#1Q2 2021 → Business Update C DOO Q Palantir Ⓒ2021 Palantir Technologies Inc. Į Aug 12 2021#2Disclaimer Safe Harbor This presentation and the accompanying oral commentary contain "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, expectations of future operating results or financial performance, market size and growth opportunities, the calculation of certain of our key financial and operating metrics, plans for future operations, competitive position, technological capabilities, and strategic relationships, including our recent and potential investments in, and commercial contracts with, various privately- held or publicly-traded companies, 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"), including our annual report on Form 10-K for the fiscal year ended December 31, 2020 and other filings and reports that we may file from time to time with the SEC, including our quarterly reports on Form 10-Q for the quarter ended March 31, 2021 and June 30, 2021. 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; contribution margin; adjusted gross profit and adjusted gross margin; billings; adjusted EBITDA; adjusted earnings per share; 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 contains 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 also contains 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. 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 the potential future performance of our business. 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 U.S. Department of Defense (DoD) visual information does not imply or constitute DoD endorsements.#301 - Introduction The meta-constellation is radically changing how satellites are tasked -creating a fundamental link in the Al-enabled decision chain. Read more > O Q1 Q2 Q3 O Q4#402 Q2 revenue grew 49% year-over-year to $376 million. $400M $300M $200M Q2 2021 Highlights $100M $252M Q2 2020 +49% $376M Q2 2021 Q2 US commercial revenue growth rate accelerated to 90%.#502 Q2 2021 Highlights Q2 total contract value booked grew 175% year-over-year to $925 million. Total contract value refers to deals that have been awarded by our government and commercial customers and includes existing contractual options and unexercised contract options available to those customers. It presumes the exercise of all contract options and no termination of contracts; however, the majority of our contracts are subject. termination provisions, including for convenience, and there can be no guarantee that contracts are not terminated or that contract options will be exercised. Total contract value includes $348 million of maximum potential revenue from commercial contracts entered into with corresponding approved investment agreements entered into during Q2 2021 and an additional $195 million of maximum potential revenue from commercial contracts entered into during Q2 2021 in connection with contemplated investment agreements that are subject to negotiation, approval, and execution. Total Contract Value Booked $1B $750M $500M $250M $337M Q2 2020 +175% $925M Q2 2021 |#602 Q2 2021 Highlights We added 20 net new customers in Q2 alone and total commercial customers grew 32% quarter-over-quarter. Q2 commercial customer count increased 61% since December 31, 2020. PALANTIR TECHNOLOGIES INC. We define a customer as an organization from which we have recognized revenue during the trailing twelve month period. por 292 CAF Not O Q1 Q2 Q3 Q4#702 Q2 2021 Highlights Average revenue from our top 20 customers grew to $39 million in Q2 2021 from $36 million in Q1 2021. We define a customer as an organization from which we have recognized revenue during the trailing twelve month period. Average 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. Average Revenue per Top 20 Customer $40M $30M $20M $10M TRAILING TWELVE MONTHS ENDED: $25M Q4 2019 $27M 01 2020 $29M Q2 2020 $31M Q3 2020 $33M Q4 2020 $36M 01 2021 $39M Q2 2021#802 Q2 2021 Highlights During Q2 2021, we closed 62 deals of at least $1 million. 30 of which were at least $5 million. 