secwatch.observer — SEC 8-K summary
======================================

Issuer:     Palladyne AI Corp. (PDYN)
CIK:        0001826681
Form:       8-K
Filed at:   2023-08-09T23:59:59+00:00
Accession:  0000950170-23-040567
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Sarcos Q2 revenue $1.3M (-57% YoY); net loss $28.7M; workforce cut 25%
----------------------------------------------------------------------

- Net loss of $28.7M ($1.12 EPS); non-GAAP net loss $21.9M ($0.86 EPS).
- Total revenue $1.3M vs $3.0M in Q2 2022; gross margin improved to 26% from -4%.
- Restructuring charges of $5.1M in Q2; expects ~$6.0M additional in Q3, with $14.6M annual cash savings from 2024.
- Cash and equivalents $75.1M; Q3 cash burn ~$5.5M/month, target ~$3.0M/month in 2024.
- 1-for-6 reverse stock split effective July 5, 2023; shares/amounts retroactively adjusted.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1826681/000095017023040567/0000950170-23-040567-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1826681/000095017023040567/strc-20230809.htm
  HTML page:      https://secwatch.observer/filing/0000950170-23-040567

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer