#1Q1 ©2023 Palantir Technologies Inc. Q Palantir Business Update 2023 ● OOO#2Disclaimer Safe Harbor Copyright © 2023 Palantir Technologies Inc. ("Palantir"). This presentation contains "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, statements regarding our financial outlook, product development, distribution, and pricing, expected benefits of and applications for our software platforms, business strategy and plans (including strategy and plans relating to our Artificial Intelligence Platform ("AIP"), sales and marketing efforts, sales force, partnerships, and customers), investments in our business, market trends and market size, expectations regarding any current or potential customers, partnerships, or other business relationships or initiatives, opportunities (including growth opportunities), our expectations regarding our existing and potential investments in, and commercial contracts with, various entities, our expectations regarding macroeconomic events, and positioning, as well as assumptions relating to the foregoing. 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We use the non-GAAP financial measures adjusted free cash flow; adjusted gross profit and adjusted gross margin; billings; adjusted operating income and adjusted operating margin; adjusted earnings per share ("EPS"), diluted; and adjusted expenses 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 statements 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. 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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.#3Q1 Business Update Q1 2023 Highlights → Second consecutive quarter of GAAP net income profitability; GAAP EPS of $0.01 → We achieved GAAP operating profitability for the first time in our company's history → GAAP operating margin of 1%, up 1,000 basis points Y/Y; Adjusted operating margin of 24% → Cash from operations of $187 million; 36% margin → Adjusted free cash flow of $189 million; 36% margin → Revenue grew +18% Y/Y to $525 million → US revenue grew +23% Y/Y to $337 million → US commercial revenue grew +26% Y/Y and +39% Q/Q to $107 million → US commercial customer count grew +50% Y/Y Adjusted operating margin excludes stock-based compensation and related employer payroll taxes. Adjusted free cash flow excludes employer payroll taxes related to stock-based compensation and purchases of property and equipment. Please see the appendix for a reconciliation of these and other non-GAAP financial measures to the most directly comparable GAAP measures. © 2023 Palantir Technologies Inc.#4Q1 Business Update Palantir is a worldwide leader in Artificial Intelligence THE FORRESTER WAVE™ AI/ML Platforms Q3 2022 Report The 2022 Forrester WaveTM for AI/ML Platforms names Palantir as a leader. In an assessment of the top vendors in the market, Palantir Foundry received the highest possible scores across 4 key criteria: product vision, performance, market approach, and applications. *A gray bubble or open dot indicates a nonparticipating vendor. Source: Forrester Research, Inc. Unauthorized reproduction, citation, or distribution prohibited. Strong Challengers Contenders Performers Leaders Stronger current offering SAS ⚫Palantir IBM • C3 AI TIBCO Software DataRobot RapidMiner O H2O.ai Cloudera Dataiku Amazon Web Services- Microsoft Google Databricks RStudio Weaker current offering Weaker strategy Stronger strategy Market presence* "Palantir Technologies forges a resilient platform for complex, critical Al use cases...an attractive platform for enterprises that wish to implement Al quickly." - The Forrester WaveTM: AI/ML Platforms, Q3 2022 Palantir Ranked No. 1 in Worldwide Artificial Intelligence Software Study in Market Share and Revenue - IDC* © 2023 Palantir Technologies Inc. *IDC, Worldwide Artificial Intelligence Platforms Software Market Shares, 2021: Al is Being Used in More Unique Ways Than Ever (doc #US49602222, September 2022) report.