Palantir Technologies Inc. · NASDAQ:PLTR

Palantir Technologies — Q1 2025 Earnings Presentation

40 slides from Palantir Technologies's earnings presentation, May 5, 2025

1. Slide 1: Q1 2025 Business Update

   Q1 ©2025 Palantir Technologies Inc. 2025 Business Update

2. Slide 2: Disclaimer Safe Harbor

   Disclaimer Safe Harbor This presentation contains “forward-looking” statements within the meaning of the federal securities laws, and these statements involve substantial risks and uncertainties. All statements other than statements of historical fact could be deemed forward-looking, including, but

3. Slide 3: Q1 2025 Highlights

   Q1 Business Update Q1 2025 Highlights US revenue grew +55% Y/Y and +13% Q/Q to $628 million US commercial revenue grew +71% Y/Y and +19% Q/Q to $255 million US government revenue grew +45% Y/Y and +9% Q/Q to $373 million Revenue grew +39% Y/Y and +7% Q/Q to $884 million; +44% Y/Y and +7% Q/Q excludi

4. Slide 4: Get the Palantir Degree.

   Q1 Business Update Skip the Debt. Skip the Indoctrination. ↘ Get the Palantir Degree. Palantir launched a Fall fellowship for the best and brightest graduating high school students. Based on merit and academic excellence, select applicants will have the opportunity to intern at Palantir. Upon comple

5. Slide 5: TITAN dominates.

   Q1 Business Update TITAN dominates. The U.S. Army Agrees. After delivering our first AI-defined vehicles in Q1, TITAN was ranked as one of the top-performing programs by the U.S. Army’s leaders. Watch the trailer © 2025 Palantir Technologies Inc.

6. Slide 6: Maven Smart System will equip NATO warfighters with cutting-edge AI technology

   Q1 Business Update Maven Smart System will equip NATO warfighters with cutting-edge AI technology. “Maven Smart System NATO enables the Alliance to leverage complex data, accelerate decision-making, and by doing so, adds a true operational value.” GENERAL MARKUS LAUBENTHAL, CHIEF OF STAFF OF NATO SU

7. Slide 7: Warp Speed is powering the re-industrialization of America

   Q1 Business Update Warp Speed is powering the re-industrialization of America. Our customers are deploying Warp Speed to accelerate on-shore manufacturing capabilities, optimize maintenance, and enable advanced fleet management. Read more © 2025 Palantir Technologies Inc.

8. Slide 8: At DevCon 2, we unveiled our latest products for enterprise automation

   Q1 Business Update At DevCon 2, we unveiled our latest products geared towards enterprise automation. → With Eval-Driven Automation in AIP, users can leverage evaluation feedback loops within the Ontology to improve logic functions for more intelligent automated communication. Watch the demo © 2025

9. Slide 9: At AIPCon 6, our partners showed how they drive outcomes with Palantir AIP

   Q1 Business Update At AIPCon 6, our partners showed how they drive outcomes with Palantir AIP in real time. Palantir software has redefined With Palantir, Heineken is Wendy’s supply chain agility while transforming its supply chain ensuring product superiority. using AI agents to optimize delivery a

10. Slide 10: High-stakes problems. High-impact solutions.

    Q1 Business Update High-stakes problems. High-impact solutions. Across industries, more US companies are naming Palantir in their vision for what’s next. R1 RCM is partnering with Palantir Citi’s latest earnings release AIG expects their adoption of an to launch an advanced AI lab highlighted how a

11. Slide 11: Palantir and Archer Aviation partner on AI development in next-gen aviation

    Q1 Business Update Palantir and Archer Aviation partner on AI development in next-gen aviation. “We’ve been able to build an ontology that takes the bill of materials of an aircraft and lets us view it in a hierarchical way that we really haven’t been able to visualize before.” ADAM WORMOTH, SENIOR

12. Slide 12: Palantir named a 2024 winner in the following categories

    Q1 Business Update Palantir named a 2024 Winner winner in the following categories ↘ ➀ 2 0 2 4 D R E S N E R A D V I S O RY S E R V I C E S /01 Al, Data Science, and ML /02 Cloud BI Tech Innovation Award /03 Collective Insights ●○ /04 Data Engineering /05 Self-Service BI /06 Model Ops ➁ 2 0 2 4 D R

13. Slide 13: Q1 2025 Financials

    Q1 ©2025 Palantir Technologies Inc. 2025 Financials

14. Slide 14: US commercial continues to accelerate in Q1 2025 alongside AIP revolution

    Q1 Financials US commercial continues to accelerate in Q1 2025 alongside AIP revolution +71% Y/Y +65% Y/Y US Commercial Revenue US Commercial Customer Count +19% Q/Q +13% Q/Q US Commercial Revenue US Commercial Customer Count +127% Y/Y $810M US Commercial Remaining Deal Value 2x Y/Y US Commercial To

15. Slide 15: GAAP Net Income

    Q1 Financials GAAP Net Income Our Q1 2025 GAAP earnings per share was $0.08. $250.0M $214.0M $200.0M Net income when excluding one-time SAR-related expenses $164.7M $143.5M $150.0M $134.1M $100.0M $105.5M $79.0M $50.0M $—M Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Net income when excluding one-time SA

16. Slide 16: GAAP Operating Income

    Q1 Financials GAAP Operating Income Our Q1 2025 GAAP operating margin was 20%. $250.0M $200.0M $176.0M Operating income when excluding one-time SAR-related expenses $150.0M $142.3M $113.1M $100.0M $105.3M $80.9M $50.0M $—M $11.0M Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Operating income when excludin

17. Slide 17: Rule of 40

    Q1 Financials Rule of 40 90% 83% 81% 80% 70% 68% 64% 60% 57% 54% 50% 46% 40% 38% 30% // Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 © 2025 Palantir Technologies Inc.

