#1Q3 2021 Q Palantir Business Update 2021 Palantir Technologies Inc. Tuesday / November 9 2021 investors.palantir.com#2Disclaimer Safe Harbor Copyright © 2021 Palantir Technologies Inc. and/or affiliates. 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, expectations regarding any current or potential customers, partnerships, or other business relationships or initiatives, expectations of future operating results or financial performance, market size and growth opportunities, plans for future operations, competitive position, technological capabilities, and strategic relationships or investments, 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 and adjusted free cash flow margin; contribution margin; adjusted gross profit and adjusted gross margin; billings; adjusted EBITDA; adjusted earnings per share; and adjusted operating income (loss) and adjusted operating margin 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 statement 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 contains 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 also contains 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. 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 the potential future performance of our business. 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 U.S. Department of Defense (DoD) visual information does not imply or constitute DoD endorsements.#3Business Update Q3 revenue grew by 36% year-over-year to $392 million. $400M $300M $200M Q3 2021 Highlights $100M $289M Q3 2020 +36% $392M Q3 2021 Q3 commercial revenue growth accelerated to 37% year-over-year 40% 30% 20% 10% 4% Q4 2020 19% Q1 2021 28% Copyright © 2021 Palantir Technologies Inc. and/or affiliates. Q2 2021 Q3 US commercial revenue growth rate accelerated to 103% year-over-year. 37% Q3 2021#4Business Update Q3 2021 Highlights We added 34 net new customers in Q3. We have grown our commercial customer count by 135% since December 31, 2020. We define a customer as an organization from which we have recognized revenue during the trailing twelve month period. Copyright © 2021 Palantir Technologies Inc. and/or affiliates. Our commercial customer count grew 46% quarter-over-quarter.#5Business Update Q3 2021 Highlights During Q3 2021, we closed 54 deals of at least $1 million. 33 of which were at least $5 million. Copyright © 2021 Palantir Technologies Inc. and/or affiliates. 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. 18 of which were at least $10 million.#6Business Update Q3 2021 Highlights Q3 adjusted free cash flow was $119M → an improvement of $172 million year-over-year and representing a margin of 30%. Adjusted free cash flow excludes employer payroll taxes related to stock-based compensation and purchases of property, plant, and equipment. Please see the appendix for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures. Adjusted Free Cash Flow $125M $100M $75M $50M $25M ($25M) ($50M) ($75M) ($53M) Q3 2020 Copyright © 2021 Palantir Technologies Inc. and/or affiliates. $119M Q3 2021#7Business Update Total remaining deal value grew 50% year-over-year to $3.6 billion. $4B $3B $2B Q3 2021 Highlights $1B $2.4B Q3 2020 +50% $3.6B Q3 2021 Total remaining deal value is the total remaining value of contracts that have been awarded by our government and commercial customers and includes existing contractual obligations and unexercised contract options available to those customers. Total remaining deal value presumes the exercise of all contract options 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. Included in the $3.6 billion of total remaining deal value is the following activity during the nine months ended September 30, 2021: 1) $640.2 million of maximum potential revenue from commercial contracts entered into with corresponding approved investment agreements, less 2) $22 million of revenue recognized from such commercial contracts, plus 3) $218 million of maximum potential revenue from commercial contracts entered into in connection with contemplated investment agreements that are subject to negotiation, approval, and execution. Copyright © 2021 Palantir Technologies Inc. and/or affiliates. Commercial deal value grew 101% year-over-year to $2.2 billion. Remaining performance obligation increased 172% to $874 million year-over-year. Remaining performance obligations represent noncancelable 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 ("ASC") 606 - Revenue from Contracts with Customers - allowing us to not disclose remaining performance obligations for contracts with original terms of twelve months or less.