#5Q1 Business Update - INTRODUCING AIP DOOD ►AIP Introducing AIP Artificial Intelligence Platform empowers organizations to activate large language models safely and securely. d © 2023 Palantir Technologies Inc. Coming Soon 00#6Q1 Business Update - INTRODUCING AIP ►AIP © 2023 Palantir Technologies Inc. Coming Soon Foundry /Gotham + the entire Palantir application ecosystem AIP LLMs + third-party LLMs and more Ontology + your existing Palantir-integrated data store#7Q1 Business Update - INTRODUCING AIP INTRODUCING: Artificial Intelligence Platform for Defense ►AIP INTRODUCING: Artificial Intelligence Platform for Business CAIP Unleash the power of LLMs and cutting-edge Al for defense and military organizations on your network – from classified systems to devices on the tactical edge. See AIP for Defense in action لا www.palantir.com/aip/defense/ Super-charge your private network with LLMs, subject to full control - every business, across every industry. See AIP for Business in action www.palantir.com/aip/ لا © 2023 Palantir Technologies Inc.#8Q1 ©2023 Palantir Technologies Inc. QPalantir Financials 2023 OOO#9Q1 Financials GAAP NET INCOME PROFITABILITY We achieved GAAP net income profitability for the second consecutive quarter. Q1 2023 GAAP earnings per share of $0.01, up $0.06 Y/Y GAAP EPS © 2023 Palantir Technologies Inc. $0.05 $ $(0.05) $(0.10) $(0.05) $(0.06) $(0.09) $0.01 $0.01 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023#10Q1 Financials GAAP OPERATING PROFITABILITY We achieved GAAP operating profitability for the first time in our company's history, generating GAAP income from operations of $4 million. © 2023 Palantir Technologies Inc. GAAP Income from Operations $10.0M $ ($10.0M) ($20.0M) ($30.0M) ($39.4M) ($41.7M) ($40.0M) ($50.0M) ($60.0M) ($70.0M) ($17.8M) ($62.2M) $4.1M Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023#11Q1 Financials - US REVENUE GROWTH US Revenue Growth US business generated revenue of $337M for the three months ended March 31, 2023. $400M $350M $250M © 2023 Palantir Technologies Inc. $300M +23% $273M $200M $150M $100M $50M $337M $-M Q1 2022 Q1 2023#12Q1 Financials US BUSINESS PERFORMANCE US Commercial Revenue Growth US Government Revenue Growth $125M $250M $107M $100M +26% $85M $75M $50M $25M © 2023 Palantir Technologies Inc. Q1 2022 Q1 2023 +22% $200M $188M $150M $100M $50M $230M Q1 2022 Q1 2023#13Q1 Financials SEGMENT GROWTH Government Revenue Growth Commercial Revenue Growth $300M $289M $250M +20% $250M $242M $200M $150M $100M $50M © 2023 Palantir Technologies Inc. Q1 2022 Q1 2023 $236M $205M +15% $200M $150M $100M $50M Q1 2022 Q1 2023#14Q1 Financials TOTAL REVENUE GROWTH Total Revenue Growth Average TTM Revenue per Top 20 Customer $60M $600M $525M $51M $500M $50M $446M +18% $45M +14% $400M $300M $200M $100M © 2023 Palantir Technologies Inc. Q1 2022 Q1 2023 Q1 2023 NET DOLLAR RETENTION OF 111% $40M $30M $20M $10M Q1 2022 Q1 2023 Average TTM revenue per customer is defined as (a) the Company's trailing twelve months of revenue as of each period divided by (b) the number of customers from which that period's revenue was derived. Average TTM 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. Net dollar retention is calculated as (a) revenue for the trailing twelve months as of each period attributable to the customers as counted for the prior trailing twelve months divided by (b) revenue for the prior trailing twelve months recognized from those same customers.