A mail carrier wearing a protective mask passes a banner displaying Palantir Technologies Inc. signage during the company's initial public offering (IPO) in front of the New York Stock Exchange (NYSE) in New York
Michael Nagle/BloombergPalantir stock is trading higher late Thursday after the closely watched data-analytics company reported financial results for the first time since its direct stock listing on the New York Stock Exchange Sept. 30.
For the quarter, Palantir (PLTR) posted revenue of $289.4 million, up 52%, and ahead of the company’s guidance range of $278 million to $280 million. Non-GAAP operating income, adjusting for the costs of its recent stock listing, was $73.1 million, well ahead of the guidance range of $6 million to $8 million.
The company posted $127 million in revenue from commercial customers, up 35% from a year ago, and $163 million from government customers, up 68%.
For the fourth quarter, Palantir sees revenue of $299 million to $301 million, with adjusted operating income of $44 million to $50 million.
Palantir increased its full-year revenue estimate to a range of $1.07 billion to $1.072 billion, implying growth of 44% year over year, from a previous forecast of $1.05 billion to $1.06 billion. The company now sees non-GAAP operating income for the year of $130 million to $136 million, up from a previous forecast of $62 million to $72 million.
The company said it continues to expect 2021 revenue growth of more than 30%.
Palantir said it closed 15 deals with new and existing customers in the latest quarter, each worth $5 million or more in total contract value. The company said new contracts included a $91 million project with the U.S. Army Research Laboratory to provide artificial intelligence and machine learning capabilities for military planning and defense operations, and a $36 million contract with the National Center for Advancing Translational Sciences for cancer and coronavirus research.
Palantir also said its software is being used by the National Covid Cohort Collaborative, a program run by the National Institutes of Health “that maintains the largest clinical data asset in the world regarding the development of the coronavirus.” The company added that in the U.K., “our software has been used by the National Health Service to allocate and distribute more than 2.7 billion items of personal protective equipment across the country.”
Palantir also said that in the quarter it signed a five-year contract renewal worth $300 million, its largest commercial contract.
In an interview with Barron’s, chief operating officer Shyam Sankar said the company had a “strong quarter, with good execution,” which resulted in improvements in both gross margin and contribution margin. Shankar said he is particularly excited about the company’s work right now in health care, both with government agencies and with commercial customers.
Sankar noted that average revenue per customer was up 38% over the first nine months of the year compared with the comparable period in 2019. He also notes that the company’s 20 largest customers accounted for about 61 of revenues in that same period, versus 68% in the year-earlier span.
Palantir shares, which recently had surged more than 50% since Election Day, possibly in anticipation of a blowout quarter, is up 1.3% in the after-hours session to $14.77, after falling 8.7% in the regular session. The company’s first trade as a public company was at $10.
Write to Eric J. Savitz at eric.savitz@barrons.com
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