Palantir and FTAI Aviation Enter Strategic Partnership to Accelerate the Transformation of Aircraft Engine Maintenance, Repair and Exchange
Palantir (NASDAQ:PLTR), a leading provider of AI software, and FTAI Aviation Ltd. (NASDAQ:FTAI), a global leader in aircraft engine maintenance, today announced a multi-year strategic partnership, which will allow FTAI to leverage Palantir's Artificial Intelligence Platform ("AIP") across FTAI's global maintenance footprint.
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Through this partnership, Palantir's AIP is helping FTAI transform productivity and reduce manufacturing costs by improving maintenance scheduling and inventory optimization across FTAI's operations worldwide. This includes transforming its internal supply chain and driving further efficiencies through automated workflows, rapid asset allocation and dynamic procurement strategies for component parts.
With AI-assisted decision making, FTAI is targeting faster production turnaround times and improved unit economics, aiming to bring further cost savings to its customers globally. This will allow FTAI to further disrupt the traditional maintenance, repair, and overhaul ("MRO") shop visit model and accelerate its production ramp-up to meet growing demand.
"At FTAI, we have long prioritized technology as a key driver of productivity since the launch of our Maintenance, Repair and Exchange (MRE) offering," said David Moreno, Chief Operating Officer of FTAI Aviation. "As our customer base continues to multiply, accelerating the integration of advanced technology into our operations is essential. We are excited to partner with Palantir to harness AI and transform engine maintenance for the world's most widely used commercial aircraft. The initial results in our facilities have been impressive and AIP will play a critical role in achieving our long-term goal of 25% industry market share and enhanced value for our shareholders."
"We are excited to partner with FTAI and showcase how our AI platform drives faster decisions, enhanced productivity and optimized performance," said Ted Mabrey, Global Head of Commercial at Palantir Technologies. "FTAI is at the cutting edge of process and operational efficiency, making them an ideal partner to take to the next level with our AI solutions. By integrating Palantir's advanced AI capabilities with FTAI's innovative approach to maintenance, repair and exchange, we will help FTAI further transform how it serves the global engine aftermarket."
This strategic partnership between Palantir and FTAI reflects the growing role of artificial intelligence and highlights the impact of collaborative innovation between technology leaders and industry pioneers.
About Palantir Technologies Inc.
Foundational software of tomorrow. Delivered today. Additional information is available at https://www.palantir.com.
About FTAI Aviation Ltd.
FTAI owns and maintains CFM56 and V2500 aircraft engines that power the world's most widely used commercial aircraft. FTAI's differentiated Maintenance, Repair and Exchange ("MRE") product offers time and cost savings to airlines and asset owners globally. In addition, FTAI acquires and manages on-lease aircraft and engines in partnership with institutional investors. Additional information is available at https://www.ftaiaviation.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may relate to, but are not limited to, Palantir's expectations regarding the amount and the terms of the contract and the expected benefits of its software platforms, and FTAI's targeted improved operations, time and cost savings, and increased market share. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements are based on information available at the time those statements are made and were based on current expectations as well as the beliefs and assumptions of management Palantir and FTAI, respectively, as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond Palantir's and FTAI's control. These risks and uncertainties include each company's ability to meet the unique needs of its customers, and Palantir's failure of its platforms to satisfy its customer or perform as desired; the frequency or severity of any software and implementation errors; its platforms' reliability; and its customer's ability to modify or terminate the contract. Additional information regarding these and other risks and uncertainties is included in the filings each of Palantir and FTAI makes with the Securities and Exchange Commission from time to time. Except as required by law, each of Palantir and FTAI do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.
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For further information, please contact:
Palantir
Lisa Gordon
[email protected]
FTAI
Investors
Alan Andreini
Investor Relations
FTAI Aviation Ltd.
(646) 734-9414
[email protected]
Media
Tim Lynch / Kelly Sullivan / Aaron Palash
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449