Palantir Technologies Inc (NASDAQ:PLTR) shares are trading at all-time highs on Thursday on what appears to be continued momentum in the wake of the company’s strong fourth-quarter financial results. Here’s what you need to know.

Palantir reported fourth-quarter revenue of $827.52 million, well ahead of estimates of $775.91 million, and adjusted earnings of 14 cents per share, versus estimates of 11 cents per share. Palantir also issued strong revenue guidance above analyst estimates, according to Benzinga Pro.

Total revenue grew 36% year-over-year, driven by strong U.S. revenue growth of 52% year-over-year. U.S. Commercial revenue increased 64% year-over-year to $214 million and U.S. Government revenue was up 45% year-over-year to $343 million.

Palantir’s customer count grew 43% year-over-year and 13% on a quarter-over-quarter basis after closing 129 deals worth over $1 million during the quarter and 58 deals worth at least $5 million.

“We are still in the earliest stages, the beginning of the first act, of a revolution that will play out over years and decades,” Palantir CEO Alex Karp said in a letter to shareholders. 

“This is not an incremental advance or marginal acceleration of our business. This is a new phase. And the momentum we are seeing across sectors, both commercial and government, is unlike anything that has come before.”

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Several analysts also lifted price targets above $100 following the company’s quarterly results. Citigroup raised its price target from $42 to $110, UBS raised its target from $80 to $105, DA Davidson moved from $47 to $105 and BofA Securities raised its target from $90 to $125.

Palantir also announced Thursday that it added xAI’s Grok to its lineup of LLMs on its Artificial Intelligence Platform, which may be helping fuel some of Thursday’s gains.

PLTR Price Action: Palantir shares are up nearly 42% year-to-date. At publication time, the stock was trading at $109.47, last up about 8%, according to Benzinga Pro.

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