Palantir Technologies (PLTR): Earnings Report and Current Stock Price

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Introduction.

Distinctive AI-related stocksPalantir Technologies, Inc.The following is a summary of the financial results of the company.

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Palantir Technologies' Financial Results for FY2024

FY2024 Q2 (Apr-Jun) Financial Results

Date of financial report: 2024-08-05

• Net sales: $678.13 million, an increase of 271 TP3T over the same period last year.
• net income: $134.12 million, a significant increase from $28.12 million in the same period last year.
• Earnings per share (EPS): $0.06 on a GAAP basis, up from $0.01 in the same period last year.
• Adjusted EPS: $0.09, an increase of 801 TP3T from the same period last year.
• Operating income: $153.39 million on a GAAP basis, operating margin of 161 TP3T.

Performance by Segment

• Commercial Sales: $370.7M, up 331 TP3T from the same period last year.
  • In particular, the U.S. commercial sector increased by 551 TP3T to $159 million.
  • The number of U.S. commercial customers was 295, an increase of 831 TP3T over the same period last year.
• Government Sector Sales: $371 million, an increase of 231 TP3T over the same period last year.

Other important matters

• contract: 27 contracts worth more than $10 million were signed.
• Number of Clients: 411 TP3T increase overall and 71 TP3T increase per quarter.
• Cash Flow: Cash flow from operating activities was $144.18 million, and adjusted free cash flow was $148.66 million.

Future Outlook

• Third Quarter Sales Forecast: $697 million to $701 million.
• Sales forecast for full year 2024: Revised upward from $2.742 billion to $2.75 billion.
• U.S. Commercial Sales Growth Projections: Expect growth of more than 471 TP3T.

Palantir has shown strong revenue growth in the second quarter of 2024, with particular note of significant expansion in the commercial sector. The government sector is also showing strong revenue growth and is expected to continue to grow; the company's AI-based solution offerings are making it much more competitive.

FY2024 Q1 (Jan-Mar) Financial Results

Date of financial report: 2024-05-06

• Sales: $634.38M, up 21% y/y.
• Net income
  • 105.3 million under GAAP (Generally Accepted Accounting Principles), with a profit margin of 171 TP3T.
  • Adjusted net income of $196.94 million on a non-GAAP basis.
• Earnings Per Share (EPS)
  • $0.04 on a GAAP basis.
  • $0.08 on a non-GAAP basis.

Business Highlights

• Commercial Revenue
  • Commercial revenues were $299 million, up 271 TP3T from the same period last year.
  • U.S. commercial revenues increased $40% y/y to $150M.
• Government Revenues
  • Government revenues increased by $335 million, up $161 TP3T from the same period last year.
  • U.S. government revenues increased by 121 TP3T y/y to $257 million.

Other Information

• Growth in number of customers The number of customers increased by 421 TP3T yoy.
• Adjusted operating revenueAt $226.46 million, the operating margin is 361 TP3T.
• Free Cash Flows: (Millions of yen)
  • Adjusted free cash flow was $148.63 million, with a free cash flow rate of 23%.
• Cash Flow: Cash flow from operating activities Cash flow from operating activities was $129.58 million, with a cash flow rate of 20%.

Future Outlook

• Next quarter's sales forecast:.$649 million to $653 million.
• The sales forecast for the entire year was raised from $267.7 million to $268.9 million.
• Adjusted operating revenue forecast for the entire year: $868 million to $880 million.

Palantir's sales increased significantly year over year, with particularly strong growth in the commercial and U.S. government sectors. In addition, there has been continued growth in GAAP and non-GAAP earnings and improved efficiency throughout the enterprise.

Palantir Technologies' Financial Results for Fiscal Year 2023

FY2024 Q4 (Oct-Dec) Financial Results

Date of financial report: 2024-02-05

• Revenue growth: (1.0)Q4 revenues reached $608M, up 20% from the same period last year. The quarterly growth shows that the company continues to grow.
• Profit Sustainability:. GAAP net income was $93 million, with a profit margin of 151 TP3T, marking the fifth consecutive quarter of GAAP profitability.
• Remarkable growth in the U.S. commercial sector:.Of particular note is that the U.S. commercial division's revenues increased by 70% year-on-year to $131 million. This indicates that Palantir's products are in high demand in the commercial market.

Results for the full year 2023 (January-December 2023)

• Annual Revenue Increase: (%)Full year 2023 revenues of $2.23 billion, an increase of 171 TP3T over the previous year.
• Balanced growth of the commercial and government sectors:.Commercial sector revenues increased by 201 TP3T to $1.0 billion and government sector revenues increased by 141 TP3T to $1.2 billion, with healthy growth in both sectors.

