Palantir has reported widening losses in its first financial report since it began trading as a public company.
The American data mining company, which has secretive contracts with the Department of Defence and the National Health Service, reported $289m (£220m) in revenue in the three months ending September 30, up 52pc year-over-year.
The results beat Wall Street estimates but revealed that Palantir’s longstanding struggle to get a grip on its mounting costs had continued. The company made a loss of $853m, up from $140m the year before.
Palantir said it had won new contracts with the US Army totaling $91 million and the National Institutes of Health for $36 million, as well as securing a $300 million renewal with a major aerospace customer.
Coronavirus had provided an opportunity to sell to governments responding to the pandemic, the company said in a call with investors shortly after the results were published.
Its software had been used by the NHS to allocate and distribute more than 2.7bn items of personal protective equipment across the country, it said.
Palantir began offering its services to the NHS for free after calls from Boris Johnson to technology companies to help protect British hospitals from becoming overwhelmed during the first wave of the pandemic.