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Acquisitions - Summary of Preliminary Purchase Consideration (Parenthetical) (Details) $ in Millions	Nov. 14, 2025 USD ($)
2025 Acquisitions
Business Combination [Line Items]
Debt obligations	$ 3.7

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (12,608)	$ 22,759

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Segment Information - Additional Information (Details)	3 Months Ended
Segment Information - Additional Information (Details)	Mar. 31, 2026 USD ($) Segment	Mar. 31, 2025 USD ($)
Segment Reporting Information [Line Items]
Number of operating segment \| Segment	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	Chief Executive Officer [Member]
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The CODM allocates resources and makes operating decisions based on consolidated net income. The CODM does not evaluate profitability below the level of the consolidated company. Net income (loss) is used to monitor results on a budget versus actual basis.
Non-US [Member]
Segment Reporting Information [Line Items]
Revenue earned from customers \| $	$ 0	$ 0

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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+ Details

Acquisitions - Summary of Components of Identifiable Intangible Assets Acquired and their Estimated Useful Lives (Details) - USD ($) $ in Thousands		3 Months Ended
	Nov. 14, 2025	Mar. 31, 2026
2025 Acquisitions
Acquired Finite-Lived Intangible Assets [Line Items]
Total Intangible Assets Acquired	$ 10,548
Acquired Intangible Assets Weighted Average Useful Life (in years)	8 years 1 month 6 days
Customer Relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Intangible Assets Weighted Average Useful Life (in years)		8 years 6 months
Customer Relationships \| 2025 Acquisitions
Acquired Finite-Lived Intangible Assets [Line Items]
Total Intangible Assets Acquired	$ 5,148
Acquired Intangible Assets Weighted Average Useful Life (in years)	8 years 9 months 18 days
Developed Technology
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired Intangible Assets Weighted Average Useful Life (in years)		6 years 8 months 12 days
Developed Technology \| 2025 Acquisitions
Acquired Finite-Lived Intangible Assets [Line Items]
Total Intangible Assets Acquired	$ 2,600
Acquired Intangible Assets Weighted Average Useful Life (in years)	7 years
Tradename \| 2025 Acquisitions
Acquired Finite-Lived Intangible Assets [Line Items]
Total Intangible Assets Acquired	$ 1,500
Acquired Intangible Assets Weighted Average Useful Life (in years)	10 years
Non-compete \| 2025 Acquisitions
Acquired Finite-Lived Intangible Assets [Line Items]
Total Intangible Assets Acquired	$ 1,300
Acquired Intangible Assets Weighted Average Useful Life (in years)	5 years

Intangible Assets

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

5. Intangible Assets

Goodwill

There was no impairment of goodwill or other changes in the carrying amount of goodwill from December 31, 2025 to March 31, 2026.

Acquired Intangible Assets

Acquired intangible assets, net consisted of the following:


	March 31, 2026
(In thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Useful Life (In years)
Customer relationships	$	5,148	$	213	$	4,935		8.5
Developed technology		2,600		124		2,476		6.7
Tradename		1,500		50		1,450		9.7
Non-compete		1,300		86		1,214		4.7
Total	$	10,548	$	473	$	10,075

The Company recorded $0.4 million of amortization expense during the three months ended March 31, 2026, which was recorded as intangible amortization expense in the consolidated statement of operations. The Company had no intangible amortization expense during the three months ended March 31, 2025.

As of March 31, 2026, future amortization expense related to acquired intangible assets was as follows:


(In thousands)	Amortization Expense
2026	$	1,066
2027		1,421
2028		1,421
2029		1,421
2030		1,379
2031 and thereafter		3,367
Total	$	10,075

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured At Fair Value On Recurring Basis

The fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis was determined using the following inputs as of March 31, 2026 and December 31, 2025:


	As of March 31, 2026
(In thousands)	Level 1		Level 2		Level 3		Total
Assets:
Marketable securities:
U.S. treasury securities	$	25,824	$	—	$	—	$	25,824
Total assets	$	25,824	$	—	$	—	$	25,824

Liabilities:
Warrant liabilities	$	1,087	$	386	$	2,344	$	3,817
Other non-current liabilities:
Contingent consideration		—		—		1,529		1,529
Total liabilities	$	1,087	$	386	$	3,873	$	5,346


	As of December 31, 2025
(In thousands)	Level 1		Level 2		Level 3		Total
Assets:
Marketable securities:
U.S. treasury securities		28,836		—		—		28,836
Total assets	$	28,836	$	—	$	—	$	28,836

Liabilities:
Warrant liabilities	$	928	$	330	$	1,514	$	2,772
Other non-current liabilities:
Contingent consideration		—		—		1,382		1,382
Total liabilities	$	928	$	330	$	2,896	$	4,154

Schedule of Reconciliation from Operating Balances to Closing Balances for Level 3 Values

The following table sets forth a reconciliation from the opening balances to the closing balances for Level 3 values:


(In thousands)	Warrants		Contingent Consideration
Balance at December 31, 2025	$	1,514	$	1,382
Change in fair value		830		147
Balance at March 31, 2026	$	2,344	$	1,529

2024 Warrants (Tables)

3 Months Ended

Mar. 31, 2026

Warrants and Rights Note Disclosure [Abstract]

Summary of Quantitative Information Regarding Assumptions

The following table provides quantitative information regarding assumptions used in the valuation model to determine the fair value of the 2024 Warrants:


	March 31, 2026			March 31, 2025
Stock price	$	6.07		$	5.88
Term (in years)		4.1			5.1
Expected volatility		129.6	%		102.7	%
Risk-free rate		3.9	%		3.9	%
Dividend yield		0.0	%		0.0	%

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Payroll and related costs	$ 2,166	$ 1,699
Legal services accrual	347	173
Deferred revenue	591	319
Other contract liabilities	496	496
Other accrued expenses and current liabilities	673	863
Total accrued liabilities	$ 4,273	$ 3,550

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Revenue Recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Summaryof Significant Accounting Policies Details [Line Items]
Revenue, net	$ 3,538	$ 1,710
Product Revenue
Summaryof Significant Accounting Policies Details [Line Items]
Revenue, net	1,691	0
Product Development Contract Revenue
Summaryof Significant Accounting Policies Details [Line Items]
Revenue, net	67	1,710
Engineering Services Revenue
Summaryof Significant Accounting Policies Details [Line Items]
Revenue, net	$ 1,780	$ 0

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

+ Details

Balance Sheet Components - Schedule of Inventories, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Work-in-process	$ 950	$ 311
Finished goods, net	39	28
Total inventories	$ 989	$ 339

Fair Value Measurements - Schedule of Assets and Liabilities Measured At Fair Value On Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets:
Total assets	$ 25,824	$ 28,836
Liabilities:
Total liabilities	5,346	4,154
U.S. Treasury Securities
Assets:
Marketable securities	25,824	28,836
Warrant Liabilities
Liabilities:
Total liabilities	3,817	2,772
Contingent Consideration
Liabilities:
Total liabilities	1,529	1,382
Fair Value, Inputs, Level 1
Assets:
Total assets	25,824	28,836
Liabilities:
Total liabilities	1,087	928
Fair Value, Inputs, Level 1 \| U.S. Treasury Securities
Assets:
Marketable securities	25,824	28,836
Fair Value, Inputs, Level 1 \| Warrant Liabilities
Liabilities:
Total liabilities	1,087	928
Fair Value, Inputs, Level 2
Liabilities:
Total liabilities	386	330
Fair Value, Inputs, Level 2 \| Warrant Liabilities
Liabilities:
Total liabilities	386	330
Fair Value, Inputs, Level 3
Liabilities:
Total liabilities	3,873	2,896
Fair Value, Inputs, Level 3 \| Warrant Liabilities
Liabilities:
Total liabilities	2,344	1,514
Fair Value, Inputs, Level 3 \| Contingent Consideration
Liabilities:
Total liabilities	$ 1,529	$ 1,382

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Opening and Closing Balances of Our Accounts Receivable, Unbilled Receivables, Contract Assets and Deferred Revenue (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Accounts Receivable
Opening Balance	$ 1,055
(Decrease)/increase, net	538
Ending Balance	1,593
Unbilled Receivable
Opening Balance	2,455
(Decrease)/increase, net	162
Ending Balance	2,617
Contract Assets (Current)
Opening Balance	36
(Decrease)/increase, net	1
Ending Balance	37
Deferred Revenue (Current)
Opening Balance	319
(Decrease)/increase, net	272
Ending Balance	$ 591

Basis of Presentation and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

1. Basis of Presentation and Summary of Significant Accounting Policies

Description of the Business

The Company is a U.S.-based technology company developing and offering embodied artificial intelligence (“AI”) software and collaborative autonomy solutions, advanced avionics, unmanned aerial vehicles ("UAVs"), advanced UAV engineering services and precision-manufactured components for defense and commercial/industrial markets. The Company’s core AI software offerings, Palladyne IQ and SwarmOS/Palladyne Pilot, consist of full-stack, closed-loop autonomy software that is intended to enhance the functionality and operational effectiveness of third-party robotic systems across a range of applications. These products are designed to be hardware agnostic, enabling integration across a wide range of robotic platforms, whether third-party or our own proprietary platforms, including industrial robots, collaborative robots (“cobots”), UAVs, unmanned ground vehicles (“UGVs”), and remotely operated vehicles (“ROVs”) across multiple domains.

Basis of Presentation and Consolidation

The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP").

The condensed consolidated financial statements as of March 31, 2026 are unaudited. The condensed consolidated balance sheet as of December 31, 2025 included herein was derived from the audited consolidated financial statements as of that date. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted. As such, the information included herein should be read in conjunction with the consolidated financial statements and accompanying notes as of and for the year ended December 31, 2025 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 5, 2026.

The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The Company’s fiscal year begins on January 1 and ends on December 31.

In the opinion of the Company’s management, the unaudited condensed consolidated financial statements include all adjustments necessary for fair financial statement presentation. All adjustments are of a normal recurring nature. Interim results are not necessarily indicative of the results to be expected for any subsequent quarter or for the fiscal year ending December 31, 2026.

