Q2 2024 Palantir Technologies Inc Earnings Call Transcript
Key Points
- Palantir Technologies Inc (PLTR) reported a 30% year-over-year revenue growth, excluding strategic commercial contracts, and a 10% sequential growth in Q2.
- The company signed 27 deals worth $10 million or more and closed nearly $1 billion of total contract value (TCV) last quarter.
- US commercial revenue, excluding strategic commercial contracts, climbed 70% year over year.
- Palantir Technologies Inc (PLTR) achieved its seventh consecutive quarter of GAAP profitability, generating a record $134 million of GAAP net income.
- The company raised its full-year revenue guidance midpoint to $2.746 billion, representing a 23% year-over-year growth rate.
- Revenue from strategic commercial contracts declined to $9 million for the quarter, with further declines expected in the next quarter.
- International commercial revenue saw a 1% sequential decline due to continued headwinds in Europe.
- The company anticipates expenses to ramp through the back half of the year, which could impact profitability.
- Despite strong US commercial growth, international government revenue growth was primarily driven by additional funding from a partner nation, indicating potential dependency on specific contracts.
- The company faces challenges in convincing legacy manufacturers to adopt its new Warp Speed system, which aims to modernize manufacturing processes.
Good afternoon. I'm Ana Soro from Palantir's Finance Team and I'd like to welcome you to our second-quarter 2024 earnings call. We'll be discussing the results announced in our press release issued after market close and posted on our Investor Relations website.
During the call, we will make statements regarding our business that may considered forward-looking within applicable securities laws, including statements regarding our third-quarter and fiscal 2024 results, management's expectations for our future financial and operational performance, and other statements regarding our plans, prospects, and expectations.
These statements are not promises or guarantees and are subject to risks and uncertainties which could cause them to differ materially from actual results. Information concerning those risks is available on our earnings press release distributed after the market closed today and in our SEC filings. We undertake no obligation to update forward-looking statements except as required by law.
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