DENVER, July 28, 2022--(BUSINESS WIRE)--Palantir Technologies Inc. (NYSE: PLTR) today announced that it will expand its work with the U.S. Army Research Laboratory to implement data and artificial intelligence (AI)/machine learning (ML) capabilities for users across the combatant commands (COCOMs). The contract totals $99.9 million over two years.
Palantir first partnered with the Army Research Lab to provide those on the frontlines with state-of-the-art operational data and AI capabilities in 2018. Palantir’s platform has supported the integration, management, and deployment of relevant data and AI model training to all of the Armed Services, COCOMs, and special operators. This extension grows Palantir’s operational RDT&E work to more users globally.
"Maintaining a leading edge through technology is foundational to our mission and partnership with the Army Research Laboratory," said Akash Jain, President of Palantir USG. "Our nation’s armed forces require best-in-class software to fulfill their missions today while rapidly iterating on the capabilities they will need for tomorrow’s fight. We are honored to support this critical work by teaming up to deliver the most advanced operational AI capabilities available with dozens of commercial and public sector partners."
By working with the U.S. Army Research Lab, integrating with partner vendors, and iterating with users on the front lines, Palantir’s software platforms will continue to quickly implement advanced AI capabilities against some of DOD’s most pressing problem sets. "We’re looking forward to fielding our newest ML, Edge, and Space technologies alongside our U.S. military partners," said Shannon Clark, Senior Vice President of Innovation, Federal. "These technologies will enable operators in the field to leverage AI insights to make decisions across many fused domains. From outer space to the sea floor, and everything in between."
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This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may relate to, but are not limited to, Palantir’s expectations regarding the amount and the terms of the contract and the expected benefits of our software platforms. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements are based on information available at the time those statements are made and were based on current expectations as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond our control. These risks and uncertainties include our ability to meet the unique needs of our customer; the failure of our platforms to satisfy our customer or perform as desired; the frequency or severity of any software and implementation errors; our platforms’ reliability; and our customers’ ability to modify or terminate the contract. Additional information regarding these and other risks and uncertainties is included in the filings we make with the Securities and Exchange Commission from time to time. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.
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