Today Palantir Technologies Inc. (NYSE: PLTR) reported a huge revenue increase of $1.1 Billion for a full year ending 2020. Palantir reported on Thursday it won 15 new deals in the third quarter, including those from the U.S. Army and National Institutes of Health, as well as a $300 million renewal with one of the world’s largest aerospace company.
- $1.1 billion in revenue for full year 2020, up 47% year-over-year
- $322 million in revenue for Q4 2020, up 40% year-over-year
- New contracts in Q4 2020 include Rio Tinto, PG&E, bp, U.S. Army, U.S. Air Force, FDA, and NHS
- Expects Q1 2021 revenue growth of 45% year-over-year
Full Year 2020 Financial Results
In 2020, we generated $1.1 billion in revenue, up 47% year-over-year.
Our average revenue per customer was $7.9 million, up 41% year-over-year. Our average revenue from our top 20 customers was $33.2 million, up 34% year-over-year.
The number of customers generating more than $1 million in annual revenue grew 32% year-over-year. The number of customers generating more than $5 million in annual revenue grew 54% year-over-year. The number of customers generating more than $10 million in annual revenue grew 50% year-over-year.
Q4 2020 Financial Results
In Q4 2020, we generated $322 million in revenue, up 40% year-over-year.
We incurred a loss from operations of $156.6 million, which includes $241.8 million in stock-based compensation and $18.9 million in related employer payroll taxes.
Our income from operations was $104.1 million, after adjusting for stock-based compensation and related employer payroll taxes.
In Q4 2020, we signed 21 contracts each worth $5 million or more in total contract value, including 12 contracts each worth $10 million or more in total contract value.
For full year 2021, we continue to expect:
- Year-over-year revenue growth of greater than 30%.
For Q1 2021, we expect:
- Year-over-year revenue growth of 45%.
- Adjusted operating margin of 23%.
A public webcast will be held at 6:00 a.m. MT / 8:00 a.m. ET today to discuss the results for our fourth quarter and fiscal year ended December 31, 2020 and financial outlook. The live public call can be accessed by registering online at https://event.on24.com/wcc/r/2947836/5C123DA27C8C4F9CBFBC27AC3FEABE81. Following the call, a replay will be available at (888) 869-1189 or (706) 643-5902 until midnight (ET) on February 23, 2021.