#1Q1 Palantir Business Update ©2023 Palantir Technologies Inc. 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. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. In some cases, you can identify forward-looking statements by terminology such as "guidance," "expect," "anticipate," "should," "believe," "hope," "target," "project," "plan," "goals," "estimate," "potential," "predict," "may," "will," "might," "could," "intend," "shall," and variations of these terms or the negative of these terms and similar expressions. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control. 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"). 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; 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. 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 may also contain 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. This presentation may refer to various growth rates when discussing our business. These rates reflect year-over-year comparisons unless otherwise stated. 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 any U.S. Department of Defense (DoD) visual information does not imply or constitute DoD endorsements. 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 2022 Forrester Wave™ 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. "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 Ⓒ2023 Palantir Technologies Inc. THE FORRESTER WAVE™ AI/ML Platforms Q3 2022 Report *A gray bubble or open dot indicates a nonparticipating vendor. Source: Forrester Research, Inc. Unauthorized reproduction, citation, or distribution prohibited. - IDC* Challengers *IDC, Worldwide Artificial Intelligence Platforms Software Market Shares, 2021: Al is Being Used in More Unique Ways Than Ever (doc #US49602222, September 2022) report. Stronger current offering A Weaker current offering Contenders RapidMiner O Weaker strategy Strong Performers .SAS H2O.ai Cloudera IBM TIBCO Software- Dataiku 60 Amazon Web Services J Microsoft Databricks. RStudio Market presence* ..000 Palantir Ranked No. 1 in Worldwide Artificial Intelligence Software Study in Market Share and Revenue Palantir Leaders O C3 AI DataRobot Google ►Stronger strategy#5Q1 Business Update INTRODUCING AIP CAIP⁹ Introducing AIP Artificial Intelligence Platform empowers organizations to activate large language models safely and securely. Ⓒ2023 Palantir Technologies Inc. Coming Soon 0000 ۲۶ ۶۶۶۱ Who THIS IP 0000 ///// เจน#6Q1 Business Update INTRODUCING AIP CAIP⁹ Ⓒ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: Artificial Intelligence Platform for Defense AIP⁹ INTRODUCING AIP 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 V www.palantir.com/aip/defense/ Ⓒ2023 Palantir Technologies Inc. INTRODUCING: Artificial Intelligence Platform for Business CAIP⁹ Super-charge your private network with LLMs, subject to full control - every business, across every industry. See AIP for Business in action У www.palantir.com/aip/#8Q1 Palantir Financials ©2023 Palantir Technologies Inc. 2023 OOO#9Q1 Financials GAAP NET INCOME PROFITABILITY We achieved GAAP net income profitability for the second consecutive quarter. Ⓒ2023 Palantir Technologies Inc. Q1 2023 GAAP earnings per share of $0.01, up $0.06 Y/Y GAAP EPS $0.05 $ $(0.05) $(0.10) $(0.05) Q1 2022 $(0.09) Q2 2022 $0.01 $ (0.06) Q3 2022 Q4 2022 $0.01 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) ($40.0M) ($50.0M) ($60.0M) ($70.0M) ($39.4M) Q1 2022 ($41.7M) Q2 2022 ($17.8M) ($62.2M) Q3 2022 Q4 2022 $4.1M Q1 2023#11Q1 Financials US REVENUE GROWTH US business generated revenue of $337M for the three months ended March 31, 2023. Ⓒ2023 Palantir Technologies Inc. US Revenue Growth $400M $350M $300M $250M $200M $150M $100M $50M $-M $273M Q1 2022 +23% $337M Q1 2023#12Q1 Financials US Commercial Revenue Growth $125M $100M $75M $50M $25M US BUSINESS PERFORMANCE Ⓒ2023 Palantir Technologies Inc. $85M