U.S. data analytics firm Palantir Technologies has reported a 93 per cent year-on-year jump in second-quarter revenue, even as the company faces continued criticism over its work with Israel's military and allegations linking its technology to the war in Gaza.a.
The company said revenue reached $1.94 billion in the three months to 30 June, up from $1 billion a year earlier. Net income attributable to shareholders more than tripled to $1.06 billion, while diluted earnings per share rose to $0.41 from $0.13 in the same period last year.
U.S. revenue increased 115 per cent to $1.57 billion. Commercial revenue in the U.S. jumped 149 per cent to $764 million, while government revenue rose 90 per cent to $809 million.
Founded in 2003, Palantir develops data analysis software used by corporations, intelligence agencies and armed forces. In January 2024, it announced a strategic partnership with Israel's Ministry of Defence to supply technology for what it described as war-related missions.
The company has faced sustained criticism over the partnership. Open Intel, a platform that monitors corporate involvement in the Gaza conflict, alleges Palantir has hired former members of Unit 8200, Israel's signals intelligence unit. It also claims the company's software has been used to help compile military targeting lists by combining intercepted communications with satellite imagery and other data.
Palantir has not publicly accepted those allegations.
The company signed 220 contracts worth at least $1 million during the quarter, including 73 deals valued at $10 million or more.
The total value of contracts rose 49 per cent to $3.37 billion, while the value of U.S. commercial contracts surged 153 per cent to a record $2.13 billion.
Shares in the company rose more than 14 per cent following the announcement.
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