Palantir Technologies Inc. (NYSE: PLTR) shares gain ground on reporting its financial results today for the third quarter of 2020.
The company generated $289.4 million in revenue in the third quarter of 2020, representing an increase of 52% from the third quarter of 2019, when PLTR generated $190.5 million in revenue.
PLTR incurred a loss from operations of $847.8 million, which includes $847.0 million in stock-based compensation following its recent direct listing.
Income from operations was $73.1 million when adjusting for $847.0 million in stock-based compensation, $20.2 million in related employer payroll taxes, and $53.7 million in expenses related to the listing.
"The demand for our software has increased steadily over the past year in the face of significant economic and geopolitical uncertainty in the United States and abroad," Thursday’s press release read.
PLTR is increasing its guidance for our full-year revenue in 2020 to a range of $1.070 billion to $1.072 billion, which would represent a growth rate of 44% over the prior year, when Palantir generated $743 million in revenue.
The company was selected in September by the National Center for Advancing Translational Sciences (NCATS), a federal research organization based in Bethesda, Maryland, and operating under the U.S. National Institutes of Health (NIH), for a $36 million contract to provide our software to the agency for cancer and coronavirus research.
Our software is now being used for coronavirus response and research efforts by the National COVID Cohort Collaborative (N3C), a program run under the NIH that maintains the largest clinical data asset in the world regarding the development of the coronavirus. As part of the research effort, our software was used to integrate clinical data from more than one million patients in the United States in a matter of weeks.
PLTR shares gained 29 cents, or 2%, to $14.87.
