---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-032673"
form_type: "8-K"
ticker: "PDYN"
cik: "0001826681"
company_name: "Palladyne AI Corp."
filed_at: "2023-07-12T23:59:59+00:00"
generated_at: "2026-06-13T09:34:26.960488+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Sarcos cuts 24% of workforce, withdraws FY2023 guidance; preliminary Q2 revenue $1.3M

## Summary
- Reduction in force of ~71 employees (~24% of workforce); one-time charge of ~$1.5M in Q3 2023.
- Preliminary Q2 2023 revenue of ~$1.3M; prior full-year revenue guidance withdrawn.
- COO Jorgen Pedersen and CMO Kristi Martindale depart effective July 12, 2023.
- Average monthly cash usage targeted to decline from ~$6.5M (Q2 2023) to ~$3.0M (Q1 2024); annual savings ~$14.1M.
- Advanced Technologies AI/ML software division formed; Pittsburgh manufacturing consolidated into Salt Lake City.

## SEC filing metadata
- accession: 0000950170-23-032673
- form_type: 8-K
- ticker: PDYN
- cik: 0001826681
- company_name: Palladyne AI Corp.
- filed_at: 2023-07-12T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.05, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1826681/000095017023032673/0000950170-23-032673-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1826681/000095017023032673/strc-20230710.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-032673
- JSON: https://secwatch.observer/filing/0000950170-23-032673.json
- Plain text: https://secwatch.observer/filing/0000950170-23-032673.txt

## Key facts
- Executive change
  Jorgen Pedersen departed as Chief Operating Officer at Palladyne AI Corp..
  - Action: ceased to be
  - Role: Chief Operating Officer
  source text: Jorgen Pedersen ceased to be Chief Operating Officer of the Company and its subsidiaries (the “Company Group”) on July 12, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1826681/000095017023032673/0000950170-23-032673-index.htm
- Executive change
  Kristi Martindale departed as Chief Marketing Officer at Palladyne AI Corp..
  - Action: ceased to be
  - Role: Chief Marketing Officer
  source text: Kristi Martindale, ceased to be the Chief Marketing Officer of the Company Group on July 12, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1826681/000095017023032673/0000950170-23-032673-index.htm
- Restructurings & Charges
  Palladyne AI Corp. announced a restructuring with charges of approximately $1.5 million (approximately 71 employees, representing approximately 24% of the Company’s workforce).
  - Type: restructuring
  - Charge: approximately $1.5 million
  - Headcount: approximately 71 employees, representing approximately 24% of the Company’s workforce
  source text: On July 10, 2023, the board of directors of Sarcos Technology and Robotics Corporation (the “Company”) approved a reduction in force affecting approximately 71 employees, representing approximately 24% of the Company’s workforce. The Company took this step to decrease its costs and create a more streamlined organization to support its business. In connection with the reduction in force, the Company currently estimates it will incur approximately $1.5 million of costs, consisting primarily of personnel expenses such as salaries and wages, one-time severance payments, and other benefits.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1826681/000095017023032673/0000950170-23-032673-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.