Forecast for 2024

Palantir expects revenues to reach between $2.652 and $2.668 billion for 2024.
Growth of at least 401 TP3T is expected, especially in the U.S. commercial sector.
Adjusted operating income is projected to reach between $834 million and $850 million, and adjusted free cash flow is expected to be between $800 million and $1 billion.

FY2023 Q3 (July-September) Financial Results

Date of financial report: 2023-11-02

• Financial ResultsThe company achieved a GAAP net income of $72 million for 3Q2023, a profit margin of 131 TP3T. This is the fourth consecutive quarter of positive GAAP profit margin.
• Revenue: $0.1 billionRevenues increased by 171 TP3T y/y to $558 million. Commercial revenues increased by 231 TP3T y/y to $251 million, while U.S. commercial revenues increased by 331 TP3T to $116 million.
• Government Sector Revenues: (1)Government sector revenues increased by $12% to $308M y/y.
• Number of clientsThe number of customers increased by 34% over the same period last year. The number of commercial customers in the U.S. increased by 37% to 181.
• Adjusted operating revenues: (1)Adjusted operating revenue was $163 million, achieving a profit margin of 291 TP3T. This is the fourth consecutive quarter of expansion as an adjusted operating margin.
• Cash Flow: Cash flow from operating activitiesCash flow from operations was $133 million, a profit margin of 24%. Adjusted free cash flow was $141 million, a profit margin of 25%.
• Financials: (1) Cash, cash equivalents, and short-term U.S. Treasury bills totaled $3.3 billion.

Future Outlook

• Fourth-quarter revenue estimates range from $599 million to $603 million.
• The company raised its revenue forecast for the full year 2023 from $2,216 million to $2,220 million.
• Adjusted operating revenue forecast for full year 2023 raised from $607 million to $611 million.

FY2023 Q2 (Apr-Jun) Financial Results

Date of financial report: 2023-08-07

• Net sales: $533 million, an increase of 131 TP3T over the same period last year.
• GAAP Net Income: $28 million, making this the third consecutive quarter of GAAP profitability.
• GAAP Operating Income: $10 million, operating margin of 21 TP3T.
• Adjusted EPS (Earnings per share): $0.05.
• Adjusted operating income: $135M, operating margin of 25%.
• Operating Cash Flow: $90M, cash flow rate of 17%.
• Adjusted free cash flow: $96M, cash flow rate of 18%.
• Cash and cash equivalents: $3.1 billion.

Performance by Segment

• Commercial Sector Sales:
  • Overall, $232M, up 101 TP3T from the same period last year.
  • U.S. commercial sales were $103M, up 20% from the same period last year.
• Government Sector Sales:
  • Overall, $302M, up $15% from the same period last year.
  • International government sales were $76M, up $31% from the same period last year.

Expansion of customer base

• Growth in number of customers: Overall, 381 TP3T yoy and 81 TP3T qoq.
  • The number of U.S. commercial customers increased 351 TP3T YoY, from 119 to 161.

Summary of the first half of the year (H1 2023)

• Net sales: $1.1 billion.
• GAAP Net Income: $45 million, net profit margin 4%.
• Adjusted operating income: $260M, operating margin 25%.
• Operating Cash Flow: $278M, cash flow rate 26%.

Palantir achieved its third consecutive quarter of GAAP profitability in Q2 2023, demonstrating solid growth in both sales and customer base. Growth was particularly strong in the U.S. commercial and international government sectors, which continue to be strong performers.

FY2023 Q1 (Jan-Mar) Financial Results

Date of financial report: 2023-05-08

• Net sales: $525 million, an increase of 181 TP3T over the same period last year.
• GAAP Net Income: $17 million, achieving GAAP profitability for the second consecutive quarter.
• GAAP Operating Income: $4 million, with an operating margin of 11 TP3T. This is the company's first positive GAAP operating income.
• GAAP EPS (Earnings per share): $0.01.
• Adjusted EPS: $0.05.
• Operating Cash Flow: $187 million, cash flow rate of 361 TP3T.
• Adjusted free cash flow: $189 million, cash flow rate of 361 TP3T.
• Cash and cash equivalents: $2.9 billion.

