Palantir Technologies has reported a 24% year-over-year (YoY) increase in total revenue to $1.91bn for fiscal year 2022, from $1.54bn in 2021.

The company also recorded an increase in US revenue by 32% to $1.16bn while the US government revenue rose by 22% to $826m.

Adjusted income from operations for the full year, which ended on 31 December 2022, was $421m, representing a 22% margin.

Palantir’s loss from operations stood at $161m. The latest figures represent an 8% margin.

Meanwhile, adjusted free cash flow and cash from operations were reported at $203m and $224m, respectively.

Palantir Technologies CEO and co-founder Alex Karp said: “With this result, Palantir is profitable.”

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In the fourth quarter (Q4) of 2022, the company’s generally accepted accounting principles (GAAP) net income was reported at $31m, with a GAAP earnings per share of $0.01.

Palantir claimed that this marks the first time the company has recorded a ‘positive’ GAAP net income in a quarter.

The overall revenue for Q4 2022 witnessed an 18% YoY increase to $509m while US revenue went up by 19% to $302m.

US Government revenue were recorded at $225m for Q4 2022 while sales from the government sector stood at $293m during the same period

Adjusted income from operations in the reported quarter was $114m and adjusted free cash flow was $76m.

Karp added: “A threshold has been crossed, and this is the start of our next chapter. We expect to generate a profit for the current fiscal year, our first profitable year in the history of our company.”

For Q1 2023, Palantir has forecasted revenue to be in the range of $503m to $507m while the revenue for 2023 is expected to fall between $2.180bn and $2.230bn.