Summary by Futu AI
Palladyne AI Corp. reported Q2 2024 revenue of $2.7 million, a 112% increase from $1.3 million in Q2 2023, driven primarily by progress on product development contracts. Operating expenses decreased 73% to $8.5 million from $31.2 million year-over-year, reflecting significant cost reductions from workforce restructuring initiatives.The company continues to advance its AI/ML Software Platform development, with the minimal viable product version of Palladyne IQ now in customer evaluation and trials. The first customer trial began in June 2024, with another trial recently initiated at a major automotive manufacturer. Commercial launch is expected in the second half of 2024.As of June 30, 2024, Palladyne AI had $25.8 million in cash and cash equivalents, compared to $39.1 million at year-end 2023. Management believes current liquidity is sufficient to fund operations for at least the next 12 months as the company focuses on commercializing its AI/ML software products, with revenue generation expected to begin in 2025.
