US-based software firm Palantir Technologies has posted a 22% year-on-year (YoY) growth in revenues to $478m in the third quarter (Q3) of 2022.   

The performance was attributed to a sharp rise in revenue primarily in the US market.

Palantir’s adjusted income from operations stood at $81.25m, reflecting a 17% margin.

In the three-month quarter that ended on 30 September 2022, cash from operations increased 10% to $47m.

Adjusted free cash flow was $37m, marking positive performance for the eighth consecutive quarter.

The quarterly adjusted net income was $16m while adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) was $87m, representing an 18% margin.

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The company’s total contract value for the third quarter of this year was $1.3bn. This was driven by growth in the firm’s defence business in the US.

Palantir’s businesses across the US reported a total revenue of $1.11bn on a trailing twelve-month (TTM) basis. The figure represented a 38% jump from $808m reported a year ago.  

Of this, US commercial revenue increased 53% YoY, and government revenue was up 23% from the previous year.

The firm’s commercial customer count in the US market also grew 124% YoY to 132 customers, compared to 59 in Q3 last year.

Palantir Technologies co-founder and chief executive officer Alexander Karp said: “We beat expectations for revenue growth this quarter and expect to have a strong finish to the year, even in the face of the continued strength of the US dollar.

“Our company is emerging as a dominant provider of foundational data platforms, generating approximately half a billion dollars in revenue every quarter.

“We have crossed the billion-dollar mark in the United States market alone, more than doubling our business in two years.”

Despite a negative $6m currency impact, the company reiterated their full-year revenue outlook to be between $1.9bn and $1.902bn.   

It expects adjusted income from operations to be in the range of $384m to $386m.