Performance by Segment

• Commercial Sector Sales: $236M, up 15% from the same period last year.
  • U.S. Commercial Sales: $107 million, an increase of 261 TP3T over the same period last year.
• Government Sector Sales: $289M, an increase of 20% over the same period last year.
  • U.S. Government Sales: $230 million, an increase of 221 TP3T over the same period last year.

Expansion of customer base

• Growth in number of customers: Overall, 411 TP3T yoy and 71 TP3T qoq.
  • Number of U.S. Commercial Customers: Increased by 501 TP3T yoy, from 103 to 155 companies.

Palantir achieved its second consecutive quarter of GAAP profitability in the first quarter of 2023, demonstrating solid growth in both sales and customer base. Growth was particularly strong in the U.S. commercial and government sectors, and we expect continued strong performance going forward.

Palantir Technologies' Financial Results for FY2022

FY2022 Q4 (Oct-Dec) Financial Results

Date of financial report: 2023-02-13

• GAAP Net Income: $31 million, which was Palantir's first GAAP surplus.
• GAAP Earnings Per Share (EPS): $0.01.
• Adjusted EPS: $0.04.
• Net sales: $509 million, an increase of 181 TP3T over the same period last year.
  • U.S. Sales: $302 million, an increase of 191 TP3T over the same period last year.

Performance by Segment

• Commercial Sector Sales:
  • Overall, $215 million, an increase of 111 TP3T over the same period last year.
  • U.S. commercial sales were $77M, up 12% YoY.
• Government Sector Sales:
  • Overall, $293M, up 231 TP3T from the same period last year.
  • U.S. government sales were $225M, up $22% from the same period last year.

Expansion of customer base

• Growth in number of customers: Overall, 551 TP3T yoy and 91 TP3T qoq.
  • The number of U.S. commercial customers increased by 791 TP3T yoy, from 80 to 143.

Cash Flow

• Operating Cash Flow: $79M, cash flow rate of 15%.
• Adjusted free cash flow: $76M, cash flow rate of 15%.

Annual Results (Full Year 2022)

• Total Sales: $1.91 billion, an increase of 241 TP3T over the same period last year.
• Commercial Sector Sales: $834M, an increase of 29% over the same period last year.
• Government Sector Sales: $1.07 billion, an increase of 191 TP3T over the same period last year.
• Adjusted operating income: $421M, operating margin of 22%.
• Adjusted free cash flow: $203M, cash flow rate of 11%.

Palantir achieved its first GAAP profit in the fourth quarter of 2022, demonstrating solid growth in both sales and customer base. Growth is expected to continue, particularly in the commercial and government sectors of the U.S. market.

FY2022 Q3 (July-September) Financial Results

Date of financial report: 2022-11-07

• Net sales: $478 million, an increase of 221 TP3T over the same period last year.
• U.S. Sales: $297 million, an increase of 311 TP3T over the same period last year.
  • U.S. Commercial Sales: Increased by 531 TP3T from the same period of the previous year.
  • U.S. Government Sector Revenues: Increased by 231 TP3T yoy.
• Total contract value (TCV): $1.3 billion ($1.1 billion in the U.S. alone).
• Increase in number of customers: Overall, 661 TP3T yoy and 111 TP3T qoq increase.
  • Number of U.S. Commercial Customers: Increased by 1241 TP3T from the same period of the previous year (from 59 to 132 companies).

profit and loss

• Operating loss: $62.19 million, an improvement from $91.94 million in the same period last year, and an operating margin of (13%).
• Adjusted operating income: $81.25 million, operating margin of 171 TP3T.
• Adjusted free cash flow: $37.56 million and a cash flow rate of 8%, making this the 8th consecutive quarter of positive free cash flow.
• GAAP net loss: $123.88 million; adjusted net income: $16.07 million.
• Adjusted EBITDA: $87.19M, Adjusted EBITDA margin of 18%.

Long-Term Outlook

• Full Year 2022 Sales Forecast: $1.9 billion - $1.902 billion, reaffirming guidance after taking into account the impact of foreign exchange.
• Q4 Sales Forecast: $503 million to $505 million is expected, with adjusted operating income of $78 million to $80 million.

CEO Comment

• CEO Alex Karp emphasized the importance of a software platform that puts data integration and transformation at the core of the enterprise, and said the company continues to target growth in the U.S. and other markets.

Palantir has shown strong growth in both sales and customer base in the third quarter of 2022, with particularly strong growth in commercial and government sales in the U.S. market. Operating losses have improved, free cash flow remains positive, and sustained growth is expected going forward.