#15Q1 Financials CUSTOMER COUNT Commercial Customer Count 300 250 228 203 200 184 150 100 50 260 280 TTM ENDED MAR 31, 2022 TTM ENDED TTM ENDED TTM ENDED TTM ENDED JUN 30, 2022 SEP 30, 2022 DEC 31, 2022 MAR 31, 2023 © 2023 Palantir Technologies Inc. We define a customer as an organization from which we have recognized revenue during the trailing twelve months ("TTM") period. Our total customer count grew +41% year-over-year in Q1 2023. +41% Y/Y 400 350 300 277 +10% 250 200 150 100 50 304 +11% 337 +9% 367 +7% 391 TTM ENDED TTM ENDED TTM ENDED MAR 31, 2022 JUN 30, 2022 SEP 30, 2022 TTM ENDED DEC 31, 2022 TTM ENDED MAR 31, 2023#16Q1 Financials TOTAL CONTRACT VALUE CLOSED & BILLINGS Total Contract Value $400M $350M $300M $248M $250M $200M $150M $100M $50M © 2023 Palantir Technologies Inc. Q1 2022 +60% Billings $397M $700M Q1 2023 $600M +25% $490M $500M $400M $300M $200M $100M Q1 2022 $614M Q1 2023 Total contract value ("TCV") reflects the values of contracts that have been entered into with, or awarded by, our government and commercial customers. TCV includes existing contractual obligations and presumes the exercise of all contract options available to our customers 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. Billings is defined as revenue plus the change in contract liabilities for the period presented. Please see the appendix for reconciliations of these and other non-GAAP financial measures to the most directly comparable GAAP measures.#17Q1 Financials DEALS CLOSED During Q1 2023, we closed 64 deals of at least $1 million. 22 of which were at least $5 million 8 of which were at least $10 million © 2023 Palantir Technologies Inc. The value of deals closed reflects the total contract value of contracts that have been entered into with, or awarded by, our government and commercial customers and includes existing contractual obligations and unexercised contract options available to those customers.#18Q1 Financials ADJUSTED GROSS MARGIN ADJ. GROSS MARGIN 81% 81% 80% Q1 2022 Q2 2022 Q3 2022 © 2023 Palantir Technologies Inc. Adjusted gross margin excludes stock-based compensation. Please see the appendix for a reconciliation of this non-GAAP financial measure to the most directly comparable GAAP measure. 82% 81% Q4 2022 Q1 2023#19Q1 Financials CASH FROM OPERATIONS AND ADJUSTED FREE CASH FLOW We ended Q1 2023 with $2.9B in cash, cash equivalents, and US treasury securities and no debt. As of March 31, 2023, we had $950 million available in credit facilities, all of which remains undrawn. © 2023 Palantir Technologies Inc. Our credit facility includes $450 million that is available to draw through July 1, 2023 under a delayed draw term loan commitment. Cash from Operations and Adjusted Free Cash Flow $200M $150M $100M CASH FROM OPERATIONS $50M $35M $187M ADJUSTED FREE CASH FLOW $30M $189M Q1 2022 Q1 2023 Q1 2022 Q1 2023#20Q1 Financials ADJUSTED OPERATING INCOME AND MARGIN We are committed to profitable growth and will continue to focus on investing in areas critical to our business. Adjusted operating income and adjusted operating margin exclude stock-based compensation and related employer payroll taxes. Please see the appendix for reconciliations of these and other non-GAAP financial measures to the most directly comparable GAAP measures. © 2023 Palantir Technologies Inc. Q1 2023 adjusted operating income was $125M, representing a margin of 24% • ADJUSTED OPERATING MARGIN $150M $117M $125M $108M 26% $100M 23% $81M $75M 17% $50M $25M $125M $114M 24% 22% Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023#21Q1 Financials GUIDANCE Q2 2023 For second quarter 2023, we expect: ↑ ↑ ↑ Revenue of between $528 million - $532 million. Adjusted income from operations of between $118 million - $122 million. GAAP net income. © 2023 Palantir Technologies Inc. FY 2023 For full year 2023, we expect: → Revenue of between ↑ ↑ $2.185 billion - $2.235 billion. Adjusted income from operations of between $506 million - $556 million. GAAP net income in each quarter.