#8Business Update Q3 2021 Highlights Q1-Q3 2021 Revenue growth of 44% to over $1.1 billion. Adjusted free cash flow of $320M → representing a 29% margin. Adjusted free cash flow excludes employer payroll taxes related to stock- based compensation and purchases of property, plant and equipment. Please see the appendix for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures Copyright © 2021 Palantir Technologies Inc. and/or affiliates. Adjusted operating income of $349M → representing a 32% margin. Adjusted operating income and related margin excludes stock-based compensation and related employer payroll taxes.#9Business Update Defense Industrials Government From fighter jets to naval ships, we're driving innovation in the Defense Industrial Base with L3Harris, Huntington Ingalls, and more. 11 NIXOT Copyright © 2021 Palantir Technologies Inc. and/or affiliates. KINO#10Business Update Automotive and Mobility Commercial Managing the value chain, from parts suppliers to charging stations. Copyright © 2021 Palantir Technologies Inc. and/or affiliates.#11Business Update Healthcare Government and Commercial Unique and diverse footprint across NHS, NIH, MDAnderson, Veterans Affairs and more supports more than 300 million patients. Copyright © 2021 Palantir Technologies Inc. and/or affiliates.#12Business Update Commercial Foundry is the connective tissue linking analytics with operational systems. ↳ Learn more BUSINESS SUITE V DECISION MAKING APPLICATION V AUTHORING SYNC DA LOG DATA Copyright © 2021 Palantir Technologies Inc. and/or affiliates. CONNECTION DATA FOUNDRY CORE REST APIS LINEAGE VERSIONING K CUSTOM IN-HOUSE PROJECTS 3RD PARTY APPLICATIONS K#13Business Update Commercial Day Zero companies are using Foundry to reach escape velocity. ↳ Learn more Sarcos Wejo Lilium Copyright © 2021 Palantir Technologies Inc. and/or affiliates.#14Business Update Commercial Foundry for Builders companies are wielding their data to scale and win. ↳ Learn more Biotech Automotive Healthcare CO 103 Copyright © 2021 Palantir Technologies Inc. and/or affiliates.#15Business Update Product Operational APIs orchestrate complex, cross-system decision-making, unlocking alpha across the enterprise. ↳ Learn more BUSINESS SUITE У DECISION MAKING APPLICATION y D 0000 DODO K DAL ROG DRAGE TELEMETRY Copyright © 2021 Palantir Technologies Inc. and/or affiliates. FOUNDRY CORE Ⓒ EXCEL FILES CO 3RD PARTY APPLICATIONS CUSTOM IN-HOUSE PROJECTS 5 3RD PARTY DATA K GEOSPATIAL K INTERNET OF THINGS#16Business Update Product Operational APIs orchestrate complex, cross-system decision-making, unlocking alpha across the enterprise. ↳ Learn more APP ਮਹ APP OPI Inventory_allocate() Production_schedule() Logistics.reroute(). Order_fulfill() Copyright © 2021 Palantir Technologies Inc. and/or affiliates. SUPPLIER PROCUREMENT 0000 0000#17Business Update Product We've commercialized Apollo to allow our customers to meet their customers where they are, and take their SaaS where it's never gone before. ↳ Learn more BRING YOUR OWN COMPUTE PUBLIC CLOUD PROVIDERS (AWS / Azure / Google Cloud] PRIVATE CLOUD HYBRID CLOUD Copyright © 2021 Palantir Technologies Inc. and/or affiliates. CLASSIFIED ENVIRONMENTS BRING YOUR OWN STORAGE#18Business Update Product We're pushing the envelope of Apollo capabilities by enabling Streaming Processing at the Edge. S Bung Mu umming PERDIETET HOWN AWAY Copyright © 2021 Palantir Technologies Inc. and/or affiliates. ANDERING O O In th GDC#19Business Update Commercial Foundry is enabling carbon and emissions management to convert beta to alpha. TA CARBON EMISSIONS REVENUE EXPENSES DECISIONS Copyright © 2021 Palantir Technologies Inc. and/or affiliates.#20Business Update Commercial We are leveraging our deep expertise in AML and KYC to enable accelerated compliance across crypto and fintech. ↳ Learn more Copyright © 2021 Palantir Technologies Inc. and/or affiliates.#21Business Update In Q3, we signed new deals with the US Department of Health and Human Services, US Air Force, NIH, and more. ‒‒‒‒11 OTH Government * Fibar unge Copyright © 2021 Palantir Technologies Inc. and/or affiliates.