21 of which were at least $10 million. A-Nas 232 O Q1 Q2 Q3 Q4 Weekly Lessons 5 days left CURRENT LESSON Conducting a Functional Analysis CONTINUE LESSON TRACK 20 21#902 H1 2021 Highlights First Half of 2021 ("H121") Revenue growth of 49%. Please see the appendix for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures Adjusted free cash flow of $201M representing a 28% margin. Adjusted free cash flow excludes employer payroll taxes related to stock- based compensation and purchases of property, plant and equipment. Adjusted operating income of $233M representing a 33% margin. Adjusted operating income and related margin excludes stock-based compensation and related employer payroll taxes. Visibility into future growth is strong, as total deal value increased 63% to $3.4 billion. Total deal value is the total remaining deal value of contracts that have been awarded by our government and commercial customers and includes existing contractual obligations and unexercised contract options available to those customers. Total deal value presumes the exercise of all contract options and no termination of contracts; however, the majority of our contracts are subject to termination provisions, including for convenience, and there can be no guarantee that contracts are not terminated or that contract options will be exercised. Included in the $3.4 billion of total deal value is $428 million of maximum potential revenue from commercial contracts entered into with corresponding approved investment agreements entered into during H1 2021 and $195 million of maximum potential revenue from commercial contracts entered into during H1 2021 in connection with contemplated investment agreements that are subject to negotiation, approval, and execution, less $3 million for revenue recognized through June 30, 2021 from such commercial contracts.#1003 Overview Apollo for Edge Al is enabling government and commercial customers to operationalize Al at scale-and deploy to the edge with ease. // BUSINESS UPDATE O → PALANTIR TECHNOLOGIES INC#1103 Overview We're commercializing Apollo to allow our customers to meet their customers where they are, and take their SaaS where it's never gone before. O Q1 Q2 Q3 Q4 BRING YOUR OWN COMPUTE PUBLIC CLOUD PROVIDERS Google Cloud aws Azure PRIVATE CLOUD HYBRID CLOUD ())))) CLASSIFIED ENVIRONMENTS BRING YOUR OWN STORAGE#1203 Overview In two days, one of the largest banks in Europe-with more than 10,000 branches-deployed an end-to-end anti-money laundering and compliance process in Foundry. -Software-defined data integration Driving the marginal cost of application development to zero Read more > Marketecture Our platforms YEAR 1 Discussions DAY 1 Onboarding DAYS 2+ ✓ Operational use in production Time periods are for illustration only and may not be representative of the actual experience of each organization. YEAR 2 Architecture design HERBE Custom sexelo YEAR ? Promise of production#13107 03 Overview Our no-code and sensor data capabilities are transforming increasingly complex operational challenges-across mining, energy, and others. –In mining, Foundry is enabling pinpoint precision to monitor equipment performance, measure geotechnical conditions, and ensure employee safety - from thousands of miles away A PALANTIR TECHNOLOGIES INC. -In energy, Foundry is enabling the front line to manage multi-source sensor fusion at the edge#1403 Overview Foundry is the operating system of choice for utilities, including PG&E, ENGIE, and now National Grid and Southern California Edison. -Creating a connected utility From PSPS, to procurement, to grid management, to safety 20 21#1503 Overview Day Zero companies are leapfrogging legacy IT investments and building on Foundry as the modern operating system. PALANTIR TECHNOLOGIES INC. BLAT BUNG 336 337 341 342 343 344 // BUSINESS UPDATE#1603 Overview Roivant ―Improving healthcare delivery through real-world evidence and clinical trial analysis Celularity -Accelerating research & development, real-world evidence Wejo -Redefining mobility through connected vehicle fleet management & logistics#1703 Overview Foundry for Builders is enabling startups to integrate data-driven decision making from the outset and efficiently managing increasing complexity as their businesses scale. werd he LIE ZVE EVE GUE OVE 341 342 343 344 O Q1 Q2 Q3 Q4 0. e#1803 Overview Chapter -Helping customers understand and select Medicare plans Gecko Robotics -Making robots used for industrial inspections Origin Materials -Turning the carbon in biomass into useful materials, while eliminating