Palantir PLTR Reports Strong Q3 2023 Financial Results

PLTR Palantir ORACLE

Palantir Technologies Inc. (PLTR) announced strong financial results for the third quarter ended September 30, 2023.

Palantir Q3 2023 Highlights

  • GAAP net income of $72 million, representing a 13% margin
    • Fourth consecutive quarter of GAAP profitability
  • GAAP income from operations of $40 million, representing a 7% margin
    • Third consecutive quarter of GAAP operating profitability
  • GAAP earnings per share (“EPS”) of $0.03
  • Adjusted EPS of $0.07
  • Revenue grew 17% year-over-year to $558 million
  • Commercial revenue grew 23% year-over-year to $251 million
    • US commercial revenue grew 33% year-over-year to $116 million
  • Government revenue grew 12% year-over-year to $308 million
  • Customer count grew 34% year-over-year
    • US commercial customer count grew 37% year-over-year, from 132 customers in Q3 2022 to 181 customers in Q3 2023
  • Adjusted income from operations of $163 million, representing a margin of 29%
    • Fourth consecutive quarter of expanding adjusted operating margins
  • Cash from operations of $133 million, representing a 24% margin
  • Adjusted free cash flow of $141 million, representing a 25% margin
  • Cash, cash equivalents, and short-term US treasury securities of $3.3 billion

Q3 2023 TTM Highlights

  • Revenue grew 16% year-over-year to $2.1 billion
  • US commercial revenue grew 23% year-over-year to $403 million
  • GAAP net income of $147 million, representing a 7% margin
  • GAAP income from operations of $36 million, representing a 2% margin
  • Cash from operations of $490 million, representing a 23% margin
  • Adjusted free cash flow of $502 million, representing a 24% margin
  • Adjusted income from operations of $538 million, representing a 25% margin

Palantir Outlook

For Q4 2023, the company expects:

  • Revenue of between $599 – $603 million.
  • Adjusted income from operations of $184 – $188 million.
  • GAAP net income.

For full year 2023:

  • We are raising our revenue guidance to between $2.216 – $2.220 billion.
  • We are raising our adjusted income from operations guidance to between $607 – $611 million.
  • We continue to expect GAAP net income in each quarter of this year.

Palantir stock is trading 19% higher today at $17.90

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