#22Business Update [] 1 + Government MetaConstellation is meeting its moment around the globe. META-CONSTELLATION [Q3] - EARNINGS METACONSTELLATION Home > Requests > New Request Next Collection Windows SKYSAT 8N 93 Aug 16, 20219:14:19Z+132s FLOCK 13T 77 Aug 16, 2021 11:14:18Z +35s CONTRAST 6L 28 Aug 16, 2021 13:30:34Z +40s NUSAT 15 Aug 16, 2021 13:33:31Z+116s SKYSAT13 Aug 16, 2021 16:22:14Z +110s CAPELLA-2 Aug 16, 2021 17:44:44Z +63s HAWK-6B Aug 17, 2021 6:32:40Z +146 Al Micromodel Matrix Models in Use Submarines Semi Submer... Xailient 62% 89% YOLOV5 Mask R... 84% 96% 64% X 90% New Request Copyright © 2021 Palantir Technologies Inc. and/or affiliates. All data shown in product screenshots herein is notional and for illustration purposes only. UNCLASSIFIED NOTIONAL DATA TIME RANGE 16 Aug 21-16 Oct 21 Q Find asset or location... LOCATION South China Sea ✪ X K#23Business Update Government We were recently down-selected to be the sole provider of the Army's Intelligence Data Fabric and Analytics Foundation under Capability Drop 2. Ship detection model-Cap EBB Feed Copyright © 2021 Palantir Technologies Inc. and/or affiliates. Capture angle 35⁰#24Business Update Government We signed a 4-year, $87 million contract with the US Department of Veterans Affairs to improve patient care and outcomes for veterans and their families. Copyright © 2021 Palantir Technologies Inc. and/or affiliates.#25Business Update Government We won a two-year, $60 million award from the NIH to continue our work in the fight against COVID-19. fia Copyright © 2021 Palantir Technologies Inc. and/or affiliates.#26Business Update Government Government Sls can transform their EBITDA with Palantir. BEFORE SYSTEM INTEGRATOR POTENTIAL ADJ. EBITDA EXPANSION WITH PALANTIR Hypothetical illustration is representative of publicly available data for select defense and aerospace companies and Palantir's results and is for informational purposes only. Other companies may define and calculate non-GAAP metrics differently and comparability may be limited. Actual results may vary. Copyright © 2021 Palantir Technologies Inc. and/or affiliates.#277777 11 GOTHAM NEW YORK STOCK EXCHA QPalantir FUUNDRY PLTR LISTED NYSE APOLLO Copyright © 2021 Palantir Technologies Inc. and/or affiliates. STOCK EXCHANGE FFEE#28Q3 2021 Q Palantir Financial Update © 2021 Palantir Technologies Inc. Tuesday / November 9 2021 investors.palantir.com#29Financial Update Q3 revenue grew by 36% year-over-year to $392M. $400M $300M $200M Q3 2021 Highlights $100M $289M Q3 2020 +36% $392M Q3 2021 Year-to-date revenue grew 44% year-over-year to $1.1B. $1.2B $1B $800M $600M $400M $200M $771M Q1-Q3 2020 Copyright © 2021 Palantir Technologies Inc. and/or affiliates. +44% $1.1B Q1-Q3 2021#30Financial Update Q3 cash from operations was $101M, an improvement of $153M year-over-year. $125M $100M $75M $50M $25M ($25M) ($50M) Q3 2021 Highlights ($75M) ($52M) Q3 2020 $101M Q3 2021 Q3 adjusted free cash flow was $119M, representing a margin of 30%. $125M $100M $75M $50M $25M ($25M) ($50M) ($75M) Copyright © 2021 Palantir Technologies Inc. and/or affiliates. ($53M) $119M 30% ADJUSTED FREE CASH FLOW MARGIN Q3 2020 Q3 2021 Adjusted free cash flow excludes employer payroll taxes related to stock-based compensation and purchases of property, plant, and equipment. Please see the appendix for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures.#31Financial Update Year-to-date adjusted free cash flow was $320M, an improvement of $605M year-over-year. $400M $300M $200M $100M ($100M) ($200M) Q3 2021 Highlights ($300M) ($285M) Q1-Q3 2020 $320M 29% Q1-Q3 2021 ADJUSTED FREE CASH FLOW MARGIN We increased our full-year adjusted free cash flow guidance to $400M+, up from $300M+ previously. $400M $300M $200M $100M $300M+ Copyright © 2021 Palantir Technologies Inc. and/or affiliates. PRIOR FY21 GUIDANCE $400M+ REVISED FY21 GUIDANCE Adjusted free cash flow excludes employer payroll taxes related to stock-based compensation and purchases of property, plant, and equipment. Please see the appendix for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures.#32Financial Update Q3 2021 Highlights We generated an adjusted operating margin of 30% or higher for the fourth straight quarter. Adjusted operating income (loss) and adjusted operating margin excludes stock-based compensation, related employer payroll taxes, and expenses primarily related the direct listing of our Class A common stock ("Direct Listing") on the New York Stock Exchange during the quarter ended September 30, 2020. Please see the appendix for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures. Q3 adjusted operating income increased to $116M, representing a margin of 30%. $125M $100M $75M $50M $25M $73M Copyright © 2021 Palantir Technologies Inc. and/or affiliates. Q3 2020 $116M 30% Q3 2021 ADJUSTED OPERATING MARGIN#33Financial Update We added 34 net new customers in Q3 2021, with total customers up 20% quarter-over-quarter. 