Doomscroll News

Tag: SPAC

  • The Saga of Palladyne AI (PDYN): An In-Depth Analysis of a Corporate Metamorphosis

    Executive Summary

    A Radical Transformation

    This report analyzes Palladyne AI Corp. (NASDAQ: PDYN). The company has undergone a radical transformation, evolving from a pioneering robotics hardware developer into a pure-play artificial intelligence (AI) software firm.

    Formerly known as Sarcos Technology and Robotics Corporation (STRC), the company was renowned for its “big robots.” These included the Guardian® XO powered exoskeleton and the Guardian® Sea Class underwater robot designed for tasks like ship hull cleaning.¹

    In early 2024, the company executed a complete pivot. It ceased all hardware operations to focus exclusively on commercializing its advanced AI and machine learning (ML) software platform.² This strategic shift was marked by a name change and a new ticker symbol (PDYN), fundamentally redefining its business model and investment thesis.³

    New Focus, New Revenue Model

    Palladyne AI’s future revenue now depends entirely on two software products:⁴

    • Palladyne™ IQ for industrial robots.
    • Palladyne™ Pilot for drones and other unmanned systems.

    The company has transitioned to a pre-revenue stage for these new products. Its business model is now based on software licensing fees.⁵

    Key Financial Takeaways

    A key financial takeaway is that the company’s reported net income of $15.3 million in the first half of 2025 is misleading. This figure stems from a $29.4 million non-cash, non-operating gain related to changes in the value of warrant liabilities.⁶ This accounting artifact masks the reality that the core business is operating at a loss.⁷

    A High-Risk, High-Reward Proposition

    This pivot has created a high-risk, high-reward proposition. Palladyne AI is essentially a 40-year-old startup. It leverages a deep history in robotics to compete as a nimble, high-margin software company.

    Its success is contingent on its ability to execute its commercialization strategy. The company must achieve market adoption for its novel, hardware-agnostic AI platform. The platform’s goal is to provide the intelligence that makes all robots better, not just its own.

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  • MAGA F*cked: Astra (ASTR) Elites Win, Retail Loses

    MAGA F*cked: Astra (ASTR) Elites Win, Retail Loses

    April 2025 statements by founder Chris Kemp only deepen my conviction that public shareholders were deliberately misled while insiders ultimately benefited from the company’s orchestrated failure and privatization.

    The buyout price of $0.50 per share represented a near-total loss for those who invested during or after the SPAC merger, when the company claimed a multi-billion dollar valuation. The timing is deeply suspicious: only after the company finalized its take-private transaction in the March-July 2024 timeframe, acquiring valuable assets built with public shareholder funds (including the profitable satellite engine business acquired via Apollo Fusion) for pennies on the dollar through what founder Chris Kemp cynically termed a “Founder Led Acquisition Company” (FLAC) – bullshit terminology for which I have video evidence – did they announce, in May 2024, winning a U.S. Space Force Space Systems Command contract for the ‘Ascent’ mission. This sequence strongly suggests that public investors were used and discarded once the valuable core of the business could be secured privately by the founders, conveniently timed with securing new government contracts.

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