Summary of Significant Accounting Policies and Use of Estimates

There have been no changes to the Company’s significant accounting policies and use of estimates and assumptions described in the annual consolidated financial statements for the year ended December 31, 2025 that have had a material impact on the Company’s condensed consolidated financial statements and related notes.

Liquidity and Capital Resources

Cash, cash equivalents and marketable securities were $43.7 million as of March 31, 2026, compared to $47.1 million as of December 31, 2025. The Company has incurred losses from operations and negative cash flows from operations since inception and is likely to continue to incur losses and negative cash flows from operations in the near term. As of March 31, 2026, the Company had an accumulated deficit of approximately $493.4 million and working capital of $43.9 million.

These financial statements have been prepared in accordance with GAAP and on the basis that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company’s main source of liquidity has been cash generated by equity offerings. The Company’s primary use of cash is for operations and administrative activities, including employee-related expenses and general, operating and overhead expenses. Future capital requirements will depend on many factors, including the Company’s timing and extent of development efforts, the expansion and success of sales and marketing activities, revenue growth rate, customer retention, the introduction of new and enhanced product offerings and market acceptance of the Company’s products. The Company believes it has sufficient financial resources for at least the next 12 months from the date of this report.

Revenue Recognition

The Company recognizes revenue from the sale of its products and from the delivery of goods and services arising out of its contractual arrangements to provide product development contract services that are funded by the customer. The Company recognizes revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services by following a five-step process:

(1)

Identify the contract with a customer: A contract with a customer exists when (a) the Company enters into an enforceable contract with a customer that defines each party's rights and obligations regarding the products and services to be transferred and identifies the payment terms related to these products and services, (b) the contract has commercial substance and (c) the Company determines that collection of substantially all consideration for products and services that are transferred is probable based on the customer's intent and ability to pay the promised consideration. Contract modifications may include changes in scope of work, and/or the period of completion of the project. The Company analyzes contract modifications to determine if they should be accounted for as a modification to an existing contract or a new stand-alone contract.

(2)

Identify the performance obligations in the contract: The Company enters into contracts that can include combinations of products and services, which are either capable of being distinct and accounted for as separate performance obligations or as one performance obligation if the majority of tasks and services form a single project or capability. Determining whether products or services are considered distinct performance obligations that should be accounted for separately may require significant judgment.

(3)

Determine the transaction price: The transaction price is determined based on the consideration to which the Company will be entitled in exchange for transferring goods or services to the customer. Such amounts are typically stated in the customer contract. However, to the extent that the Company identifies variable consideration, the Company will estimate the variable consideration at the onset of the arrangement as long as it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Company's current contracts do not include any significant financing components because the timing of the transfer of the underlying products and services under contract are at the customer's discretion. Additionally, the Company does not adjust the promised amount of consideration for the effects of a significant financing component if the Company expects, at contract inception, that the period between when the Company transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. Taxes collected from customers and remitted to governmental authorities are not included in revenue.

(4)

Allocate the transaction price to performance obligations in the contract: Once the Company has determined the transaction price, the total transaction price is allocated to each performance obligation in a manner depicting the amount of consideration to which the Company expects to be entitled in exchange for transferring the good(s) or service(s) to the customer. If applicable, the Company allocates the transaction price to each performance obligation identified in the contract on a relative standalone selling price basis. The standalone selling price represents the amount the Company would sell the good(s) or service(s) to a customer on a standalone basis. For government contracts, the Company uses expected cost plus a margin as the standalone selling price. Because the Company's contract pricing with government customers is generally based on expected cost plus a margin, the standalone selling price of the good(s) or service(s) in the Company's contracts with government customers are typically equal to the selling price stated in the contract. When we sell standard good(s) or service(s) with observable standalone sale transactions, the observable standalone sales transactions are used to determine the standalone selling price.

(5)

Recognize revenue when or as the Company satisfies a performance obligation: For each performance obligation identified, the Company determines at contract inception whether it satisfies the performance obligation over time or at a point in time. For performance obligations satisfied over time, revenue is recognized as work progresses when the Company is entitled to the reimbursement of costs plus a reasonable profit for work performed for which the Company has no alternate use. For these performance obligations, the Company generally recognizes revenue using an input method with revenue amounts being recognized proportionately as costs are incurred relative to the total expected costs to satisfy the performance obligation. The Company believes that costs incurred as a portion of total estimated costs is an appropriate measure of progress towards satisfaction of the performance obligation since this measure reasonably depicts the progress of the work effort. Revenue for performance obligations that are not recognized over time are recognized at the point in time when control transfers to the customer (which is generally upon delivery). For performance obligations that are satisfied at a point in time, the Company evaluates the point in time when the customer can direct the use of, and obtain the benefits from, the products and services. Shipping and handling costs are recorded at the time of product shipment to the customer and are included within revenue.

Revenue from Contracts with Customers

The Company derives its revenue from multiple sources, including the sale of software and hardware products, product development contracts, and engineering and design services. Product revenue consists of the sale of the Company’s proprietary AI software products based on our AI Foundational Technology. Product revenue also includes the sale of current and legacy hardware products, including the BRAIN family of guidance and navigation computer chips, and the sale of precision machined and fabricated components, subassemblies and structures and integrated assembly services for both Defense and Commercial customers in a variety of industries. Product development contract revenue consists of product development contracts with customers that support our software and hardware products under development. The Company also derives revenue from contracted engineering design services to aerospace customers focused on developing high-performance unmanned systems.

Product Revenue

Software product revenue consists of the sale of the Company's commercially available software products. The Company is in the early stages of its sales activities for its software products and has no software product revenue to date. Software product revenue will be recorded based on the nature and type of software license agreements.

Hardware product revenue consists of the sale of the Company's commercially available hardware products, and certain miscellaneous parts. Additionally, through its precision U.S. manufacturing capabilities, the Company sells precision machined and fabricated components, subassemblies and structures and integrated assembly services to both Defense and Commercial customers, which sales are included in hardware product revenue. The Company provides a limited one-year warranty on some of its products. Product warranties are considered assurance-type warranties and are not considered to be separate performance obligations. Product revenue is recognized at the point in time when ownership of the goods is transferred, generally at the time of shipment to the customer. At the time product revenue is recognized, an accrual is established for estimated warranty expenses based on historical experience as well as anticipated product performance.

Contract Revenue

Cost-type contracts – Research, development and/or testing service contracts, including cost-plus-fixed-fee and time and material contracts, relate primarily to the development of the Company's AI/ML software and related technology. Cost-type contracts are generally entered into with the U.S. government. These contracts are billed at cost plus a margin as defined by the contract and the Federal Acquisition Regulation ("FAR"). The FAR establishes regulations around procurement by the government and provides guidance on the types of costs that are allowable in establishing prices for goods and services delivered under government contracts. Revenue on cost-type contracts is recognized over time as goods and services are provided.

Fixed-price contracts – Fixed-price development contracts relate primarily to the development of technology in the area of robotic platforms. Fixed-price development contracts generally require a significant service of integrating a complex set of tasks and components into a single deliverable. Revenue on fixed-price contracts is generally recognized over time as goods and services are provided. To the extent the Company's actual costs vary from the fixed fee, it will generate more or less profit or could incur a loss. The Company will recognize losses at the contract level in earnings in the period in which they are incurred.

Time and materials contracts – Time and materials contracts relate primarily to design-to-field advanced engineering design services that take aerospace programs from early concept through flight-ready prototype in compressed timelines, while engineering every stage for manufacturability and scale. Revenue on time and materials contracts is generally recognized over time as services are provided and materials are purchased and used in the project.

Revenue recognized for the three months ended March 31, 2026 and 2025, were as follows:


	Three Months Ended March 31,
(In thousands)	2026		2025
Product Revenue	$	1,691	$	—
Product Development Contract Revenue		67		1,710
Engineering Services Revenue		1,780		—
Revenue, net	$	3,538	$	1,710

Contract Balances

The timing of revenue recognition, billing and cash collection results in the recognition of accounts receivable, unbilled receivables, contract assets and deferred revenue in the Company's consolidated balance sheets.

Cash funds received in excess of revenue recognized that is contingent upon the satisfaction of performance obligations is accounted for as deferred revenue.

Contract assets include unbilled receivables which are amounts resulting from timing differences between revenue recognition and billing in accordance with agreed-upon contractual terms, which typically occur subsequent to revenue being recognized.

The opening and closing balances of our accounts receivable, unbilled receivables, contract assets and deferred revenue as of March 31, 2026 and December 31, 2025, are as follows:


(In thousands)	Accounts Receivable		Unbilled Receivable		Contract Assets (Current)		Deferred Revenue (Current)
Ending Balance as of December 31, 2025	$	1,055	$	2,455	$	36	$	319
(Decrease)/increase, net		538		162		1		272
Ending Balance as of March 31, 2026	$	1,593	$	2,617	$	37	$	591

The Company recorded its current contract assets and current deferred revenue within prepaid expenses and other current assets and accrued liabilities, respectively. During the three months ended March 31, 2026, the Company recognized $0.1 million of the deferred revenue which existed at December 31, 2025. During the three months ended March 31, 2025, the Company recognized all of the deferred revenue which existed at December 31, 2024.

Remaining Performance Obligations

As of March 31, 2026, the Company had backlog, or revenue related to remaining performance obligations, of $17.3 million. The Company expects most of this backlog to be recognized over the next 12 months. The Company’s backlog represents the expected value of exercised contracts, both funded and unfunded, less revenue recognized to date.

Recently Issued Accounting Standard Pronouncements

As an emerging growth company (“EGC”), the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act until such time as the Company is no longer considered to be an EGC. The adoption dates discussed below reflect this election.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.

Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Adjusted Operating Income to Operating Income and Net Income

The following table presents selected financial information with respect to the Company's significant segment expenses:


	Three Months Ended March 31,
(In thousands)	2026			2025
Segment Revenue	$	3,538		$	1,710
Total Revenue		3,538			1,710
Less:
Cost of revenue		2,472			343
Research and development		3,816			2,791
General and administrative		5,847			3,318
Sales and marketing		1,659			1,040
Intangible amortization expense		355			—
Other (1)		1,308			1,149
Interest income, net		(325	)		(442	)
(Gain) loss on warrant liabilities		1,046			(29,248	)
Other income, net		(32	)		—
Net (loss) income	$	(12,608	)	$	22,759

(1)

Other for the three months ended March 31, 2026 includes $1.2 million of stock compensation expenses and $0.1 million of severance charges. Other for the three months ended March 31, 2025 includes $1.1 million of stock compensation expenses.

