NewsStock Market

Palantir Reports Its Fourth Consecutive Quarter of GAAP Profitability; GAAP EPS of $0.03

DENVER–(BUSINESS WIRE)– Palantir Technologies Inc. (NYSE:PLTR) today announced financial results for the third quarter ended September 30, 2023.

Q3 2023 Highlights

  • GAAP net income of $72 million, representing a 13% margin
    • Fourth consecutive quarter of GAAP profitability
  • GAAP income from operations of $40 million, representing a 7% margin
    • Third consecutive quarter of GAAP operating profitability
  • GAAP earnings per share (“EPS”) of $0.03
  • Adjusted EPS of $0.07
  • Revenue grew 17% year-over-year to $558 million
  • Commercial revenue grew 23% year-over-year to $251 million
    • US commercial revenue grew 33% year-over-year to $116 million
  • Government revenue grew 12% year-over-year to $308 million
  • Customer count grew 34% year-over-year
    • US commercial customer count grew 37% year-over-year, from 132 customers in Q3 2022 to 181 customers in Q3 2023
  • Adjusted income from operations of $163 million, representing a margin of 29%
    • Fourth consecutive quarter of expanding adjusted operating margins
  • Cash from operations of $133 million, representing a 24% margin
  • Adjusted free cash flow of $141 million, representing a 25% margin
  • Cash, cash equivalents, and short-term US treasury securities of $3.3 billion

Q3 2023 TTM Highlights

  • Revenue grew 16% year-over-year to $2.1 billion
  • US commercial revenue grew 23% year-over-year to $403 million
  • GAAP net income of $147 million, representing a 7% margin
  • GAAP income from operations of $36 million, representing a 2% margin
  • Cash from operations of $490 million, representing a 23% margin
  • Adjusted free cash flow of $502 million, representing a 24% margin
  • Adjusted income from operations of $538 million, representing a 25% margin
Q3 2023 Financial Summary
(Amounts in thousands, except percentages and per share amounts)Third Quarter
Amount
Revenue$558,159
Year-over-year growth17%
AmountMargin
Income from Operations$39,9837%
Adjusted Income from Operations$163,27229%
Cash from Operations$133,44324%
Adjusted Free Cash Flow$140,84725%
Net Income Attributable to Common Stockholders$71,505
Adjusted Net Income Attributable to Common Stockholders$155,019
Adjusted EBITDA$171,93531%
GAAP EPS, Diluted$0.03
Adjusted EPS, Diluted$0.07

Outlook

For Q4 2023, we expect:

  • Revenue of between $599 – $603 million.
  • Adjusted income from operations of $184 – $188 million.
  • GAAP net income.

For full year 2023:

  • We are raising our revenue guidance to between $2.216 – $2.220 billion.
  • We are raising our adjusted income from operations guidance to between $607 – $611 million.
  • We continue to expect GAAP net income in each quarter of this year.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button