Palantir Technologies (PLTR) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue grew 27% year-over-year to $678 million, with US commercial revenue up 55% and US government revenue up 24% year-over-year.

• GAAP net income was $134 million (20% margin), with GAAP EPS of $0.06, up 500% year-over-year.

• Closed 27 deals over $10 million and nearly $1 billion in total contract value, reflecting strong commercial momentum and customer expansion.

• US commercial customer count grew 83% year-over-year, and total customer count rose 41% year-over-year to 593.

• Major contract wins with the Department of Defense, including a $153 million initial order and a new five-year, $480 million contract.

Financial highlights

• Adjusted operating income reached $254 million (37% margin); GAAP operating income was $105 million (16% margin).

• Adjusted free cash flow was $149 million (22% margin); cash from operations was $144 million (21% margin).

• Ended Q2 with $4.0 billion in cash, cash equivalents, and US treasury securities, and no debt.

• Adjusted gross margin was 83% for the quarter.

• Net dollar retention was 114% in Q2 2024.

Outlook and guidance

• Q3 2024 revenue expected between $697–$701 million; adjusted income from operations between $233–$237 million.

• Full-year 2024 revenue guidance raised to $2.742–$2.750 billion, with US commercial revenue expected to exceed $672 million (at least 47% growth).

• Adjusted free cash flow for 2024 expected between $800 million and $1 billion.

• Expects GAAP operating income and net income in each quarter of 2024.