#1Feb 17 2022 Q Palantir Ⓒ2022 Palantir Technologies Inc. FY-2021 Business Update#2O) Disclaimer [Safe Harbor] This presentation contains "forward-looking" statements within the meaning of the federal securities laws, and these statements involve substantial risks and uncertainties. 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We use the non-GAAP financial measures such as adjusted free cash flow and adjusted free cash flow margin; adjusted gross profit and adjusted gross margin; and adjusted operating income (loss) and adjusted operating margin 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 statement 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. Such use should not be construed as an endorsement of the platform and products of Palantir. The appearance of any U.S. Department of Defense (DoD) visual information does not imply or constitute DoD endorsements. 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.#3O) FY 2021 Business Update Q4 results [year-over-year growth & margins] Total Revenue Growth 34% US Commercial Revenue Growth 132% GAAP Gross Margin 80% Government Revenue Growth 26% Adjusted Operating Income $124M → 29% Margin Commercial Revenue Growth 47% Adjusted Free Cash Flow $104M → 24% Margin Ⓒ2022 Palantir Technologies Inc. Adjusted operating income and related margin excludes stock-based compensation and related employer payroll taxes. Adjusted free cash flow and related margin excludes employer payroll taxes related to stock-based compensation and purchases of property and equipment. Please see the appendix for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures. Our two operating segments are commercial and government. Commercial primarily serves customers working in non-governmental industries, while the government segment primarily serves customers that are U.S. government and non-U.S. government agencies.#4O FY 2021 Business Update FY '21 results [revenue & margins] Total Revenue Growth 41% US Commercial Revenue Growth 102% GAAP Gross Margin 78% Government Revenue Growth 47% Adjusted Operating Income $473M →31% Margin We define a customer as an organization from which we have recognized revenue during the trailing twelve-month period. Commercial Revenue Growth 34% Commercial customer count tripled Adjusted Free Cash Flow $424M → 28% Margin#5O ● Fig 01 2021 AFCF Margin vs 2021 Revenue Growth QPalantir 60% 40% 20% 0% 2021 Adjusted Free Cash Flow Margin (%) FY 2021 Business Update 0% 50% High growth, high cash flow FY '21 Revenue: $1.5B →FY '21 Growth: 41% → FY '21 Adjusted Free Cash Flow Margin: 28% 100% Ⓒ2022 Palantir Technologies Inc. 2021 Revenue Growth (y/y) 150% Source: Capital IQ / Screen conditions → Company Type: Public Company Industry Classification: Software and Services / Total LTM Revenue: Greater than $1B/ Information is as of February 4, 2022 Chart reflects data available as of February 4, 2022 from publicly traded companies worldwide that are classified in the "software and services" industry by the Capital IQ platform and that generated at least $1 billion in revenue in the last twelve months of each respective company's most recently reported 12-month period; source: S&P Capital IQ. Not all companies may have reported fiscal 2021 results as of February 4, 2022. Adjusted free cash flow margin is a non-GAAP metric and our definition may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish this or similar metrics. Chart generally reflects free cash flow margin for other companies, except where adjusted free cash flow margin data is reported.