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Palantir (PLTR) Shares Lower Despite Agreeing $11.25m US Coast Guard Partnership Renewal

Updated: 6 May 2021

Palantir (NYSE: PLTR) has extended its partnership with the US Coast Guard to help it respond to the COVID-19 pandemic, the company said on Thursday.

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The US Coast Guard has been using Palantir's software since April 2020 as a data management, analytics, and operations tool for its response to the pandemic.

The contract renewal has a base value of $6.25 million and a potential total of $11.25 million for nine months.

The Coast Guard will continue to use Palantir to create a common operating picture and help determine resource allocation, including vaccines, to best respond to the pandemic and enhance readiness, the company said.

“Palantir is proud to help enhance Coast Guard readiness, and keep their staff and families safe. We look forward to continuing to provide the Coast Guard with the very best technology to help them ensure our Nation's maritime safety and security,” said Doug Philippone, Palantir’s Global Defense Lead.

Palantir's shares are down 0.33% premarket despite the news.

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