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Palladyne AI (PDYN): Defense AI Pivot Micro-Cap — Gangbangcheon C × Geochajesi 11/20, FY2026 Guidance Is Everything

Three-pivot company (robotics → AI SW → defense integrator). Building AFRL credibility with SwarmOS and IQ. Q1 revenue +107%, backlog $17.3M, guidance $24–27M (+357–415%). Exact Fibonacci 38.2% touch at $7.53, RSI 65 overbought. Gangbangcheon C — reassess after Q2 earnings (Aug 5).

May 30, 2026

Core Position

Defense AI software pivot startup — a micro-cap defense AI theme stock building AFRL credibility with SwarmOS and IQ platforms

Investment Thesis

Palladyne AI is pivoting rapidly from a 1983-founded robotics hardware company to a defense and commercial autonomous AI software company since 2024. The vertically integrated structure of SwarmOS™ (drone swarm autonomy), Palladyne™ IQ (industrial robot AI), and GuideTech (aerospace engineering) is building technical credibility with multiple AFRL contracts. Q1 2026 revenue of $3.5M (+107% YoY), backlog of $17.3M (+30%+ QoQ), and FY2026 guidance of $24–27M (4–5x YoY growth) are aggressive forward indicators. However, Gangbangcheon grade C (step 4 not passed) and Geochajesi 11/20 make waiting for Q2 earnings confirmation more rational than entering now. Fibonacci 38.2% touch at $7.53, RSI 65 near-overbought, and short float of 19.6% signal near-term correction risk. The key investment thesis variables are FY2026 guidance achievement and the first commercial Palladyne IQ contract.

① Non-Financial — Defense AI Vertical Integration Moat: SwarmOS Patents + AFRL Credibility + GuideTech Engineering/Manufacturing

Palladyne has three moat candidates. First, technology/patents — multiple BPL (Bayesian Program Learning) based path prediction and SwarmOS swarm autonomy patents acquired in 2025–2026, building an IP portfolio rather than a simple software moat. Second, regulatory moat — DoD contract ITAR and security certification requirements are high barriers for new entrants; "U.S.-based, U.S.-made" positioning aligns perfectly with reshoring policy. Third, vertical integration — AI software (IQ, SwarmOS) + engineering (GuideTech) + manufacturing (Crucis) enables optimized defense procurement fulfillment. However, repeat subscription revenue in commercial markets (manufacturing, logistics) remains unproven — this is the core reason the current grade is limited to C. → Full moat ratings, Ben Wolff CEO analysis, competitive dynamics, and 5 key risks in the Non-Financial tab.

② Validator — Gangbangcheon C × Geochajesi 11/20: Investment Hold Pending Q2 Earnings Confirmation

Only 1 of 5 Gangbangcheon steps passed (steps 2–5 not passed or borderline). Step 1: Defense AI TAM $9.1B→$29.5B (2035), AFRL and reshoring structural tailwind ✅. Step 2: Market position unproven — AFRL credibility building but market share not quantifiable ✗. Step 3: Business model direction positive (gov contracts + subscriptions + manufacturing) but repeat revenue unproven ✗. Step 4: Financial quality — FCF negative 3 consecutive years, revenue declined FY2025, monthly burn $1.6–2.0M ✗. Step 5: P/S-based base scenario upside ±0–10% — too thin ✗. If FY2026 guidance ($24–27M) achieves visibility, grade upgrade C→B possible. Geochajesi 11/20 (Volume 3 + Chart 2 + Catalyst 4 + Market 2). Short float 19.6% triggers conditional veto warning. → Full P/S scenarios, Gangbangcheon 5-step detail, and Geochajesi scores in the Validator tab.

③ Technical — Exact Fibonacci 38.2% Touch at $7.53, RSI 65 Near Overbought, Critical Inflection Point

+81.6% recovery from Mar 30 pivot low ($4.14) to May 27 $7.52 is now complete. Current price sits exactly at the Fibonacci 38.2% level ($7.53) — a critical inflection zone. Short-term bullish alignment (5d > 50d > 200d) maintained, MACD +0.078 golden cross supports momentum. However, RSI 65 (5 points from overbought 70), 19.6% short float, and declining volume signal near-term correction risk. Upside scenario: Break above $7.70 resistance opens $9.16 (+22%) and $10.50 (+40%) sequentially. Downside scenario: Fibonacci 38.2% resistance failure → retracement to $6.44 (-14%) and $5.80 (-23%). Conservative entry at $6.44 support confirmation (R:R 2.3) is recommended. → Full 3 scenarios, Fibonacci levels, RSI/MACD charts, and bull/bear signals in the Technical tab.

