Connect with us

CWEB Business News

Palantir Technologies Inc. (NYSE: PLTR) Beats on Huge Revenue $1.1 Billion

Credit Pinterest

 

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.

Summary

  • $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.

Outlook

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%.

Earnings Webcast

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.

 

Image Credit 

 

 










Follow us on Google news for more updates and News





Full Disclaimer

Click to comment

More in CWEB Business News

>

FREE

Get the most important news and analyses for Free.

Thank you for subscribing.

Something went wrong.