the need for fossil resources#19(8) 03 Overview In Q2 2021, we made 60 additional sales hires-and our pipeline is accelerating, with active commercial pilots up by 26% since the end of April. We consider a pilot to be active when a technology evaluation agreement has been signed by a prospective customer and we have begun working on implementation. Commercial pilots growth spans period between May 1st and July 29, 2021. O Q1 Q2 Q3 Q4 // BUSINESS UPDATE#2003 Overview In Q2 2021, we added 20 net new customers and booked $925M of total contract value. Total contract value refers to deals that have been awarded by our government and commercial customers and includes existing contractual options and unexercised contract options available to those customers. It presumes the exercise of all contract options and no termination of contracts; however, the majority of our contracts are subject to termination provisions, including for convenience, and there can be no guarantee that contracts are not terminated or that contract options will be exercised. Total contract value includes $348 million of maximum potential revenue from commercial contracts entered into with corresponding approved investment agreements entered into during Q2 2021 and an additional $195 million of maximum potential revenue from commercial contracts entered into during Q2 2021 in connection with contemplated investment agreements that are subject to negotiation, approval, and execution. Customer Count 180 160 140 120 139 TRAILING TWELVE MONTHS ENDED Q4 2020 149 +13% TRAILING TWELVE MONTHS ENDED Q1 2021 169 TRAILING TWELVE MONTHS ENDED Q2 2021 I I |#2103 Overview In Q2 2021, we signed new deals with the US Army, Air Force, and Coast Guard -including a two-year, $100 million deal with SOCOM. -Participated in the U.S. Northern Command's third Global Information Dominance Experiment -Driving applied Al-decision making for real-world scenarios -Revolutionizing NORTHCOM's ability to wield data to outpace adversaries O Q1 Q2 Q3 Q4#2203 Overview In Q2 2021, we signed new deals with HHS and the CDC-including doubling our contract for Tiberius to help the US manage vaccine production, distribution, and administration. Expanding reach in combatting the pandemic - Driving innovation across the healthcare landscape // BUSINESS UPDATE#2303 Overview In Q2 2021, we signed a contract with the Federal Aviation Administration -where Foundry will support aircraft certification and operational safety. -Conducting critical tasks such as the ongoing monitoring of the 737 MAX fleet's return to service O Q1 Q2 Q3 O Q4#2403 Overview We continue to develop our channel partnership strategy -and in Q2 2021, we signed a new partnership with DataRobot, focused on helping customers with demand forecasting. -DataRobot's model development -Foundry's SDDI, ontology, and operational applications -Helping customers deploy agile demand forecasting strategies in hours, not months Notifications train clusters ver 003 Overview Properties SKU O Q1 Q2 Q3 Q4 StoreName Vancouver #0083 Stocked by Category BC Pacific Northwest#2503 Overview We continue to develop our Global Sl partnership strategy-and in Q2 2021, our work with Accenture Federal has accelerated, now spanning Intel, Defense, and Civilian. -Delivering accelerated outcomes through joint solutions accenture 20 21#2603 Overview Last week, we held our Annual Hack Week-during which for the past 15 years, Palantirians around the world have set aside their daily responsibilities to create some of the biggest, profound innovations we've ever delivered. O Q1 Q2 Q3 Q4 BREAK THE MACHINE →Hack Week 2021 Foundy 1.50 Foundy →> PALANTIR TECHNOLOGIES INC#27Q2 2021 → Financial Update Ⓒ2021 Palantir Technologies Inc. Į Aug 12 2021#2804 Q2 revenue grew 49% year-over-year to $376 million. $400M $300M $200M Financial Update $100M $252M Q2 2020 +49% $376M Q2 2021 H121 revenue grew 49% year-over-year to $717 million. $700M $600M $500M $481M H1 2020 1 +49% $717M H1 2021#2904 H121 adjusted free cash flow surpassed $200M, an improvement of $433M year-over-year. $300M $200M $100M ($100M) ($200M) Financial Update ($300M) ($232M) H1 2020 $201M H1 2021 Please see the appendix for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures. We increased our full-year adjusted free cash flow