Palantir Technologies raised its annual revenue forecast on Monday, reporting quarterly results that beat expectations. The data analytics and AI software maker now expects fiscal 2026 revenue between $7.65 billion and $7.66 billion, up from its prior forecast of $7.18 billion to $7.20 billion.
Revenue for the first quarter hit $1.63 billion, surpassing the $1.54 billion analysts expected. US government revenue surged 84% to $687 million, while US commercial revenue jumped 133% to $595 million. Adjusted earnings per share came in at 33 cents, above the 28-cent estimate.
CEO Alex Karp said in a shareholder letter, "The United States remains the center, the constant core, of our business. And that business is erupting."
The Pentagon recently made Palantir's Maven AI system an official program of record, securing long-term use across the military. Last month, the company secured a $300 million contract with the US Department of Agriculture.
For the second quarter, Palantir forecast revenue of $1.797 billion to $1.801 billion, above expectations of $1.68 billion. Shares rose nearly 1% in extended trading.