Palantir Q1 2024 Financial Report: Insights & Outlook
Uncover key insights and future prospects from Palantir's Q1 2024 earnings
Earnings Q1 2024
(in $ millions, except per share data)
Revenue 634,3 (+21%)
Cost of revenue 116,2 (107,6)
Gross profit 518,0 (417,5)
Total operating expenses 437,2 (413,4)
Income from operations 80,8 (4,1)
Operating margin 13%
Provision for income taxes 4,6 (1,6)
Net income 106,0 (19,1)
Net earnings per share attributable to common stockholders, diluted 0.04 (0.01)
Weighted-average shares of common stock outstanding used in computing net earnings per share attributable to common stockholders, diluted 2.400 (2.217)
Cash and cash equivalents 520,3 (831,0)
Marketable securities 3.347 (2.843)
Total assets 4.807 (4.522)
Current Operating lease liabilities 54,0 (54,1)
Operating lease liabilities, noncurrent 163,0 (175,2)
Total stockholders’ equity 3.775 (3.475)
Stock-based compensation 125,6 (114,7)
Net cash provided by operating activities 129,5 (187,3)
Purchases of property and equipment 2,6 (4,7)
Repurchases of common stock 9,0 (-)
US commercial highlight
Revenue +40%
Commercial customer count +69% (262 customers)
Remaining deal value (RDV) +74%
Commercial revenue +27%
Other highlights
Government revenue +16%
US government revenue +12%
Customer count +42%
Rule of 40 score 57%
Outlook
Q2 2024
Revenue 649-653
Adjusted income from operations 209-213
FY 2024
Revenue 2.677-2.689
US commercial revenue 661
Adjusted income from operations 868-880
Adjusted free cash flow 800-1.000
Continue to expect GAAP operating income and net income in each quarter this year