Summary
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 billion, 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 billion in cash, cash equivalents, and short-term U.S. Treasury securities.
Financial Highlights
52 data points| Revenue | $2.87B |
| Cost of Revenue | $565.99M |
| Gross Profit | $2.30B |
| R&D Expenses | $507.88M |
| Operating Expenses | $1.99B |
| Operating Income | $310.40M |
| Net Income | $462.19M |
| EPS (Basic) | $0.21 |
| EPS (Diluted) | $0.19 |
| Shares Outstanding (Basic) | 2.25B |
| Shares Outstanding (Diluted) | 2.45B |
Key Highlights
- 1Revenue increased by 29% year-over-year to $2.9 billion for the year ended December 31, 2024.
- 2Palantir served 711 customers as of December 31, 2024, up from 497 in the prior year.
- 3The company generated 55% of its revenue from government customers and 45% from commercial customers.
- 4Average revenue from the top twenty customers increased by 18% year-over-year.
- 5Total remaining deal value grew 40% to $5.4 billion.
- 6Palantir ended the year with $5.2 billion in cash, cash equivalents, and short-term U.S. Treasury securities.
- 7Stock-based compensation expenses increased by 45% year-over-year, largely due to equity grants and market-vesting SARs.