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Summary
- Palantir’s revenue jumped 49% YoY to US$341Mn in the March quarter of 2021.
- Its non-government segment contributed US$133 million, or a 19% YoY growth.
- Palantir’s latest product Apollo for Edge AI was launched in April.
Palantir Technologies Inc. (NYSE:PLTR) stock has been among the most actively traded stocks of late, averaging around 45 million in intra-day trade. The company has recently signed a US$32.5 million contract to supply software solutions to the US Air Force, including its space unit.
The stock was up 1.23% to US$$21.48 at the market close on Tuesday, May 25. The stock price, however, had been volatile in the past one month.
Palantir will provide software solutions to organizations like SCCP, NSDC and CSOC, which are part of the US Air Force and the US Space program.
Palantir’s revenue skyrocketed 49% YoY to US$ 341 million in Q1 of 2021. It was US$229 million in Q1 of last year. This significant jump in revenue is credited to increased government orders that contributed 76%, or US$208 million, to the total income.
Its non-government segment contributed US$133 million, or a 19% YoY growth.
Net loss stood at US$123.5 million compared to last year’s Q1 net loss of US$54 million.
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Source: Pixabay
Palantir’s Clients
Palantir, headquartered in Denver, Colorado, has built a reputation for its high-profile federal government and defence contracts. Since its inception in 2003, the company also has gradually added clients from the UK and France.
CEO Alex Karp expects revenue to grow by 30% or higher through 2025. Palantir caters to fewer but bigger clients, unlike other software companies, which typically rely on subscribers for profit. Palantir’s 20 out of 139 clients contribute over US$36 million to the company’s revenue.
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Palantir’s latest product Apollo for Edge AI was launched in April.
