PLTR

1. Key Historical Highlights

• November 20, 2025: Achieved IRAP PROTECTED level in Australia, enabling broader government and commercial deployments of Foundry and AIP hosted locally.
• November 19, 2025: Expanded multi-year preferred partnership with PwC UK to accelerate AI-led transformation across sectors using Foundry and AIP.
• November 17, 2025: Entered a multi-year strategic partnership with FTAI Aviation to deploy AIP for engine MRO scheduling, inventory optimization, and supply chain transformation.
• November 17, 2025: Announced NHS Federated Data Platform apprenticeship programs with Multiverse to upskill NHS staff starting February 2026.
• November 06, 2025: Partnered with Valoriza to power AI-driven waste management and urban services using Foundry and AIP.
• November 04, 2025: Reported Q3 2025 earnings with 63% YoY revenue growth to $1.181 billion and a 51% adjusted operating margin on the earnings call.
• November 03, 2025: Issued Q3 2025 results highlighting 121% YoY growth in U.S. commercial revenue and record total contract value of $2.76 billion.
• October 16, 2025: Announced a strategic partnership with Snowflake for zero-copy interoperability between Foundry/AIP and the AI Data Cloud.
• October 06, 2025: Selected by OneMedNet to power near real-time regulatory-grade healthcare data analytics across a large provider network.
• September 17, 2025: Achieved CMMC Level 2 certification, validating capabilities to handle CUI for U.S. defense and federal programs.
• September 10, 2025: Partnered with Hadean to deploy simulation and AI products on Foundry for the UK Ministry of Defence.
• September 04, 2025: Announced collaboration with Lumen Technologies to modernize telecom operations with Foundry and AIP.
• September 04, 2025: Expanded a five-year partnership with Lear to scale Foundry, Warp Speed, and AIP across global manufacturing.
• September 04, 2025: Hosted AIPCon 8 featuring 70+ U.S. commercial customer speakers showcasing enterprise AI use cases.
• August 12, 2025: Expanded multi-year partnership with SOMPO Holdings to deepen Foundry and AI agent use across subsidiaries.
• August 04, 2025: Reported Q2 2025 results with 48% YoY revenue growth to $1.004 billion and raised full-year guidance.
• July 02, 2025: Launched Warp Speed for Warships with BlueForge Alliance to accelerate U.S. Navy shipbuilding through digital transformation.
• June 30, 2025: Formed a strategic partnership with Accenture Federal Services, naming AFS a preferred implementation partner for U.S. federal customers.
• June 26, 2025: Announced a partnership with The Nuclear Company to co-develop the Nuclear Operating System for faster, safer reactor construction.
• June 10, 2025: Entered a multi-year partnership with Fedrigoni to drive AI-enabled digital transformation across operations.

2. Financial Performance Overview

• Revenue growth accelerated through 2025: Q1 rose 39% YoY to $884 million, Q2 rose 48% YoY to $1.004 billion, and Q3 rose 63% YoY to $1.181 billion, with U.S. commercial up 121% YoY in Q3.
• Profitability scaled with growth: adjusted operating margin improved from 44% in Q1 to 51% in Q3, GAAP net income margin reached 40% in Q3, and gross margin held ~80–81% per H1 MD&A.
• Cash generation remained robust: Q3 adjusted free cash flow was $540 million (46% margin) and trailing 12‑month adjusted FCF reached $2.0 billion; Gap: capex and cash balance data not disclosed.
• Sales durability strengthened: record Q3 total contract value of $2.8 billion, customer count up 45% YoY to 911, and U.S. commercial remaining deal value up 199% YoY to $3.63 billion signal pipeline depth.
• Guidance repeatedly raised: FY 2025 revenue now guided to $4.396–$4.400 billion with adjusted income from operations of $2.151–$2.155 billion and U.S. commercial revenue expected to exceed $1.433 billion.

3. Management Effectiveness

• Demonstrated operating leverage with rising adjusted operating margins and sustained ~80% gross margins while scaling revenue growth sequentially through 2025.
• Executed a partner-led go-to-market expansion with PwC UK, Accenture Federal Services, and Snowflake to accelerate deployments and reduce customer friction.
• Secured critical certifications and authorizations (FedRAMP High, CMMC Level 2, IRAP PROTECTED) that open regulated and defense markets and reinforce trust in sensitive environments.
• Advanced product velocity with AIP, AI Hivemind, Edge Ontology, and Warp Speed programs that anchor use-case expansion across defense, healthcare, manufacturing, and telecom.
• Focused capital allocation appears oriented to product and market expansion with strong organic cash generation; Evidence lacking: explicit disclosures on dividends, buybacks, or M&A deployment priorities.

4. Key Quotes from Management

• "These are arguably the best results that any software company has ever delivered." — Alexander Karp, Chief Executive Officer, Palantir Technologies Inc. (Q3 2025 Earnings Call Transcript, November 04, 2025)
• "This was a phenomenal quarter. We continue to see the astonishing impact of AI leverage. Our Rule of 40 score was 94%, once again obliterating the metric." — Alex C. Karp, Co-Founder and Chief Executive Officer, Palantir Technologies Inc. (Q2 2025 Financial Results and Revenue Guidance, August 04, 2025)
• "Our Rule of 40 score increased to 83% in the last quarter, once again breaking the metric." — Alexander C. Karp, Chief Executive Officer, Palantir Technologies Inc. (Q1 2025 Financial Results and Revenue Guidance Update, May 05, 2025)
• "These are not incremental advances. We believe our results are indicative of a revolution sweeping across our business and industry." — Alexander C. Karp, Chief Executive Officer & Co-Founder, Palantir Technologies Inc. (Letter to Shareholders, May 05, 2025)
• "We love disruption and whatever is good for America will be good for Americans and very good for Palantir." — Alex Karp, Chief Executive Officer, Palantir Technologies Inc. (Q4 2024 Earnings Call Transcript, February 03, 2025)
• "Palantir's mission is to equip our friends and allies with the tools they need to win." — Alex Karp, Co-founder and Chief Executive Officer, Palantir Technologies Inc. (Aither joint venture to lead AI transformation, April 11, 2025)
• "Palantir is proud to partner with xAI and TWG Global to revolutionize AI adoption in the financial services industry." — Alex Karp, CEO, Palantir Technologies (Collaboration Announcement for AI Integration in Financial Services, May 06, 2025)