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Highlights
- Palantir Technologies Inc. (PLTR) provides organizations with data solutions to achieve operational outcomes.
- It was founded in 2003 and went public in 2020. It employs more than 3,000 employees.
- The stock rose after bagging a US$53.89 million contract from the government.
Shares of Palantir Technologies Inc. (NYSE: PLTR) surged 8.88% on Thursday after receiving a lucrative US$53.89 million contract from the US Space Systems Command (SSC) and Battle Management Command, Control, and Communications (BMC3).
The PLTR stock was trading at US$9.2115 at 12:13 pm ET.
In 2021, it received government contracts worth US$121.5 million. With the latest award, its total contract value reached US$175,399,333.40. Palantir, which provides data solutions, said it will continue to support national security objectives through March 2023.
The additional funding would allow Palantir to continue offering its Data-as-a-Service platform capabilities to the Space Force, Air Force, and NORAD-NORTHCOM.
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The platform helps share, integrate, clean and leverage data to make informed decisions on strategic and operational planning, personnel management, cross-space situational awareness, and collaboration across combatant commands.
Financials:
In the quarter ended March 31, 2022, its net loss was US$101.38 million or US$0.05 per diluted share. In the year-ago quarter, the net loss was US$123.47 million or US$0.07 per diluted share. The revenue was US$446.36 million versus US$341.23 million in the year-ago period.
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Denver, Colorado-based Palantir offers solutions to manage and analyze data to achieve operational outcomes. Its Gotham software, created in 2008, helps intelligence and defense communities. In 2016, it launched a platform for data systems to help firms expand their businesses.
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Palantir was founded in 2003. Its IPO came in 2020. The company employs more than 3,000 employees and has a market capitalization of US$18.9 billion.
The PLTR stock traded in the range of US$29.29 to US$6.44 in the last 52 weeks. It closed at US$8.46 on June 1, down 65.29% from a year ago.
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Bottom line:
Palantir USG President Akash Jain said in a statement that the company is honored to continue its collaboration with Air Force, Space Force, and NORAD-NORTHCOM. He said Palantir would continue its partnership as the nation’s security agencies establish their “information dominance through scalable and mature software.”
