Palladyne AI and Red Cat expand turquoise drone partnership

Partnership expanded to encompass joint sales and marketing

Palladyne AI Congratulates Red Cat on Record Award for US Army Short Range Reconnaissance Program

SALT LAKE CITY, November 20, 2024–(BUSINESS FEED)–Palladyne AI Corp.. (NASDAQ: PDYN and PDYNW) (“Palladyne AI”), a developer of artificial intelligence software for robotic platforms in the commercial and defense sectors, today announced an expanded partnership with Chat Rouge Holdings, Inc. (NASDAQ: RCAT) (“Red Cat”) and its subsidiary Teal Drones (“Teal”), a drone technology company integrating robotic hardware and software for military, government and commercial operations. The expanded relationship includes joint go-to-market activities that will be coordinated between the companies.

Early October, Palladyne AI and Red Cat announced that they had joined forces integrate Palladyne AI artificial intelligence software into Teal drones, including those already in the field, to enable autonomous operation and expand the capabilities of the drone system to facilitate the creation of a network of collaborating drones and sensors which self-orchestrate to provide superior intelligence, surveillance, and reconnaissance capabilities. The expanded partnership between Palladyne AI and Teal will include joint sales and marketing of Palladyne AI’s artificial intelligence software on Teal drones. Palladyne Pilot is expected to be available on all Teal drones and will be included in new drones shipping to customers who want to benefit from the features provided by the platform.

Red Cat recently announcement it was selected as a winner in the US Army’s Short Range Reconnaissance (SRR) program after a rigorous test and evaluation process for its next-generation Teal sUAS, designated as Black Widow and WEB. Testing and evaluation was conducted by the Army Project Management Office for Unmanned Aircraft Systems, the Army Maneuver Combat Laboratory, and the Army Test and Evaluation Command. the Army, and the price was based on Soldier feedback, technical performance, volume manufacturing capability, and system cost. The production contract calls for deliveries beginning in 2025. Palladyne Pilot is expected to be available for all sUAS systems delivered to the military.

“We are extremely proud to work with Teal on the integration of our Palladyne Pilot artificial intelligence software into Teal’s drones and look forward to this expanded relationship which will help deliver a best-in-class experience for their defense customers , public safety and commercial. said Ben Wolff, CEO of Palladyne AI. “Additionally, we congratulate them on their selection as an award winner in the U.S. Army’s SRR of Record program. This contract is extremely well deserved as the Teal sUAS systems demonstrate superior capabilities in all domains and particularly for operations complex military.”

For more information about Palladyne AI, please visit www.palladyneai.com or connect with us on LinkedIn at www.linkedin.com/company/palladyneaicorp. For more information about Red Cat and its Teal drone program, please visit https://redcat.red.

About Palladyne AI Corp.

Palladyne AI Corp. (NASDAQ: PDYN) has developed an advanced artificial intelligence (AI) and machine learning (ML) software platform poised to revolutionize the capabilities of robots, enabling them to observe, learn, reason and act in a way similar to human intelligence. Our AI and ML software platform enables robots to perceive variations or changes in the real environment, allowing them to maneuver autonomously and manipulate objects precisely in response.

The Palladyne AI software solution operates at the edge and significantly reduces the significant effort required to program and deploy robots, enabling industrial robots and collaborative robots (cobots) to quickly achieve autonomous capabilities, even in dynamic and/or complex environments . Designed to achieve accurate results with minimal training time, limited data sets, and lower power requirements compared to current solutions, Palladyne AI believes its software has many applications, including in industries such as automotive, aviation, construction, defense, general manufacturing and infrastructure. inspection, logistics and warehousing. Its applicability extends beyond traditional robotics to include unmanned aerial vehicles (UAVs), unmanned ground vehicles (UGVs), and remotely operated vehicles (ROVs). Palladyne AI’s approach is expected to increase the return on investment associated with a diverse range of stationary, flying, floating or rolling machines.

By enabling autonomy, reducing programming complexity, and improving efficiency, we are paving the way for a future where machines can excel at tasks that were once considered beyond their reach.

For more information, please visit www.palladyneai.com and connect with us on LinkedIn at www.linkedin.com/company/palladyneaicorp.

About Chat Rouge, Inc.

Red Cat (Nasdaq: RCAT) is a drone technology company integrating robotic hardware and software for military, government and commercial operations. Through two wholly owned subsidiaries, Teal Drones and Flightwave Aerospace, Red Cat has developed a family of cutting-edge ISR and precision strike systems, including the Teal 2, a small unmanned system offering the most advanced thermal imaging highest resolution in its class, the Edge 130. Blue Tricopter for extended endurance and range, and FANG™, the first line of NDAA compliant FPV drones optimized for military operations with capabilities precision strike. Learn more about www.redcat.red.

Forward-looking statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future collaboration and joint marketing and commercialization activities between Palladyne AI and Red Cat, the future availability of Palladyne Pilot for the army. systems, the results of the collaboration between Red Cat and Palladyne AI, the capabilities or future capabilities of the Palladyne AI software platform including its compatibility with Teal drones, the benefits of the Palladyne AI software platform when used with Teal drones, industries that could benefit from Palladyne AI’s software platform and the applicability of Palladyne AI’s software platform to different types of machines (such as drones, UGVs and ROVs), including Teal’s drones. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including statements regarding possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. These statements may be preceded, followed by or include the words “believes”, “estimates”, “expects”, “plans”, “forecasts”, “may”, “will”, “should”, “seeks”, “plans,” “scheduled,” “anticipates,” “intends,” or “continues” or similar expressions. These forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated in these statements. These forward-looking statements are based on the current expectations and beliefs of Palladyne AI’s management, as well as a number of assumptions regarding future events. However, there can be no assurance that any events, results or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and Palladyne AI is under no obligation and expressly disclaims any obligation to update, amend or otherwise revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.

Readers should carefully consider the statements set forth in the reports that Palladyne AI has filed or will file from time to time with the Securities and Exchange Commission (the “SEC”), particularly the risks and uncertainties set forth in the sections of such reports. entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements,” for a description of the risks that Palladyne AI faces that could cause actual events, results or performance to differ from those indicated in the forward-looking statements contained in this document. Documents filed by Palladyne AI with the SEC may be obtained free of charge on the SEC’s website at www.sec.gov.

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