Palantir Files For IPO, Revealing It Has Never Been Profitable

Palantir, a data analytics company with strong ties to the defense and intelligence communities cofounded by Peter Thiel, filed to go public Tuesday offering rare transparency into the secretive company’s operations and finances…

KEY FACTS

Palantir, whose IPO was one of the most anticipated of the year, reported sales rose 25% in 2019 to $742.6 million, with a net loss that narrowed slightly from $580 million to $579.6 million; it applied to list on the New York Stock Exchange under ticker symbol “PLTR” and filed to go public via a direct listing, meaning it will not raise new capital.

The company revealed that in its 17-year history, it has never been profitable and might never be, saying, “We expect our operating expenses to increase, and we may not become profitable in the future.”

Palantir has two software platforms, one for government agencies and the other for businesses and says it is selective, noting in the filing it generally will not work with businesses or governments “whose positions or actions we consider inconsistent with our mission to support Western liberal democracy and its strategic allies.”

Palantir said its software is used across 36 industries and in more than 150 countries, excluding China, and that its government work is “central to defense and intelligence operations in the United States and its allies abroad.”

The Central Intelligence Agency-backed company has gained notoriety for its secrecy and government ties, its counterterrorism work and also protests over its government contracts, including calls last year to…

Continue reading at FORBES.com

 

 

You May Also Like

About the Author: Admin