Palantir (PLTR) 2024 Q3 Earnings Digest

Palantir reported strong third quarter results for 2024, with total revenue growing 30% year-over-year to $726 million. The company's US commercial revenue grew even faster, increasing 54% year-over-year to $179 million. Palantir also saw strong growth in its US government revenue, which increased 40% year-over-year to $320 million. This growth was driven by the continued acceleration of Palantir's US business, including its Artificial Intelligence Platform (AIP). Palantir's GAAP operating income was $113 million, with a margin of 16%, while its adjusted operating income was $276 million, with a margin of 38%. The company closed 104 deals over $1 million during the quarter. Palantir ended the quarter with $4.6 billion in cash, cash equivalents, and US Treasury securities and no debt. The company expects continued growth in the fourth quarter and full year 2024, with US commercial revenue projected to exceed $687 million for the full year, representing a growth rate of at least 50%. Palantir also reported adjusted free cash flow of $435 million for the quarter, with a margin of 60%. For the trailing twelve months, adjusted free cash flow was $1 billion, with a margin of 39%.