The data mining and analytics company Palantir (NYSE:PLTR) has posted its first annual earnings as a public company for the year 2020, reporting $1.1 billion in revenue and a net loss of $1.17 billion. Revenue for the year was up 47% compared to the previous while losses went up by more than 100% over the year. 

2020 was Palantir’s first year as a publicly-traded company, as the company debuted on the public markets with a direct listing in September. Palantir began trading at $10 per share and now trades at about $29-per-share, and investors are apparently confident in the company’s prospects and bestowed it with a market cap of over $50 billion as a result.

By numbers, Palantir isn’t profitable with $1.17 billion in losses last year. But actually, most of the company’s reported loss is due to stock-based compensation for employees and not hard cash, implying that it has a strong business behind the scenes. 

In the fourth and final quarter of 2020, Palantir posted a net loss of $148.3 million. The company touts that it signed 21 contracts each worth $5 million or more and 12 of them worth $10 million or more in Q4 2020. It signed new big contracts with customers like the US Army, US Air Force, UK National Health Service (NHS), and mining giant Rio Tinto.

Forecast

Now, Palantir projects that its annual revenue will rise 30% compared to that of 2020 in 2021, implying revenue projections of about $1.4 billion. The company also projects a 45% revenue increase over the year in the first quarter of 2021.

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