#1Q2 Palantir Business Update ©2023 Palantir Technologies Inc. 2023 OO#2Disclaimer Safe Harbor Copyright © 2023 Palantir Technologies Inc. ("Palantir"). This presentation contains "forward-looking" statements within the meaning of the federal securities laws, and these statements involve substantial risks and uncertainties. All statements other than statements of historical fact could be deemed forward-looking, including, but not limited to, statements regarding our financial outlook, product development, distribution, and pricing, expected benefits of and applications for our software platforms, business strategy and plans (including strategy and plans relating to our Artificial Intelligence Platform ("AIP"), sales and marketing efforts, sales force, partnerships, and customers), investments in our business, market trends and market size, expectations regarding any current or potential customers, partnerships, or other business relationships or initiatives, opportunities (including growth opportunities), our expectations regarding our existing and potential investments in, and commercial contracts with, various entities, our expectations regarding macroeconomic events, our expectations regarding potential eligibility or inclusion in market indices, our expectations regarding our share repurchase program, and positioning, as well as assumptions relating to the foregoing. 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Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to risks detailed in our filings with the Securities and Exchange Commission (the "SEC"). You can locate these reports on our investor relations website (investors.palantir.com) or on the SEC website (www.sec.gov). If the risks or uncertainties ever materialize or the assumptions prove incorrect, our results may differ materially from those expressed or implied by such forward-looking statements. Except as required by law, we assume no obligation and do not intend to update these forward-looking statements or to conform these statements to actual results or to changes in our expectations. We use the non-GAAP financial measures adjusted free cash flow and adjusted free cash flow margin; adjusted gross profit and adjusted gross margin; billings; adjusted operating income and adjusted operating margin; adjusted earnings per share ("EPS"), diluted; and adjusted expenses to help us evaluate our business, identify trends affecting our business, formulate business plans and financial projections, and make strategic decisions. Our definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Further, these metrics have certain limitations in that they do not include the impact of certain expenses that are reflected in our consolidated statements of operations. Thus, these non-GAAP financial measures should be considered in addition to, not as a substitute for, or in isolation from, measures prepared in accordance with GAAP. We compensate for these limitations by providing reconciliations of these non-GAAP financial measures to the most comparable GAAP measures. We encourage investors and others to review our business, results of operations and financial information in its entirety, not to rely on any single financial measure, and to view these non-GAAP financial measures in conjunction with the most directly comparable GAAP financial measures. This presentation may contain statistical data, estimates and forecasts that are based on independent industry publications or other publicly available information, as well as other information based on our internal sources. This information involves many assumptions and limitations, and you are cautioned not to give undue weight to these estimates. We have not independently verified the accuracy or completeness of the data contained in these industry publications and other publicly available information. Accordingly, we make no representations as to the accuracy or completeness of that data nor do we undertake to update such data after the date of this presentation. This presentation may also contain links to publicly-available websites, data, or other information. We have not independently verified the accuracy or completeness of such websites, data, or information and accordingly we make no representations as to their accuracy or completeness nor do we undertake to update such data or information after the date of this presentation. The inclusion of external links does not constitute endorsement by Palantir of the linked websites or the data or information contained therein. This presentation may refer to various growth rates when discussing our business. These rates reflect year-over-year comparisons unless otherwise stated. Any non-Palantir logos or trademarks included herein are the property of the owners thereof and are used for reference purposes only. 