Palantir Reports Its Second Consecutive Quarter of Positive GAAP Net Income; GAAP EPS of $0.01 in Q1 2023

About this update from Palantir Technologies Inc.

[{"type":"text","content":" DENVER--(BUSINESS WIRE)--\nPalantir Technologies Inc. (NYSE:PLTR) today announced financial results for the first quarter ended March 31, 2023.\n\n\n“We were profitable again this quarter... And we now anticipate that we will remain profitable each quarter through the end of the year,” Alexander C. Karp, co-founder and chief executive officer of Palantir Technologies Inc., wrote in a letter to shareholders. “The depth of engagement with and demand for our new Artificial Intelligence Platform (AIP) is without precedent.”\n\n\nQ1 2023 Highlights\n\n\n\nGAAP net income of $17 million\n\n\nThis marks our second consecutive quarter of positive GAAP net income\n\n\n\n\n\n\nGAAP income from operations of $4 million, representing a margin of 1%, up 1,000 basis points year-over-year\n\n\nThis marks our first quarter of positive GAAP operating income\n\n\n\n\n\n\nGAAP earnings per share (“EPS”) of $0.01\n\n\n\nAdjusted EPS of $0.05\n\n\n\nTotal revenue grew 18% year-over-year to $525 million\n\n\nUS revenue grew 23% year-over-year to $337 million\n\n\n\n\n\n\nCommercial revenue grew 15% year-over-year to $236 million\n\n\nUS commercial revenue grew 26% year-over-year to $107 million\n\n\n\n\n\n\nGovernment revenue grew 20% year-over-year to $289 million\n\n\nUS government revenue grew 22% year-over-year to $230 million\n\n\n\n\n\n\nCustomer count grew 41% year-over-year and 7% quarter-over-quarter\n\n\nUS commercial customer count increased 50% year-over-year, from 103 customers in Q1 2022 to 155 customers in Q1 2023\n\n\n\n\n\n\nAdjusted income from operations of $125 million, representing a margin of 24%\n\n\n\nCash from operations of $187 million, representing a 36% margin\n\n\n\nAdjusted free cash flow of $189 million, representing a 36% margin\n\n\n\nCash, cash equivalents, and short-term U.S. treasury securities of $2.9 billion\n\n\n\n\n\nQ1 2023 Financial Summary\n\n\n\n\n\n\n\n\n \n\n\n\n(Amounts in thousands, except percentages and per share amounts)\n\n\n\n\n\n\nFirst Quarter\n\n\n\n\n\n\n\n\nAmount\n\n\n\n\n\n\n\n\nRevenue\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n525,186\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nYear-over-year growth\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n18\n\n\n\n\n\n\n%\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nAmount\n\n\n\n\n\...

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