#6O FY 2021 Business Update When it has to work, there is only Palantir. The A350 production ramp crisis Combatting the rise of ISIS external operations across Europe Powering emergency non-combatant evacuation operations from Afghanistan ● Powering the US vaccines program from clinical trials to jabs in arms ● Driving UK PPE, hospital operations, and vaccinations across the NHS • Helped to identify $200 billion Russian money laundering operation Full Secretary of the Bed St 100 ONE HUNDR Powering Public Safety Power Shutoff program to mitigate wildfire risks ● Assisted FAA with minimizing air travel disruptions and maximizing passenger safety Ⓒ2022 Palantir Technologies Inc. • Supported risk management of multi- trillion-dollar mortgage portfolios through the Global Financial Crisis ● Autonomously remediated log4j vulnerabilities across 200+ environments with Apollo YCOREKCI#7O Too bad it's too expensive...right? FY 2021 Business Update The King's Fund> The Covid-19 vaccination programme Trials, tribulations and successes Nicholas Timmins Beccy Baird January 2022 Ⓒ2022 Palantir Technologies Inc. "F '... the NHS's two-year [Foundry] license... is just under £25 million. By contrast ... Test and Trace spent £155 million in 2020-21 alone... and struggled to produce the desired outcome in what is a simpler exercise ..." -Nicholas Timmins and Beccy Baird, The King's Fund (excerpt from The Covid-19 vaccination programme, online version, January 2022)#8O TAM expansion 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 FY 2021 Business Update 2013 Gotham 2021 EdgeAl, MetaConstellation, Titan 2020 JADC2 2019 Al-enabled mission command 2018 Readiness, logistics and back office functions 2017 Operations (intelligence + operations) 2016 Law enforcement, justice cyber, and fraud 2015 Defense intelligence and J2 2014 All sources within intelligence community 2013 HUMINT within intelligence community I Foundry 2021 OpsPl 2020 Simulation, Digital twins, Low-code/No-code, HyperAuto 2019 SSDI, ML, Modeling 2018 Analytics 2017 Data Platform Ⓒ2022 Palantir Technologies Inc. Apollo 2021 Bringing customers' SaaS to any environment. 2020 Bringing Palantir SaaS to any environment#9O) FY 2021 Business Update Product ↳New products released since DPO ● HyperAuto Edge Al Apollo for customers' SaaS ▬▬▬▬▬▬▬▬▬▬▬I ▬▬▬▬▬▬▬▬▬▬▬ 1+1+1 ‒‒‒‒‒‒‒ ‒‒‒‒‒‒‒‒ 11010 1 78 A I 21 3 1.100.0 ‒‒‒‒‒‒ ‒‒‒‒ + MetaConstellation Certain notional data is Copyright ©2022 SAP SE or an SAP affiliate company. All rights reserved. Copyright © 2022 Palantir Technologies Inc. and/or affiliates ("Palantir"). All rights reserved. The information in this document proprietary and provided for informational purposes only and shall not create a warranty of any kind. Any data contained herein is notional. dhattach OpsPl DATA TEAMS OPERATIONS TEAMS -900- Cosmos |||||||||| ANALYTICS TEAMS Titan ANDURIL IN#10O) FY 2021 Business Update Our customers are saying: Foundry is to app developers this decade what AWS was to them last decade wejo EV Operating System Merck Athinia Swiss Re Athena AIRBUS Aircraft Defect Matrix app Skywise Cabin Defects app Aircraft Software Tracker app K Component Analysis app AOG Management app I 36 CORSIA app Merck Syntropy Ⓒ2022 Palantir Technologies Inc.#11O) FY 2021 Business Update Focus on customer growth ● Fig 02 Total Customer Count 139 FY 2020 Net dollar retention is calculated as (a) revenue for the current year attributable to the customers as counted for the prior year divided by (b) revenue for the prior year recognized from those same customers. →Net dollar retention of 131% in 2021 →Total customers grew 71% +71% 237 FY 2021#12O) Į FY 2021 Business Update Commercial Business Ⓒ2022 Palantir Technologies Inc.