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By attending or receiving this presentation you acknowledge that you will be solely responsible for your own assessment of the market and our market position and that you will conduct your own analysis and be solely responsible for forming your own view of such information, including the potential future performance of our business.#302 Business Update Q2 2023 Highlights Third consecutive quarter of GAAP profitability; GAAP EPS of $0.01 Second consecutive quarter of GAAP operating profitability → GAAP operating margin of 2%, up 1,100 basis points Y/Y Adjusted operating margin of 25%; third consecutive quarter of expanding margins Cash from operations of $90 million; 17% margin → Adjusted free cash flow of $96 million; 18% margin → Revenue grew +13% Y/Y to $533 million Surpassed trailing-twelve-month ("TTM") revenue of $2 billion → US commercial revenue grew +20% Y/Y to $103 million → US commercial customer count grew +35% Y/Y Adjusted free cash flow and adjusted free cash flow margin exclude employer payroll taxes related to stock-based compensation and purchases of property and equipment. Adjusted operating margin excludes stock-based compensation expense and related employer payroll taxes. We define a customer as an organization from which we have recognized revenue during the trailing twelve months period. Please see the appendix for a reconciliation of these and other non-GAAP financial measures to the most directly comparable GAAP measures. © 2023 Palantir Technologies Inc.#402 Business Update H1 2023 Highlights $1.1 billion Revenue $45 million GAAP Net Income $285 million Adjusted Free Cash Flow 27% Adjusted Free Cash Flow Margin Adjusted operating income excludes stock-based compensation and related employer payroll taxes. Net income refers to Net Income Attributable to Common Shareholders. Please see the appendix for a reconciliation of these and other non-GAAP financial measures to the most directly comparable GAAP measures. © 2023 Palantir Technologies Inc. $14 million GAAP Operating Income $260 million Adjusted Operating Income 25% Adjusted Operating Margin#502 Business Update The New York Times Our Oppenheimer Moment: The Creation of A.I. Weapons by Palantir CEO Alex Karp July 25, 2023 This is an arms race of a different kind, and it has begun. Read the entire essay at The New York Times © 2023 Palantir Technologies Inc. ✿ Ⓒ2023 Palantir Technologies Inc.#602 Business Update AIPCON HIGHLIGHTS AIPCon: Highlighting our new platform, AIP ......... CISCO Panasonic ENERGY © 2023 Palantir Technologies Inc. J.D. POWER HCA+ Healthcare pwc Cleveland Clinic LOCKHEED MARTIN dish Fole RBC Jacobs MOLSON COORS beverage company#702 Business Update "G We're developing an end-to-end solution that brings everything together, [...] it provides control that keeps humans in the loop every step of the way. Digehore water traentrocure Plating Simulated alerts Storage Tank 150 Overflow risk Capacity Jacobs Storage Tank 120 Overflow risk Capacity Storage Tank 551 Overflow risk Capacity Lesend © 2023 Palantir Technologies Inc. AIPCON HIGHLIGHTS PLANT-SPRINGILL Capacity Shannon Miller EVP & President, Divergent Solutions AIP Assist Spare capacity found Wastewater Treatment Plant Storage Tank 229 Storage Tank 124 Recommend where to add pipes to route flow Recommended action: build 2 pipes in the following subcatchment Subcatchment 234566788554 Subcatchment 09382567473 Simulate construction costs This action would reduce the number of alerts to 3 의 Palantir LAIPCoh#802 Business Update 66 The beauty of having Foundry and AIP is that you can build this really, really quickly. We built [an application powered by LLMs] in a matter of days and iterated in a couple of weeks. J.D. POWER J.D. POWER / AIPⓇ Under the hood Consumer Queries & Interactions (Granular access controls) Palantir Al Service Connection APAdler APEmbadding/diper CO char_message Binding LLMs to the