Palantir Technologies Inc. · NASDAQ:PLTR

Palantir Technologies — Q4 2024 Earnings Presentation

40 slides from Palantir Technologies's earnings presentation, Feb 3, 2025

1. Slide 1: Q4 2024 Business Update

   Q4 ©2025 Palantir Technologies Inc. 2024 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: Q4 2024 Highlights

   Q4 Business Update Q4 2024 Highlights US revenue grew +52% Y/Y and +12% Q/Q to $558 million US commercial revenue grew +64% Y/Y and +20% Q/Q to $214 million US government revenue grew +45% Y/Y and +7% Q/Q to $343 million Revenue grew +36% Y/Y and +14% Q/Q to $828 million; +39% Y/Y and +14% Q/Q exclu

4. Slide 4: FY 2024 Highlights

   FY Business Update FY 2024 Highlights US revenue grew +38% Y/Y to $1.90 billion US commercial revenue grew +54% Y/Y to $702 million US government revenue grew +30% Y/Y to $1.20 billion Revenue grew +29% Y/Y to $2.87 billion; +32% Y/Y excluding Strategic Commercial Contracts Rule of 40 score of 68% C

5. Slide 5: Delivery of Market-Vesting SARs

   Q4 Business Update In Q4, we celebrated the successful delivery of our Market-Vesting SARs. As a result of this achievement, $131 million of one-time expenses related to these equity awards was accelerated. The term “Market-Vesting SARs” is as defined in our © 2025 Palantir Technologies Inc. Quarter

6. Slide 6: Warp Speed cohort to power manufacturing and production

   Q4 Business Update Palantir’s inaugural Warp Speed cohort will power manufacturing and production capabilities through advanced AI & technology. “Warp Speed helps us ensure manufacturing capabilities for our customers quickly. By using the software, we’ve seen up to 200x efficiency gain in our abili

7. Slide 7: Army Vantage partnership extended

   Q4 Business Update Palantir extended its longstanding Army Vantage partnership for up to four years. ↳ Supporting Army Data Platform Strategy and Joint Multi-Domain Operations. Learn more © 2025 Palantir Technologies Inc.

8. Slide 8: Palantir Prix customer testimonials

   Q4 Business Update At Palantir Prix, companies took the stage to share how they use Palantir’s software and philosophy to transform their businesses. “With the [Palantir] ontology, our food “We have been on our Palantir journey for “We partnered with Palantir, and we took safety quality regulatory t

9. Slide 9: DevCon 1: 2 Days, 14+ Product Launches, 150 Builders

   Q4 Business Update ✓ 2 Days. ✓ 14+ Product Launches. ✓ 150 Builders. ✓ One Developer Revolution. At DevCon 1, we brought together 150 of the most ambitious builders for two days of exclusive workshops, showcases, and competition. Learn more © 2025 Palantir Technologies Inc.

10. Slide 10: Cleveland Clinic uses AIP

    Q4 Business Update Cleveland Clinic uses AIP Palantir & Cleveland Clinic → Partnership Impacts to streamline operations and bring world class care to more patients. 7.6% ↗ 38 ↘ Increase in patient Minute decrease transfers to Main Campus in ER wait time “It's been transformative and it just shows th

11. Slide 11: Transforming the speed and scale of the US Government

    Q4 Business Update Transforming the speed and scale of the US Government In Q4, we received FedRAMP High Authorization for our Federal Cloud Service and Supporting Services, enabling software companies to accelerate market access to the Federal space through radical reduction of both time and cost.

12. Slide 12: Rio Tinto Rail uses Foundry and AIP

    Q4 Business Update Through our renewed enterprise contract, Rio Tinto Rail operators will use Foundry and AIP to orchestrate and optimize train routes and maintenance needs for dozens of unmanned trains running 24/7. Learn more © 2025 Palantir Technologies Inc.

13. Slide 13: Q4 Financials

    Q4 ©2025 Palantir Technologies Inc. 2024 Financials

14. Slide 14: US commercial continues to accelerate in Q4 2024

    Q4 Financials US commercial continues to accelerate in Q4 2024 alongside AIP revolution +64% Y/Y +73% Y/Y +99% Y/Y US Commercial Revenue US Commercial Customer Count US Commercial Remaining Deal Value +20% Q/Q +19% Q/Q +47% Q/Q US Commercial Revenue US Commercial Customer Count US Commercial Remaini