Key Metrics

Current Price (May 27)

$7.52

52주 저점 대비 +82%

Q1 2026 Revenue

$3.5M

+107% YoY

FY2026 Guidance

$24~27M

전년 대비 +357~415%

Order Backlog

$17.3M

Q1 2026 기준

Cash & Securities

$43.7M

무부채 구조

Geochajesi

11 / 20

강방천 C

Bull Case

Defense AI TAM $9.1B→$29.5B (2035) — unrivaled U.S.-made AI defense beneficiary under reshoring policy
AFRL HANGTIME contract (multi-domain including satellite) + BPL patent portfolio building technical credibility
CEO salary $1 + price-linked RSA 1.8M shares — strong CEO-shareholder alignment
40–60% upside in optimistic P/S scenario if FY2026 guidance met — explosive growth potential relative to size
Vertical integration (AI + engineering + manufacturing) dramatically shortens defense procurement lead times — high competitor replication difficulty

Bear Case

Gangbangcheon C — Financial step failed: FCF negative 3 consecutive years, $1.6–2.0M monthly burn rate, ongoing stock dilution
Aggressive guidance ($24–27M = 4–5x YoY) miss risk — stock could fall 50%+ on shortfall
19.6% short float — volatility explosion on any correction; both short-covering squeeze and accelerated selling are possible
Pivot uncertainty — 3 business identity changes in 2 years (hardware → AI SW → defense integrator); execution ability unproven
Palladyne IQ commercialization delayed — if escape from defense-heavy structure fails, government contract dependency becomes structural

Rating:HOLDPDYN

Technical Summary

+82% rebound from Mar 30 pivot low ($4.14) now reaching exactly the Fibonacci 38.2% level ($7.53). Short-term bullish alignment and MACD golden cross support momentum, but RSI 65 and 19.6% short float warn of near-term overheating and correction risk. Direction determination at this critical inflection point is imminent.

PDYN Price, RSI & MACD Chart (Jan–May 2026)

Support

$6.44~6.47 · $5.80 · $4.14

Resistance

$7.70~7.85 · $9.16~9.61 · $13.00

Trend Analysis

Short-term (5-day): Price above ↑ — near-term buy momentum. Medium-term (50-day $6.28): Price above ↑ — recovery trend. Long-term (200-day $6.38): Price above ↑ — long-term directional shift signal. MA order: Short-term bullish alignment (5d > 50d > 200d) — golden cross established after Mar 30 pivot. However, still -42% from 52-week high ($13.00), indicating a long-term downtrend context.

Momentum & Indicators

RSI(14) 65 — within 5 points of overbought (70). Sharp RSI surge 35→65 since Mar 30 pivot; near-term overheating caution. MACD +0.078 golden cross (buy signal). Bollinger Band (25): Near upper band — breakout enables further upside; failure triggers correction back to mid-band ($6.28). Volume: Initial surge on May recovery then gradually declining — upside sustainability confirmation needed. Short float 19.6% — short squeeze possible on advance, selling amplification risk on decline.

Key Technical Points

Fibonacci 38.2% Key Resistance

$7.53 — Basis: 52-week high $13.00 → low $4.14. Current price $7.52 matches exactly. Strongest short-term inflection zone

Resistance 1

$7.70–7.85 — May gap-down supply zone. Breakout = short-term positive signal + path to 2nd resistance ($9.16) opens

Resistance 2

$9.16–9.61 — Prior high zone / Fibonacci 61.8%. Target on trend continuation after 1st resistance

Support 1

$6.44–6.47 — MA convergence zone (near 50d/200d). First buying opportunity on any correction

Support 2

$5.80 — April low zone, near Fibonacci 23.6%. Break opens risk of retesting pivot low ($4.14)

Pattern / Wave

A-B-C recovery from pivot low ($4.14). Fibonacci 38.2% reached as C-wave target zone — determining whether wave complete. Volume decline + RSI overheating consistent with C-wave completion signal

Trading Scenarios

Conservative (Recommended)R:R 4.3

Entry

Enter on bounce confirmation after $6.44 support touch

Stop

$5.80 (-10%, below April low)

Target

1st $9.16 (+38.8%), 2nd $10.50 (+47%)

R:R 4.3 on support confirmation — excellent. Most rational strategy: wait for retracement from current Fibonacci 38.2% resistance.