Ontology (Granular access controls) chat message afte Create LLM Query for Ev Velice Batch Embeddings <LM Use Case AIPCON HIGHLIGHTS © 2023 Palantir Technologies Inc. Bernardo Rodriguez Chief Digital Officer (LLM] Chat Message > LLM Query for Vehicle > <lectric Vehicle Enheddings 2 (LLM) stacked Verbatim s < LLM-EV Vehicle Stock > < (LLM)-EV Vehicle Make And Model 3 LEV> 0 <EV Enbedings > Connecting to the Ontology (Granular access controls) Search Application Deploying Applications#902 Business Update "G We are solving a real hard problem that I'm convinced is an existential threat to me as an individual and my company... [which is] why I'm so happy to be working with Palantir and Apollo as a platform. CISCO Apollo Palantir LOTPCon Hab 1 8 Ⓒ2023 Palantir Technologies Inc. >1x*( AIPCON HIGHLIGHTS Mike Younkers Sr. Director, Engineering, Government Solutions sa gaga 0 Centra Hub 2 8. CISCO Aina#1002 Business Update "G Within one month, we were able to give [our teams] the tools that took that four hour process and condensed it down to 15 minutes. Panasonic ENERGY First Use Case: Electrode Control Tower . First use case delivered in one month • Transformed highly manual ground work to partially automated rapid decisioning • Significant materials savings from reduced waste 4 hours multistep → process O Palantir LAIPCon 15 minutes in one platform AIPCON HIGHLIGHTS Justin Herman VP & Chief Information Officer Ⓒ2023 Palantir Technologies Inc. Views Panasonic ENERGY JTH 1#11Q2 Business Update Novartis CEO Vas Narasimhan names partnership with Palantir as key accelerator for pharmaceutical R&D. 66 We have one fundamental advantage versus our peers: five years ago, we created an integrated data lake we called data42 with our partners at Palantir. 66 We're using that data lake to move Al very quickly forward in the company... our data is organized, it has a clear Ontology, and I'm hoping that will lead to more discoveries faster over time. Watch the entire interview on © 2023 Palantir Technologies Inc. CNBC 184 101.40 104.30 106 NOVAR 301.79 & NOVARTIS SQUAWKON HEALTHCARE AND AI NOVARTIS CEO ON R&D SUPPORT THE STREET SQ THE CNBC#1202 Business Update Our software continues to be in the fight. In May, we announced a multi-year contract with United States Special Operations Command (SOCOM) worth up to $463 million to support their Al-enabled mission command platform. © 2023 Palantir Technologies Inc.#1302 Business Update Congratulations to Elina Svitolina on reaching the Wimbledon semi-finals and on her continued success. 66 I am thankful for the work [Palantiris] doing in helping my government continue its fight to peacefully exist within our own borders. © 2023 Palantir Technologies Inc. paka QPalantir#1402 Business Update AIPCon2 September 14th, 2023 AIPCon convenes Palantir customers at all stages of their Al journey. Tune in to hear keynotes, demos, and master classes from customers as they share their latest LLM innovations and offer their vision of an Al enabled future. PALANTIR TECHNOLOGIES INC. +PALANTIR.COM AIP SYG Live stream details to come at investors.palantir.com/ © 2023 Palantir Technologies Inc. AIP CON ALL RIGHTS RESERVED S4G Summit WINNERS FOCUS ON WINNING LOSERS FOCUS ON WNERS. September 21st, 2023 The inaugural Software for Government (S4G) Summit will assemble representatives from the US Government, C-suite executives, and industry leaders to explore the transformative power and potential of software. FOUNDATIONAL SOFTWARE OF TOMORROW. DELIVERED TODAY." EST. 2003/ PALO ALTO, CA DENVER, CO PALANTIR.COM#15Q2 Palantir Financials ©2023 Palantir Technologies Inc. 2023 OO#16Q2 Financials We achieved GAAP profitability for the third consecutive quarter. Ⓒ2023 Palantir Technologies Inc. Q2 2023 GAAP earnings per share of $0.01, up $0.10 Y/Y GAAP EPS $0.05 $ $(0.05) $ (0.10) $(0.09) Q2 2022 $0.01 Q2 2023#17Q2 Financials We achieved GAAP operating profitability for the second consecutive quarter. Ⓒ2023 Palantir Technologies Inc. GAAP Operating Income (Loss) $20.0M $10.0M ($10.0M) ($20.0M) ($30.0M) ($40.0M) ($50.0M) ($60.0M) ($70.0M) ($41.7M) Q2 2022 ($17.8M) ($62.2M) Q3 2022 Q4 2022 $4.1M Q1 2023 $10.1M Q2 2023#1802 Financials US Commercial Revenue Growth $105M $95M $85M $75M $... Ⓒ2023 Palantir Technologies Inc. $86M Q2 2022 +20% $103M Q2 2023 US Government Revenue Growth $225M $200M $175M $150M $... $205M Q2 2022 +10% $225M Q2 