Palantir Technologies Inc (PLTR)

[eastunder]

Palantir Reports Its Second Consecutive Quarter of Positive GAAP Net Income; GAAP EPS of $0.01 in Q1 2023
May 08 2023 - 04:05PM

https://ih.advfn.com/stock-market/NYSE/palantir-technologies-PLTR/stock-news/90989211/palantir-reports-its-second-consecutive-quarter-of

Palantir Technologies Inc. (NYSE:PLTR) today announced financial results for the first quarter ended March 31, 2023.

“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.”

Q1 2023 Highlights

GAAP net income of $17 million
This marks our second consecutive quarter of positive GAAP net income
GAAP income from operations of $4 million, representing a margin of 1%, up 1,000 basis points year-over-year
This marks our first quarter of positive GAAP operating income
GAAP earnings per share (“EPS”) of $0.01
Adjusted EPS of $0.05
Total revenue grew 18% year-over-year to $525 million
US revenue grew 23% year-over-year to $337 million
Commercial revenue grew 15% year-over-year to $236 million
US commercial revenue grew 26% year-over-year to $107 million
Government revenue grew 20% year-over-year to $289 million
US government revenue grew 22% year-over-year to $230 million
Customer count grew 41% year-over-year and 7% quarter-over-quarter
US commercial customer count increased 50% year-over-year, from 103 customers in Q1 2022 to 155 customers in Q1 2023
Adjusted income from operations of $125 million, representing a margin of 24%
Cash from operations of $187 million, representing a 36% margin
Adjusted free cash flow of $189 million, representing a 36% margin
Cash, cash equivalents, and short-term U.S. treasury securities of $2.9 billion