You can also look at the end user license agreement (EULA) that is included with the product, which says:

1.- LICENSE GRANT.- By means of the present agreement, PANDA grants the licensee a non-exclusive and non-transferable license to use the program and documentation, in accordance with the terms and conditions established herein.
This license grants the licensee the right to install and use the program under a single registration (Panda Cloud Antivirus account). Should the licensee wish to install the software on another computer, another account must be registered, and thus successively for each computer on which the program is installed.
Under no circumstances is the license granted for commercial purposes or use, nor for corporate environments.

You can read the full license in %ProgramFiles%\Panda Security\Panda Cloud Antivirus\LICENSE.RTF