Palantir Technologies Inc. · Q1 2023 earnings

Briefing

Palantir achieved its second consecutive quarter of positive GAAP net income and first quarter of positive GAAP operating income.

Palantir Technologies Inc. announced financial results for the first quarter ended March 31, 2023, marking its second consecutive quarter of positive GAAP net income and first quarter of positive GAAP operating income. Total revenue grew 18% year-over-year to $525 million, with US revenue growing 23% year-over-year to $337 million. GAAP EPS was $0.01 and adjusted EPS was $0.05.

• GAAP net income was $17 million, marking the second consecutive quarter of positive GAAP net income.
• GAAP income from operations was $4 million, representing a margin of 1%, up 1,000 basis points year-over-year, marking the first quarter of positive GAAP operating income.
• Total revenue grew 18% year-over-year to $525 million, with US revenue growing 23% year-over-year to $337 million.
• Customer count grew 41% year-over-year and 7% quarter-over-quarter.

Headline financials

Revenue & EPS history

For Q2 2023, Palantir expects revenue of between $528 - $532 million and adjusted income from operations of $118 - $122 million. The company anticipates GAAP net income in Q2 2023. For full year 2023, Palantir expects revenue of between $2.185 - $2.235 billion and adjusted income from operations of $506 - $556 million. The company anticipates GAAP net income in each quarter of 2023.