#13O FY 2021 Business Update Commercial momentum Commercial revenue growth year-over-year • Q1 2021 19% • Q2 2021 28% Net dollar retention ● Q3 2021 37% Commercial [Overall]: 113% Commercial [US]: 150% Commercial [International]: 103% • Q4 2021 47% ● Fig 03 Commercial Customer Count 49 FY 2020 +200% 147 FY 2021 Ⓒ2022 Palantir Technologies Inc.#14O) FY 2021 Business Update US commercial momentum US commercial revenue growth year-over-year • Q1 2021 72% • Q2 2021 90% • Q3 2021 103% Net dollar retention of US commercial: 150% ● Fig 04 US Commercial Customer Count 17 FY 2020 • Q4 2021 132% +371% 80 FY 2021 ● Fig 05 US Comm (%) of Overall Revenue 6% FY 2019 9% FY 2020 13% FY 2021 Ⓒ2022 Palantir Technologies Inc.#15O) FY 2021 Business Update US commercial sales investments will fuel FY $22 growth 80 ● Fig 06 Sales Headcount Headcount O Tenure >9 months 12 EOY 2020 O) 6 EOY 2021 25 Ⓒ2022 Palantir Technologies Inc.#16O) US commercial cohort growth $200M ● Fig 07 US Commercial Revenue by Cohort 2017 Cohort 2018 Cohort 2019 Cohort O 2020 Cohort O 2021 Cohort $150M FY 2021 Business Update $100M $50M $39M For the purposes of this chart, a cohort for a given year is defined as all US commercial customers from whom Palantir generated revenue in such fiscal year and from whom Palantir generated zero revenue in the immediately preceding fiscal year. A customer may be reflected in more than one cohort (for example, cases where a customer contract and relationship ended in one year and then a new contract commenced several years later, with no revenue generated from such customer in the interim). 2018 $7M $32M 8M 2019 $19M $10M $19M $99M 2020 $6M $69M $15M $9M $201M 2021 $53M $18M $102M $17M $11M#17O FY 2021 Business Update Non-US commercial: investments in sales in 2022 Non-US commercial revenue growth year-over-year Q3 2021 • Q4 2021 19% 22% ● Q1 2021 7% Q2 2021 14% Non-US commercial net dollar retention: 103% ● Fig 08 Non-US Commercial Sales ■ Heads O Tenure >9 months 4 EOY 2020 4 29 EOY 2021 6 ● Fig 09 Non-US Commercial Customer Count 32 FY 2020 +109% 67 FY 2021 Ⓒ2022 Palantir Technologies Inc.#18O) Į FY 2021 Business Update Government Business Ⓒ2022 Palantir Technologies Inc.#19O) FY 2021 Business Update Government momentum Government revenue growth year-over-year • Q1 2021 76% • Q2 2021 66% Net dollar retention Total Government: 146% US Government: 141% International Government: 161% Customer count Q3 2021 34% Q4 2020: 90 →Q4 2021: 90 • Q4 2021 26% →Net dollar retention: 146% ● Fig 10 Government TTM Revenue per Customer Trailing twelve months ended: TTM revenue per customer is defined as (a) the Company's trailing twelve months of revenue for the respective segment as of each period end divided by (b) the number of customers in the respective segment from which that period's revenue was derived. $3.1 DEC 31, 2018 $4.2 DEC 31, 2019 $6.8 DEC 31, 2020 $10.0 DEC 31, 2021#20O) Government cohort growth ● Fig 11 Government Revenue by Cohort < 2017 Cohort 2018 Cohort $1B $750M FY 2021 Business Update $500M $250M 2019 Cohort O 2020 Cohort O 2021 Cohort $255M 2018 For the purposes of this chart, a cohort for a given year is defined as all government customers from whom Palantir generated revenue such fiscal year and from whom Palantir generated zero revenue in the immediately preceding fiscal year. A customer may be reflected in more than one cohort (for example, in cases where a customer contract and relationship ended in one year and then a new contract commenced several years later, with no revenue generated from such customer in the interim). $31M $224M $346M 2019 $2M $61M $283M $610M 2020 $77M $18M $199M $316M $897M 2021 $8M $227M $43M $282M $337M#21O) US government cohort ● Fig 12 US Government Revenue Cohort [2018 to 2021] 2017 Cohort 2018 Cohort $700M $600M $500M $400M $300M FY 2021 Business Update $200M $100M 2019 Cohort O 2020 Cohort O 2021 Cohort $170M 2018 $1M For the purposes of this chart, a cohort for a given year is defined as all US government customers from whom Palantir generated revenue such fiscal year and from whom Palantir generated zero revenue in the immediately preceding fiscal year. A customer may be reflected in more than one cohort (for example, cases where a customer contract and relationship ended in one year and then a new contract commenced several years later, with no revenue generated from such customer in the interim). $169M $248M 2019 $1M $37M $210M $474M 2020 $65M $3M $176M $230M $678M 2021 $7M $175M $24M $235M $237M#22O) Į FY 2021 Business Update Path to GAAP Profitability Ⓒ2022 Palantir Technologies Inc.#23O) FY 2021 Business Update Gross margins ● Fig 13 Gross Margins GAAP GM - - Adj GM 84% 78% Q4 2020 83% 78% Q1 2021 82% 76% Q2 2021 Adjusted gross margin excludes stock-based compensation. Adjusted gross margin is a non-GAAP financial measure. Please see the appendix for the reconciliation of this non-GAAP financial measure to the most directly comparable GAAP measure. 82% 78% Q3 2021 83% 80% Q4 2021#24O) FY 2021 Business Update Operating income while investing in growth ● Fig 14 Operating Margins GAAP Operating Margin 32% Q4 2020 (49%) Adj Operating Margin (Excluding SBC and Related Employer Taxes) 34% Q1 2021 (33%) 31% Q2 2021 (39%) 30% Q3 2021 (23%) 29% Q4 2021 (14%) Ⓒ2022 Palantir Technologies Inc.#25O) Į FY 2021 Business Update Appendix Ⓒ2022 Palantir Technologies Inc.#26O Reconciliation of Cash Flow from Operating Activities to Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin Adjusted free cash flow margin is calculated as adjusted free cash flow divided by revenue. Appendix ($ THOUSANDS) Cash Flow from Operating Activities Add: Cash Paid for Taxes Related to Stock-Based Compensation Less: Cash Used to Purchase Property and Equipment Adjusted Free Cash Flow Adjusted Free Cash Flow Margin $ (18,288) Ś $ Q4 2020 $ 35,792 (4,511) 12,993 4% $ $ $ Q4 2021 93,427 16,614 (5,845) $ $104,196 24% FY 2020 $ (296,608) $ 36,984 $ (12,236) $ (271,860) (25%) Ⓒ2022 Palantir Technologies Inc. FY 2021 $ 333,851 $ 102,903 $ (12,627) $ 424,127 28%#27O Reconciliation of Gross Profit to Adjusted Gross Profit and Adjusted Gross Margin Excluding Stock-Based Compensation Adjusted gross margin is calculated as adjusted gross profit divided by revenue. Appendix ($ THOUSANDS) Gross Profit Add: Stock-Based Compensation Adjusted Gross Profit Adjusted Gross Margin Q4 2020 $ 251,588 $ 19,342 $ 270,930 84% Q1 2021 $ 267,123 $ 15,977 $ 283,100 83% Q2 2021 $ 284,716 $ 24,029 $ 308,745 82% Q3 2021 $ 305,342 $ 14,860 $ 320,202 82% Q4 2021 $ 345,304 $ 13,680 $ 358,984 83% FY 2020 $ 740,126 $ 139,627 $ 879,753 81% Ⓒ2022 Palantir Technologies Inc. FY 2021 $ 1,202,485 $ 68,546 $ 1,271,031 82%#28O Appendix Reconciliation of Loss from Operations to Adjusted Operating Income (Loss) and Adjusted Operating Margin Excluding Stock-Based Compensation, Related Employer Payroll Taxes, and Non-Recurring Charges Relating to the Direct Listing Adjusted operating margin is calculated as adjusted operating income divided by revenue. ($ THOUSANDS) Loss from Operations Add: Stock-Based Compensation Employer Payroll Taxes Related to Stock-Based Compensation Non-Recurring Direct Listing Charges Adjusted Operating Income (Loss) Adjusted Operating Margin $ (70,185) Q1 2020 $ 54,107 $ $ $ (16,078) (7%) $ (99,145) Q2 2020 $ 127,848 $ $ $ 28,703 11% $ (847,777) $ 846,959 $ Q3 2020 $ $ 20,172 53,737 73,901 25% $ (156,572) Q4 2020 $ 241,788 $ $ 18,933 $ 104,149 32% FY 2020 $(1,173,679) $ 1,270,702 $ 39,105 $ 53,737 $ 189,865 17% Q1 2021 $ (114,014) $ $193,731 $ 36,866 $ $ 116,583 34% $ (146,148) Q2 2021 $ 232,742 $ $ 30,133 $ 116,727 31% $ $ $ $ $ Q3 2021 (91,941) 184,835 23,215 116,109 30% $ (58,943) $ $ Q4 2021 $ 166,907 16,069 $ 124,033 29% Ⓒ2022 Palantir Technologies Inc. FY 2021 $ (411,046) $ 778,215 $ 106,283 $ $ 473,452 31%#29O Reconciliation of Loss from Operations to Contribution Margin Revenue less our cost of revenue and sales and marketing expenses, excluding stock-based compensation, divided by revenue. Appendix ($ THOUSANDS) Loss from Operations Add: Research and Development Expenses, Excluding Stock-Based Compensation General and Administrative Expenses, Excluding Stock-Based Compensation Stock-Based Compensation Contribution Contribution Margin $ (156,572) $ $ $ Q4 2020 $ 46,765 67,182 241,788 199,163 62% $ (58,943) $ Q4 2021 $ 56,854 88,065 $ 166,907 $ 252,883 58% FY 2020 $ (1,173,679) $ 203,597 $ 293,637 $ 1,270,702 $ 594,257 54% Ⓒ2022 Palantir Technologies Inc. FY 2021 $ (411,046) $ 237,189 $ 295,071 $ 778,215 $ 899,429 58%#30O Appendix Reconciliation of GAAP Net Loss Per Share, Diluted to Adjusted Earnings Per Share, Diluted (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) Net Loss Attributable to Common Stockholders Less: Change in Fair Value Attributable to Participating Securities Net Loss Attributable to Common Stockholders, Diluted Add / (Less): Stock-Based Compensation Employer Payroll Taxes Related to Stock-based Compensation Non-Recurring Direct Listing Charges Income Tax Effects and Adjustments [1] Adjusted Net Income Attributable to Common Stockholders, Diluted Weighted-Average Shares Used in Computing GAAP Net Loss per Share, Diluted Adjusted Weighted-Average Shares Used in Computing Adjusted Earnings Per Share, Diluted [2] Adjusted Earnings Per Share, Diluted [1] Income tax effect is based on an estimated long-term annual effective tax rate of 22.2% and 22.1% for the periods ended 2021 and 2020, 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. [2] Includes an additional 312.3 million and 399.6 million of dilutive securities for the three and twelve months ended December 31, 2021, respectively, and an additional 449.1 million and 515.3 million of dilutive securities for the three and twelve months ended December 31, 2020, respectively, that are excluded from a GAAP perspective due to the Company's net loss position. $ $ $ $ $ $ $ $ $ Q4 2020 (148,343) (148,343) 241,788 18,933 (35,794) 76,584 1,763,514 2,212,564 0.03 Ś $ $ $ (156.188) $ $ $ $ Q4 2021 $ (156,188) 166,907 16,069 18,609 45,397 2,011,764 2,324,113 0.02 $ (1,166,391) $ (5,483) $ (1,171,874) FY 2020 $ $ $ $ $ $ 1,270,702 39,105 53,737 (53,414) 138,256 979,330 1,494,652 0.09 Ⓒ2022 Palantir Technologies Inc. $ (520,379) $ $ $ FY 2021 $ (520,379) 778,215 $ 106,283 $ $ $ (56,037) 308,082 1,923,617 2,323,236 0.13#31O Reconciliation of Revenue to Billings Appendix ($ THOUSANDS) Revenue Change in Contract Liabilities Billings Q3 2020 $ 289,366 $ (66,325) $ 223,041 Q4 2020 $ 322,091 $ (90,384) $ 231,707 Q3 2021 $ 392,146 $ (45,244) $ 346,902 Ⓒ2022 Palantir Technologies Inc. Q4 2021 $ 432,867 $ (46,927) $ 385,940#32O Appendix 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 Q4 2020 $ 478,663 $ 241,788 $ 18,993 $ 217,942 Ⓒ2022 Palantir Technologies Inc. Q4 2021 $ 491,810 $ 166,907 $ 16,069 $ 308,834