Split Entry (Balanced)R:R 1.8

Entry

1/3 at $7.52 current / 1/3 at $6.44 support / 1/3 after $7.70 breakout

Stop

$6.20 (-5.9% from avg. entry ~$6.59)

Target

1st $9.16, 2nd $10.50–11.00 (R:R 1.8)

Avg. entry ~$6.59. R:R 1.8 — acceptable. Balanced approach that captures some current momentum while distributing risk.

Chase at Market (Not Recommended)R:R 1.25

Entry

$7.52 immediate market entry

Stop

$6.20 (-17.5%)

Target

$9.16 (+21.8%) R:R 1st: 1.25

R:R 1.25 to 1st target — below threshold. Triple near-term correction risk: Fibonacci 38.2% resistance + RSI 65 + 19.6% short float. Avoid chasing without support confirmation.

Bullish Signals

↑

Fibonacci 38.2% ($7.53) + structural pivot bottom ($4.14) confirmed — basis for recovery

↑

Short-term bullish MA alignment (5d > 50d > 200d) + MACD +0.078 golden cross

↑

Defense AI structural theme momentum continuing — AFRL HANGTIME + multi-domain (including satellite) contract

↑

Q1 2026 revenue +107% YoY, backlog $17.3M — FY2026 guidance achievability improving

↑

19.6% short float — potential short squeeze spike on advance (double-edged sword)

Bearish Risks

↓

RSI 65 — 5 points from overbought (70), combined with Fibonacci 38.2% resistance creates short-term correction pressure

↓

19.6% short float — selling amplification risk after positive news digestion

↓

-42% from 52-week high ($13.00) — long-term downtrend context with multiple barriers to trend reversal

↓

ATM offering risk — price advance may trigger additional equity raise, diluting per-share value

↓

No new catalysts until Q2 2026 earnings (Aug 5) — momentum may be difficult to sustain

Editor Note

After a +82% rebound from the pivot low, the stock stands at a critical inflection — exactly at Fibonacci 38.2%. MACD golden cross and short-term bullish alignment support momentum, but RSI 65, 19.6% short float, and guidance shortfall risk make chasing at current prices inadvisable. The most rational strategy is ① conservative entry after $6.44 support confirmation (R:R 4.3, Scenario A), or ② reassessment after Q2 earnings (Aug 5) based on guidance achievability. The high short float makes a potential squeeze spike on $7.70 breakout possible — but chasing that outcome is an inappropriate risk profile for a grade-C company.

* Technical analysis is based on historical data and does not guarantee future returns. Final investment decisions are your own responsibility.

PDYN Growth Dashboard — Backlog, Revenue & Contract Timeline

Switching Cost & Moat

Moat Strength by Type

Technology / Patents

Multiple BPL path-prediction and SwarmOS swarm flight patents acquired (2025–2026). Long R&D lead time — difficult to replicate short-term

Medium-Strong

Regulatory Moat

DoD ITAR and security certification requirements are inherent barriers. U.S.-based/U.S.-made positioning benefits from reshoring policy

Strong

Switching Costs

Defense certification and validation processes create switching costs. However, software-only contracts have lower switching friction

Medium

Network Effects

Minimal in current structure. Defense data accumulation could strengthen long-term but remains unproven

Weak

Palladyne's moat candidates span three axes: technology/patents, regulatory, and vertical integration. The technology moat centers on BPL (Bayesian Program Learning)-based real-time path prediction/obstacle avoidance algorithms and SwarmOS™ swarm autonomy patents — these represent an IP portfolio, not just software, making replication difficult. The regulatory moat stems from DoD ITAR and security certification requirements that demand years of verification from new entrants. The vertical integration moat compresses defense procurement lead times by combining AI software (IQ, SwarmOS) + aerospace engineering (GuideTech) + component manufacturing (Crucis). However, network effects or switching cost moats in commercial markets remain unproven, and the durability of the software-only moat faces uncertainty from emerging LLM-based competing technologies.

