Palantir PLTR Reports Revenue Growth of 21% (Y-O-Y) in Q1 2024

Palantir Technologies Inc. (PLTR) today announced financial results for the first quarter ended March 31, 2024.

Q1 2024 Highlights

• GAAP net income of $106 million, representing a 17% margin
  • Sixth consecutive quarter of GAAP profitability
• GAAP income from operations of $81 million, representing a 13% margin
  • Fifth consecutive quarter of GAAP operating profitability
• GAAP earnings per share (“EPS”) of $0.04
• Adjusted EPS of $0.08
• Revenue grew 21% year-over-year and 4% quarter-over-quarter to $634 million
• US commercial highlights
  • US commercial revenue grew 40% year-over-year and 14% quarter-over-quarter to $150 million
  • US commercial customer count grew 69% year-over-year and 19% quarter-over-quarter to 262 customers
  • US commercial remaining deal value (“RDV”) grew 74% year-over-year and 14% quarter-over-quarter
• Commercial revenue grew 27% year-over-year and 5% quarter-over-quarter to $299 million
• Government revenue grew 16% year-over-year and 3% quarter-over-quarter to $335 million
  • US government revenue grew 12% year-over-year and 8% quarter-over-quarter to $257 million
• Customer count grew 42% year-over-year and 11% quarter-over-quarter
• Adjusted income from operations of $226 million, representing a margin of 36%
  • Sixth consecutive quarter of expanding adjusted operating margins
• Rule of 40 score of 57%
• Cash from operations of $130 million, representing a 20% margin
• Adjusted free cash flow of $149 million, representing a 23% margin
• Cash, cash equivalents, and short-term US treasury securities of $3.9 billion

PLTR Q1 2024 Financial Summary
(Unaudited)(Amounts in thousands, except percentages and per share amounts)	First Quarter
	Amount
Revenue					$	634,338
Year-over-year growth						21	%
	Amount				Margin
Income from Operations	$	80,881				13	%
Adjusted Income from Operations	$	226,458				36	%
Cash from Operations	$	129,579				20	%
Adjusted Free Cash Flow	$	148,634				23	%
Net Income Attributable to Common Stockholders	$	105,530				17	%
Adjusted Net Income Attributable to Common Stockholders	$	196,937
Adjusted EBITDA	$	234,896				37	%
GAAP EPS, Diluted	$	0.04
Adjusted EPS, Diluted	$	0.08

Palantir (PLTR) Outlook

For Q2 2024, we expect:

• Revenue of between $649 – $653 million.
• Adjusted income from operations of between $209 – $213 million.

For full year 2024:

• We are raising our revenue guidance to between $2.677 – $2.689 billion.
• We are raising our US commercial revenue guidance to in excess of $661 million, representing a growth rate of at least 45%.
• We are raising our adjusted income from operations guidance to between $868 – $880 million.
• We continue to expect adjusted free cash flow of between $800 million – $1 billion.
• And we continue to expect GAAP operating income and net income in each quarter of this year.