Palantir sees Q4, 2021 revenue ahead of expectations
Palantir said it expects 2021 revenue growth of about 40% as it closed 54 deals worth more than $1 million in the third quarter.
The enterprise and government analytics company said it expects fourth quarter revenue of $418 million with 2021 revenue growth of 40% to $1.53 billion. Analysts were expecting fourth quarter sales of $401.9 million and $1.51 billion for 2021.
Palantir reported a third quarter net loss of $102.1 million, or 5 cents a share, on revenue of $392 million, up 36% a share. Non-GAAP earnings were 4 cents a share in the third quarter.
Wall Street analysts were expecting Palantir to report third quarter non-GAAP earnings of 4 cents a share on revenue of $385 million.
Palantir said its US commercial revenue was up 103% in the third quarter compared to a year ago. Palantir closed 33 deals worth more than $5 million or more and 18 deals worth $10 million or more. Palantir has two software platforms, Palantir Gotham and Palantir Foundry, and has been working to make its applications more consumable for enterprises.
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Shyam Sankar, chief operating officer at Palantir, said on an earnings conference call that the company has doubled its commercial accounts since the beginning of 2021.
Sankar added that Palantir is seeing strength from three industries: defense, automotive and health.
There are so many wins this quarter. Instead of going through them customer by customer as I usually do, I wanted to highlight 3 themes. One, we are seeing more traction selling into the defense industrial base as a customer. Foundry has shown that it can help in the production of the A320, of RAM pickup trucks, auto parts, PPE and tractors. We can do it better, faster and cheaper. And the defense industrial base is seeing that it can have the same impact on the production of fighter jets, naval ships and land vehicles. We are excited to do more here with L3 Harris, Huntington Ingalls and other large primes.
Secondly, our work in automotive, and more generally, mobility is growing. We are adding more customers across the mobility value chain from OEMs and their suppliers all the way to EV charging companies and insurers. And lastly, our work in health care is exploding. The NHS, MD Anderson, 70 academic medical centers through the NIH's N3C, the Department of Veteran Affairs, and even more regional U.S. providers means that Foundry is helping to manage over 300 million patient lives and growing.
As for the future, Palantir said carbon tracking, sustainability and cryptocurrency and digital assets are all growth avenues for its technology. Sankar said Palantir's Foundry platform plays well with crytocurrency.
The other offering, we're really excited about is foundry for crypto. We have found a unique fit with fast-growing crypto companies that need industrialized compliance solutions. We are leveraging our deep anti-money laundering and know your customer expertise developed over years, helping governments find compliance issues with the world's largest banks, and helping those banks respond and harden their compliance programs.