Palantir, Raytheon selected to develop prototype for Army's TITAN program

Jun. 28, 2022 4:45 PM ETPalantir Technologies Inc. (PLTR), RTXBy: Preeti Singh, SA News Editor18 Comments
  • Palantir Technologies (NYSE:PLTR) and Raytheon Intelligence and Space (NYSE:RTX) have been awarded a prime contract to develop a prototype for the U.S. Army's Tactical Intelligence Targeting Access Node (TITAN) program.
  • Enabled by artificial intelligence and machine learning, TITAN is a tactical ground station that finds and tracks threats to support long-range precision targeting.
  • The latest contract award is valued at $36M and relates to the competitive prototyping phase that will span 14 months. Palantir's Modular Open System Architecture will serve as the critical backbone that provides correlation, fusion, and integration of sensor data alongside insights from AI/ML overlaid at the tactical edge.
  • This award follows the Jan 2021 design phase of the TITAN program in which both Palantir (PLTR) and Raytheon (RTX) were selected for a 12-month competitive effort.
  • PLTR shares have moved marginally in extended trading
  • The company delivered mixed Q1 results in May, generating adjusted EPS of $0.02 on revenue of $446M. Commercial revenue grew 54% Y/Y, while government revenue grew 16% Y/Y.

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