Palantir (NYSE:PLTR) on Tuesday reported a loss for the fourth quarter, while revenue beat analysts’ expectations.
The company said average revenue per customer for 2020 came to $7.9 million, up 41% from 2019. Its top 20 customers generated $33.2 million each on average in 2020, up 34% year over year.
In the fourth quarter, Palantir said, it closed 21 deals worth at least $5 million in total contract value, including 12 worth at least $10 million.
The tight-lipped government contractor debuted through a direct listing on the New York Stock Exchange in September with an opening trade of $10 per share. That gave it a $16.5 billion market cap. Palantir has since more than tripled in value, with shares closing Friday at $31.91, giving it a $52.6 billion market cap.
Palantir has made a point to set itself apart from other tech companies born in Silicon Valley. In a letter to investors in its prospectus to go public, CEO Alex Karp said that while Palantir started in Silicon Valley, "we seem to share fewer and fewer of the technology sector’s values and commitments."
The company also serves commercial customers, which make up less than half of the business. Palantir reported in its first earnings release that 56% of its revenue in Q3 came from its government segment, which has grown at a faster clip than its commercial business.
PLTR shares ended Friday’s trading at $31.91.
