Overview

• U.S. defense tech firm's preliminary Q2 revenue rose about 480% yr/yr, beating analyst expectations

• Company backlog grew to about $24 mln from $17.3 mln in Q1

Outlook

• Company expects majority of $24.0 mln backlog to be recognized as revenue over next 12-18 months

• Company sees recent partnership and contract wins supporting long-term growth prospects

Result Drivers

• NEW CONTRACTS - Co said Q2 revenue and backlog growth were driven by $12.5 mln in new customer programs and contract awards across operations

• VERTICAL INTEGRATION - Co said recent acquisitions enabled it to become a vertically integrated, autonomy-based defense technology company

Company press release: ID:nBw4R3BW2a

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q2 Revenue	Beat	$5.80 mln	$4.63 mln (4 Analysts)

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• Wall Street's median 12-month price target for Palladyne AI Corp is $12.00, about 123.5% above its July 7 closing price of $5.37

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