PLTR Stock – Palantir Technologies (PLTR) Software Will Continue to be Used by U.S. Coast Guard
What is Going on with PLTR?
Palantir Technologies (PLTR) has announced that it’s software will continue to be used by the U.S. Coast guard in order to help address the COVID-19 pandemic. Palantir’s software has been used by the U.S. Coast Guard since April 2020 in order to aid in data management, analytics, and operations in response to COVID-19. Specifically, Palantir’s software helps in collaboration across the country and in creating. Common operating picture and in determining resource allocation (such as vaccines). The base value of the contract renewal is around $6.25 million and has the potential to be around $11.25 million in nine months. Shares of PLTR are down 4.35% to $20.23 a share Thursday morning following the announcement.
What This Means for PLTR?
Palantir’s Global Defense Leas, Doug Phillipone states, “Palantir is proud to help enhance Coast Guard readiness, and keep their staff and families safe. We look forward to continuing to provide the Coast Guard with the very best technology to help them ensure our Nation’s maritime safety and security.” This is especially true given Palantir’s role in helping global efforts in mitigating the COVID-19 pandemic for more than 100 organizations. The continued used of this software should be beneficial to both Palantir Technologies and the U.S. Coast Guard.
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Palantir Technologies provides organizations with solutions to manage large disparate data sets in an attempt to gain insight and drive operational outcomes. Founded in 2003, Palantir released its Gotham software platform in 2008, which focuses on the government intelligence and defense sectors. Palantir expanded into various commercial markets with its Foundry software platform in 2016 with the intent of becoming the data operating system for companies and industries. The Denver, Colorado company had 125 customers as of its IPO and roughly splits its revenue between commercial and government customers.