Management & Governance

CEO Ben Wolff (age 56) is a structural reformer who built a combined M&A/legal/corporate restructuring career as an M&A attorney and CEO of Clearwire and other Craig McCaw-affiliated investment vehicles (Pendrell, Eagle River). Since returning as CEO in February 2024, he declared the hardware→AI SW pivot and led the GuideTech and Crucis acquisitions. Cash salary of $1 (effectively) + price-linked RSA of 1.8M shares (fully vesting October 2027) is a strong shareholder alignment signal. No insider purchase history on public record, but absence of sales is a positive signal. Caution: $230K paid to CEO-affiliated company (Sparks Marketing) in 2023 — small amount but related-party transaction exists. Board composed of Lt. Gen. Twitty (former US Army Lieutenant General) and Michael Young (former Caterpillar Ventures) — tailored for defense and industrial expansion.

Competitive Landscape

Anduril Industries

High

Direct defense AI autonomy competitor. Ahead in large-scale funding and DoD contract track record. Private — direct comparison limited

Shield AI

High

Direct swarm drone competitor with HIVEMIND autonomous flight platform. Expanding internationally. Private

Covariant / Mech-Mind

Medium

Commercial robot AI competitors. Direct conflict when Palladyne IQ commercializes. Currently separated defense vs. commercial markets

Lockheed / Kratos

Rising

Currently partner (component meta) but long-term technology internalization could shift them to competitor role. Bidirectional relationship

Palladyne competes on two fronts: commercial autonomous robot AI (Covariant, Mech-Mind, Energy Robotics, etc.) and defense AI autonomy (Anduril, Shield AI, AeroVironment, Joby, etc.). In commercial markets, it also competes indirectly with major tech companies expanding into defense AI (Microsoft, Google). In the defense market, Anduril and Shield AI lead in financial firepower and proven contract history, but Palladyne holds a differentiated position with its "AI-engineering-manufacturing vertical integration." Large defense primes (Lockheed, Kratos, Renk) are currently closer to being customers than competitors, but long-term technology internalization risk exists. Among 106 competitors in Tracxn's comparable set, Palladyne ranks 5th in funding and 3rd in activity — upper tier, but market share is not yet quantifiable.

ESG & Summary

Palladyne, with ~70 employees, has limited direct ESG exposure. The defense and autonomous systems sector faces long-term risk from international regulatory discussions on Lethal Autonomous Weapons Systems (LAWS). The "U.S.-based, U.S.-made" strategy aligns with American manufacturing revival and reshoring policy — arguably a positive social impact. No dual-class voting structure means relatively better general shareholder protection, but the CEO's potential combined role and small related-party transaction leave transparency improvement room. As an R&D-intensive software company, the carbon footprint is low.

Key Risks

Ongoing Stock Dilution Risk

ATM (At-The-Market) program allows issuance of new shares at any time when the stock rises. Multiple ongoing dilution factors: CEO RSA 1.8M shares (vesting 2027), executive stock options, 2024 regrant of 7 executives' options at $1.59 — continuous per-share value erosion.

FY2026 Guidance Miss Risk

FY2026 guidance of $24–27M represents 4–5x growth from FY2025 $5.25M — an aggressive target. Failure to achieve it could trigger a 50%+ stock decline. Revenue tends to concentrate in Q4 (Sep–Dec) due to government contract seasonality, making Q2 results (target ~$6M) the critical barometer for guidance achievability.

Commercialization Delay — Palladyne IQ

The first commercial (non-defense) repeat Palladyne IQ contract has not yet been achieved. Failure to escape the defense-heavy structure would entrench government contract dependency and limit valuation re-rating. A single contract cancellation could structurally eliminate most of the company's revenue.

Cash Burn and Additional Funding Risk

At $1.6–2.0M monthly burn, $43.7M cash represents approximately 22–27 months of runway. Runway extends if 2026 guidance is met, but a shortfall would make additional capital raises (= stock dilution) inevitable. ATM program already activated, meaning dilution can occur immediately during any price rise.

Key Man Risk — Ben Wolff

Ben Wolff's M&A and structural reorganization capabilities are the centerpiece of the current pivot strategy. His departure would create uncertainty in strategic continuity, and the defense ecosystem network (including board member Lt. Gen. Twitty) was largely built on Wolff's credibility. No succession plan has been disclosed.

