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Key Points
- Palantir’s full-year 2024 revenue soared to $2.9 billion, marking a 28.79% increase from last year, driven by rising demand for its data-driven solutions and AI capabilities.
- CEO Alex Karp emphasizes Palantir’s pivotal role in the AI revolution, highlighting the company’s strategic vision and continued growth.
- Asset base expanded by 40.21% to $6.34 billion from $4.52 billion, indicating growth in both non-current and current assets.
Palantir Technologies, an artificial intelligence (AI) and big data analytics firm co-founded and led by, U.S. third-richest Black person Alex Karp, closed its fiscal year with strong financial results, reporting a 28.79 percent revenue increase compared to the same period in 2023.
Under Karp, revenue soared to $2.87 billion, up from $2.23 billion in the full year 2023, propelled by escalating demand for artificial intelligence (AI) applications, which has positioned Palantir as a central player in the AI technology landscape.
Revenue surges amid growing AI demand
Palantir's revenue growth was driven by a strong performance in its U.S. operations, with revenue rising 38 percent year-over-year to $1.9 billion. U.S. government revenue grew 30 percent, reaching $1.2 billion, while the commercial segment saw impressive results, with revenue jumping 54 percent to $702 million.
The company also made significant strides globally, closing 129 deals worth at least $1 million, 58 deals of $5 million or more, and 32 deals of $10 million or higher. Its customer base expanded by 43 percent year-over-year, reflecting its growing presence in the market.
CEO Alex Karp spoke about Palantir's evolving role in the AI sector, saying, “Our business results continue to astound, demonstrating our deepening position at the center of the AI revolution. Our early insights surrounding the commoditization of large language models have evolved from theory to fact.” He also commended the company’s workforce, emphasizing their contributions to growth and the well-earned compensation tied to market-driven achievements.
Additionally, the company maintained a robust liquidity position, with $5.2 billion in cash, cash equivalents, and short-term U.S. Treasury securities, highlighting its balance of growth and profitability in a rapidly expanding AI-driven market.
Palantir hits record income under Alex Karp
Alex Karp, Palantir’s co-founder and CEO, exemplifies African-American entrepreneurial success. Ranked 374th on Forbes’ global rich list with a net worth of $7.8 billion, Karp’s leadership reflects Palantir’s ongoing success and strategic positioning under his leadership.
Under his leadership, the Denver-based software giant reported a record net income of $467.92 million from $217.38 million in the prior period. Total assets surged by 40.21 percent from $4.52 billion as of Dec. 30, 2023, to $6.34 billion as of Dec. 31, 2024.
The company’s total equity also saw substantial growth, climbing from Total equity from $3.56 billion to $5.1 billion, reinforcing Palantir’s position in the data analytics and AI industry.
