Why Did PDYN Stock Pop Over 10% In Pre-Market Today?
Synopsis
The company signed an agreement with a major U.S. defense prime contractor to supply a subsystem that supports missile propulsion.
Shares of Palladyne AI Corp. (PDYN) jumped more than 10% in pre-market trading on Tuesday after the company signed an agreement with a major U.S. defense prime contractor to supply a mission-critical subsystem supporting missile propulsion for an existing U.S. missile program.
Palladyne expects to complete the deliverables by the third quarter of 2026, with the contract projected to generate nearly $1 million in revenue for the year. The win also positions Palladyne for a bigger involvement in future long-duration missile programs, the company said.
“Beyond the initial contract, we believe we are well positioned for growing annual revenues from this program,” said Ben Wolff, CEO of Palladyne AI.
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