15. Slide 15: GAAP Net Income

    Q4 Financials GAAP Net Income Our Q4 2024 GAAP earnings per share was $0.03. $250.0M $0.07 earnings per share when Net income when excluding excluding one-time SAR-related one-time SAR-related expenses $200.0M $164.7M expenses in Q4 2024. $150.0M $143.5M $134.1M $100.0M $105.5M $93.4M $79.0M $50.0M

16. Slide 16: GAAP Operating Income

    Q4 Financials GAAP Operating Income Our Q4 2024 GAAP operating margin was 1%. $250.0M 17% operating margin when excluding one-time SAR-related $200.0M expenses in Q4 2024. Operating income when excluding one-time SAR-related expenses $142.3M $150.0M $113.1M $105.3M $100.0M $80.9M $65.8M $50.0M $11.0

17. Slide 17: Rule of 40

    Q4 Financials Rule of 40 81% 80% 70% 68% 64% 60% 57% 54% 50% 46% 42% 40% 38% 30% // Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 © 2025 Palantir Technologies Inc.

18. Slide 18: US Revenue Growth

    Q4 Financials US Revenue Growth US revenue grew 52% Y/Y and 12% Q/Q, driven by acceleration in US $600M $558M commercial and US government. $500M +52% $400M $368M $300M $200M $100M $—M Q4 2023 Q4 2024 © 2025 Palantir Technologies Inc.

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

    Q4 Financials US Commercial Revenue Growth US Government Revenue Growth $225M $350M $214M $343M $200M $325M $175M +64% $300M +45% $150M $275M $131M $125M $250M $237M $100M $225M $75M $200M // // Q4 2023 Q4 2024 Q4 2023 Q4 2024 US commercial revenue grew 64% Y/Y and 20% Q/Q US government revenue grew

20. Slide 20: Commercial and Government Revenue Growth

    Q4 Financials Commercial Revenue Growth Government Revenue Growth $400M $500M $455M $372M $450M $350M +31% +40% $400M $300M $284M $350M $324M $300M $250M $250M $200M $200M // // Q4 2023 Q4 2024 Q4 2023 Q4 2024 © 2025 Palantir Technologies Inc.

21. Slide 21: Total Revenue Growth

    Q4 Financials Total Revenue Growth Total revenue grew +36% Y/Y and +14% Q/Q, driven by the $900M continued acceleration of our $828M US business. $800M $700M +36% $608M $600M $500M // Q4 2023 Q4 2024 © 2025 Palantir Technologies Inc.

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

    Q4 Financials Total Revenue Growth excl. Strategic Total revenue excluding strategic Commercial Contracts commercial contracts grew $1000M +39% Y/Y and +14% Q/Q. $818M $800M +39% $600M $588M $400M // Q4 2023 Q4 2024 © 2025 Palantir Technologies Inc.

23. Slide 23: Adjusted operating income and margin

    Q4 Financials Q4 2024 adjusted operating income was We continue to invest aggressively $373M, representing a margin of 45%. in AIP and the US while driving $400M ADJUSTED OPERATING MARGIN operating leverage at scale. $373M $350M 45% $300M $276M $254M 38% $250M $226M 37% $209M 36% $200M 34% $150M $10

24. Slide 24: US Commercial Customer Count

    Q4 Financials US Commercial Customer Count 450 +73% Y/Y 400 382 321 +19% 350 295 +9% 300 262 +13% 250 +19% 221 200 150 100 50 TTM ENDED TTM ENDED TTM ENDED TTM ENDED TTM ENDED DEC 31, 2023 MAR 31, 2024 JUN 30, 2024 SEP 30, 2024 DEC 31, 2024 © 2025 Palantir Technologies Inc.

25. Slide 25: Customer Count and Commercial Customer Count

    Q4 Financials Customer Count Commercial Customer Count 800 +43% Y/Y +52% Y/Y 711 600 571 700 629 +13% 498 593 500 467 +15% 600 554 +6% 427 +7% +7% +9% 497 400 500 +11% 375 +14% 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 TTM E

26. Slide 26: 129 deals closed in Q4 2024

    Q4 Financials During Q4 2024, we closed 129 deals of at least $1 million. 58of which were at least $5 million. 32 of which were at least $10 million. © 2025 Palantir Technologies Inc.

