U.S. Army Research Lab Extends Contract with Palantir to Deliver Leading AI/ML Capabilities Across Department of Defense

Palantir Technologies Inc. (NYSE: PLTR) today announced the U.S. Army Research Laboratory (ARL) will extend its work with the company to support all branches of the Armed Services, Joint Staff, and Special Forces as they test, utilize, and scale artificial intelligence (AI) and machine learning (ML) capabilities across the Department of Defense (DoD). The contract is worth up to $229 million over one year.

Building on the expansion announced earlier this year, Palantir’s software will continue to support warfighters, the data science community, and commercial AI companies across all facets of AI/ML research and development within the DoD. This extension will enable the Department to scale these critical capabilities to additional mission areas as well as emerging priorities.

“By bringing leading AI/ML capabilities to all members of the Armed Services, the Department of Defense continues to maintain a leading edge through technology and by delivering best-in-class software to those on the frontlines,” said Akash Jain, President of Palantir USG. “We are proud to partner with the Army Research Lab to deliver on their critical mission to support our nation’s armed forces.”

Palantir’s open data standard architecture is uniquely suited to help the warfighter test and evaluate the latest advances in AI/ML in some of the most critical operational environments. Integrating with partner vendors and collaborating with users on the front lines, Palantir’s software platforms will continue to implement advanced AI capabilities and deliver solutions in an agile manner.

“Our work with ARL has enabled users in the field to accelerate the use of AI/ML in support of some of the most critical national security challenges our country and our allies are facing today,” said Shannon Clark, Senior Vice President of Innovation, Federal.

Palantir first partnered with the Army Research Lab in 2018 to provide state-of-the-art operational data and AI capabilities. Palantir’s platform has since supported the integration, management, and deployment of relevant data and AI model training to all of the Armed Services, COCOMs, and special operators globally.

About Palantir Technologies Inc.

Foundational software of tomorrow. Delivered today. Additional information is available at https://www.palantir.com.

Forward-Looking Statements

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 customer’s 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220929005106/en/

The Palantir Stock at the time of publication of the news with a fall of -0,96 % to 8,075USD on Tradegate stock exchange (29. September 2022, 12:49 Uhr).