Sarcos Q1 revenue $2.3M, net loss $0.14/share; guides FY23 rev $23-25M

Palladyne AI Corp.

2023-Q1 EPS reported -$0.14 revenue$2,296,000

Q1 revenue $2.3M vs $0.7M YoY; net loss $21.5M ($0.14 per share), non-GAAP loss $0.13.
Cash, equivalents, marketable securities $94.7M; monthly cash burn ~$5M in Q2 2023.
Full-year 2023 revenue guidance reaffirmed at $23-25M, product sales to ramp in H2.
Signed manufacturing agreement with Jabil for production capacity; partnered with VideoRay for underwater systems.
No equity financing planned in 2023; sufficient capital for at least 12 months.

item 2.02 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 the quarter ended March 31, 2023 results: revenue $2.3 million, net income $21.5 million or $0.14 per share, EPS $0.14 per share. Guidance reaffirmed.

Period: the quarter ended March 31, 2023
Revenue: $2.3 million
Net income: $21.5 million or $0.14 per share
EPS: $0.14 per share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

to optimize operating expenses, all leading to our goal of exiting 2024 on pace to be cash flow positive in 2025.” Financial results First quarter 2023 total revenue was $2.3 million, compared to $0.7 million during the first quarter of 2022. The increase was due to Product Development Contract revenue increases. Total operating expenses for the first quarter

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Source: SEC EDGAR

accession 0000950170-23-020509

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