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation	$ 358	$ 223

Acquisitions - Summary of Preliminary Purchase Consideration (Details) - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Nov. 14, 2025

Business Acquisition [Line Items]

Goodwill

$ 14,731

2025 Acquisitions

Business Acquisition [Line Items]

Cash and cash equivalents

$ 69

Accounts receivable

2,017

Unbilled receivables

316

Inventories

326

Prepaid expenses and other current assets

246

Property and equipment

4,793

Intangible assets

10,548

Goodwill

14,731

Operating lease assets

831

Accounts payable

(1,331)

Accrued liabilities

(1,455)

Current operating lease liabilities

(59)

Operating lease liabilities

(773)

Other non-current liabilities

^[1]

(5,093)

Deferred tax liabilities

(2,541)

Total acquisition consideration

$ 22,625

[1]	Other non-current liabilities includes $3.7 million of debt obligations which were repaid prior to December 31, 2025.

Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Options Activity

The following summarizes the Company’s stock option activity for the three months ended March 31, 2026:


	Options Outstanding					Weighted-Average
				Weighted Average		Remaining		Aggregate Intrinsic
				Exercise Price		Contractual Term		Value
	Number of Shares			(Per share)		(In years)		(In thousands)
Outstanding – December 31, 2025		1,200,568		$	2.32		6.5	$	2,619
Exercised		(39,640	)		2.29
Outstanding – March 31, 2026		1,160,928		$	2.32		6.4	$	4,463
Exercisable – December 31, 2025		845,217		$	2.12		6.0	$	1,888
Exercisable – March 31, 2026		852,364		$	2.13		6.1	$	3,380

Summary of RSU and RSA Activity

The following summarizes the Company’s RSU activity for the three months ended March 31, 2026:


	Restricted Stock Units Outstanding
	Number of Shares			Weighted-Average Grant-Date Fair Value (Per share)
Outstanding – December 31, 2025		1,577,394		$	4.34
Granted		653,847			7.55
Vested		(198,163	)		4.76
Forfeited		(37,577	)		6.78
Outstanding – March 31, 2026		1,995,501		$	5.31

The following summarizes the Company’s employee RSA activity for the three months ended March 31, 2026:


	Restricted Stock Awards Outstanding
	Number of Shares		Weighted-Average Grant-Date Fair Value (Per share)
Outstanding – December 31, 2025		1,500,000	$	2.23
Outstanding – March 31, 2025		1,500,000	$	2.23

Schedule of Stock Based Compensation Expense

The Company recognized stock-based compensation expense in the condensed consolidated statement of operations and comprehensive loss as follows:


	Three Months Ended March 31,
(In thousands)	2026		2025
Cost of revenue	$	1	$	10
Research and development		89		79
Sales and marketing		188		179
General and administrative		961		881
Total stock-based compensation expense	$	1,239	$	1,149

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income tax expense	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Paragraph 1
-Subparagraph (i)
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-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 12
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 8: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (a)
-SubTopic 20
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-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Revenue Recognized

Revenue recognized for the three months ended March 31, 2026 and 2025, were as follows:


	Three Months Ended March 31,
(In thousands)	2026		2025
Product Revenue	$	1,691	$	—
Product Development Contract Revenue		67		1,710
Engineering Services Revenue		1,780		—
Revenue, net	$	3,538	$	1,710

Summary of Opening and Closing Balances of Our Accounts Receivable, Unbilled Receivables, Contract Assets and Deferred Revenue

The opening and closing balances of our accounts receivable, unbilled receivables, contract assets and deferred revenue as of March 31, 2026 and December 31, 2025, are as follows:


(In thousands)	Accounts Receivable		Unbilled Receivable		Contract Assets (Current)		Deferred Revenue (Current)
Ending Balance as of December 31, 2025	$	1,055	$	2,455	$	36	$	319
(Decrease)/increase, net		538		162		1		272
Ending Balance as of March 31, 2026	$	1,593	$	2,617	$	37	$	591

Fair Value Measurements - Schedule of Reconciliation from Operating Balances to Closing Balances for Level 3 Values (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance	$ 1,514
Change in fair value	830
Balance	2,344
Contingent Consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance	1,382
Change in fair value	147
Balance	$ 1,529

Segment Information - Schedule of Adjusted Operating Income to Operating Income and Net Income (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Revenue

$ 3,538

$ 1,710

Research and development

3,905

2,870

General and administrative

6,877

4,199

Sales and marketing

1,847

1,219

Intangible amortization expense

355

Other

^[1]

1,308

1,149

Interest income, net

(325)

(442)

(Gain) loss on warrant liabilities

1,046

(29,248)

Other income, net

(32)

Income tax expense

Net (loss) income

(12,608)

22,759

Operating Segment

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Revenue

3,538

1,710

Cost of revenue

2,472

343

Research and development

3,816

2,791

General and administrative

5,847

3,318

Sales and marketing

1,659

1,040

Intangible amortization expense

$ 355

$ 0

[1]	Other for the three months ended March 31, 2026 includes $1.2 million of stock compensation expenses and $0.1 million of severance charges. Other for the three months ended March 31, 2025 includes $1.1 million of stock compensation expenses.

Intangible Assets - Schedule of Future Amortization Expense Related Acquired Intangible Assets (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2026	$ 1,066
2027	1,421
2028	1,421
2029	1,421
2030	1,379
2031 and thereafter	3,367
Net Carrying Amount	$ 10,075

2024 Warrants

3 Months Ended

Mar. 31, 2026

Warrants and Rights Note Disclosure [Abstract]

2024 Warrants

8. 2024 Warrants

On November 1, 2024, the Company closed a registered direct offering for an aggregate of 2,790,700 shares of its common stock at a purchase price of $2.15 per share. In a concurrent private placement, the Company agreed to issue to the same investor warrants to purchase up to 2,790,700 shares of common stock (the "2024 Private Placement Warrants"). The 2024 Private Placement Warrants had an exercise price of $2.30 per share and were exercised in full May 2025, as discussed below.

In a separate concurrent private placement, the Company's Chief Executive Officer and certain other members of the Board of Directors purchased 430,105 shares of common stock at a price of $2.20 per share, which represented the consolidated closing bid price of the Company's common stock on the Nasdaq Global Market on October 30, 2024, and warrants to purchase up to 430,105 shares of common stock, at a price of $0.125 per warrant (the "2024 Concurrent Private Placement Warrants"). The 2024 Concurrent Private Placement Warrants have an exercise price of $2.30 per share and will expire five and one-half years following the date of issue.

The Company received gross proceeds of approximately $7 million, before deducting placement agency fees and offering expenses from the registered direct offering, the 2024 Private Placement Warrants and the 2024 Concurrent Private Placement Warrants (together the "2024 Warrants").

On May 9, 2025, all 2,790,700 of the 2024 Private Placement Warrants were exercised. As of March 31, 2026, all 430,105 of the 2024 Concurrent Private Placement Warrants were outstanding. The 2024 Warrants are recorded as warrant liabilities on the Company's consolidated balance sheet. The Company estimated the fair value of the 2024 Warrants using the Black-Scholes valuation model, which is considered a level 3 fair value measurement. The valuation model inputs are based on assumptions related to expected volatility, expected life, risk-free interest rate and expected dividends. These estimates, especially the expected volatility, are highly judgmental and could differ materially in the future. The Company recognized losses of $0.8 million and gains of $19.2 million related to the change in fair value of the 2024 Warrants during the three months ended March 31, 2026 and 2025, respectively, which are recorded as a (loss) gain on warrant liabilities within the consolidated statements of operations.

The following table provides quantitative information regarding assumptions used in the valuation model to determine the fair value of the 2024 Warrants:


	March 31, 2026			March 31, 2025
Stock price	$	6.07		$	5.88
Term (in years)		4.1			5.1
Expected volatility		129.6	%		102.7	%
Risk-free rate		3.9	%		3.9	%
Dividend yield		0.0	%		0.0	%

Balance Sheet Components - Summary of Other Non-current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Other Liabilities, Noncurrent [Abstract]
Contingent Consideration	$ 1,529	$ 1,382
Equipment Financing Liabilities	1,428	1,492
Total other non-current liabilities	$ 2,957	$ 2,874

Stock-based Compensation - Schedule of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 1,239	$ 1,149
Cost of Revenue
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	1	10
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	89	79
Sales and Marketing
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	188	179
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 961	$ 881

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

2024 Warrants - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	May 09, 2025	Nov. 01, 2024	Mar. 31, 2026	Mar. 31, 2025
Class of Warrant or Right [Line Items]
Warrants outstanding			20,549,453
(Loss) gain on warrant liabilities			$ (1,046)	$ 29,248
Securities Purchase Agreement \| Registered Offering
Class of Warrant or Right [Line Items]
Number of common stock shares to be issued and sold under agreement		2,790,700
Purchase price per share of common stock		$ 2.15
2024 Warrants
Class of Warrant or Right [Line Items]
(Loss) gain on warrant liabilities			$ (800)	$ 19,200
2024 Warrants \| Securities Purchase Agreement
Class of Warrant or Right [Line Items]
Gross proceeds recieved from warrants		$ 7,000
2024 Private Placement Warrants
Class of Warrant or Right [Line Items]
Warrants exercised	2,790,700
2024 Private Placement Warrants \| Securities Purchase Agreement
Class of Warrant or Right [Line Items]
Warrant exercise price		$ 2.3
Warrants exercised period		2025-05
2024 Private Placement Warrants \| Securities Purchase Agreement \| Maximum
Class of Warrant or Right [Line Items]
Number of common stock shares to be issued and sold under agreement		2,790,700
2024 Concurrent Private Placement Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding			430,105
2024 Concurrent Private Placement Warrants \| Securities Purchase Agreement
Class of Warrant or Right [Line Items]
Warrant exercise price		$ 2.3
Warrant expiration term		5 years 6 months
2024 Concurrent Private Placement Warrants \| Securities Purchase Agreement \| Private Placement
Class of Warrant or Right [Line Items]
Price per warrant		$ 0.125
2024 Concurrent Private Placement Warrants \| Securities Purchase Agreement \| Private Placement \| Maximum
Class of Warrant or Right [Line Items]
Number of common stock shares to be issued upon conversion of warrants		430,105
2024 Concurrent Private Placement Warrants \| Securities Purchase Agreement \| Chief Executive Officer And Board Of Directors
Class of Warrant or Right [Line Items]
Number of common stock shares to be issued and sold under agreement		430,105
Purchase price per share of common stock		$ 2.2

