The company’s Q4 2020 revenue moved up by 40% year-over-year to $322m
Palantir reported a 47% year-over-year growth in its FY20 revenue at $1.09bn. (Credit: FASTILY/Wikimedia Commons)
Palantir has reported a net loss of $148.3m, or $0.08 per diluted share, for the fourth quarter of 2020, compared to a net loss of $159.3m, or $0.29 per diluted share, for the same period of 2019.
The US-based big data company registered $156.6m in loss from operations during the reported quarter that ended 31 December 2020 compared to $147.45m in Q4 2019.
The loss from operations in Q4 2020 includes stock-based compensation of $241.8m and associated employer payroll taxes of $18.9m.
However, Palantir had reported a 40% increase in its Q4 2020 revenue at $322m compared to the revenue of $229.35bn in Q4 2019.
The company’s income from operations in Q4 2020 was $104.14m compared to a loss of $70.13m made in the corresponding quarter of 2019.
During the fourth quarter of 2020, Palantir bagged 21 contracts, each worth $5m or more in total contract value. Some of its clients in the period were Rio Tinto, PG&E, BP, the US Army, the US Air Force, the US Food and Drug Administration (FDA), and the UK’s NHS.
Out of the contracts won in Q4 2020, 12 of them are each worth $10m or more in total contract value, said the US-based company.
For the full year 2020, the big data company was hit by a loss of $1.16bn, or $1.19 per share, compared to $579.64m, or $1 per share, for the full year of 2019.
The FY20 revenue for the company was up by 47% year-over-year at $1.09bn compared to $742.55m in FY19.
Palantir said that its average revenue per customer in 2020 was $7.9m, which is a growth of 41% year-over-year.
Earlier this month, the company alongside IBM launched a new product called Palantir for IBM Cloud Pak for Data to help businesses in deploying open artificial intelligence (AI) applications.