Palantir Tops Q3 Consensus, Clocks 18 $10 Million+ Deals

Palantir Tops Q3 Consensus, Clocks 18 $10 Million+ Deals
An address sign for Palantir Technologies worldwide headquarters is viewed in Denver, Colo., on Sept. 30, 2020. Jason Connolly/AFP via Getty Images
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Palantir Technologies Inc. reported third-quarter FY21 revenue growth of 36 percent year-on-year to $392 million, beating the consensus of $385 million.

Revenue Drivers

U.S. commercial revenue grew 103 percent Y/Y. Palantir added 34 net new customers. Commercial customer count increased 46 percent Q/Q.
Palantir closed 54 deals of $1 million or more, of which 33 contracts were worth $5 million or more and 18 deals at $10 million or above. The total remaining deal value grew 50 percent Y/Y to $3.6 billion.

Margins

The adjusted operating margin expanded 500 bps to 30 percent. The adjusted EBITDA margin rose 400 bps to 30 percent.