Business
Palantir Reports Revenue Growth of 52% in the Third Quarter, Raises Full-Year 2020 Guidance
New Contracts with U.S. Army and National Institutes of Health; $300 Million Renewal with Aerospace Customer Announced DENVER--(BUSINESS WIRE)-- Palantir
About this update from Palantir Technologies Inc.
[{"type":"text","content":"\nNew Contracts with U.S. Army and National Institutes of Health;\n\n$300 Million Renewal with Aerospace Customer Announced\n\n DENVER--(BUSINESS WIRE)--\nPalantir Technologies Inc. (NYSE: PLTR) reported its financial results today for the third quarter of 2020.\n\nSummary\n\n\n$289.4 million in revenue in the third quarter, up 52% year-over-year\n\n\n\nFull-year 2020 revenue guidance raised to a range of $1.070 billion to $1.072 billion, up 44% year-over-year\n\n\n\nNew contracts in third quarter include U.S. Army ($91 million), National Institutes of Health ($36 million), and $300 million renewal with aerospace customer\n\n\nManagement Commentary\n\nOverview\n\nOur growth and momentum across the business have continued.\n\nWe generated $289.4 million in revenue in the third quarter of 2020, representing an increase of 52% from the third quarter of 2019, when we generated $190.5 million in revenue.\n\nThe demand for our software has increased steadily over the past year in the face of significant economic and geopolitical uncertainty in the United States and abroad.\n\nWe are increasing our guidance for our full-year revenue in 2020 to a range of $1.070 billion to $1.072 billion, which would represent a growth rate of 44% over the prior year, when we generated $743 million in revenue.\n\nFinancial Results\n\nOur operating results have continued to show significant improvement.\n\nIn the third quarter of 2020, we generated revenue of $289.4 million, up 52% year-over-year, which is approximately $9 million above the high end of our prior guidance range.\n\nWe incurred a loss from operations of $847.8 million, which includes $847.0 million in stock-based compensation following our recent direct listing.\n\nOur income from operations was $73.1 million when adjusting for $847.0 million in stock-based compensation, $20.2 million in related employer payroll taxes, and $53.7 million in expenses related to the listing.\n\nThe demand for our software from customers in both the commercial and government sectors has continued to increase this year.\n\nIn the three months ended September 30, 2020, we closed fifteen deals with new and existing customers, each worth $5 million or more in total contract value, including contracts with the U.S. Army and National Institutes of Health, as well as a contract renewal with one of the world’s largest...