{"schema_version":"secwatch.filing_event.v1","accession":"0000950170-23-063721","form_type":"8-K","ticker":"PDYN","cik":"0001826681","company_name":"Palladyne AI Corp.","filed_at":"2023-11-14T23:59:59+00:00","discovered_at":"2026-05-14T18:03:30.793766+00:00","generated_at":"2026-06-08T03:57:43.388128+00:00","sec_items":["2.02","2.05","7.01","9.01"],"event_type":"other_material","sentiment":"negative","materiality_score":0.9,"calibrated_materiality_score":0.9,"confidence":"high","headline":"Sarcos pivots to AI software, cuts 70% workforce, Q3 revenue falls 62%","bullets":["Q3 revenue $1.8M vs $4.7M YoY; net loss $29M ($1.13/share); non-GAAP net loss $17M.","Business pivot to AI/ML software; suspending hardware commercialization for subsea, aviation, solar.","Reducing headcount by ~150 (70%); expects $22-24M restructuring costs in Q4 2023/Q1 2024.","Cash, equivalents, marketable securities $55.1M; expects $39M by year-end; cash burn ~$1.6M/month in 2024.","Already incurred $5.7M impairment in Q3 from write-down of inventory and other assets."],"urls":{"canonical":"https://secwatch.observer/filing/0000950170-23-063721","json":"https://secwatch.observer/filing/0000950170-23-063721.json","markdown":"https://secwatch.observer/filing/0000950170-23-063721.md","text":"https://secwatch.observer/filing/0000950170-23-063721.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1826681/000095017023063721/0000950170-23-063721-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1826681/000095017023063721/strc-20231110.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-08T03:57:43.388128+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"7e1bceec180c6a7d3b225d989da839e788911e5d","claim":"Palladyne AI Corp. reported the quarter ended September 30, 2023 results: revenue $1.8 million, net income $29.0 million or $1.13 per share, EPS $1.13 per share.","evidence_excerpt":"Third quarter 2023 total revenue was $1.8 million, compared to $4.7 million during the third quarter of 2022.","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1826681/000095017023063721/0000950170-23-063721-index.htm","confidence":0.95,"family_label":"Earnings Releases","details":[{"label":"Period","value":"the quarter ended September 30, 2023"},{"label":"Revenue","value":"$1.8 million"},{"label":"Net income","value":"$29.0 million or $1.13 per share"},{"label":"EPS","value":"$1.13 per share"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"},{"claim_id":"071e4b3539989167af536c79a1b73ab7bb2f76cc","claim":"Palladyne AI Corp. announced a restructuring with charges of up to approximately $4 million affecting workforce reduction (approximately 150 employees, representing approximately 70% of the Company’s workforce).","evidence_excerpt":"On November 10, 2023, the Company’s board of directors (the “Board”) determined to pivot the Company’s business to focus on its artificial intelligence/machine learning software platform. In connection with this change in business strategy, the Company will carry out a reduction in force affecting approximately 150 employees, representing approximately 70% of the Company’s workforce. In connection with the reduction in force, the Company currently estimates it will incur up to approximately $4 million of costs","evidence_source":"SEC 8-K Item 2.05/2.06","evidence_url":"https://www.sec.gov/Archives/edgar/data/1826681/000095017023063721/0000950170-23-063721-index.htm","confidence":0.9,"family_label":"Restructurings & Charges","details":[{"label":"Type","value":"restructuring"},{"label":"Charge","value":"up to approximately $4 million"},{"label":"Affected area","value":"workforce reduction"},{"label":"Headcount","value":"approximately 150 employees, representing approximately 70% of the Company’s workforce"}],"fact_type":"restructuring_charge"},{"claim_id":"3fecb6913c5d7ecaee28b0abc0223acac82dde87","claim":"Palladyne AI Corp. announced a restructuring with charges of $22 million to $24 million affecting restructuring including accelerated amortization of intangible and other assets.","evidence_excerpt":"The Company anticipates incurring additional charges related to the restructuring in the range of approximately $22 million to $24 million during the fourth quarter of 2023 and the first quarter of 2024, which includes the $4 million in salaries, wages, severance and benefit payments noted above. The remainder will be non-cash expenses related to expected accelerated amortization of intangible and other assets due to the strategic shift initiated during the fourth quarter.","evidence_source":"SEC 8-K Item 2.05/2.06","evidence_url":"https://www.sec.gov/Archives/edgar/data/1826681/000095017023063721/0000950170-23-063721-index.htm","confidence":0.9,"family_label":"Restructurings & Charges","details":[{"label":"Type","value":"restructuring"},{"label":"Charge","value":"$22 million to $24 million"},{"label":"Affected area","value":"restructuring including accelerated amortization of intangible and other assets"}],"fact_type":"restructuring_charge"},{"claim_id":"4c74b2fd1c0fcf452190d7a56652973b374c43bd","claim":"Palladyne AI Corp. announced a impairment with charges of $5.7 million affecting inventory and other current assets.","evidence_excerpt":"The Company has incurred impairment charges of $5.7 million during the three months ended September 30, 2023 in connection with the streamlining of the organization and business, including $5.2 million due to the write-down of inventory and $0.5 million related to the impairment of other current assets.","evidence_source":"SEC 8-K Item 2.05/2.06","evidence_url":"https://www.sec.gov/Archives/edgar/data/1826681/000095017023063721/0000950170-23-063721-index.htm","confidence":0.9,"family_label":"Restructurings & Charges","details":[{"label":"Type","value":"impairment"},{"label":"Charge","value":"$5.7 million"},{"label":"Affected area","value":"inventory and other current assets"}],"fact_type":"restructuring_charge"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}