#22Q1 ©2023 Palantir Technologies Inc. Q Palantir Appendix 2023 OOO#23Appendix Additional Metrics and Notes ($ MILLIONS) Total RPO Short-Term RPO Long-Term RPO Billings Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 $ 1,167 $ 1,202 $ 1,254 $ 973 $ 936 $ 490 $ 524 $ 555 $ 517 529 677 $ 678 $ 699 $ 456 407 $ 490 $ 396 $ 509 $ 387 $ 614 Note: Of the $7.7 million of FY 2022 revenue recognized from our PTJ consolidated entity, approximately $3.5 million was related to catch-up revenue recognized as a result of the timing of execution of certain customer contracts. Excluding this one-time catch-up of $3.5 million, the revenue attributable to the consolidation from November 8, 2022 through December 31, 2022 was $4.2 million. © 2023 Palantir Technologies Inc. RPO represents non-cancelable contracted revenue that has not yet been recognized, which includes deferred revenue and, in certain instances, amounts that will be invoiced. We have elected the practical expedient, as permitted under Accounting Standards Codification 606 - Revenue from Contracts with Customers - allowing us to not disclose remaining performance obligations for contracts with original terms of twelve months or less.#24Appendix Reconciliation of Cash Flow from Operating Activities to Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin Adjusted free cash flow margin is calculated as adjusted free cash flow divided by revenue ($ THOUSANDS) Cash Flow from Operating Activities Add: Cash Paid for Employer Payroll Taxes Related to Stock-Based Compensation Less: Cash Used to Purchase Property and Equipment Adjusted Free Cash Flow Adjusted Free Cash Flow Margin © 2023 Palantir Technologies Inc. Q1 2022 Q1 2023 $ 35,477 $ 187,376 9,524 6,276 (15,215) (4,755) $ 29,786 $ 188,897 7% 36%#25Appendix Reconciliation of Gross Profit to Adjusted Gross Profit & 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 © 2023 Palantir Technologies Inc. Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 $ 351,954 $ 370,786 $ 370,269 $ 404,313 $ 417,541 11,677 11,211 10,525 10,648 9,177 $ 363,631 $ 381,997 $ 380,794 $ 414,961 $ 426,718 81% 81% 80% 82% 81%#26Appendix Reconciliation of Income (Loss) from Operations to Adjusted Operating Income and Adjusted Operating Margin Excluding Stock-Based Compensation and Related Employer Payroll Taxes ($ THOUSANDS) Income (Loss) From Operations Add: Stock-Based Compensation Employer Payroll Taxes Related to Stock-Based Compensation Adjusted Operating Income Adjusted Operating Margin © 2023 Palantir Technologies Inc. Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 $ (39,439) $ (41,745) $ (62,191) $ (17,826) $ 4,115 149,323 145,769 140,308 129,398 114,714 7.506 3,825 3,133 2,692 6,285 $ 117,390 $ 107,849 $ 81,250 $ 114,264 $ 125,114 26% 23% 17% 22% 24%#27Appendix Reconciliation of GAAP Net Earnings (Loss) Per Share, Diluted to Adjusted Earnings Per Share, Diluted (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) Q1 2022 Q1 2023 $ (101,379) $ 16,802 Net Income (Loss) Attributable to Common Stockholders Add / (Less): Stock-Based Compensation Employer Payroll Taxes Related to Stock-Based Compensation Income Tax Effects and Adjustments [1] Adjusted Net Income Attributable to Common Stockholders Weighted-Average Shares Used in Computing GAAP Earnings (Loss) Per Share, Diluted Adjusted Weighted-Average Shares Used in Computing Adjusted Earnings Per Share, Diluted [2] Adjusted Earnings Per Share, Diluted $ 1. 2. Income tax effect is based on an estimated long-term annual effective tax rate of 23.0% and 22.2% for the periods ended 2023 and 2022, 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. Includes an additional 173 million dilutive securities for the three months ended March 31, 2022 that were excluded from a GAAP perspective due to the Company's net loss position. © 2023 Palantir Technologies Inc. 149,323 7,506 (10,737) 44,713 2,036,307 2,209,310 0.02 114,714 6,285 (30,400) $ 107.401 S 2,217,439 2,217,439 0.05#28Appendix Reconciliation of Revenue to Billings ($ THOUSANDS) Revenue Change in Contract Liabilities Billings © 2023 Palantir Technologies Inc. Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 $ 446,357 $ 473,010 $ 477,880 $ 508,624 $ 525,186 43,612 (76,927) 30,807 (121,589) 88,614 $ 489,969 $ 396,083 $ 508,687 $ 387,035 $ 613,800#29Appendix 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 © 2023 Palantir Technologies Inc. Q4 2022 Q1 2023 $ 526,450 $ 521,071 129,398 114,714 2,692 6,285 $ 394,360 $ 400,072