Gangbangcheon 1/5 passed

Only 1 of 5 Gangbangcheon steps clearly passed. Only industry structure (defense AI TAM, reshoring) passes clearly. Market position too early to assess, business model's repeat revenue unproven, financial quality disqualified by 3 consecutive years of negative FCF, P/S base scenario upside too thin. If FY2026 guidance achieved, C→B re-rating possible. Geochajesi 11/20 — Hold.

PDYN 3-Year Financial Analysis — Gangbangcheon Model

Gangbangcheon 5-Step Checklist

✓

Step 1

Industry & Infrastructure — Defense AI TAM and Reshoring Structural Tailwind

Global defense AI market $9.1B (2025) → $29.5B (2035), CAGR 12.5%. Three structural tailwinds: DoD autonomous AI budget expansion, U.S.-made defense AI procurement preference, and reshoring manufacturing automation demand — all directly benefiting Palladyne.

✗

Step 2

Market Position — Early Stage, Market Share Unproven

Building technical credibility with multiple AFRL contracts, but lacks clear market dominance like "independent DSP #1" or "HBM #1." Tracxn ranking 5th in funding and 3rd in activity is upper tier, but revenue-based market position is unproven. Pricing power not demonstrated.

✗

Step 3

Business Model — Direction Positive, Repeat Revenue Unproven

Three-axis model of government development contracts + subscription licenses (IQ) + vertically integrated manufacturing (Crucis) has clear directional logic. CEO salary $1 + stock-linked compensation provides strong alignment. However, the first commercial repeat Palladyne IQ contract has not yet been achieved — subscription model viability not yet proven.

✗

Step 4

Financial Quality — FCF Negative 3 Consecutive Years, Ongoing Burn Rate

FCF negative for 3 consecutive years (FY2023–2025). Monthly burn rate $1.6–2.0M. FY2024 OpEx -73% is positive but FY2025 operating loss re-expanded due to acquisition costs. ROE/ROA remain negative (excluding FY2025 special non-operating gain). Cannot pass step 4 until guidance achievement.

✗

Step 5

P/S Upside ⚠️ — Base Scenario ±0–10%, Only Optimistic Shows Meaningful Upside

Market cap ~$308M ÷ guidance midpoint $25.5M = P/S ~12x. At defense AI P/S of 12–15x, base scenario (guidance met + 10% op margin) upside ±0–10% is too thin. Optimistic scenario (guidance met + 15% op margin) upside +40–60% is meaningful but highly uncertain. Conservative scenario (guidance -20%) -30–40%.

K-PER Scenario Analysis (3-Year Target)

P/S-based valuation applied instead of K-PER due to ongoing operating losses. Current market cap ~$308M, FY2026E revenue guidance $24–27M (midpoint $25.5M). Defense AI/autonomous systems P/S peer range of 12–15x applied. Optimistic scenario assumes simultaneous guidance achievement + operating margin improvement. FY2026 guidance achievement would enable grade upgrade via continued 2027–2028 growth.

Scenario	Annual Growth	Non-GAAP Profit	Applied PER	Target Cap	Upside
Optimistic	가이던스 달성 + OP마진 15%	$27M (상단)	15x	~$405M (+32%)	+50%
Base	가이던스 달성 + OP마진 10%	$25.5M (중간값)	12x	~$306M (±0%)	+5%
Conservative	가이던스 20% 하향 + 마진 5%	$20M (하향)	10x	~$200M (-35%)	-35%

Geochajesi Score (11/20)

Volume3/5

130% vs. average volume + consecutive up days (+2). BlackRock passive holding stable (+1). Short float 19.6% spike warning (-1). Order flow intensity unconfirmed. Conditional veto warning.

Chart2/5

Short-term bullish alignment (5d>50d>200d) (+1). MACD golden cross (+1). At Fibonacci 38.2% key resistance (-1). -42% from 52-week high — long-term downtrend context (-1).

Catalyst4/5

AFRL HANGTIME contract (multi-domain incl. satellite) (+2). Q1 revenue +107% YoY (+1). BPL path prediction patent granted Apr 2026 (+1). Defense AI structural theme ongoing (+1). However, FY2026 guidance shortfall risk (-1 latent).

Market Condition2/5

Defense sector relatively independent from general market — limited macro risk (+1). U.S. defense budget expansion trend (+1). Sustained high rates → discount pressure on small-cap growth (-1). Small-cap liquidity risk (-1).