18. Slide 18: US Revenue Growth

    Q1 Financials US Revenue Growth US revenue grew 55% Y/Y and 13% Q/Q, driven by acceleration in US $700M commercial and US government. $628M $600M $500M +55% $406M $400M $300M $200M $100M $—M Q1 2024 Q1 2025 © 2025 Palantir Technologies Inc.

19. Slide 19: US Commercial and US Government Revenue Growth

    Q1 Financials US Commercial Revenue Growth US Government Revenue Growth $275M $450M $255M $250M $400M $373M $225M $350M +45% $200M +71% $300M $257M $175M $250M $150M $150M $200M $125M $150M $100M $100M $75M $50M // // Q1 2024 Q1 2025 Q1 2024 Q1 2025 © 2025 Palantir Technologies Inc.

20. Slide 20: Commercial and Government Revenue Growth

    Q1 Financials Commercial Revenue Growth Government Revenue Growth $397M $400M $500M $487M $450M $350M +33% $400M +45% $300M $299M $350M $335M $300M $250M $250M $200M $200M // // Q1 2024 Q1 2025 Q1 2024 Q1 2025 © 2025 Palantir Technologies Inc.

21. Slide 21: Total Revenue Growth

    Q1 Financials Total Revenue Growth Total revenue grew 39% Y/Y and 7% Q/Q, driven by the continued $900M $884M acceleration of our US business. $800M +39% $700M $634M $600M $500M // Q1 2024 Q1 2025 © 2025 Palantir Technologies Inc.

22. Slide 22: Total Revenue Growth excl. Strategic Commercial Contracts

    Q1 Financials Total Revenue Growth excl. Strategic Total revenue excluding Commercial Contracts strategic commercial contracts $1000M grew 44% Y/Y and 7% Q/Q. $879M $800M +44% $610M $600M $400M // Q1 2024 Q1 2025 © 2025 Palantir Technologies Inc.

23. Slide 23: Adjusted operating income and margin

    Q1 Financials Q1 2025 adjusted operating income was We continue to invest aggressively $391M, representing a margin of 44%. in AIP and the US while driving $450M ADJUSTED OPERATING MARGIN operating leverage at scale. $391M $400M $373M 44% $350M 45% $300M $276M $254M $250M 38% $226M 37% $200M 36% $15

24. Slide 24: US Commercial Customer Count

    Q1 Financials US Commercial Customer Count 500 +65% Y/Y 450 432 400 382 +13% 350 321 +19% 295 +9% 300 262 +13% 250 200 150 100 50 TTM ENDED TTM ENDED TTM ENDED TTM ENDED TTM ENDED MAR 31, 2024 JUN 30, 2024 SEP 30, 2024 DEC 31, 2024 MAR 31, 2025 © 2025 Palantir Technologies Inc.

25. Slide 25: Customer Count and Commercial Customer Count

    Q1 Financials Customer Count Commercial Customer Count 900 +39% Y/Y 700 +46% Y/Y 622 800 769 600 711 571 +9% 700 +8% 629 498 500 593 +13% 467 +15% 600 554 +6% 427 +7% +7% +9% 400 500 400 300 300 200 200 100 100 TTM ENDED TTM ENDED TTM ENDED TTM ENDED TTM ENDED TTM ENDED TTM ENDED TTM ENDED TTM ENDED

26. Slide 26: 139 deals

    Q1 Financials During Q1 2025, we closed 139 deals of at least $1 million. 51of which were at least $5 million. 31 of which were at least $10 million. © 2025 Palantir Technologies Inc.

27. Slide 27: Cash from Operations and Adjusted Free Cash Flow

    Q1 Financials Cash from Operations and We ended Q1 2025 with Adjusted Free Cash Flow $5.4B CASH FROM OPERATIONS ADJUSTED FREE CASH FLOW 42% MARGIN $400M $370M in cash, cash equivalents, 35% MARGIN $310M and US Treasury securities $300M and no debt. $200M 23% MARGIN 20% MARGIN $149M $130M $100M $—M Q

28. Slide 28: Q2 2025 and FY 2025 guidance

    Q1 Financials Q2 2025 FY 2025 For second quarter 2025, we expect: For full year 2025, we expect: Revenue of between Revenue of between $934 million — $938 million. $3.890 billion — $3.902 billion. Adjusted income from operations of between US commercial revenue in excess of $401 million — $405 milli