Q1 2022 +26% $107M Q1 2023 US Government Revenue Growth $250M $200M $150M $100M $50M $188M Q1 2022 +22% $230M Q1 2023#13Q1 Financials Government Revenue Growth $300M $250M $200M $150M $100M $50M SEGMENT GROWTH Ⓒ2023 Palantir Technologies Inc. $242M Q1 2022 +20% $289M Q1 2023 Commercial Revenue Growth $250M $200M $150M $100M $50M $205M Q1 2022 +15% $236M Q1 2023#14Q1 Financials Total Revenue Growth $600M $500M $400M $300M $200M $100M TOTAL REVENUE GROWTH Ⓒ2023 Palantir Technologies Inc. $446M +18% Q1 2022 $525M Q1 2023 Q1 2023 NET DOLLAR RETENTION OF 111% Average TTM Revenue per Top 20 Customer $60M $50M $40M $30M $20M $10M $45M Q1 2022 +14%* $51M 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 Commercial Customer Count 300 250 200 150 100 50 CUSTOMER COUNT Ⓒ2023 Palantir Technologies Inc. 184 TTM ENDED MAR 31, 2022 203 TTM ENDED JUN 30, 2022 228 TTM ENDED SEP 30, 2022 260 TTM ENDED DEC 31, 2022 280 TTM ENDED MAR 31, 2023 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 400 350 300 250 200 150 100 50 277 TTM ENDED MAR 31, 2022 +10% 304 TTM ENDED JUN 30, 2022 +11% 337 TTM ENDED SEP 30, 2022 +9% 367 TTM ENDED DEC 31, 2022 +7% 391 TTM ENDED MAR 31, 2023#16Q1 Financials Total Contract Value $400M $350M $300M $250M $200M $150M $100M $50M TOTAL CONTRACT VALUE CLOSED & BILLINGS Ⓒ2023 Palantir Technologies Inc. $248M Q1 2022 +60% $397M Q1 2023 Billings $700M $600M $500M $400M $300M $200M $100M $490M Q1 2022 +25% $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 Ⓒ2023 Palantir Technologies Inc. 81% Q1 2022 81% Q2 2022 80% Q3 2022 82% 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. Q4 2022 81% 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 $50M CASH FROM OPERATIONS $35M Q1 2022 $187M Q1 2023 ADJUSTED FREE CASH FLOW $30M Q1 2022 $189M 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 $125M $100M $75M $50M $25M $117M 26% Q1 2022 $108M 23% Q2 2022 $81M 17% Q3 2022 $114M 22% Q4 2022 $125M 24% 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 - $556 million. GAAP net income in each quarter.#22Q1 Palantir Appendix ©2023 Palantir Technologies Inc. 2023 OOO#23Appendix Additional Metrics and Notes ($ MILLIONS) Total RPO Short-Term RPO Long-Term RPO Billings $ Ⓒ2023 Palantir Technologies Inc. $ $ $ Q1 2022 1,167 490 677 490 $ $ $ $ Q2 2022 1,202 524 678 396 $ $ Ś $ Q3 2022 1,254 555 699 509 $ 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. $ $ $ Q4 2022 973 517 456 387 $ $ $ 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. $ Q1 2023 936 529 407 614#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 35,477 9,524 (15,215) 29,786 7% $ Q1 2023 187,376 6,276 (4,755) $ 188,897 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 351,954 11,677 363,631 81% $ Q2 2022 370,786 11,211 $ 381,997 81% $ $ Q3 2022 370,269 10,525 380,794 80% Q4 2022 $ 404,313 $ 10,648 414,961 82% $ $ Q1 2023 417,541 9,177 426,718 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 $ (39,439) $ 149,323 7,506 117,390 26% Q2 2022 $ (41,745) 145,769 3,825 $ 107,849 23% Q3 2022 $ (62,191) $ 140,308 3.133 81,250 17% Q4 2022 $ (17,826) 129,398 2,692 $ 114,264 22% $ Q1 2023 4,115 114,714 6,285 $ 125,114 24%#27Appendix Reconciliation of GAAP Net Earnings (Loss) Per Share, Diluted to Adjusted Earnings Per Share, Diluted 2. (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) 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. 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. $ $ $ Q1 2022 (101,379) 149,323 7,506 (10,737) 44,713 2,036,307 2,209,310 0.02 $ $ $ Q1 2023 16,802 114,714 6,285 (30,400) 107,401 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 446,357 43,612 $ 489,969 $ Q2 2022 473,010 (76,927) $ 396,083 $ $ Q3 2022 477,880 30,807 508,687 $ $ Q4 2022 508,624 (121,589) 387,035 $ Q1 2023 525,186 88,614 $ 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 $ 526,450 $ 129,398 2,692 394,360 $ $ Q1 2023 521,071 114,714 6,285 400,072