Palantir Technologies Inc. Reports Q1 2024 Financial Results

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Palantir Technologies Inc. Q1 2024 Financial Results Overview

Palantir Technologies Inc. (NYSE:PLTR) has announced its financial results for the first quarter ending March 31, 2024.

Key Metrics for Q1 2024

GAAP Net Income

Palantir Technologies (PLTR) reported a GAAP net income of $106 million, representing a 17% profit margin. This marks the sixth consecutive quarter of GAAP profitability for the company.

GAAP Operating Income

The company’s GAAP operating income was $81 million, with a 13% profit margin. This is the fifth consecutive quarter of GAAP operating profit.

Earnings Per Share (EPS)

GAAP EPS was $0.04, while adjusted EPS stood at $0.08.

Revenue Growth

Revenue for Q1 2024 increased by 21% year-over-year and 4% quarter-over-quarter, totaling $634 million.

Key U.S. Commercial Metrics

U.S. Commercial Revenue

U.S. commercial revenue grew by 40% year-over-year and 14% quarter-over-quarter, reaching $150 million.

U.S. Commercial Clients

The number of U.S. commercial clients increased by 69% year-over-year and 19% quarter-over-quarter, totaling 262 clients.

Total Commercial Revenue

Total commercial revenue rose by 27% year-over-year and 5% quarter-over-quarter, reaching $299 million.

Government Revenue

Government Revenue

Government revenue increased by 16% year-over-year and 3% quarter-over-quarter, reaching $335 million.

U.S. Government Revenue

U.S. government revenue grew by 12% year-over-year and 8% quarter-over-quarter, totaling $257 million.

Client Growth

The number of clients increased by 42% year-over-year and 11% quarter-over-quarter.

Adjusted Financial Metrics

Adjusted Operating Income

The adjusted operating income was $226 million, with a 36% margin. This marks the sixth consecutive quarter of growth in the adjusted operating margin.

Cash Flow

Cash from operations amounted to $130 million, representing a 20% margin. The adjusted free cash flow was $149 million, with a 23% margin.

Cash and Equivalents

Palantir held $3.9 billion in cash, cash equivalents, and U.S. treasury securities as of March 31, 2024.

Palantir Technologies Financial Outlook

Q2 2024 Projections
  • Expected revenue: $649 million to $653 million.
  • Adjusted operating income: $209 million to $213 million.
Full-Year 2024 Projections
  • Revenue forecast raised to $2.677 billion to $2.689 billion.
  • U.S. commercial revenue forecast raised to over $661 million, representing at least a 45% growth rate.
  • Adjusted operating income forecast raised to $868 million to $880 million.
  • Adjusted free cash flow expected to be between $800 million and $1 billion.
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