01—Abstract
Summary
Summary of the 10-K filed February 18, 2025. Cited figures are marked; the original filing is the authoritative source.
Palantir Technologies Inc. (PLTR) reported robust financial performance for the fiscal year ended December 31, 2024, demonstrating significant growth across its operations.
The company's revenue surged by 29% year-over-year to $2.9 billiona, driven by strong demand in both its government (55% of revenue) and commercial (45% of revenue) segments. This growth was supported by an expanding customer base, which grew to 711 from 497 in the previous year, and an increase in average revenue per top customer. Operationally, Palantir continues to invest heavily in its core platforms: Gotham, Foundry, Apollo, and the recently launched Artificial Intelligence Platform (AIP).
The company highlighted the effectiveness of its AIP bootcamps in accelerating customer acquisition and adoption. Palantir also emphasized its commitment to privacy and civil liberties in its software development.
While the company is focused on growth, it also faces a competitive landscape and operational risks, as detailed in the risk factors section, including reliance on key personnel and potential cybersecurity threats. The company ended the year with a strong liquidity position, including $5.2 billionb in cash, cash equivalents, and short-term U.S. Treasury securities.
02—Key points
Key Highlights
- Revenue increased by 29% year-over-year to $2.9 billion for the year ended December 31, 2024.
- Palantir served 711 customers as of December 31, 2024, up from 497 in the prior year.
- The company generated 55% of its revenue from government customers and 45% from commercial customers.
- Average revenue from the top twenty customers increased by 18% year-over-year.
- Total remaining deal value grew 40% to $5.4 billion.
- Palantir ended the year with $5.2 billion in cash, cash equivalents, and short-term U.S. Treasury securities.
- Stock-based compensation expenses increased by 45% year-over-year, largely due to equity grants and market-vesting SARs.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2024, Palantir Technologies Inc. kept $0.16.
- Revenue$2.87B100.0%
- Cost of revenue−$566.0M19.8%
- Gross profit$2.30B80.2%
- Operating costs−$1.99B69.4%
- Operating income$310.4M10.8%
- Interest, other & tax$151.8M5.3%
- Net income$462.2M16.1%
Where FY2024 revenue went
$2.87B- Other operating costs: $1.48B, 52% of revenue
- Cost of revenue: $566.0M, 20% of revenue
- R&D: $507.9M, 18% of revenue
- Operating income: $310.4M, 11% of revenue
Kept 11% as operating income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2024filed February 18, 2025Financial Statements
FY2024 against FY2023
| Line item | FY2024FY2023 | Change |
|---|---|---|
| Revenue | $2.87B$2.23B | +28.8% |
| Cost of Revenue | $565.99M$431.11M | +31.3% |
| Gross Profit | $2.30B$1.79B | +28.2% |
| R&D Expenses | $507.88M$404.62M | +25.5% |
| Operating Expenses | $1.99B$1.67B | +18.8% |
| Operating Income | $310.40M$119.97M | +158.7% |
| Net Income | $462.19M$209.82M | +120.3% |
| EPS (Basic) | $0.21$0.10 | +110.0% |
| EPS (Diluted) | $0.19$0.09 | +111.1% |
| Shares Outstanding (Basic) | 2.25B2.15B | +4.8% |
| Shares Outstanding (Diluted) | 2.45B2.30B | +6.7% |
05—Questions
Frequently Asked Questions
What was Palantir's revenue growth in 2024?
Palantir's revenue grew by 29% in the year ended December 31, 2024, reaching $2.9 billion.
How many customers did Palantir have at the end of 2024?
Palantir had 711 customers as of December 31, 2024, an increase from 497 customers in the prior year.
What is the breakdown of Palantir's revenue between government and commercial sectors?
For the year ended December 31, 2024, 55% of Palantir's revenue was generated from government customers, and 45% was generated from commercial customers.
What is the status of Palantir's liquidity?
Palantir maintained a strong liquidity position, with $5.2 billion in cash, cash equivalents, and short-term U.S. Treasury securities as of December 31, 2024.
06—Continue