FY2022 Q2 (Apr-Jun) Financial Results

Date of financial report: 2022-08-08

• Net sales: $473 million, an increase of 261 TP3T over the same period last year.
• U.S. Sales: $290 million, an increase of 451 TP3T over the same period last year.
• Commercial Sector Sales: Increased by 461 TP3T compared to the same period last year.
  • U.S. Commercial Sales: Increased by 1,201 TP3T yoy, and the number of clients increased from 34 to 119 (up 2,501 TP3T).
• U.S. Government Sales: Increased by 271 TP3T from the same period of the previous year.
• Total contract value (TCV): $792 million (of which $588 million is in the U.S.).

P&L and Profit

• Operating loss: $42M, operating margin of -9%, a 3,000 basis point improvement over the same period last year.
• Adjusted operating income: $108M, operating margin of 23%.
• Operating Cash Flow: $62M, cash flow rate 13%.
• Adjusted free cash flow: $61M, cash flow rate 13%.
• net loss: $179.32 million.

Other important matters

• U.S. sales in the past 12 months: Reached $1.04 billion, a significant increase over the same period last year.
• Operating cash flow (TTM basis): $292 million with a cash flow rate of 171 TP3T.
• Adjusted free cash flow (TTM basis): $314M, cash flow rate 18%.

Future Outlook

• Third Quarter Sales Forecast: $474 million to $475 million.
• Full Year 2022 Sales Forecast: $1.9 billion to $1.902 billion; adjusted operating income is expected to be $341 million to $343 million.

Palantir has shown solid growth in both sales and customer base in the second quarter of 2022. The commercial sector is growing rapidly, especially in the U.S. market, and the government sector continues to show steady growth. Operating losses are down and free cash flow remains positive.

FY2022 Q1 (Jan-Mar) Financial Results

Date of financial report: 2022-05-09

• Net sales: $446 million, an increase of 311 TP3T over the same period last year.
• Commercial Sector Sales: Increased by 541 TP3T from the same period of the previous year
  • U.S. Commercial Sales: Increased by 1361 TP3T from the same period last year.
• Government Sector Sales: Increased by 161 TP3T yoy.
• Increase in number of customers: Increased by 861 TP3T from the same period of the previous year.

P&L and Profit

• Operating loss: $39 million (operating margin -9%), an improvement from the same period last year.
• Adjusted operating income: $117 million (operating margin 26%).
• GAAP net loss: $113.79 million.
• Adjusted EPS (Earnings per share): $0.02.

Cash Flow

• Operating Cash Flow: $35 million (cash flow rate 8%).
• Adjusted free cash flow: $30 million (cash flow rate 7%).

Future Outlook

• Second Quarter Sales Forecast: $470 million, with the potential for additional growth due to geopolitical events.
• Full Year 2022 Targets: Adjusted operating margin is projected to be 271 TP3T.
• Long-term outlook: We expect sales growth of more than 301 TP3T per year through 2025.

Palantir achieved significant growth (+1361 TP3T) in the first quarter of 2022, with sales up 311 TP3T y/y, especially in the U.S. commercial sector. The number of customers also increased by 861 TP3T year-on-year, continuing the strong growth trend. Further growth is expected in the future due to geopolitical factors and market demand.

Palantir Technologies' Financial Results for FY2021

FY2021 Q4 (Oct-Dec) Financial Results

Date of financial report: 2022-02-17

• Net sales: $433 million, an increase of 341 TP3T over the same period last year.
  • Commercial Sector Sales: Increased by 471 TP3T from the same period of the previous year.
  • U.S. Commercial Sales: Increased by 1321 TP3T from the same period last year.
  • Government Sector Sales: Increased by 261 TP3T yoy.
• Number of new customers acquired: Added 34 new clients in Q4.

P&L and Profit

• Operating loss: $59 million (operating margin -141 TP3T). Improvement compared to the same period last year.
• Adjusted operating income: $124 million (adjusted operating margin of 291 TP3T).
• Operating Cash Flow: $93 million (cash flow rate 22%).
• Adjusted free cash flow: $104 million (cash flow rate 24%).
• GAAP net loss: $0.08 loss per share.
• Adjusted net income: Earnings of $0.02 per share.

Results for the full year 2021 (January-December 2021)

• Net sales: $1.54 billion, up 411 TP3T from the previous year.
  • U.S. Sales: $879 million, an increase of 531 TP3T over the previous year.
  • Commercial Sector Sales: $645 million, an increase of 341 TP3T over the previous year.
  • U.S. Commercial Sales: Increased by 1021 TP3T from the previous year.
  • Government Sector Sales: $897 million, an increase of 471 TP3T over the previous year.
• Operating Cash Flow: $334 million (cash flow rate 22%).
• Adjusted free cash flow: $424 million (cash flow rate 28%).