2023#1902 Financials Government Revenue Growth $300M $275M $250M $225M $200M $... Ⓒ2023 Palantir Technologies Inc. $263M Q2 2022 +15% $302M Q2 2023 Commercial Revenue Growth $260M $230M $200M $... $210M Q2 2022 +10% $232M Q2 2023#2002 Financials Total Revenue Growth $550M $500M $450M $400M $350M $... Ⓒ2023 Palantir Technologies Inc. $473M +13% $533M Q2 2022 Q2 2023 NET DOLLAR RETENTION OF 110% Q2 2023 Average TTM Revenue per Top 20 Customers $55M $50M $45M $40M $35M $... $46M Q2 2022 +15% $53M Q2 2023 Average TTM revenue per customer is defined as (a) the Company's trailing twelve months of revenue as of each period divided by (b) the number of customers from which that period's revenue was derived. Average TTM revenue from our top twenty customers for each period presented is the average revenue recognized from the twenty customers with the greatest amount of revenue recognized in each respective period. Net dollar retention is calculated as (a) revenue for the trailing twelve months as of each period attributable to the customers as counted for the prior trailing twelve months divided by (b) revenue for the prior trailing twelve months recognized from those same customers.#2102 Financials ADJ. GROSS MARGIN Ⓒ2023 Palantir Technologies Inc. 81% Q2 2022 80% Q3 2022 82% Q4 2022 Adjusted gross margin excludes stock-based compensation. Please see the appendix for a reconciliation of this non-GAAP financial measure to the most directly comparable GAAP measure. 81% Q1 2023 81% Q2 2023#22Q2 Financials We are committed to profitable growth and will continue to focus on investing in areas critical to our business. Adjusted operating income and adjusted operating margin exclude stock-based compensation and related employer payroll taxes. Please see the appendix for reconciliations of these and other non-GAAP financial measures to the most directly comparable GAAP measures. Ⓒ2023 Palantir Technologies Inc. Q2 2023 adjusted operating income was $135M, representing a margin of 25% ● ADJUSTED OPERATING MARGIN $150M $125M $100M $75M $50M $25M $108M 23% Q2 2022 $81M 17% Q3 2022 $114M 22% Q4 2022 $125M 24% Q1 2023 $135M 25% Q2 2023#2302 Financials Customer Count 425 400 375 350 325 300 275 250 : 304 TTM ENDED JUN 30, 2022 Ⓒ2023 Palantir Technologies Inc. +11% 337 TTM ENDED SEP 30, 2022 +38% Y/Y +9% 367 TTM ENDED DEC 31, 2022 +7% 391 TTM ENDED MAR 31, 2023 +8% 421 TTM ENDED JUN 30, 2023 Billings is defined as revenue plus the change in contract liabilities for the period presented. Please see the appendix for reconciliations of this and other non-GAAP financial measures to the most directly comparable GAAP measures. Billings $700M $600M $500M $400M $300M $200M $100M $396M Q2 2022 +52% $603M Q2 2023#24Q2 Financials During Q2 2023, we closed 66 deals of at least $1 million. 30 of which were at least $5 million © 2023 Palantir Technologies Inc. The value of deals closed reflects the total contract value of contracts that have been entered into with, or awarded by, our government and commercial customers and includes existing contractual obligations and unexercised contract options available to those customers. 18 of which were at least $10 million#25Q2 Financials We ended Q2 2023 with $3.1B in cash, cash equivalents, and short-term US treasury securities and no debt. Ⓒ2023 Palantir Technologies Inc. Cash from Operations and Adjusted Free Cash Flow $100M $75M $50M CASH FROM OPERATIONS $62M Q2 2022 $90M Q2 2023 ADJUSTED FREE CASH FLOW $61M Q2 2022 $96M Q2 2023#26Q2 Financials Q3 2023 For third quarter 2023, we expect: Revenue of between $553 million - $557 million. Adjusted income from operations of between $135 million - $139 million. → GAAP net income. Ⓒ2023 Palantir Technologies Inc. FY 2023 For full year 2023: We are raising our revenue guidance to in excess of $2.212 billion. We are raising our adjusted income from operations guidance to in excess of $576 million. → We expect GAAP net income in each quarter.