guidance to $300+ million, up from $150M+ previously. $300M $200M $100M $150M+ PRIOR FY21 GUIDANCE $300M+ REVISED FY21 GUIDANCE#3004 Financial Update We generated an adjusted operating margin of >30% for the third straight quarter. Adjusted operating income (loss) and adjusted operating margin excludes stock-based compensation and related employer payroll taxes. Please see the appendix for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures. Q2 adjusted operating income increased to $117 million, representing a margin of 31%. $120M $100M $80M $60M $40M $20M $29M Q2 2020 $117M 31% Q2 2021 ADJUSTED OPERATING MARGIN | || |#3104 Total Contract Value Booked $1B $750M $500M Financial Update $250M $337M +175% $925M | Q2 2020 Q2 2021 Total contract value refers to deals that have been awarded by our government and commercial customers and includes existing contractual options and unexercised contract options available to those customers. It presumes the exercise of all contract options and no termination of contracts; however, the majority of our contracts are subject to termination provisions, including for convenience, and there can be no guarantee that contracts are not terminated or that contract options will be exercised. Total contract value includes $348 million of maximum potential revenue from commercial contracts entered into with corresponding approved investment agreements entered into during Q2 2021 and an additional $195 million of maximum potential revenue from commercial contracts entered into during Q2 2021 in connection with contemplated investment agreements that are subject to negotiation, approval, and execution. Billings $500M $400M $300M $200M $100M $271M Q2 2020 +40% Billings is defined as revenue plus the change in contract liabilities for the period presented. $379M Q2 2021 I I#3204 Financial Update Our commercial customer count grew 32% quarter-over-quarter. We added 20 net new customers in Q2 2021, with total customers up 13% quarter-over-quarter. 180 160 140 120 : 139 TRAILING TWELVE MONTHS ENDED Q4 2020 149 +13% TRAILING TWELVE MONTHS ENDED Q1 2021 169 TRAILING TWELVE MONTHS ENDED Q2 2021 T#3304 Financial Update We continue to see strength across our US business, as revenue grew 60% year-over-year in Q2. Q2 revenue grew 49% year-over-year to $376 million, ahead of prior guidance of 43%. $400M $300M $200M $100M $252M Q2 2020 +49% $376M Q2 2021 |#3404 Financial Update Our government revenue grew 66% year-over-year in Q2 2021, and we signed new deals with the US Army, Air Force, Coast Guard, HHS, and CDC. Total Government Revenue Growth $300M $200M $100M $140M Q2 2020 +66% $232M Q2 2021 I#3504 Financial Update Our commercial revenue grew 28% year-over-year in Q2 2021, and our Q2 US commercial revenue growth rate accelerated to 90% year-over-year. Total Commercial Revenue Growth $150M $100M $50M $112M Q2 2020 +28% $144M Q2 2021 |#3604 We ended Q2 2021 with $3.4 billion in total remaining deal value, up 63% year-over-year. $4B $3B $2B Financial Update $1B $2.1B Q2 2020 +63% $3.4B Q2 2021 Total deal value is the total remaining deal value of contracts that have been awarded by our government and commercial customers and includes existing contractual obligations and unexercised contract options available to those customers. Total deal value presumes the exercise of all contract options and no termination of contracts; however, the majority of our contracts are subject to termination provisions, including for convenience, and there can be no guarantee that contracts are not terminated or that contract options will be exercised. Included in the $3.4 billion of total deal value is $428 million of maximum potential revenue from commercial contracts entered into with corresponding approved investment agreements entered into during H1 2021 and $195 million of maximum potential revenue from commercial contracts entered into during H1 2021 in connection with contemplated investment agreements that are subject to negotiation, approval, and execution, less $3 million for revenue recognized through June 30, 2021 from such commercial contracts. 