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

    Q4 Financials Cash from Operations and We ended Q4 2024 with Adjusted Free Cash Flow $5.2B CASH FROM OPERATIONS ADJUSTED FREE CASH FLOW $600M 63% MARGIN $517M in cash, cash equivalents, $500M 56% MARGIN $460M and US Treasury securities and no debt. $400M 50% MARGIN 50% MARGIN $305M $301M $300M $200M

28. Slide 28: Q1 2025 and FY 2025 guidance

    Q4 Financials Q1 2025 FY 2025 For first quarter 2025, we expect: For full year 2025, we expect: Revenue of between Revenue of between $858 million — $862 million. $3.741 billion — $3.757 billion. Adjusted income from operations of between US commercial revenue in excess of $354 million — $358 millio

29. Slide 29: Q4 Appendix

    Q4 ©2025 Palantir Technologies Inc. 2024 Appendix

30. Slide 30: Additional Metrics and Notes

    Appendix Additional Metrics and Notes ($ BILLIONS) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Total RPO $ 1.24 $ 1.30 $ 1.37 $ 1.57 $ 1.73 Short-Term RPO $ 0.64 $ 0.69 $ 0.69 $ 0.73 $ 0.83 Long-Term RPO $ 0.60 $ 0.61 $ 0.68 $ 0.84 $ 0.90 ($ MILLIONS) Billings $ 605 $ 625 $ 718 $ 823 $ 779 Net dollar re

31. Slide 31: Revenue Excluding Strategic Commercial Contracts

    Appendix Revenue Excluding Strategic Commercial Contracts ($ THOUSANDS) Q4 2023 Q4 2024 FY 2023 FY 2024 Revenue $ 608,350 $ 827,519 $ 2,225,012 $ 2,865,507 Less: Revenue from Strategic Commercial Contracts 19,859 9,584 87,303 52,289 Revenue Excluding Strategic Commercial Contracts $ 588,491 $ 817,93

32. Slide 32: Reconciliation of Rule of 40

    Appendix Reconciliation of Rule of 40 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Year-Over-Year Revenue Growth 18% 13% 17% 20% 21% 27% 30% 36% 29% Adjusted Operating Margin 24% 25% 29% 34% 36% 37% 38% 45% 39% Rule of 40 42% 38% 46% 54% 57% 64% 68% 81% 68% © 2025 Palantir

33. Slide 33: Reconciliation to Adjusted Free Cash Flow and Margin

    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) Q4 2023 Q4 2024 FY 2024 Cash Flow from Operating Activities $ 301,172

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

    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) Q4 2023 Q4 2024 FY 2023 FY 2024 Gross Profit $ 499,711 $ 652,986 $ 1,793,907 $ 2,2

35. Slide 35: Reconciliation to Adjusted Operating Income and Margin

    Appendix Reconciliation of Income from Operations to Adjusted Operating Income and Adjusted Operating Margin Excluding Stock-Based Compensation and Related Employer Payroll Taxes ($ THOUSANDS) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2023 FY 2024 Income From Operations $ 65,794 $ 80,881 $ 105,339

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

    Appendix Reconciliation of Income from Operations to Operating Income When Excluding One-Time SAR-Related Expenses and Operating Margin When Excluding One-Time SAR-Related Expenses ($ THOUSANDS) Q4 2024 Q4 FY 2024 2024 Income From Operations $ 79,009 $$ 462,190 11,043 Add: Accelerated Stock-Based Co

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

    Appendix Reconciliation of GAAP Net Income and GAAP Earnings Per Share, Diluted to Net Income When Excluding One-Time SAR-Related Expenses and Earnings Per Share When Excluding One-Time SAR-Related Expenses, Diluted (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) Q4 2024 Net Income Attributable to

38. Slide 38: Reconciliation to Adjusted Earnings Per Share, Diluted

    Appendix Reconciliation of GAAP Earnings Per Share, Diluted to Adjusted Earnings Per Share, Diluted (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) Q4 2023 Q4 2024 FY 2023 FY 2024 Net Income Attributable to Common Stockholders $ 93,391 $ 79,009 $ 209,825 $ 462,190 Add / (Less): Stock-Based Compensa

39. Slide 39: Reconciliation of Revenue to Billings

    Appendix Reconciliation of Revenue to Billings ($ THOUSANDS) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Revenue $ 608,350 $ 634,338 $ 678,134 $ 725,516 $ 827,519 Change in Contract Liabilities (3,354) (9,051) 39,934 97,924 (48,636) Billings $ 604,996 $ 625,287 $ 718,068 $ 823,440 $ 778,883 © 2025 Palan

40. Slide 40: Reconciliation to Adjusted Expenses

    Appendix Reconciliation of Cost of Revenue and Total Operating Expenses to Adjusted Expenses ($ THOUSANDS) Q4 2023 Q3 2024 Q4 2024 FY 2023 FY 2024 Total Expenses $ 542,556 $ 612,376 $ 816,476 $ 2,105,046 $ 2,555,104 Less: Stock-Based Compensation 132,608 142,425 281,798 475,903 691,638 Employer Payr

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