Future Outlook

• Sales forecast for the first quarter of 2022: $443 million is expected.
• Full-year forecast for FY2022: Adjusted operating margin is expected to be 271 TP3T.
• Long-term Growth Outlook: Annual sales growth of more than 301 TP3T is expected by 2025.

Palantir showed solid growth in the fourth quarter of FY2021, especially in the commercial segment of the U.S. market. New customer acquisitions have been strong, and the company expects to continue to grow both sales and profits in the future.

FY2021 Q3 (July-September) Financial Results

Date of financial report: 2021-11-09

• Net sales: $392 million, an increase of 361 TP3T over the same period last year.
• U.S. Commercial Sales: Increased by 1031 TP3T from the same period of the previous year.
• Number of new customers acquired: Added 34 new clients in Q3, bringing the total number of commercial clients to 461 TP3T QoQ.
• Cash Flow:
  • Operating cash flow was $100.8M with a margin of 261 TP3T.
  • Adjusted free cash flow was $119 million, a margin of 301 TP3T.

P&L and Profit

• GAAP Operating Loss: $91.94 million.
• Adjusted operating income: $116 million.
• GAAP net loss: $102.1 million, a loss of $0.05 per share.
• Adjusted net income: $82 million, a profit of $0.04 per share.

Contracts and Transactions

• Progress of Contract: 54 contracts were signed for more than $10 million, of which 33 were worth more than $50 million and 18 were worth more than $100 million.
• Residual contract value: The amount reached $3.6 billion, an increase of 501 TP3T over the same period last year.

Results for the first three quarters of 2021

• Total Sales: $1.1 billion, an increase of 441 TP3T over the same period last year.
• Number of commercial customers: 1351 TP3T increase since December 31, 2020.
• Operating Cash Flow: $240M with a margin of 221 TP3T.
• Adjusted free cash flow: $320M with a margin of 291 TP3T.

Future Outlook

• growth expectation: Palantir projects sales growth of 401 TP3T for the entire fiscal year 2021.

Palantir showed solid growth in the third quarter of 2021, particularly in the U.S. commercial sector, where sales increased by 1031 TP3T over the same period last year. Through an expanding customer base and a number of large contracts, the company expects to continue its growth in the coming years.

FY2021 Q2 (Apr-Jun) Financial Results

Date of financial report: 2021-08-12

• Net sales: $376 million, an increase of 491 TP3T over the same period last year.
• U.S. Commercial Sales: Increased by 901 TP3T from the same period last year.
• Number of contracts signed:
  • Signed 62 contracts worth more than $10 million.
  • Twenty-one of them are worth more than $10 million and 30 are worth more than $5 million.
• Number of new customers acquired: 20 new customers added, total number of customers increased by 131 TP3T per quarter.
• Operating Cash Flow: $23 million, with an operating cash flow margin of 61 TP3T.
• Adjusted free cash flow: $50 million, with a free cash flow margin of 131 TP3T.
• GAAP net loss per share: $0.07.
• Adjusted EPS (per share): $0.04.

Semi-annual results (H1 2021)

• Net sales: $717M, an increase of 49% over the same period last year.
• Increase in number of commercial customers: 611 TP3T increase after December 31, 2020.
• Operating Cash Flow: $140M with a cash flow margin of 19%.
• Adjusted free cash flow: $201 million, with a free cash flow margin of 281 TP3T.

Future Outlook

• Sales forecast for the third quarter of 2021: $385 million.
• Full Year Adjusted Free Cash Flow Projections: Expected to be over $300 million, exceeding previous estimates (over $150 million).
• Long-term growth prospects: We expect sales growth of more than 301 TP3T per year from 2021 to 2025.

In the second quarter of 2021, Palantir's sales increased by 491 TP3T over the same period last year, particularly in the U.S. commercial sector, where sales increased by 901 TP3T. New customer acquisitions remained strong, with the number of customers increasing by 131 TP3T. Operating cash flow and adjusted free cash flow also remain positive.

FY2021 Q1 (Jan-Mar) Financial Results

Date of financial report: 2021-05-11

• Net sales: $341 million, an increase of 491 TP3T over the same period last year.
• U.S. Commercial Sales: Increased by 721 TP3T from the same period of the previous year.
• U.S. Government Sales: Increased by 831 TP3T from the same period of the previous year.
• Operating Cash Flow: $117 million, an increase of $404 million over the same period last year, with a cash flow margin of 341 TP3T.
• Adjusted free cash flow: $151 million, an increase of $441 million over the same period last year, with a free cash flow margin of 441 TP3T.
• GAAP net loss per share: $0.07.
• Adjusted EPS (per share): $0.04.

