10-QPeriod: Q2 FY2024

Palantir Technologies Inc. Quarterly Report for Q2 Ended Jun 30, 2024

Filed August 6, 2024For Securities:PLTR

Summary

Palantir Technologies Inc. reported strong financial performance for the second quarter of 2024, driven by robust revenue growth across both its government and commercial segments. Total revenue increased by 27% year-over-year, reaching $678.1 million, with commercial revenue showing particularly strong growth at 33%. The company's focus on expanding its customer base, now at 593 customers, contributed to this growth. Profitability saw a significant improvement, with income from operations reaching $105.3 million, a substantial increase from $10.1 million in the prior year's comparable quarter. This was supported by an improved gross margin of 81%, reflecting increased operational efficiency. The company continues to invest in research and development and sales and marketing, which contributed to an increase in operating expenses, but these were outpaced by revenue growth. Palantir maintained a strong liquidity position with $4.0 billion in cash, cash equivalents, and U.S. treasury securities, and continued its share repurchase program, having bought back $26.7 million in the first half of the year.

Financial Highlights

51 data points
Beta

Revenue

$678.13M

81.0% Gross Margin

Net Income

$134.13M

19.8% Net Margin

EPS (Diluted)

$0.06

Total Assets

$5.19B

Cash & Equivalents

$512.66M

Free Cash Flow

$141.31M

Financial Statements
Beta
Revenue$678.13M
Cost of Revenue$128.56M
Gross Profit$549.57M
R&D Expenses$108.78M
Operating Expenses$444.23M
Operating Income$105.34M
Net Income$134.13M
EPS (Basic)$0.06
EPS (Diluted)$0.06
Shares Outstanding (Basic)2.23B
Shares Outstanding (Diluted)2.41B

Key Highlights

  • 1Revenue increased by 27% year-over-year to $678.1 million for the second quarter of 2024.
  • 2Commercial revenue grew significantly by 33% year-over-year.
  • 3Income from operations improved dramatically to $105.3 million, up from $10.1 million in Q2 2023.
  • 4Gross margin remained strong at 81%, indicating efficient operations.
  • 5The company's customer base expanded to 593, up from 421 in the prior year's comparable period.
  • 6Palantir maintained a healthy liquidity position with $4.0 billion in cash, cash equivalents, and marketable securities as of June 30, 2024.
  • 7The company repurchased $26.7 million of its Class A common stock during the first six months of 2024 under its $1.0 billion share repurchase program.

Frequently Asked Questions

Palantir's total revenue for the second quarter of 2024 was $678.1 million, representing a 27% increase compared to $533.3 million in the second quarter of 2023. This growth was driven by strong performance in both government and commercial sectors, with commercial revenue showing a 33% increase year-over-year.

Palantir demonstrated significant improvement in profitability. Income from operations for the second quarter of 2024 was $105.3 million, a substantial increase from $10.1 million reported in the second quarter of 2023. This was accompanied by a gross margin of 81% for the quarter.

Palantir's customer base grew to 593 as of June 30, 2024, up from 421 in the comparable period of the prior year. The company maintains a strong liquidity position, with $4.0 billion in cash, cash equivalents, and U.S. treasury securities as of June 30, 2024, indicating ample resources to meet its operating needs.

Yes, Palantir's Board of Directors authorized a stock repurchase program of up to $1.0 billion. During the first six months of 2024, the company repurchased approximately 1.2 million shares for an aggregate amount of $26.7 million. As of June 30, 2024, approximately $973.3 million remained available under this program.