62 deals worth $1 million or more 30 deals worth $5 million or more 21 deals worth $10 million or more O O O оо#3704 We added 20 net new customers in Q2 2021. Average Revenue per Customer $8M $6M Financial Update $4M $2M $6.6M TRAILING 12 MONTHS ENDED JUNE 30, 2020 +19% $7.9M TRAILING 12 MONTHS ENDED JUNE 30, 2021 | We define a customer as an organization from which we have recognized revenue during the trailing twelve month period. Average revenue per customer is calculated as total revenue for the trailing twelve-month period divided by the number of customers from which we recognized that revenue. Average Revenue per Top 20 Customer $40M $30M $20M $10M $29M TRAILING 12 MONTHS ENDED JUNE 30, 2020 +36% $39M TRAILING 12 MONTHS ENDED JUNE 30, 2021 Average 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.#3804 In Q2 2021, our adjusted gross margin improved to 82%, and contribution margin improved to 58%. Financial Update Adjusted Gross Margin 85% 80% 80% Q2 2020 82% -O Q2 2021 Adjusted gross margin excludes stock-based compensation. Adjusted gross margin and contribution margin are non-GAAP financial measures. Please see the appendix for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures. Contribution Margin 70% 60% 50% 55% Q2 2020 58% Q2 2021 Contribution margin is defined as revenue less cost of revenue and sales and marketing expenses, excluding stock-based compensation, divided by revenue. I#3904 Financial Update In Q2 2021, we generated $117M in adjusted operating income-representing an adjusted operating margin of 31% ahead of prior guidance of 23%. Adjusted operating income (loss) and adjusted operating margin excludes stock-based compensation and related employer payroll taxes. Please see the appendix for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures. Adjusted Operating Income $150M $100M $50M $29M Q2 2020 $117M 31% Q2 2021 ADJUSTED OPERATING MARGIN#4004 Financial Update In H1 2021, we generated $201 million in adjusted free cash flow, representing a margin of 28%. Adjusted free cash flow excludes employer payroll taxes related to stock-based compensation. Please see the appendix for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures. Adjusted Free Cash Flow $300M $200M $100M ($100M) ($200M) ($300M) ($232M) H1 2020 $201M 28% H1 2021 ADJUSTED FREE CASH FLOW MARGIN |#4104 Financial Update Looking ahead Q3 2021 Outlook Revenue of $385M Adjusted operating margin of 22% → Full Year 2021 Outlook Adjusted free cash flow of $300M+ -up from $150M+ previously → Long-Term Outlook Revenue growth of 30%+ for this year and the next four years Watch video >#42Appendix Ⓒ2021 Palantir Technologies Inc. Į Aug 12 2021#43A Reconciliation of Cash Flow from Operating Activities to Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin Adjusted free cash flow margin is calculated as adjusted free cash flow divided by revenue. Appendix ($ 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 $ (287,184) $ Q1 2020 $ $ $ (3,016) $ (127%) $ (290,200) $ Q2 2020 60,854 $ (226,330) $ 23% H1 2929 57,925 $ (2,929) $ (5,945) $ (232,275) $ (48%) $ $ Q1 2021 116,881 34,802 (708) 150,975 44% $ $ $ Q2 2021 22,750 27,770 $ (697) $ 49,823 $ 13% H1 2921 139,631 62,572 $ (1,405) $ 200,798 28%#44A Appendix 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. ($ THOUSANDS) Gross Profit Add: Stock-Based Compensation Adjusted Gross Profit Adjusted Gross Margin $ $ $ Q2 2020 183,479 17,832 201,311 80% $ $ Q2 2021 284,716 24,029 $ 308,745 82%#45A Appendix Reconciliation of Loss from Operations to Adjusted Operating Income and Adjusted Operating Margin [Excluding Stock-Based Compensation and Related Employer Payroll Taxes] 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 Adjusted Operating Income Adusted Operating Margin $ $ $ $ Q1 2020 (70,185) 54,107 (16,078) (7%) $ $ $ $ Q2 2020 (99,145) 127,848 11% $ (169,330) $ $ 28,703 $ H1 2929 181,955 12,625 3% $ $ $ $ Q1 2021 (114,014) 193,731 116,583 $ 36,866 $ 34% $ $ Q2 2021 (146,148) 232,742 30,133 31% $ (260,162) $ H1 2921 $ 426,473 66,999 116,727 $ 233,310 33%#46A Reconciliation of Loss from Operations to Contribution Margin 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 $ $ $ $ $ Q2 2020 (99,145) 48,918 61,104 127,848 55% $ (146,148) Q2 2021 $ 59,894 $ $ 71,886 232,742 138,725 $ 218,374 58%#47A Reconciliation of Revenue to Billings Appendix ($ THOUSANDS) Revenue Plus: Change in Contract Liabilities Billings $ 251,889 $ Q2 2020 $ 19,249 271,138 $ $ Q2 2021 375,642 3,063 $ 378,705