Alex Karp, CEO, Palantir. Photo credit: World Economic Forum, licensed under CC BY-NC-SA 2.0

Palantir, the data mining and analytics firm which recently went public, has now posted its first earnings results as a public company, showing a 52% year-over-year jump in revenue in the third quarter of this year to $289.4 million. The company’s revenue was buoyed by new contracts including a $91 million deal with the US Army, a $36 million deal with the US National Institutes of Health, and a $300 million renewal with an unnamed aerospace customer.

Palantir reported $847.8 million in losses during the quarter, the majority of that ($847.0 million) incurred from stock-based compensation. The Denver-based company closed fifteen deals with new and existing customers during the quarter, the least of such deals worth $5 million. In the first nine months of this year, Palantir generated an average of $5.8 million in revenue per customer, compared to $4.2 million a year before.

Palantir is working on reducing its customer concentration given that as of this time last year the company’s top 20 customers accounted for 68% of its total revenue. That number has slightly bumped down to 61%. 

Sustained by big proceeds from its recent initial public offering (IPO), Palantir ended Q3 2020 with $1.8 billion in cash on its balance sheet.

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