May 26, 2024

Alex Karp wearing glasses and a microphone

Palantir chief executive Alex Karp
Photo: Andreas Rentz (Getty Images)

Defense-tech company Palantir Technologies beat analyst expectations for revenue in its first-quarter earnings report Monday, citing demand by U.S. companies for its bootcamps and technology products.

The company reported $634 million in revenue, while expectations were $615 million, according to FactSet. Its revenue grew 21% year-over-year and 4% quarter-over-quarter, the report said.

Palantir also reported its commercial revenue in the U.S. grew 40% year-over-year, while its quarter-over-quarter revenue rose 14% to $150 million. Overall, the company’s commercial revenue grew 27% year-over-year to $299 million. The company’s adjusted earnings per share (EPS) met expectations of eight cents.

Palantir’s technology caters to military and intelligence agencies. The company closed 87 deals worth at least $1 million in the first quarter, including 27 that were at least worth $5 million and 15 that were worth at least $10 million, according to its earnings report.

The company’s U.S. government revenue grew 12% year-over-year to $257 million, and its overall government revenue growth grew 16% year-over-year to $335 million. In the first quarter of 2024, Palantir was awarded $178 million by the U.S. Army to develop deep-sensing capabilities for an AI-powered vehicle.

For the second quarter, Palantir said it expects revenue to fall between $649 million and $653 million. For the full year, the company expects revenue of between $2.68 billion and $2.69 billion. It also expects adjusted income from operations to be between $868 million and $880 million in 2024. Palantir said it’s continuing to “invest aggressively” in its artificial intelligence platform, AIP.

Palantir’s shares rose 8% Monday ahead of its earnings report.

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