Stock-based Compensation - Summary of RSU Activity (Details) - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, beginning balance \| shares	1,577,394
Number of shares, granted \| shares	653,847
Number of shares, vested \| shares	(198,163)
Number of shares, cancelled \| shares	(37,577)
Number of shares, ending balance \| shares	1,995,501
Weighted average fair value, beginning balance \| $ / shares	$ 4.34
Weighted average fair value, granted \| $ / shares	7.55
Weighted average fair value, vested \| $ / shares	4.76
Weighted average fair value, cancelled \| $ / shares	6.78
Weighted average fair value, ending balance \| $ / shares	$ 5.31

Earn-Out Shares Additional Information (Details) - $ / shares		3 Months Ended
	Sep. 24, 2025	Mar. 31, 2026
Business Combination [Line Items]
Contingent merger consideration earn-out shares issuable		2,343,750
Common Stock
Business Combination [Line Items]
Contingent merger consideration earn-out shares issuable		4,687,500
Common Stock Price Per Share not Equals Or Exceeds 15.00 Per Share
Business Combination [Line Items]
Contingent merger consideration earn-out shares issuable	2,343,750
Earn-Out price per share	$ 90
Earn-Out trading days	20 days
Earn-Out consecutive trading days	30 days
Common Stock Price Per Share Equals Or Exceeds 20.00 Per Share
Business Combination [Line Items]
Contingent merger consideration earn-out shares issuable	2,343,750
Earn-Out price per share	$ 120
Earn-Out trading days	20 days
Earn-Out consecutive trading days	30 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

DeSPAC Warrants

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

DeSPAC Warrants

7. DeSPAC Warrants

On January 20, 2021, Rotor consummated the initial public offering ("IPO") of 27,600,000 units (the "Units"), including the full exercise by the underwriters of their over-allotment option. Each Unit included one sixth of a share of Class A Common Stock and one half of one warrant (the "deSPAC Public Warrants"). Simultaneously with the closing of the IPO, Rotor consummated the sale of 7,270,000 warrants (the "deSPAC Private Placement Warrants") in a private placement to Rotor Sponsor LLC (the "Sponsor"), an affiliate of Rotor's officers and directors, and certain funds and accounts managed by two qualified institutional buyers. At the Closing Date, Old Sarcos acquired the net liabilities from Rotor, including the deSPAC Public Warrants, and the deSPAC Private Placement Warrants (together the "deSPAC Warrants"). The deSPAC Public Warrants are listed and traded under the PDYNW ticker symbol on the Nasdaq Global Market.

Each whole deSPAC Warrant entitles the registered holder to purchase one sixth of a share of the Company's Common Stock at a price of $11.50 per warrant, subject to adjustment as discussed below, at any time commencing on January 20, 2022, provided that the Company has an effective registration statement under the Securities Act of 1933, as amended (the "Securities Act") covering the shares of the Common Stock issuable upon exercise of the deSPAC Warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their deSPAC Warrants on a cashless basis under the circumstances specified in the warrant agreement (the "deSPAC Warrant Agreement") entered into between Continental Stock Transfer & Trust Company and Rotor and such shares are registered, qualified or exempt from registration under the securities laws of the state of residence of the holder. Pursuant to the deSPAC Warrant Agreement, a deSPAC Warrant holder may exercise its deSPAC Warrants only for a whole number of shares of the Company's Common Stock. The deSPAC Warrants will expire five years after the completion of the Business Combination, or September 24, 2026, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation. As of March 31, 2026, there were 20,549,453 DeSPAC Warrants outstanding.

The Company will not be obligated to deliver any Common Stock pursuant to the exercise of a deSPAC Warrant and will have no obligation to settle such deSPAC Warrant exercise unless a registration statement under the Securities Act with respect to the shares of Common Stock underlying the deSPAC Warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations described below with respect to registration, or a valid exemption from registration is available. No deSPAC Warrant will be exercisable, and the Company will not be obligated to issue a share of Common Stock upon exercise of a deSPAC Warrant unless the share of the Company's Common Stock issuable upon such deSPAC Warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the deSPAC Warrants. If the conditions in the two immediately preceding sentences are not satisfied with respect to a deSPAC Warrant, the holder of such deSPAC Warrant will not be entitled to exercise such deSPAC Warrant and such deSPAC Warrant may have no value and expire worthless. In no event will the Company be required to net cash settle any deSPAC Warrant. In the event a registration statement is not effective for the exercised deSPAC Warrants, the purchaser in the Rotor IPO of a Unit containing such deSPAC Warrant will have paid the full purchase price for the Unit solely for the share of the Company's Common Stock underlying such Unit.

Except as described herein, the deSPAC Private Placement Warrants have terms and provisions that are identical to those of the deSPAC Public Warrants. If the deSPAC Private Placement Warrants are held by holders other than the initial purchasers or their permitted transferees, the deSPAC Private Placement Warrants will be redeemable by the Company in all redemption scenarios and exercisable by the holders on the same basis as the deSPAC Public Warrants. The deSPAC Private Placement Warrants will not be redeemable by the Company so long as they are held by the initial purchasers or their permitted transferees, subject to certain exceptions. The initial purchasers or their permitted transferees, have the option to exercise the deSPAC Private Placement Warrants on a cashless basis.

Redemption of deSPAC Warrants When the Price per Share of the Company's Common Stock Equals or Exceeds $108.00. Once the deSPAC Warrants become exercisable, the Company may call the deSPAC Warrants for redemption:

•

in whole and not in part;

•

at a price of $0.01 per deSPAC Warrant;

•

upon not less than 30 days' prior written notice of redemption (the "30-day redemption period") to each deSPAC Warrant holder; and

•

if, and only if, the last reported sale price of the shares of the Company's Common Stock for any 20 trading days within a 30-trading day period commencing after the deSPAC Warrants become exercisable and ending three business days before the Company sends the notice of redemption to the deSPAC Warrant holders (which is referred to as the "Reference Value") equals or exceeds $108.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like).

If and when the deSPAC Warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws. However, the Company will not

redeem the deSPAC Warrants unless an effective registration statement under the Securities Act covering the shares of the Company's Common Stock issuable upon exercise of the deSPAC Warrants is effective and a current prospectus relating to those shares of the Company's Common Stock is available throughout the 30-day redemption period.

Redemption of deSPAC Warrants When the Price per Share of Our Common Stock Equals or Exceeds $60.00. Once the deSPAC Warrants become exercisable, the Company may redeem the outstanding deSPAC Warrants (except as described herein with respect to the deSPAC Private Placement Warrants if the Company does not utilize this redemption provision):

•

in whole and not in part;

•

at $0.10 per deSPAC Warrant upon a minimum of 30 days' prior written notice of redemption; provided that holders will be able to exercise their deSPAC Warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to an agreed table based on the redemption date and the "fair market value" of the Company's Common Stock;

•

if, and only if, the Reference Value (as defined above) equals or exceeds $60.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like); and

•

if the Reference Value is less than $108.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) the deSPAC Private Placement Warrants must also be concurrently called for redemption on the same terms (except as described above with respect to a holder's ability to cashless exercise its deSPAC Warrants) as the outstanding deSPAC Public Warrants, as described above.

Both the deSPAC Public Warrants and the deSPAC Private Placement Warrants are recorded as warrant liabilities on the Company's consolidated balance sheets. The Company values both the deSPAC Public and deSPAC Private Placement Warrants using the closing price of the deSPAC Public Warrants on the Nasdaq Global Market as of the reporting date. The fair value measurement for the deSPAC Public Warrants is considered a level 1 fair value measurement, and the fair value measurement for the deSPAC Private Placement Warrants is considered a level 2 fair value measurement, as the deSPAC Private Placement Warrants are substantially the same, but not identical to, the deSPAC Public Warrants.

The Company recognized losses of $0.2 million and gains of $10.0 million related to the change in fair value of the deSPAC Warrants during the three months ended March 31, 2026 and 2025, respectively.

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	Apr. 28, 2026
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2026
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001826681
Entity Registrant Name	Palladyne AI Corp.
Entity File Number	001-39897
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	650 South 500 West
Entity Address, Address Line Two	Suite 150
Entity Address, City or Town	Salt Lake City
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84101
City Area Code	888
Local Phone Number	927-7296
Entity Tax Identification Number	85-2838301
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		47,244,225
Common Stock
Document Information [Line Items]
Trading Symbol	PDYN
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Security Exchange Name	NASDAQ
Redeemable Warrants, Exercisable for Shares of Common Stock
Document Information [Line Items]
Trading Symbol	PDYNW
Title of 12(b) Security	Redeemable warrants, exercisable for shares of Common Stock at an exercise price of $69.00 per share
Security Exchange Name	NASDAQ

Intangible Assets - Summary of Acquired Intangible Assets, Net (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 10,548
Accumulated Amortization	473
Net Carrying Amount	10,075
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	5,148
Accumulated Amortization	213
Net Carrying Amount	$ 4,935
Weighted Average Remaining Useful Life (In years)	8 years 6 months
Developed Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 2,600
Accumulated Amortization	124
Net Carrying Amount	$ 2,476
Weighted Average Remaining Useful Life (In years)	6 years 8 months 12 days
Tradename
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,500
Accumulated Amortization	50
Net Carrying Amount	$ 1,450
Weighted Average Remaining Useful Life (In years)	9 years 8 months 12 days
Non-compete
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,300
Accumulated Amortization	86
Net Carrying Amount	$ 1,214
Weighted Average Remaining Useful Life (In years)	4 years 8 months 12 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Net (Loss) Income Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net (Loss) Income Per Share

10. Net (Loss) Income Per Share

The following table sets forth the computation of the basic and diluted net (loss) income per share attributable to common stockholders for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
(In thousands, except share and per share data)	2026			2025
Numerator:
Net (loss) income	$	(12,608	)	$	22,759
Denominator:
Weighted average shares outstanding, basic		45,070,479			35,345,672
Dilutive effect of potential common shares		—			5,722,278
Weighted average shares outstanding, diluted		45,070,479			41,067,950
Basic net (loss) income per share	$	(0.28	)	$	0.64
Diluted net (loss) income per share	$	(0.28	)	$	0.55
Anti-dilutive securities, excluded		10,881,573			8,227,228

Potentially dilutive shares, which are based on the weighted-average shares of common stock, stock options, unvested stock units, unvested stock awards, purchase rights granted under the employee stock purchase plan and warrants using the treasury stock method are included when calculating diluted net (loss) income per share attributable to the Company when their effect is dilutive. Because the Company incurred a net loss for the three months ended March 31, 2026 none of the potentially dilutive common shares were included in the diluted share calculation for that period as they would have been anti-dilutive.

Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment	$ 0
Amortization of intangible assets	$ 355	$ 0

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

Basis of Presentation and Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Description of the Business

Basis of Presentation and Consolidation

The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP").

Summary of Significant Accounting Policies and Use of Estimates

Liquidity and Capital Resources

Revenue Recognition

(1)

(2)

(3)

(4)

(5)

Revenue from Contracts with Customers

Product Revenue

Contract Revenue

Revenue recognized for the three months ended March 31, 2026 and 2025, were as follows:


	Three Months Ended March 31,
(In thousands)	2026		2025
Product Revenue	$	1,691	$	—
Product Development Contract Revenue		67		1,710
Engineering Services Revenue		1,780		—
Revenue, net	$	3,538	$	1,710

Contract Balances

Cash funds received in excess of revenue recognized that is contingent upon the satisfaction of performance obligations is accounted for as deferred revenue.

The opening and closing balances of our accounts receivable, unbilled receivables, contract assets and deferred revenue as of March 31, 2026 and December 31, 2025, are as follows:


(In thousands)	Accounts Receivable		Unbilled Receivable		Contract Assets (Current)		Deferred Revenue (Current)
Ending Balance as of December 31, 2025	$	1,055	$	2,455	$	36	$	319
(Decrease)/increase, net		538		162		1		272
Ending Balance as of March 31, 2026	$	1,593	$	2,617	$	37	$	591

Remaining Performance Obligations

Recently Issued Accounting Standard Pronouncements

Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Schedule Of Balance Sheet Components [Line Items]
Property and equipment, gross	$ 12,613	$ 12,689
Accumulated depreciation	(4,069)	(3,800)
Property and equipment, net	8,544	8,889
Robotics and Manufacturing Equipment
Schedule Of Balance Sheet Components [Line Items]
Property and equipment, gross	3,060	2,857
Financed Lease Robotics and Manufacturing Equipment
Schedule Of Balance Sheet Components [Line Items]
Property and equipment, gross	996	996
Leasehold Improvements
Schedule Of Balance Sheet Components [Line Items]
Property and equipment, gross	4,143	4,125
Land and Building
Schedule Of Balance Sheet Components [Line Items]
Property and equipment, gross	1,832	1,832
Computer Equipment
Schedule Of Balance Sheet Components [Line Items]
Property and equipment, gross	1,284	1,196
Furniture and Fixtures, and Other Fixed Assets
Schedule Of Balance Sheet Components [Line Items]
Property and equipment, gross	1,020	1,001
Construction in Progress
Schedule Of Balance Sheet Components [Line Items]
Property and equipment, gross	$ 278	$ 682

Acquisitions - Additional Information (Details) - 2025 Acquisitions $ in Millions	Nov. 14, 2025 USD ($) shares
Business Acquisition [Line Items]
Aggregate consideration transferred	$ 22.6
Cash consideration	5.4
Business combination, common stock value	$ 15.9
Business combination, number of shares of common stock \| shares	2,672,013
Business combination, contingent consideration	$ 1.4
Business combinations contingent consideration earnout payments payable in cash	$ 25.0
Business combinations revenue targets achieved over period	5 years
Business combination, percentage of equity interests acquired	100.00%

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

11. Income Taxes

To determine the Company’s quarterly provision for income taxes, the Company used an estimated annual effective tax rate that is based on expected annual income and statutory tax rates in the various jurisdictions in which the Company operates. Certain significant unusual or infrequently occurring items that are separately reported are separately recognized in the quarter during which they occur and can be a source of variability in the effective tax rate from quarter to quarter.

The Company had no significant income tax expense for the three months ended March 31, 2026 and 2025. The provision for income taxes for the three months ended March 31, 2026 and 2025 is based on the Company’s estimated annualized effective tax rate for the fiscal years ending December 31, 2026 and 2025, respectively. For the three months ended March 31, 2026, the Company’s recognized effective tax rate differs from the U.S. federal statutory rate as the Company recorded net taxable losses during the periods with a corresponding full valuation allowance on the net deferred tax assets created from the losses.

- Definition

The entire disclosure for income tax.

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+ Details

Net (Loss) Income Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net (Loss) Income Per Share

The following table sets forth the computation of the basic and diluted net (loss) income per share attributable to common stockholders for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
(In thousands, except share and per share data)	2026			2025
Numerator:
Net (loss) income	$	(12,608	)	$	22,759
Denominator:
Weighted average shares outstanding, basic		45,070,479			35,345,672
Dilutive effect of potential common shares		—			5,722,278
Weighted average shares outstanding, diluted		45,070,479			41,067,950
Basic net (loss) income per share	$	(0.28	)	$	0.64
Diluted net (loss) income per share	$	(0.28	)	$	0.55
Anti-dilutive securities, excluded		10,881,573			8,227,228

Balance Sheet Components

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Components

3. Balance Sheet Components

Inventories, Net

As of March 31, 2026 and December 31, 2025, inventories, net consisted of the following:


(In thousands)	March 31, 2026		December 31, 2025
Work-in-process	$	950	$	311
Finished goods, net		39		28
Total inventories	$	989	$	339

Property and Equipment, Net

As of March 31, 2026 and December 31, 2025, property and equipment, net consist of the following:


(In thousands)	March 31, 2026			December 31, 2025
Robotics and manufacturing equipment	$	3,060		$	2,857
Financed lease robotics and manufacturing equipment		996			996
Leasehold improvements		4,143			4,125
Land and building		1,832			1,832
Computer equipment		1,284			1,196
Furniture and fixtures, and other fixed assets		1,020			1,001
Construction in progress		278			682
Property and equipment, gross		12,613			12,689
Accumulated depreciation		(4,069	)		(3,800	)
Property and equipment, net	$	8,544		$	8,889

Depreciation expenses were $0.4 million and $0.2 million for the three months ended March 31, 2026 and 2025, respectively.

Accrued Liabilities

As of March 31, 2026 and December 31, 2025, accrued liabilities consist of the following:


(In thousands)	March 31, 2026		December 31, 2025
Payroll and related costs	$	2,166	$	1,699
Legal services accrual		347		173
Deferred revenue		591		319
Other contract liabilities		496		496
Other accrued expenses and current liabilities		673		863
Total accrued liabilities	$	4,273	$	3,550

Other non-current liabilities

Other non-current liabilities consist of the following:


(In thousands)	March 31, 2026		December 31, 2025
Contingent consideration	$	1,529	$	1,382
Equipment financing liabilities		1,428		1,492
Total other non-current liabilities	$	2,957	$	2,874

Segment Information - Schedule of Adjusted Operating Income to Operating Income and Net Income (Parenthetical) (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Total reconciling items

^[1]

$ 1,308

$ 1,149

Stock Compensation Expenses

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Total reconciling items

1,200

$ 1,100

Severance Charges

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Total reconciling items

$ 100

[1]	Other for the three months ended March 31, 2026 includes $1.2 million of stock compensation expenses and $0.1 million of severance charges. Other for the three months ended March 31, 2025 includes $1.1 million of stock compensation expenses.

DeSPAC Warrants - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Jan. 20, 2021	Mar. 31, 2026	Mar. 31, 2025
Class of Warrant or Right [Line Items]
Warrants outstanding		20,549,453
(Loss) gain on warrant liabilities		$ (1,046)	$ 29,248
Redemption of Warrants When Price Per Share Equals or Exceeds $108.00 Per Share
Class of Warrant or Right [Line Items]
Redemption of warrants price per share		$ 108
Warrants price per share		$ 0.01
Minimum period for written notice of redemption		30 days
Consecutive trading days		20 days
Consecutive trading days after commencement		30 days
Trading days, description		if, and only if, the last reported sale price of the shares of the Company's Common Stock for any 20 trading days within a 30-trading day period commencing after the deSPAC Warrants become exercisable and ending three business days before the Company sends the notice of redemption to the deSPAC Warrant holders (which is referred to as the "Reference Value") equals or exceeds $108.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like).
Redemption of warrants description		upon not less than 30 days' prior written notice of redemption (the "30-day redemption period") to each deSPAC Warrant holder; and
Redemption of Warrants When Price Per Share Equals or Exceeds $108.00 Per Share \| Minimum
Class of Warrant or Right [Line Items]
Warrants reference value per share		$ 108
Redemption of Warrants When Price Per Share Equals or Exceeds $60.00 Per Share
Class of Warrant or Right [Line Items]
Redemption of warrants price per share		60
Warrants price per share		$ 0.1
Minimum period for written notice of redemption		30 days
Redemption of warrants description		at $0.10 per deSPAC Warrant upon a minimum of 30 days' prior written notice of redemption; provided that holders will be able to exercise their deSPAC Warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to an agreed table based on the redemption date and the "fair market value" of the Company's Common Stock;
Redemption of Warrants When Price Per Share Equals or Exceeds $60.00 Per Share \| Minimum
Class of Warrant or Right [Line Items]
Warrants reference value per share		$ 60
Redemption of Warrants When Price Per Share Equals or Exceeds $60.00 Per Share \| Maximum
Class of Warrant or Right [Line Items]
Warrants reference value per share		$ 108
Common Stock
Class of Warrant or Right [Line Items]
Shares of common stock per warrant		1
Warrant exercise price		$ 11.5
Expiration date		Sep. 24, 2026
Warrant expiration term		5 years
IPO
Class of Warrant or Right [Line Items]
Issuance of shares (in Shares)	27,600,000
Sale of warrants (in Shares)	7,270,000
(Loss) gain on warrant liabilities		$ (200)	$ 10,000

