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.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
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.