29. Slide 29: Q1 2025 Appendix

    Q1 ©2025 Palantir Technologies Inc. 2025 Appendix

30. Slide 30: Additional Metrics and Notes

    Appendix Additional Metrics and Notes ($ BILLIONS) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Total RPO $ 1.30 $ 1.37 $ 1.57 $ 1.73 $ 1.90 Short-Term RPO $ 0.69 $ 0.69 $ 0.73 $ 0.83 $ 0.90 Long-Term RPO $ 0.61 $ 0.68 $ 0.84 $ 0.90 $ 1.00 ($ MILLIONS) Billings $ 625 $ 718 $ 823 $ 779 $ 905 Net dollar re

31. Slide 31: Revenue Excluding Strategic Commercial Contracts

    Appendix Revenue Excluding Strategic Commercial Contracts ($ THOUSANDS) Q1 2024 Q4 2024 Q1 2025 Revenue $ 634,338 $ 827,519 $ 883,855 Less: © 2025 Palantir Technologies Inc. Revenue from Strategic Commercial Contracts 23,898 9,584 5,147 Revenue Excluding Strategic Commercial Contracts $ 610,440 $ 81

32. Slide 32: Reconciliation of Rule of 40

    Appendix Reconciliation of Rule of 40 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Year-Over-Year Revenue Growth 13% 17% 20% 21% 27% 30% 36% 39% Adjusted Operating Margin 25% 29% 34% 36% 37% 38% 45% 44% Rule of 40 38% 46% 54% 57% 64% 68% 81% 83% © 2025 Palantir Technologies Inc.

33. Slide 33: Reconciliation of Cash Flow from Operating Activities to Adjusted Free Cash Flow

    Appendix Reconciliation of Cash Flow from Operating Activities to Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin Adjusted free cash flow margin is calculated as adjusted free cash flow divided by revenue ($ THOUSANDS) Q1 2024 Q1 2025 Cash Flow from Operating Activities $ 129,579 $ 310,26

34. Slide 34: Reconciliation of Gross Profit to Adjusted Gross Profit & Adjusted Gross Margin

    Appendix Reconciliation of Gross Profit to Adjusted Gross Profit & Adjusted Gross Margin Excluding Stock-Based Compensation Adjusted gross margin is calculated as adjusted gross profit divided by revenue ($ THOUSANDS) Q1 2025 Gross Profit $ 710,885 Add: Stock-Based Compensation 15,016 Adjusted Gross

35. Slide 35: Reconciliation of Income from Operations to Adjusted Operating Income

    Appendix Reconciliation of Income from Operations to Adjusted Operating Income and Adjusted Operating Margin Excluding Stock-Based Compensation and Related Employer Payroll Taxes ($ THOUSANDS) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Income From Operations $ 80,881 $ 105,339 $ 113,140 $ 11,043 $ 176,

36. Slide 36: Reconciliation of Operating Income Excluding One-Time SAR-Related Expenses

    Appendix Reconciliation of Income from Operations to Operating Income When Excluding One-Time SAR-Related Expenses ($ THOUSANDS) Q4 2024 Income From Operations $ 11,043 Add: Accelerated Stock-Based Compensation Expense Related to Market-Vesting SARs 115,776 Employer Payroll Taxes Related to Market-V

37. Slide 37: Reconciliation of GAAP Net Income Excluding One-Time SAR-Related Expenses

    Appendix Reconciliation of GAAP Net Income to Net Income When Excluding One-Time SAR-Related Expenses (AMOUNTS IN THOUSANDS) Q4 2024 Net Income Attributable to Common Stockholders $ 79,009 Add / (Less): Accelerated Stock-Based Compensation Expense Related to Market-Vesting SARs 115,776 Employer Payr

38. Slide 38: Reconciliation of GAAP EPS to Adjusted EPS, Diluted

    Appendix Reconciliation of GAAP Earnings Per Share, Diluted to Adjusted Earnings Per Share, Diluted (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) Q1 2024 Q1 2025 Net Income Attributable to Common Stockholders $ 105,530 $ 214,031 Add / (Less): Stock-Based Compensation 125,651 155,339 Employer Payr

39. Slide 39: Reconciliation of Revenue to Billings

    Appendix Reconciliation of Revenue to Billings ($ THOUSANDS) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Revenue $ 634,338 $ 678,134 $ 725,516 $ 827,519 $ 883,855 Change in Contract Liabilities (9,051) 39,934 97,924 (48,636) 21,044 Billings $ 625,287 $ 718,068 $ 823,440 $ 778,883 $ 904,899 © 2025 Palant

40. Slide 40: Reconciliation of Cost of Revenue and Operating Expenses to Adjusted Expenses

    Appendix Reconciliation of Cost of Revenue and Total Operating Expenses to Adjusted Expenses ($ THOUSANDS) Q1 2024 Q4 2024 Q1 2025 Total Expenses $ 553,457 $ 816,476 $ 707,807 Less: Stock-Based Compensation 125,651 281,798 155,339 Employer Payroll Taxes Related to Stock-Based Compensation 19,926 79,

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