2024 Warrants - Summary of Quantitative Information Regarding Assumptions (Details) - 2024 Warrants	Mar. 31, 2026	Mar. 31, 2025
Stock Price
Class of Warrant or Right [Line Items]
Warrants, measurement input	6.07	5.88
Term (in years)
Class of Warrant or Right [Line Items]
Warrants term (in Years)	4 years 1 month 6 days	5 years 1 month 6 days
Expected Volatility
Class of Warrant or Right [Line Items]
Warrants, measurement input	129.6	102.7
Risk-free rate
Class of Warrant or Right [Line Items]
Warrants, measurement input	3.9	3.9
Dividend yield
Class of Warrant or Right [Line Items]
Warrants, measurement input	0	0

Stock-based Compensation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 1,239	$ 1,149
Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation cost	$ 12,100
Period for recognition of unrecognized compensation cost related to non-vested stock awards	3 years
2015 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock - based compensation exercisable period	10 years
2015 Plan \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period	3 years
2015 Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period	5 years
2021 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock - based compensation exercisable period	10 years
Total number of shares	5,000,000
Due to failure to vest, additional shares added	2,100,000
Number of shares available to grant under plan	1,400,000
2021 Plan \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period	1 year
2021 Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period	4 years
2024 Inducement Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares available to grant under plan	107,437
2021 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares available to grant under plan	469,087
Offering period	6 months
2021 Employee Stock Purchase Plan \| Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Purchase price as a percentage of the lesser of the fair market value of the Common Stock	85.00%

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 17,854	$ 18,219
Marketable securities	25,824	28,836
Accounts receivable	1,593	1,055
Unbilled receivables	2,617	2,455
Inventories	989	339
Prepaid expenses and other current assets	1,472	1,653
Total current assets	50,349	52,557
Property and equipment, net	8,544	8,889
Intangible assets, net	10,075	10,430
Goodwill	14,731	14,731
Operating lease assets	8,419	8,645
Other non-current assets	434	460
Total assets	92,552	95,712
Current liabilities:
Accounts payable	1,060	1,058
Accrued liabilities	4,273	3,550
Current operating lease liabilities	1,084	1,058
Total current liabilities	6,417	5,666
Warrant liabilities	3,817	2,772
Operating lease liabilities	9,446	9,725
Other non-current liabilities	2,957	2,874
Total liabilities	22,637	21,037
Commitments and contingencies (Note 12)
Stockholders' equity:
Common stock, $0.0001 par value, 165,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 47,244,225 and 46,117,164 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	5	5
Additional paid-in capital	563,311	555,451
Accumulated other comprehensive (loss) income	(1)	11
Accumulated deficit	(493,400)	(480,792)
Total stockholders' equity	69,915	74,675
Total liabilities and stockholders' equity	$ 92,552	$ 95,712

Stock-based Compensation - Summary of RSA Activity (Details) - Restricted Stock Awards	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, beginning balance \| shares	1,500,000
Number of shares, ending balance \| shares	1,500,000
Weighted average fair value, beginning balance \| $ / shares	$ 2.23
Weighted average fair value, ending balance \| $ / shares	$ 2.23

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue, net	$ 3,538	$ 1,710
Operating expenses:
Cost of revenue (exclusive of items shown separately below)	2,473	353
Research and development	3,905	2,870
General and administrative	6,877	4,199
Sales and marketing	1,847	1,219
Intangible amortization expense	355	0
Total operating expenses	15,457	8,641
Loss from operations	(11,919)	(6,931)
Interest income, net	325	442
(Loss) gain on warrant liabilities	(1,046)	29,248
Other income, net	32	0
(Loss) income before income tax expense	(12,608)	22,759
Income tax expense	0	0
Net (loss) income	$ (12,608)	$ 22,759
Net (loss) income per share
Basic net (loss) income per share	$ (0.28)	$ 0.64
Diluted net (loss) income per share	$ (0.28)	$ 0.55
Weighted-average shares used in computing net (loss) income per share
Weighted average shares outstanding, Basic	45,070,479	35,345,672
Weighted average shares outstanding, Diluted	45,070,479	41,067,950

Earn-Out Shares

3 Months Ended

Mar. 31, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Earn-Out Shares

6. Earn-Out Shares

On September 24, 2021 (the "Closing Date"), Rotor Acquisition Corp. ("Rotor"), a Delaware corporation, consummated the business combination (the "Business Combination") pursuant to the terms of the Agreement and Plan of Merger, dated as of April 5, 2021 (the "Original Merger Agreement"), by and among Rotor, Rotor Merger Sub Corp., a Delaware corporation and a direct, wholly-owned subsidiary of Rotor ("Merger Sub"), and Sarcos Corp., a Utah corporation ("Old Sarcos"), and Amendment No. 1 to the Agreement and Plan of Merger, dated as of August 28, 2021 (the "Amendment" and the Original Merger Agreement, as amended, the "Merger Agreement"), by and among Rotor, Merger Sub and Old Sarcos. Pursuant to the terms of the Merger Agreement, the Business Combination between Rotor and Old Sarcos was effected through the merger of Merger Sub with and into Old Sarcos, with Old Sarcos continuing as the surviving corporation (the "Merger") and a wholly-owned subsidiary of Rotor. On the Closing Date, Rotor changed its name to Sarcos Technology and Robotics Corporation. To reflect the Company's transition from a hardware-focused company to an AI software-focused company, in March 2024 the Company changed its name from Sarcos Technology and Robotics Corporation to Palladyne AI Corp.

As a result of the Business Combination, each holder of Old Sarcos capital stock is entitled to Contingent Merger Consideration following the closing of the Business Combination in the form of earn-outs, up to an aggregate of 4,687,500 shares of Common Stock (the "Earn-Out Shares"). On September 24, 2025, the four-year anniversary of the Closing Date, 2,343,750 of the Earn-Out Shares expired without having been released as the closing share price of a share of Common Stock of the Company did not equal or exceed $90.00 for 20 trading days in any 30 consecutive trading-day period at any time beginning on the first anniversary of the Closing Date and ending on the fourth anniversary of the Closing Date. The remaining 2,343,750 Earn-Out Shares will become payable if the closing share price of a share of Common Stock of the Company is equal to or exceeds $120.00 for 20 trading days in any 30 consecutive trading-day period at any time during the period beginning on the first anniversary of the Closing Date and ending on the fifth anniversary of the Closing Date.

The Earn-Out Shares are treated as equity-linked instruments as opposed to shares outstanding, and as such are not included in shares outstanding on the Company's condensed consolidated balance sheets. As of March 31, 2026, there remained 2,343,750 Earn-Out Shares potentially issuable.

Acquisitions

3 Months Ended

Mar. 31, 2026

Business Combination [Abstract]

Acquisitions

4. Acquisitions

On November 14, 2025, the Company acquired 100 percent of the equity interests of GuideTech, LLC (“GuideTech”), Warnke Precision Machining, LLC (“Warnke Precision Machining”) and MKR Fabrication, LLC (“MKR Fabricators”). These transactions (collectively, the “2025 Acquisitions”) were undertaken pursuant to separate purchase agreements entered into on November 14, 2025.

GuideTech is an engineering and aerospace avionics products and services provider. MKR Fabricators and Warnke Precision Machining are U.S.-based precision manufacturing and fabrication businesses supporting defense and industrial customers. Through the 2025 Acquisitions, the Company acquired engineering design services, advanced avionics products and manufacturing and machining capabilities to complement its AI/ML Foundational Technology and related products and offer vertically integrated solutions for defense and commercial markets.

The aggregate consideration transferred for the 2025 Acquisitions was $22.6 million, consisting of $5.4 million of cash, $15.9 million comprised of 2,672,013 shares of common stock, and contingent consideration valued at $1.4 million. The contingent consideration arrangement provides for up to $25 million in earnout payments payable in cash or stock if certain revenue targets are achieved over a five-year period.

The 2025 Acquisitions have been accounted for as business combinations and the total purchase consideration was allocated to the net tangible and intangible assets and liabilities based on their fair values on the acquisition date and the excess was recorded as goodwill. The values assigned to the assets acquired and liabilities assumed are based on preliminary estimates of fair value available as of the

issuance date of these condensed consolidated financial statements and may be adjusted during the measurement period of up to 12 months from the date of acquisition as further information becomes available. Any changes in the fair values of the assets acquired and liabilities assumed during the measurement period may result in adjustments to goodwill or identified intangible assets. As of March 31, 2026, the primary areas that remain preliminary relate to the valuation of certain intangible items and various tax implications resulting from the acquisition.

The following table presents the preliminary purchase consideration allocation recorded in the Company’s consolidated balance sheet as of the acquisition date:


(in thousands)	Amount
Cash and cash equivalents	$	69
Accounts receivable		2,017
Unbilled receivables		316
Inventories		326
Prepaid expenses and other current assets		246
Property and equipment		4,793
Intangible assets		10,548
Goodwill		14,731
Operating lease assets		831
Accounts payable		(1,331	)
Accrued liabilities		(1,455	)
Current operating lease liabilities		(59	)
Operating lease liabilities		(773	)
Other non-current liabilities (1)		(5,093	)
Deferred tax liabilities		(2,541	)
Total acquisition consideration	$	22,625

(1)

Other non-current liabilities includes $3.7 million of debt obligations which were repaid prior to December 31, 2025.

The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition:


	Amounts		Weighted Average Useful Life
	(in thousands)		(in years)
Customer relationships	$	5,148		8.8
Developed technology		2,600		7.0
Tradename		1,500		10.0
Non-compete		1,300		5.0
Total intangible assets	$	10,548		8.1

Goodwill represents the future economic benefits arising from other assets that could not be individually identified and separately recognized, such as the acquired assembled workforce and synergies expected to be achieved from the integration of the 2025 Acquisitions. Goodwill is not deductible for tax purposes.