#27Q2 Palantir Appendix ©2023 Palantir Technologies Inc. 2023 OO#28Appendix Additional Metrics and Notes ($ MILLIONS) Total RPO Short-Term RPO Long-Term RPO Billings Ⓒ2023 Palantir Technologies Inc. $ $ $ $ Q2 2022 1,202 524 678 396 $ $ $ $ Q3 2022 1,254 555 699 509 Remaining performance obligations ("RPO") reflects the values of contracts that have been entered into with, or awarded by, our government and commercial customers and represents non-cancelable contracted revenue that has not yet been recognized, which includes deferred revenue and, in certain instances, amounts that will be invoiced. We have elected the practical expedient, as permitted under Accounting Standards Codification 606 - Revenue from Contracts with Customers, to not disclose remaining performance obligations for contracts with original terms of twelve months or less. $ $ $ $ Q4 2022 973 517 456 387 $ $ es $ $ Q1 2023 936 529 407 614 $ $ Ś $ Q2 2023 968 558 410 603#29Appendix Reconciliation of Cash Flow from Operating Activities to Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin Adjusted free cash flow margin is calculated as adjusted free cash flow divided by revenue ($ THOUSANDS) Cash Flow from Operating Activities Add: Cash Paid for Employer Payroll Taxes Related to Stock-Based Compensation Less: Cash Used to Purchase Property and Equipment Adjusted Free Cash Flow Adjusted Free Cash Flow Margin Ⓒ2023 Palantir Technologies Inc. $ Q2 2022 62,431 3,933 (5,458) $ 60,906 13% Q2 2023 $ 90,192 9,770 (3,934) $ 96,028 18% H1 2022 $ 97,908 $ 13,457 (20,673) 90,692 10% H1 2023 $ 277,568 16,046 (8,689) $ 284,925 27%#30Appendix Reconciliation of Gross Profit to Adjusted Gross Profit & Adjusted Gross Margin Excluding Stock-Based Compensation Adjusted gross margin is calculated as adjusted gross profit divided by revenue ($ THOUSANDS) Gross Profit Add: Stock-Based Compensation Adjusted Gross Profit Adjusted Gross Margin Ⓒ2023 Palantir Technologies Inc. $ $ Q2 2022 370,786 11,211 381,997 81% $ $ Q3 2022 370,269 10,525 380,794 80% $ Q4 2022 404,313 10,648 $ 414,961 82% Q1 2023 $ 417,541 $ 9,177 426,718 81% $ $ Q2 2023 426,418 8,004 434,422 81%#31Appendix Reconciliation of Income (Loss) from Operations to Adjusted Operating Income and Adjusted Operating Margin Excluding Stock-Based Compensation and Related Employer Payroll Taxes ($ THOUSANDS) Income (Loss) From Operations Add: Stock-Based Compensation Employer Payroll Taxes Related to Stock-Based Compensation Adjusted Operating Income Adjusted Operating Margin Ⓒ2023 Palantir Technologies Inc. Q2 2022 $ (41,745) 145,769 3,825 $ 107,849 23% Q3 2022 $ (62,191) 140,308 3,133 $ 81,250 17% Q4 2022 $ (17,826) 129,398 2,692 $ 114,264 22% Q1 2023 $ 4,115 114,714 6,285 $ 125,114 24% $ Q2 2023 10,074 114,201 10,760 $ 135,035 25% H1 2022 $ (81,184) 295,092 11,331 $ 225,239 24% $ H1 2023 14,189 228,915 17,045 $ 260,149 25%#32Appendix Reconciliation of GAAP Net Earnings (Loss) Per Share, Diluted to Adjusted Earnings (Loss) Per Share, Diluted 1. (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) Net Income (Loss) Attributable to Common Stockholders Add/ (Less): Stock-Based Compensation Employer Payroll Taxes Related to Stock-Based Compensation Income Tax Effects and Adjustments [1] Adjusted Net Income (Loss) Attributable to Common Stockholders Weighted-Average Shares Used in Computing GAAP Earnings (Loss) Per Share, Diluted Adjusted Weighted-Average Shares Used in Computing Adjusted Earnings (Loss) Per Share, Diluted Adjusted Earnings (Loss) Per Share, Diluted Income tax effect is based on an estimated long-term annual effective t rate of 23.0% and 22.2% for the periods ended 2023 and 2022, respectively. The Company's estimated long-term annual effective tax rate excludes certain non-cash items, such as stock-based compensation, and is used in order to provide consistency across periods by eliminating the effects of certain items, such as changes in the tax valuation allowance. Ⓒ2023 Palantir Technologies Inc. $ $ $ Q2 2022 (179,329) 145,769 3,825 8,615 (21,120) 2,054,799 2,054,799 (0.01) $ $ $ Q2 2023 28,127 114,201 10,760 (33,539) 119,549 2,278,155 2,278,155 0.05#33Appendix Reconciliation of Revenue to Billings ($ THOUSANDS) Revenue Change in Contract Liabilities Billings Ⓒ2023 Palantir Technologies Inc. Q2 2022 $ 473,010 (76,927) $ 396,083 Ś $ Q3 2022 477,880 30,807 508,687 $ $ Q4 2022 508,624 (121,589) 387,035 $ $ Q1 2023 525,186 88,614 613,800 $ Q2 2023 533,317 69,952 $ 603,269#34Appendix Reconciliation of Cost of Revenue and Total Operating Expenses to Adjusted Expenses ($ THOUSANDS) Total Expenses Less: Stock-Based Compensation Employer Payroll Taxes Related to Stock-Based Compensation Adjusted Expenses Ⓒ2023 Palantir Technologies Inc. $ $ Q2 2022 514,755 145,769 3,825 365,161 Q1 2023 $ 521,071 114,714 6,285 $ 400,072 $ Q2 2023 523,243 114,201 10,760 $ 398,282