William Blair analyst Louie DiPalma says the U.S. Army changed course and put the Army Data Platform 2.0 program on indefinite hold. In 2023, the Army began the process to develop a successor to its Vantage data platform that is powered by Palantir (PLTR), the analyst tells investors in a research note. Blair believes the Army is now leaning toward sticking with Vantage, one of Palantir’s largest overall contracts, generating $115M in annual recurring revenue. It views the decision to suspend Army Data Platform 2.0 suggests Palantir will serve as the exclusive long-term prime contractor. Further, the move increases the probability that the company’s revenue for the program will be $690M over the four-year term rather than the minimum $401M, contends the firm. It keeps a Market Perform rating on the shares.
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