Palantir’s third-quarter revenue reached 2.31 billion dollars as its US commercial and government businesses expanded. US commercial revenue grew faster than government revenue, while operating cash flow exceeded 1.2 billion dollars. The company also raised its full-year revenue forecast after the strong quarter, according to its business update.
Economics & Markets··Morning
US commercial revenue overtakes government business
Palantir, the data analysis software company, increased third-quarter revenue by 96 per cent from a year earlier to 2.31 billion dollars. Quarterly earnings per share reached 0.44 dollars.[1], [2]
Its US commercial business expanded faster than its government business, and commercial revenue in the United States exceeded government revenue for the first time. US commercial revenue rose 148 per cent to 984 million dollars, while US government revenue grew 96 per cent to 953 million dollars. Overall US revenue increased 119 per cent to 1.94 billion dollars. Against the preceding quarter, total company revenue grew 20 per cent.[1]
Customer count and large contracts expand
The company’s US commercial customer count rose 29 per cent to 686. Palantir counts organizations from which it recognized revenue during the preceding twelve months. It closed 212 deals worth at least 1 million dollars, including 107 worth at least 5 million dollars and 64 worth at least 10 million dollars. The deal values include unexercised customer options alongside existing contractual obligations.[1]
Cash generation rises and annual forecast increases
Operating cash flow reached 1.205 billion dollars, up from 507,664,000 dollars a year earlier. At quarter-end, cash, cash equivalents and US Treasury securities totaled 10.4 billion dollars; Palantir reported no debt. Management raised its full-year revenue forecast to between 8.530 billion dollars and 8.534 billion dollars. Its fourth-quarter revenue forecast was between 2.649 billion dollars and 2.653 billion dollars.[1]
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