The results of operations of the 2025 Acquisitions have been included in the Company’s condensed consolidated financial statements from the date of acquisition. Pro forma revenue and results of operations have not been presented because the historical results of the 2025 Acquisitions are not material to the Company’s condensed consolidated financial statements.

- Definition

The entire disclosure for business combination.

+ References

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+ Details

Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Information

13. Segment Information

The Company has determined that it has a single operating segment. The Company derives revenues from engineering and research and development service contracts, product sales, including our AI/ML software products, and precision machining and fabrication services. The accounting policies of the segment are the same as those described in Note 1, Basis of Presentation and Summary of Significant Accounting Policies.

The Company's Chief Executive Officer is the Chief Operating Decision Maker ("CODM"). The CODM allocates resources and makes operating decisions based on consolidated net income. The CODM does not evaluate profitability below the level of the consolidated company. Net income (loss) is used to monitor results on a budget versus actual basis. Net income (loss) is adjusted for various non-recurring and non-cash transactions such as stock compensation expenses and impairment expenses.

The following table presents selected financial information with respect to the Company's significant segment expenses:


	Three Months Ended March 31,
(In thousands)	2026			2025
Segment Revenue	$	3,538		$	1,710
Total Revenue		3,538			1,710
Less:
Cost of revenue		2,472			343
Research and development		3,816			2,791
General and administrative		5,847			3,318
Sales and marketing		1,659			1,040
Intangible amortization expense		355			—
Other (1)		1,308			1,149
Interest income, net		(325	)		(442	)
(Gain) loss on warrant liabilities		1,046			(29,248	)
Other income, net		(32	)		—
Net (loss) income	$	(12,608	)	$	22,759

(1)

During the three months ended March 31, 2026 and 2025, the Company had no revenue earned from customers located outside the United States.

All long-lived assets are maintained in the United States. All losses are attributable to operations within the United States.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Net (Loss) Income Per Share - Additional Information (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Potentially dilutive common shares	0	5,722,278

Fair Value Measurements - Additional Information (Details) $ in Millions	Mar. 31, 2026 USD ($)
Fair Value Disclosures [Abstract]
Available-for-sale debt securities with maturity dates within one year	$ 25.8

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details 1)	Mar. 31, 2026
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-04-01
Summaryof Significant Accounting Policies Details [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months

Net (Loss) Income Per Share - Schedule of Basic and Diluted Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net Income (Loss)	$ (12,608)	$ 22,759
Denominator:
Weighted average shares outstanding, basic	45,070,479	35,345,672
Dilutive effect of potential common shares	0	5,722,278
Weighted average shares outstanding, diluted	45,070,479	41,067,950
Basic net (loss) income per share	$ (0.28)	$ 0.64
Diluted net (loss) income per share	$ (0.28)	$ 0.55
Anti-dilutive securities, excluded	10,881,573	8,227,228

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

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-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 2
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

2. Fair Value Measurements

ASC Topic 820, Fair Value Measurement, defines fair value as the exchange price that would be received for an asset, or an exit price paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy defines a three-level valuation hierarchy for disclosure of fair value measurements as follows:

Level 1—Fair value is based on observable inputs such as quoted prices for identical assets or liabilities in active markets.

Level 2—Fair value is determined using quoted prices for similar assets or liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active or are directly or indirectly observable.

Level 3—Fair value is determined using one or more significant inputs that are unobservable in active markets at the measurement date, such as an option pricing model, discounted cash flow or similar technique.

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

On a recurring basis, the Company measures certain of its financial assets and liabilities at fair value. The fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis was determined using the following inputs as of March 31, 2026 and December 31, 2025:


	As of March 31, 2026
(In thousands)	Level 1		Level 2		Level 3		Total
Assets:
Marketable securities:
U.S. treasury securities	$	25,824	$	—	$	—	$	25,824
Total assets	$	25,824	$	—	$	—	$	25,824

Liabilities:
Warrant liabilities	$	1,087	$	386	$	2,344	$	3,817
Other non-current liabilities:
Contingent consideration		—		—		1,529		1,529
Total liabilities	$	1,087	$	386	$	3,873	$	5,346


	As of December 31, 2025
(In thousands)	Level 1		Level 2		Level 3		Total
Assets:
Marketable securities:
U.S. treasury securities		28,836		—		—		28,836
Total assets	$	28,836	$	—	$	—	$	28,836

Liabilities:
Warrant liabilities	$	928	$	330	$	1,514	$	2,772
Other non-current liabilities:
Contingent consideration		—		—		1,382		1,382
Total liabilities	$	928	$	330	$	2,896	$	4,154

As of March 31, 2026, the Company held $25.8 million of available-for-sale debt securities with maturity dates within one year. The fair value of the Company's available-for-sale debt securities approximates their amortized cost basis. The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. The carrying amounts of accounts receivable, unbilled receivables, accounts payable and accrued expenses approximate their fair values because of the relatively short periods until they are required to be settled. The contingent consideration relates to the acquisition of GuideTech during 2025, as discussed in Note 4, Acquisitions. The contingent consideration was initially valued as of November 14, 2025, the acquisition date, and will be remeasured at fair value at each reporting date, or more frequently, if events or changes in circumstances indicate that a remeasurement is warranted. The valuation of the contingent consideration requires the use of a valuation model and assumptions such as projected cash flows and discount rates.

The following table sets forth a reconciliation from the opening balances to the closing balances for Level 3 values:


(In thousands)	Warrants		Contingent Consideration
Balance at December 31, 2025	$	1,514	$	1,382
Change in fair value		830		147
Balance at March 31, 2026	$	2,344	$	1,529

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net (loss) income	$ (12,608)	$ 22,759
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Stock-based compensation	1,239	1,149
Depreciation of property and equipment	358	223
Amortization of intangible assets	355	0
Change in fair value of warrant liabilities	1,046	(29,248)
Change in fair value of contingent consideration	146	0
Amortization of investment discount	(239)	(255)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(538)	(26)
Unbilled receivable	(163)	(592)
Inventories	(650)	(2)
Prepaid expenses and other current assets	181	(342)
Operating lease assets & other non-current assets	251	355
Accounts payable	(83)	(162)
Accrued liabilities and current operating lease liabilities	744	(1,135)
Operating lease liabilities	(278)	(240)
Net cash used in operating activities	(10,239)	(7,516)
Cash flows from investing activities:
Purchases of property and equipment	(27)	(93)
Proceeds from sale of property and equipment	100	0
Purchases of marketable securities	(16,760)	(27,452)
Maturities of marketable securities	20,000	0
Net cash provided by (used in) investing activities	3,313	(27,545)
Cash flows from financing activities:
Proceeds from exercise of stock options	91	0
Payment of obligations under finance leases	(37)	0
Payment of debt obligations	(23)	0
Proceeds from issuance of common stock	6,530	13,983
Payment of transaction costs related to issuance of common stock	0	(50)
Net cash provided by financing activities	6,561	13,933
Net decrease in cash and cash equivalents	(365)	(21,128)
Cash and cash equivalents at beginning of period	18,219	31,188
Cash and cash equivalents at end of period	17,854	10,060
Supplemental disclosure of cash flow information:
Cash paid for interest	60	0
Supplemental disclosure of non-cash activities:
Purchase of property and equipment included in accounts payable at period-end	$ 85	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($) $ in Thousands	Total	Common Stock Common Class A	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance at Dec. 31, 2024	$ (9,533)	$ 3	$ 481,289	$ 6	$ (490,831)
Beginning balance (in Shares) at Dec. 31, 2024		33,883,894
Stock-based compensation	1,149		1,149
Common stock issued under equity award plans (in Shares)		492,815
Issuance of common stock, net of cost	13,933	$ 1	13,932
Issuance of common stock, net of cost (in Shares)		1,335,807
Other comprehensive loss	(9)			(9)
Net income (loss)	22,759				22,759
Ending balance at Mar. 31, 2025	28,299	$ 4	496,370	(3)	(468,072)
Ending balance (in Shares) at Mar. 31, 2025		35,712,516
Beginning balance at Dec. 31, 2025	74,675	$ 5	555,451	11	(480,792)
Beginning balance (in Shares) at Dec. 31, 2025		46,117,164
Stock-based compensation	1,239		1,239
Common stock issued under equity award plans (in Shares)		198,163
Exercise of stock options	$ 91		91
Exercise of stock options (in Shares)	39,640	39,640
Issuance of common stock, net of cost	$ 6,530		6,530
Issuance of common stock, net of cost (in Shares)		889,258
Other comprehensive loss	(12)			(12)
Net income (loss)	(12,608)				(12,608)
Ending balance at Mar. 31, 2026	$ 69,915	$ 5	$ 563,311	$ (1)	$ (493,400)
Ending balance (in Shares) at Mar. 31, 2026		47,244,225

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	165,000,000	165,000,000
Common stock, shares issued	47,244,225	46,117,164
Common stock, shares outstanding	47,244,225	46,117,164

Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Acquired Intangible Assets, Net

Acquired intangible assets, net consisted of the following:


	March 31, 2026
(In thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Useful Life (In years)
Customer relationships	$	5,148	$	213	$	4,935		8.5
Developed technology		2,600		124		2,476		6.7
Tradename		1,500		50		1,450		9.7
Non-compete		1,300		86		1,214		4.7
Total	$	10,548	$	473	$	10,075

Summary of Future Amortization Expense Related to Acquired Intangible Assets

As of March 31, 2026, future amortization expense related to acquired intangible assets was as follows:


(In thousands)	Amortization Expense
2026	$	1,066
2027		1,421
2028		1,421
2029		1,421
2030		1,379
2031 and thereafter		3,367
Total	$	10,075

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Inventories, Net

As of March 31, 2026 and December 31, 2025, inventories, net consisted of the following:


(In thousands)	March 31, 2026		December 31, 2025
Work-in-process	$	950	$	311
Finished goods, net		39		28
Total inventories	$	989	$	339

Property and Equipment, Net

As of March 31, 2026 and December 31, 2025, property and equipment, net consist of the following:


