Palladyne AI Corp 2025年季度报告

Table of Contents PART I.FINANCIAL INFORMATION Condensed Consolidated Statements of Stockholders' Equity (Deficit)8Condensed Consolidated Statements of Cash Flows9Notes to Unaudited Condensed Consolidated Financial Statements10Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations23 Item 3.Quantitative and Qualitative Disclosures About Market Risk30Item 4.Controls and Procedures30 PART II.OTHER INFORMATIONItem 1.Legal ProceedingsItem 1A.Risk FactorsItem 2.Unregistered Sales of Equity Securities and Use of ProceedsItem 3.Defaults Upon Senior SecuritiesItem 4.Mine Safety DisclosuresItem 5.Other InformationItem 6.ExhibitsSignatures Summary Risk Factors Our business is subject to numerous risks and uncertainties, including those highlighted in Part II, Item 1A Risk Factors of this •We are an early stage company with a history of losses, and expect to incur significant losses for the foreseeable future.•Our operating and financial projections rely on management assumptions and analyses. If these assumptions or analysesprove to be incorrect, as they often have in the past, our actual operating results may be materially different from ourexpected or forecasted results.•We have yet to achieve positive operating cash flow and our ability to generate positive cash flow is uncertain.•We have no previous history or experience with commercializing software products and may not be able to do soefficiently, effectively or at all. We were unsuccessful in our efforts to commercialize the hardware technologies that weand our predecessor companies developed over the past several decades.•Successful commercialization of our AI/ML Foundational Technology and related products may be delayed beyond ourcurrent expectations and therefore product availability to customers, customer acquisition and receipt of software licensingrevenue could be delayed. •Our anticipated revenues are expected to be primarily derived from the licensing of our AI/ML software products for the •Any issues in the development and use of our AI/ML Foundational Technology or related products, or issues in productsdeveloped by others, may result in reputational harm or liability. •Our AI/ML Foundational Technology and related products are new technologies and the timing and magnitude ofrevenues from customers is uncertain. If we cannot successfully commercialize our AI/ML Foundational Technology andrelated products on our expected schedule, if our technology does not offer our potential customers the features, •If we are not able to generate material revenues from our software products before we exhaust our financial resources, wemay need to cease business operations. •We may fail to attract or retain customers at sufficient rates or in sufficient numbers or at all. •We have no previous history with our licensing sales model. •Important assumptions about market demand, pricing, adoption rates and sales cycles for our software products may beinaccurate. •The products related to our AI/ML Foundational Technology require certain limited hardware components, and we aredependent on our suppliers, some of which are currently single, sole or limited source suppliers. Any inability of thesesuppliers to deliver necessary components of our products at prices, volumes, performance, timing and specifications •We operate in a competitive industry that is subject to rapid technological change, and we expect competition to increase.Our products may not be competitive with other alternatives. •We may not be able to successfully enhance our product offerings through our research and development efforts. •Real or perceived design flaws, errors, defects, glitches, bugs or malfunctions in our AI/ML Foundational Technology andrelated products, failure of our software products to perform as expected, connectivity issues or user errors can result inlower than expected return on investment for customers, personal injury or property damage and significant security or •We use "open source" software, which could negatively affect our ability to offer our AI/ML Foundational Technology •Our business and prospects depend significantly on our ability to build our brand. We may not succeed in establishing,maintaining and strengthening an effective brand, and our brand and reputation could be harmed by negative publicityregarding us or our AI/ML Foundational Technology and related products. We believe that our previous inability tosuccessfully commercialize our hardware products, and our resulting financial performance, damaged our prior brand. As •Our management team has broad discretion in making strategic decisions to execute our growth plans, and ourmanagement's decisions have not always led to the desired result. Current and future decisions may not be successful inachieving our business objectives or may have unintended consequences that negatively impact our growth prospects.•If we fail to effectively manage our business, we may