Palladyne AI: free cash flow by quarterPalladyne AI: free cash flow by quarter−$4.5MQ3 2024−$5.1MQ4 2024−$7.6MQ1 2025−$5.3MQ2 2025−$6.7MQ3 2025−$8.7MQ4 2025−$10.3MQ1 2026−$11.0MQ2 2026
Operating cash flow less capital spending.
Palladyne AI: operating cash flow against capital spendingPalladyne AI: operating cash flow against capital spendingOperating cash flowCapital spending−$4.5M$12KQ3 2024−$5.1M$48KQ4 2024−$7.5M$93KQ1 2025−$5.3M$0Q2 2025−$6.3M$384KQ3 2025−$8.5M$236KQ4 2025−$10.2M$27KQ1 2026−$10.2M$862KQ2 2026
Latest (Q2 2026): Operating cash flow −$10.2M, Capital spending $862K.

Capital allocation, year by year

Palladyne AI: where the cash came from (up) and went (down), by fiscal yearPalladyne AI: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsFY2021: Operating cash flow −$42.1MFY2021: Net borrowing $2.0MFY2021: Shares issued $26KFY2021: Capital spending −$4.7M$2.0MFY2021FY2022: Operating cash flow −$65.4MFY2022: Shares issued $683KFY2022: Capital spending −$1.5MFY2022: Acquisitions −$29.7M$683KFY2022FY2023: Operating cash flow −$76.6MFY2023: Capital spending −$782KFY2023FY2024: Operating cash flow −$22.6MFY2024: Net borrowing −$3KFY2024: Shares issued $20.2MFY2024: Capital spending −$265K$20.2MFY2024FY2025: Operating cash flow −$27.6MFY2025: Net borrowing −$3.7MFY2025: Shares issued $36.4MFY2025: Capital spending −$713KFY2025: Acquisitions −$5.3M$36.4MFY2025
Over these 5 years operating cash flow totalled −$234M; the largest uses were operating cash flow ($234M) and acquisitions ($35.0M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$43.7M
Debtnone
Net cash$43.7M
Cash runway14 months

Palladyne AI is burning cash: its operations consume cash, a free cash flow of −$36.7M a year at the current rate against $43.7M of cash and investments: a runway of about 14 months before any new financing.

Where the cash came from and went

Palladyne AI: sources (+) and uses (−) of cash, Q2 2026Palladyne AI: sources (+) and uses (−) of cash, Q2 2026Other investing$16.1MCash drawn (+) / kept (−)−$15.9MShares issued$11.4MOperating cash flow−$10.2MCapital spending−$862KOther financing−$462KNet borrowing (+) / repaid (−)−$37K
Palladyne AI: sources (+) and uses (−) of cash, TTM to Q2 2026Palladyne AI: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow−$35.2MOther investing$28.6MShares issued$25.1MCash drawn (+) / kept (−)−$13.6MOther financing−$3.2MCapital spending−$1.5MNet borrowing (+) / repaid (−)−$94K

From profit to cash

Palladyne AI: net income to operating cash flow, Q2 2026Palladyne AI: net income to operating cash flow, Q2 2026Net income−$12.3MDepreciation & amortization$756KStock-based pay$2.3MReceivables−$718KInventory$50KPayables$90KDeferred revenue$624KPrepaid and other assets−$235KOperating cash flow−$10.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202631212527
Q1 202634243919
Q4 2025381453-1
Q3 2025301588-43
Q2 2025181457-24
Q1 202581890-64
Q4 2024456510
Q3 2024590563

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$10.2M−$862K−$37K$11.4M−$15.9M−$11.0M
Q1 2026−$10.2M−$27K−$60K$6.6M$365K−$10.3M
Q4 2025−$8.5M−$236K—$7.3M$9.1M−$8.7M
Q3 2025−$6.3M−$384K—−$200K−$7.2M−$6.7M
Q2 2025−$5.3M——$15.4M−$10.1M−$5.3M
Q1 2025−$7.5M−$93K—$14.0M$21.1M−$7.6M
Q4 2024−$5.1M−$48K—$20.1M−$9.9M−$5.1M
Q3 2024−$4.5M−$12K—$20K$4.5M−$4.5M

Palladyne AI: income statement and cash flow

Palladyne AI, Q2 2026: revenue $5.8M (+470% year over year), operating margin -231.9%. The chart follows the revenue to costs, profit and cash.

Palladyne AI: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.