Total11/20

Entry Strategy (3 Tranches)

Current Zone: Hold (Fibonacci 38.2% Resistance)$7.52~$7.85

New entry not recommended. Triple near-term overheating: RSI 65 + Fibonacci 38.2% resistance + 19.6% short float. Conditional entry only on $7.70 breakout with 200%+ volume confirmation.

Tranche 1 (40%, After Support Confirmation)$6.44~$6.50

50d/200d MA convergence zone. Deploy 40% on bounce candle confirmation. Conservative R:R 4.3 zone.

Tranche 2 (30%, After Resistance Breakout)$7.70~$7.85

Deploy additional 30% on May supply-zone breakout with volume confirmation. Trend confirmation buy.

Tranche 3 (30%, After Q2 Earnings Confirmation)Q2 실적 발표(8/5) 이후

Deploy remaining 30% if Q2 revenue $6M+ confirmed + guidance maintained. Cancel entry if guidance reduced.

Exit Triggers

Q2 2026 revenue below $4M (guidance achievability signal fails) → full exit and thesis reassessment

ATM offering announcement (additional equity raise) → immediately reduce position by 50%+

$9.16 (Fibonacci 61.8%) breakout + target reached → begin staged profit-taking

AFRL or major contract cancellation/modification announced → thesis collapse signal, assess immediate exit

$5.80 break (2nd support lost) → execute stop-loss in preparation for pivot low retest

⚖

Portfolio Weight Recommendation

New entry at current zone: Minimize (hold). After support confirmation: 30–40% of target weight (high-risk growth stock — keep total portfolio weight under 5% recommended). After Q2 earnings: Can expand if guidance achievement confirmed. Full position at once: Absolutely not recommended given grade C + RSI overheating + dilution risk.

Editor Note

Gangbangcheon C × Geochajesi 11/20. Palladyne has the right direction in its defense AI pivot, but it is still a high-risk micro-cap transitioning from "idea stage" to "execution proof stage." FY2026 guidance achievement ($24–27M) is the sole grade upgrade trigger. Currently, Fibonacci 38.2% resistance + RSI 65 + 19.6% short float overlap to make staged entry after $6.44 support confirmation more rational than chasing — the key is making a final investment judgment around the Q2 earnings release (Aug 5).

Financial Data

Palladyne AI fiscal year: Jan 1–Dec 31 (calendar year). Current quarter: FY2026 Q2 (Apr–Jun 2026). Q2 revenue target ~$6M. Next earnings: Aug 5, 2026. Pure software + defense services company — P/S-based valuation is more appropriate than P/E.

Period	Revenue	Growth	Op. Income	Op. Margin
FY2023Hardware business restructuring. Includes one-time losses. Net loss -$115.6M	$6.15M	-	-$121.0M	-
FY2024OpEx -73% rapid reduction (restructuring complete). AI SW pivot declared. Net loss -$72.6M	$7.79M	+26.7%	-$26.9M	-
FY2025Revenue decline during hardware→SW pivot transition. Special non-operating gain yields net income +$10M. GuideTech and Crucis acquired (November)	$5.25M	-32.6%	-$32.4M	-
FY2026EBacklog $17.3M + new awards included. Achievement is the core investment thesis test	$24~27M	+357~415%	목표: 흑자 근접	목표 ~5~10%

GAAP vs Non-GAAP Note

Ongoing operating losses make traditional K-PER/P/E analysis inappropriate. P/S-based valuation is used. FY2025 net income of +$10M arose from a non-recurring non-operating special gain from the GuideTech/Crucis acquisitions — must be distinguished from operating profitability. FY2026 guidance achievement ($24–27M) is the sole trigger for a C→B grade re-rating.

Key Valuation Metrics

P/S (FY2026E)

~12x

Market cap $308M ÷ guidance midpoint $25.5M. Within defense AI P/S range of 12–15x

Cash & Securities

$43.7M

Zero debt. 22–27 month runway. ATM program active

OpEx Improvement

-73%

FY2023→FY2024. Restructuring complete signal. FY2025 slight re-increase due to acquisition costs

Shares Outstanding

~46M주

Increasing continuously via ATM, RSA, options. FY2023 26M → FY2025 46M

* GAAP basis. All figures are estimates based on public information and are not investment advice.

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