Sarcos Q3 revenue $4.7M, net loss narrows to $22.5M; cash burn ~$7.5M/month in Q4

Palladyne AI Corp.

2022-Q3 EPS reported -$0.45 revenue$8,448,000

Q3 2022 revenue $4.7M (up from $1.1M YoY); net loss $22.5M vs $37.0M YoY.
Non-GAAP net loss per share $0.12 vs $0.08 YoY; unrestricted cash $135.4M.
Began commercial production of Sapien 6M ahead of schedule; Guardian XT expected by end of 2022.
FY2022 revenue guidance revised to $13M-$15M (slightly lower); monthly cash burn ~$7.5M in Q4.
Successful field demos for U.S. Navy and airport logistics; Guardian XO targeting H2 2023.

item 2.02 item 5.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Palladyne AI Corp. reported quarter ended September 30, 2022 results: revenue $4.7 million, net income $22.5 million. Guidance lowered.

Period: quarter ended September 30, 2022
Revenue: $4.7 million
Net income: $22.5 million
Guidance: lowered
Result: reported results

Exact text from the filing

Third quarter total revenue was $4.7 million, up from $1.1 million in the equivalent period of 2021.

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Palladyne AI Corp.: Amended and restated bylaws effective immediately on November 7, 2022, revising advance notice procedures for stockholder nominations and proposals, updating DGCL-related provisions, and making ministerial changes (effective 2022-11-07).

Change: bylaw amendment
Effective: 2022-11-07

Exact text from the filing

On November 7, 2022, in connection with the effectiveness of new Securities and Exchange Commission rules regarding universal proxy cards, certain recent changes to the Delaware General Corporation Law (the “DGCL”), and a periodic review of the bylaws of Sarcos Technology and Robotics Corporation (the “Company”), the Company’s board of directors (the “Board”) adopted amended and restated bylaws (the “Amended and Restated Bylaws”), effective immediately.

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Palladyne AI Corp. filing history →

Source: SEC EDGAR

accession 0000950170-22-023251

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