Shares of Palantir Technologies Inc. (PLTR) are up more than 2% Wednesday morning after it received a contract to deliver a prototype for the first phase of the Army's Ground Station modernization in support of the Army's Tactical Intelligence Targeting Access Node (TITAN) program.
Palantir was awarded a Phase 1 Project Agreement through an Other Transaction Agreement (OTA) with Consortium Management Group, Inc. (CMG) on behalf of Consortium for Command, Control and Communications in Cyberspace (C5).
The contract value for the first phase is $8.5 million, with a potential contract value of about $250 million over all 4 phases.
The results of the first phase of this contract will be used by the Army to award future phases and eventual production of the ground station for the TITAN enterprise, the company said.
During the first phase of the effort, Palantir will collaborate with the Army to design and demonstrate the ground station prototype solution for the Army's TITAN program.
PLTR is currently at $26.90 and has traded in the range of $8.9- $33.50 in the last one year.
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