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Palantir Reports 20% Jump in Q1 Government Revenue, Aims to Capitalize on AI Tech Developments

Palantir Technologies (NYSE: PLTR) saw higher revenue from domestic and international government operations in the first quarter of 2023 on the back of significant contract wins during the three-month period. 

The data analytics technology provider saw its overall January-March government sales jump 20 percent year over year to $289 million, according to Palantir’s quarterly financial performance statement.

Revenue from the company’s work with U.S. agencies jumped 22 percent for the period to $230 million.

In March, the Denver-headquartered company secured a five-year, $99.6 million blanket purchase agreement to modernize an enterprise data management platform for the State Department’s Bureau of Medical Services and renewed a data analysis partnership with Australia’s financial intelligence agency AUSTRAC.

Dave Glazer, chief financial officer of Palantir, said in an earnings call last week the company maintains “a strong pipeline” of U.S. government business opportunities despite a timing uncertainty related to the expansion and renewal of contracts.

Glazer added that the company will work to rebalance its investments and other efforts on artificial intelligence-powered software offerings for government and commercial use.

Palantir swung to an attributable net income of $16.8 million during the quarter, from an attributable net loss of $101.4 million in the year-ago period. Total revenue for the quarter climbed to $525.2 million from $446.4 million a year earlier.

The company expects 2023 revenue of between $2.19 billion and $2.24 billion and adjusted income from operations in the $506 million-to-$556 million range.

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