(In thousands)	March 31, 2026			December 31, 2025
Robotics and manufacturing equipment	$	3,060		$	2,857
Financed lease robotics and manufacturing equipment		996			996
Leasehold improvements		4,143			4,125
Land and building		1,832			1,832
Computer equipment		1,284			1,196
Furniture and fixtures, and other fixed assets		1,020			1,001
Construction in progress		278			682
Property and equipment, gross		12,613			12,689
Accumulated depreciation		(4,069	)		(3,800	)
Property and equipment, net	$	8,544		$	8,889

Schedule of Accrued Liabilities

As of March 31, 2026 and December 31, 2025, accrued liabilities consist of the following:


(In thousands)	March 31, 2026		December 31, 2025
Payroll and related costs	$	2,166	$	1,699
Legal services accrual		347		173
Deferred revenue		591		319
Other contract liabilities		496		496
Other accrued expenses and current liabilities		673		863
Total accrued liabilities	$	4,273	$	3,550

Summary of Other Non-current Liabilities

Other non-current liabilities consist of the following:


(In thousands)	March 31, 2026		December 31, 2025
Contingent consideration	$	1,529	$	1,382
Equipment financing liabilities		1,428		1,492
Total other non-current liabilities	$	2,957	$	2,874

Stock-based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

9. Stock-based Compensation

2021 Stock Plan

The Company's 2021 Equity Incentive Plan (the "2021 Plan") provides stock options, restricted stock units ("RSUs"), restricted stock awards ("RSAs"), stock appreciation rights ("SARS") and performance awards for issuance to Company employees, officers, directors, non-employee agents and consultants. In general, outstanding awards granted under the 2021 Plan vest over one to four years and, in the case of options, are exercisable up to 10 years from the date of grant. The maximum number of shares of Common Stock that may be issued pursuant to the 2021 Plan is (a) 5.0 million shares of Common Stock of the Company plus (b) any shares of Common Stock subject to stock options and other awards that were assumed in the Business Combination and expire or otherwise terminate without having been exercised in full, are tendered to or withheld by the Company for payment of an exercise price or for tax withholding obligations, or are forfeited to or repurchased by the Company due to failure to vest, with the maximum number of shares to be added to the 2021 Plan pursuant to clause (b) equal to 2.1 million shares of Common Stock. As of March 31, 2026, 1.4 million shares were available to grant under the 2021 Plan.

2015 Stock Plan

The Old Sarcos 2015 Equity Incentive Plan (the "2015 Plan") provided stock options, RSUs, RSAs, SARS and performance awards for issuance to Old Sarcos' employees, officers, directors, non-employee agents and consultants. Outstanding awards under the 2015 Plan generally vest over three to five years and are exercisable up to 10 years from the date of grant. Unvested options are forfeited upon termination. No further awards may be made under the 2015 Plan. Any forfeited awards will be added to the 2021 Plan as described above.

2024 Inducement Plan

The Company adopted the 2024 Inducement Equity Incentive Plan (the "Inducement Plan") with an effective date of December 15, 2024 to be used exclusively for grants of nonstatutory stock options, RSUs, RSAs, SARS and performance awards to individuals who were not previously employees or directors of the Company (or who are returning to employment following a bona fide period of non-employment), as an inducement material to the individual's entry into employment with the Company. The Inducement Plan was adopted and approved without stockholder approval pursuant to Nasdaq Listing Rule 5635(c)(4). As of March 31, 2026, 107,437 shares were available to grant under the Inducement Plan.

2021 Employee Stock Purchase Plan

The 2021 Employee Stock Purchase Plan (the "ESPP") provides for the issuance of shares of Common Stock pursuant to purchase rights granted to employees over designated offering periods, by funds accumulated primarily through elective payroll deductions. Offerings under the ESPP commenced in December 2024. As of March 31, 2026, 469,087 shares were available for sale under the ESPP.

Offering periods are generally six months long and begin on June 1 and December 1 of each year. The purchase price for shares of Common Stock purchased under the ESPP is calculated as 85% of the lesser of the fair market value of the Common Stock on (1) the first trading day of the applicable offering period or (2) the last trading day of the offering period.

Stock Option Activity

The following summarizes the Company’s stock option activity for the three months ended March 31, 2026:


	Options Outstanding					Weighted-Average
				Weighted Average		Remaining		Aggregate Intrinsic
				Exercise Price		Contractual Term		Value
	Number of Shares			(Per share)		(In years)		(In thousands)
Outstanding – December 31, 2025		1,200,568		$	2.32		6.5	$	2,619
Exercised		(39,640	)		2.29
Outstanding – March 31, 2026		1,160,928		$	2.32		6.4	$	4,463
Exercisable – December 31, 2025		845,217		$	2.12		6.0	$	1,888
Exercisable – March 31, 2026		852,364		$	2.13		6.1	$	3,380

Restricted Stock Units Activity

The following summarizes the Company’s RSU activity for the three months ended March 31, 2026:


	Restricted Stock Units Outstanding
	Number of Shares			Weighted-Average Grant-Date Fair Value (Per share)
Outstanding – December 31, 2025		1,577,394		$	4.34
Granted		653,847			7.55
Vested		(198,163	)		4.76
Forfeited		(37,577	)		6.78
Outstanding – March 31, 2026		1,995,501		$	5.31

Restricted Stock Awards Activity

The following summarizes the Company’s employee RSA activity for the three months ended March 31, 2026:


	Restricted Stock Awards Outstanding
	Number of Shares		Weighted-Average Grant-Date Fair Value (Per share)
Outstanding – December 31, 2025		1,500,000	$	2.23
Outstanding – March 31, 2025		1,500,000	$	2.23

Stock-Based Compensation Expense

The Company recognized stock-based compensation expense in the condensed consolidated statement of operations and comprehensive loss as follows:


	Three Months Ended March 31,
(In thousands)	2026		2025
Cost of revenue	$	1	$	10
Research and development		89		79
Sales and marketing		188		179
General and administrative		961		881
Total stock-based compensation expense	$	1,239	$	1,149

As of March 31, 2026, there was approximately $12.1 million of unrecognized stock-based compensation cost, which is expected to be recognized over a weighted average period of 3.0 years.

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2026

Business Combination [Abstract]

Summary of Preliminary Purchase Consideration

The following table presents the preliminary purchase consideration allocation recorded in the Company’s consolidated balance sheet as of the acquisition date:


(in thousands)	Amount
Cash and cash equivalents	$	69
Accounts receivable		2,017
Unbilled receivables		316
Inventories		326
Prepaid expenses and other current assets		246
Property and equipment		4,793
Intangible assets		10,548
Goodwill		14,731
Operating lease assets		831
Accounts payable		(1,331	)
Accrued liabilities		(1,455	)
Current operating lease liabilities		(59	)
Operating lease liabilities		(773	)
Other non-current liabilities (1)		(5,093	)
Deferred tax liabilities		(2,541	)
Total acquisition consideration	$	22,625

(1)

Other non-current liabilities includes $3.7 million of debt obligations which were repaid prior to December 31, 2025.

Summary of Components of Identifiable Intangible Assets Acquired and their Estimated Useful Lives

The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition:


	Amounts		Weighted Average Useful Life
	(in thousands)		(in years)
Customer relationships	$	5,148		8.8
Developed technology		2,600		7.0
Tradename		1,500		10.0
Non-compete		1,300		5.0
Total intangible assets	$	10,548		8.1

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Net (loss) income	$ (12,608)	$ 22,759
Other comprehensive loss:
Change in unrealized loss on available-for-sale investments	(12)	(9)
Total other comprehensive loss	(12)	(9)
Comprehensive (loss) income	$ (12,620)	$ 22,750

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
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-Topic 250
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Summaryof Significant Accounting Policies Details [Line Items]
Cash, cash equivalents and marketable securities	$ 43,700	$ 47,100
Accumulated deficit	(493,400)	$ (480,792)
Working capital	43,900
Revenue, remaining performance obligation, amount	17,300
Deferred revenue, revenue recognized	$ 100

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Stock-based Compensation - Schedule of Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]
Options outstanding, beginning balance	1,200,568
Options exercised	(39,640)
Options outstanding, ending balance	1,160,928	1,200,568
Options exercisable	852,364	845,217
Options outstanding, weighted average exercise price, beginning balance	$ 2.32
Options exercised, weighted average exercise price	2.29
Options outstanding, weighted average exercise price, ending balance	2.32	$ 2.32
Options exercisable, weighted average exercise price	$ 2.13	$ 2.12
Options outstanding, weighted average remaining contractual term	6 years 4 months 24 days	6 years 6 months
Options exercisable, weighted average remaining contractual term	6 years 1 month 6 days	6 years
Options outstanding, aggregate intrinsic value	$ 4,463	$ 2,619
Options exercisable, aggregate intrinsic value	$ 3,380	$ 1,888

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. Commitments and Contingencies

Legal Proceedings

The Company has been and may in the future be involved in various claims, lawsuits, investigations and other proceedings in the normal course of business. The Company accrues a liability when management believes information available prior to the issuance of its financial statements indicates it is probable a loss has been incurred as of the date of the financial statements and the amount of loss can be reasonably estimated. The Company adjusts its accruals to reflect the impact of negotiation, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case. Legal costs are expensed as incurred. The Company has not recorded any material loss contingency related to legal proceedings in the balance sheets as of March 31, 2026 and December 31, 2025, respectively.

Indemnifications

In the ordinary course of business, the Company provides or may provide indemnifications of varying scope and terms to investors, directors, officers, employees, customers or vendors with respect to certain matters, including losses arising out of the Company's breach of such agreements, services to be provided by the Company or from intellectual property infringement claims made by third parties. These indemnifications may survive termination of the underlying agreement and the maximum potential amount of future payments the Company could be required to make under these indemnification provisions may not be subject to maximum loss clauses. The maximum potential amount of future payments the Company could be required to make under these indemnification provisions is indeterminable. As of March 31, 2026 and December 31, 2025, the Company has not accrued a liability for these indemnification obligations as the likelihood of incurring a material payment obligation in connection with these indemnification obligations is either not probable or not reasonably estimable due to the unique facts and circumstances involved.