Recent direct listing Palantir Technologies Inc PLTR reported its third-quarter earnings, which included several new contract wins.
Earnings: Third-quarter revenue for Palantir was up 52% year-over-year to $298.4 million. The company reported adjusted operating income of $73.1 million.
Palantir reported quarterly losses of 94 cents per share, which missed the analyst consensus estimate of 2 cents.
New Contract Wins: The third quarter saw 15 deals signed with new customers worth $5 million or more each.
Palantir reported a $91 million two year contract win with the U.S. Army and landed a $36 million contract with the National Institute of Health.
“Our software is now being used for coronavirus response and research efforts by the national COVID Cohort Collaborative," Palantir said in the release. The deal will provide software to the agency for cancer and coronavirus research.
Palantir also announced a five-year, $300 million renewal with an aerospace company. Palantir said this was one of the largest aerospace companies in the world.
Average revenue per customer has grown from $4.2 million to $5.8 million for the nine-month periods of 2019 and 2020 respectively.
Palantir is also seeing more diversification with its top 20 customers accounting for 61% of revenue versus 68% in the prior year.
What’s Next: The company highlighted its efforts on international expansion especially in Japan, which is an item for investors to watch.
Palantir sees fourth-quarter revenue coming in a range of $299 million to $301 million, which would be up year-over-year by 30% to 31%.
The company is guiding for full-year revenue to come in around $1.07 billion, versus Street consensus of $1.06 billion.
Shares of Palantir are down 4% in after-hours trading to $13.97. Shares fell about 9% in Thursday’s trading session.
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