PHILADELPHIA, PA — Exyn Technologies, Inc. (NASDAQ: EXYN, EXYNW) has reduced its workforce and other expenses as the autonomous-systems company seeks to convert a growing U.S. defense pipeline into contracts following its May initial public offering, while a shift toward software helped lift second-quarter gross margin to 46.9%.
Interim Chief Executive Officer and Chief Operating Officer Ben Williams outlined the changes in a shareholder letter, his first broad update since taking the CEO role in August.
Exyn conducted a review of its expense base and implemented what Williams described as a targeted workforce reduction as part of measures expected to meaningfully lower annualized operating expenses. The company did not specify the number of positions affected.
The cost reductions come as Exyn expands its work with U.S. government customers. The company secured an agreement involving autonomous aircraft inspection and digital-twin initiatives at the U.S. Air Force’s Warner Robins Air Logistics Complex, marking its entry into defense sustainment.
An initial demonstration at Warner Robins is expected in October, with operational activities planned to begin in January 2027.
A U.S. government research and engineering organization also selected Exyn’s Nexys mapping platform following a head-to-head technical evaluation against other commercial LiDAR systems. Exyn has begun the Green UAS certification process for Nexys and secured additional work with the U.S. Army Corps of Engineers.
Several defense, government, original-equipment-manufacturer and commercial opportunities are at advanced stages, according to Williams. Converting those prospects into signed contracts and longer-term customer relationships is now a near-term priority.
The defense push builds on autonomous mapping technology Exyn has deployed since 2016 in mines, tunnels, industrial facilities and other environments where GPS or communications may be unavailable. Its ExynAI technology enables aerial and ground robots to navigate, map and respond to changing conditions with minimal or no continuous operator control.
Exyn is also extending the technology across third-party hardware. It recently added ExynAI to CHCNAV’s X500 drone and is integrating it with UP Caeli Via’s ARGOS drone.
Through application programming interfaces and a software development kit, other manufacturers can integrate Exyn’s autonomy technology into their own aerial and ground systems. The approach allows Exyn to broaden distribution without manufacturing the underlying hardware while increasing its exposure to recurring software revenue.
A greater contribution from software and subscription revenue helped raise gross margin to 46.9% in the second quarter from 40.6% a year earlier.
Commercial deployments remain another part of the business. At Eldorado Gold’s Tüprag mining operation in Turkey, the Nexys platform reduced survey capture time to about five minutes per scan from roughly 40 minutes while increasing survey coverage by about 300%.
Tüprag reported that its investment paid for itself after Nexys mapped previously inaccessible sections of the mine and identified additional recoverable ore.
Exyn is also tightening its financial controls following the IPO. The company is reviewing its compliance and governance policies and engaging an outside financial advisory firm to work alongside its finance team.
“Strong financial controls matter to our shareholders and to our customers, particularly in defense, and I take personal responsibility for getting this right,” Williams wrote.
The company’s board also underwent a leadership change in August, when Gregory McNeal became chairman. McNeal, a U.S. Army veteran and co-founder of aerospace and defense software company AirMap, has experience spanning autonomous systems, government policy and technology businesses.
Near-term priorities include converting the sales pipeline into contracts, expanding OEM and platform integrations, advancing Green UAS certification and strengthening financial controls.
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