P&L and Profit

• Operating loss: $114M, operating margin of -33%.
• Adjusted operating income: $117M, operating margin of 34%.
• Adjusted EBITDA: $119 million.

Future Outlook

• Sales forecast for Q2 2021: $360 million, with an expected growth of 431 TP3T over the same period last year.
• Full Year Forecast for FY2021: Adjusted free cash flow is projected to exceed $150 million. We also expect average annual sales growth of over 301 TP3T from 2021 to 2025.

Palantir saw sales increase by 491 TP3T in the first quarter of 2021 compared to the same period last year, with particularly strong growth in the U.S. commercial and government sectors. Operating cash flow and adjusted free cash flow also increased significantly, demonstrating the financial strength of the company. We expect the company to continue to grow in the coming years.

Palantir Technologies' Financial Results for FY2020

FY2020 Q4 (Oct-Dec) Financial Results

Date of financial report: 2021-02-16

• Net sales: $322 million, an increase of 401 TP3T over the same period last year.
• 2020 Full Year Sales: $1.1 billion, an increase of 471 TP3T over the same period last year.
• Operating loss under GAAP: $156.6 million. This was primarily due to stock compensation expense and related employer payroll taxes.
• Adjusted operating income: $104.1 million. Adjusted operating margin was 321 TP3T.

Progress of Contract

• New contracts in Q4: New contracts signed with Rio Tinto, PG&E, BP, U.S. Army, U.S. Air Force, FDA, NHS, and others.
• Contracts over $5 million: 21 contracts, of which 12 were for more than $10 million.

Main Achievements in 2020

• Customer Growth:
  • The number of customers with annual sales exceeding $1 million increased by 321 TP3T.
  • The number of customers with annual sales exceeding $5 million increased by 541 TP3T.
  • The number of customers with annual sales exceeding $10 million increased by 501 TP3T.

Future Outlook

• Sales forecast for Q1 2021: We expect growth of 451 TP3T yoy.
• Sales forecast for full year 2021: We expect growth of more than 301 TP3T for the year.

Palantir recorded strong revenue growth (+401 TP3T) in Q4 2020, continuing to expand its customer base and acquire new contracts; with even greater growth projected for 2021, the company has a positive outlook for the future.

FY2020 Q3 (July-September) Financial Results

Date of financial report: 2020-11-12

• Net sales: $289.4 million, an increase of 521 TP3T from the same period last year.
• Raise full-year sales forecast: Full-year sales forecast for 2020 raised from $1.07 billion to $1.072 billion, an increase of 441 TP3T over the same period last year.
• Operating loss: $847.8 million, of which $847 million is stock option compensation expense.
• Adjusted operating income: $73.1 million, which does not include stock option compensation and related expenses.

Major Business Developments

• New Contracts and Contract Renewals:
  • U.S. ArmyA $91 million contract with the
  • ** $36 million contract with the National Institutes of Health (NIH)**.
  • Renewal of a $300 million contract with an aerospace client.
• Average revenue per customer: Average revenue per customer reached $5.8M in the first nine months of 2020, up $38% from $4.2M in the same period last year.
• Diversification of customer mix: 15 contracts over $5 million signed with new or existing clients in the third quarter of 2020.

Growth by Sector

• Government Sector: Cooperation with U.S. government agencies was strengthened, with particular progress in contracts with the U.S. Army and the National Institutes of Health (NIH).
• commercial sector: Renewed a $300 million contract with an aerospace client and increased demand for software in other commercial sectors, including the oil and gas industry.

Cash Flow and Financial Condition

• Cash and cash equivalents: Holds $1.8 billion in cash.
• Decreased customer concentration: As of September 30, 2020, revenues from the top 20 customers accounted for 611 TP3T of the total, down from 681 TP3T in the same period last year.

Future Outlook

• Q4 Sales Forecast: $299 million to $301 million is expected.
• Annual growth forecast for 2021: Expect sales growth over 30%.

Palantir showed solid growth in the third quarter of 2020, with sales up 521 TP3T over the same period last year. New contracts and contract renewals are progressing, especially in the U.S. government sector. We expect continued growth and have revised our full-year sales forecast for 2020 upward.