Summary
Palantir Technologies Inc. reported its financial results for the third quarter and the first nine months of 2022. The company demonstrated solid revenue growth, with a 22% increase year-over-year for the third quarter and a 26% increase for the first nine months. This growth was driven by both its government and commercial segments, with the commercial segment showing a notable 37% increase in revenue for the first nine months. Despite revenue growth, Palantir continued to experience net losses, with a loss of $123.9 million for the third quarter and $404.6 million for the first nine months. The company's operating expenses, particularly sales and marketing, and general and administrative costs, remain significant, contributing to these losses. However, the company highlighted that its adjusted income from operations, excluding stock-based compensation and related payroll taxes, was positive for both periods, indicating operational improvements. Palantir ended the period with a strong cash position of $2.4 billion, and no outstanding debt, positioning it well for future investments and operational needs.
Financial Highlights
51 data points| Revenue | $477.88M |
| Cost of Revenue | $107.61M |
| Gross Profit | $370.27M |
| R&D Expenses | $100.86M |
| Operating Expenses | $432.46M |
| Operating Income | -$62.19M |
| Interest Expense | $1.08M |
| Net Income | -$123.88M |
| EPS (Basic) | $-0.06 |
| EPS (Diluted) | $-0.06 |
| Shares Outstanding (Basic) | 2.07B |
| Shares Outstanding (Diluted) | 2.07B |
Key Highlights
- 1Revenue increased by 22% to $477.9 million for the three months ended September 30, 2022, compared to $392.1 million for the same period in 2021.
- 2Revenue increased by 26% to $1.4 billion for the nine months ended September 30, 2022, compared to $1.1 billion for the same period in 2021.
- 3The government segment revenue grew by 26% year-over-year for Q3, while the commercial segment revenue grew by 17% in Q3 and a strong 37% for the nine months year-over-year.
- 4Net loss for the three months ended September 30, 2022, was $123.9 million, an increase from $102.1 million in the prior year period.
- 5Net loss for the nine months ended September 30, 2022, was $404.6 million, an increase from $364.2 million in the prior year period.
- 6The company ended the period with $2.41 billion in cash and cash equivalents and had no outstanding debt under its credit facility.
- 7Stock-based compensation expense decreased by 24% for the three months ended September 30, 2022, and by 29% for the nine months ended September 30, 2022, compared to the respective prior year periods.