Palantir Technologies IncPLTRforged a deal worth $20 million over five years to expand its partnership with South Korea’s shipbuilding conglomerate Hyundai Heavy Industries Group.
The conglomerate’s shipbuilding affiliates, including Hyundai Heavy, Hyundai Samho Heavy Industries, and Hyundai Mipo Dockyard, will use Palantir’s operating system, known as Foundry, to strengthen data-driven decision-making, COO Shyam Sankar told Reuters.
The deal is in addition to existing agreements with the conglomerate’s refinery affiliate Hyundai Oilbank and construction machinery maker Hyundai Doosan Infracore worth over $25 million.
Palantir actively worked to extend partnerships with South Korea’s government and private sectors. It has formally opened an office in Seoul.
In five years, Sankar sees the U.S. will likely still take up about 60% of Palantir’s sales, but Asia’s portion in the remaining 40% will grow to be a significant part as the firm seeks to expand in the region.
The report added Palantir is currently focused on building its business in Japan, South Korea, and Singapore.
Palantir clocked 26% revenue growth in second-quarter FY22 to $473 million, beating the consensus of $471.3 million.
EPS loss of $(0.01) missed the consensus of $0.03.
Palantir sees Q3 revenue of $474 million – $475 million, below the consensus of $506.9 million.
Palantir sees FY22 revenue of $1.900 billion – $1.902 billion, below the consensus of $1.96 billion.
Price Action: PLTR shares closed lower by 3.05% at $7.62 on Tuesday.