225 200 175 150 125 ⠀ 139 Q3 2021 Highlights +10 TRAILING TWELVE MONTHS ENDED DECEMBER 31, 2020 149 +20 TRAILING TWELVE MONTHS ENDED MARCH 31, 2021 169 +34 TRAILING TWELVE MONTHS ENDED JUNE 30, 2021 203 TRAILING TWELVE MONTHS ENDED SEPTEMBER 30, 2021 Copyright © 2021 Palantir Technologies Inc. and/or affiliates. Our commercial customer count grew 46% quarter-over-quarter. We define a customer as an organization from which we have recognized revenue during the trailing twelve month period.#34Financial Update Q3 2021 Highlights Our US business continues to demonstrate strong growth, with revenue increasing 45% year-over-year. Q3 revenue grew 36% year-over-year to $392M, ahead of our prior guidance of $385M. $400M $300M $200M $100M $289M Q3 2020 Copyright © 2021 Palantir Technologies Inc. and/or affiliates. +36% $392M Q3 2021#35Financial Update Q3 2021 Highlights Commercial revenue grew 37% year-over-year, the third straight quarter of accelerating growth. Q3 US commercial revenue growth rate accelerated to 103% year-over-year. Total Commercial Revenue Growth $200M $150M $100M $50M $127M Q3 2020 Copyright © 2021 Palantir Technologies Inc. and/or affiliates. +37% $174M Q3 2021#36Financial Update Q3 2021 Highlights Our government revenue grew 34% year-over-year in Q3 2021, and we signed new deals with the US Air Force, HHS, and the NIH. We were recently down-selected to provide the US Army's Intelligence Data Fabric and Analytics solution under CD-2. Total Government Revenue Growth $250M $200M $150M $100M $50M $163M Q3 2020 Copyright © 2021 Palantir Technologies Inc. and/or affiliates. +34% $218M Q3 2021#37Financial Update Q3 2021 Highlights During Q3 2021, we closed 54 deals of at least $1 million. 33 of which were at least $5 million. Copyright © 2021 Palantir Technologies Inc. and/or affiliates. 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. 18 of which were at least $10 million.#38Financial Update Third-quarter billings increased 56% year-over-year to $347M. $400M $300M $200M Q3 2021 Highlights $100M $223M Q3 2020 +56% $347M Q3 2021 Billings is defined as revenue plus the change in contract liabilities for the period presented. Please see the appendix for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures. Remaining performance obligations grew 172% year-over-year to $874M. $1B $750M $500M $250M $322M Copyright © 2021 Palantir Technologies Inc. and/or affiliates. +172% $874M Q3 2020 Q3 2021 Remaining performance obligations represent noncancelable contracted revenue that has not yet been recognized, which includes deferred revenue and, in certain instances, amounts that will be invoiced. We have elected practical expedient, as permitted under Accounting Standards Codification ("ASC") 606 - Revenue from Contracts with Customers - allowing us to not disclose remaining performance obligations for contracts with original terms of twelve months or less.#39Financial Update We ended Q3 2021 with $3.6B in total remaining deal value, up 50% year-over-year. $4B $3B $2B Q3 2021 Highlights $1B $2.4B +50% $3.6B Q3 2020 Q3 2021 Total remaining deal value is the total remaining value of contracts that have been awarded by our government and commercial customers and includes existing contractual obligations and unexercised contract options available to those customers. Total remaining deal value presumes the exercise of all contract options 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. Included in the $3.6 billion of total remaining deal value is the following activity during the nine months ended September 30, 2021: 1) $640.2 million of maximum potential revenue from commercial contracts entered into with corresponding approved investment agreements, less 2) $22 million of revenue recognized from such commercial contracts, plus 3) $218 million of maximum potential revenue from commercial contracts entered into in connection with contemplated investment agreements that are subject to negotiation, approval, and execution. Commercial remaining deal value increased 101% year-over-year to $2.2B. $3B $2B $1B $1.1B Q3 2020 Copyright © 2021 Palantir Technologies Inc. and/or affiliates. +101% $2.2B Q3 2021#40Financial Update We added 34 net new customers in Q3 2021. Total Customers 210 200 190 180 Q3 2021 Highlights 170 ⠀ 169 +20% TRAILING TWELVE MONTHS ENDED JUNE 30, 2021 203 TRAILING TWELVE MONTHS ENDED SEPTEMBER 30, 2021 We define a customer as an organization from which we have recognized revenue during the trailing twelve month period. Average Revenue per Top 20 Customer $45M $40M $35M $30M : $31M +35% Copyright © 2021 Palantir Technologies Inc. and/or affiliates. TRAILING TWELVE MONTHS ENDED SEPTEMBER 30, 2020 $41M TRAILING TWELVE MONTHS ENDED SEPTEMBER 30, 2021 Average revenue from our top 20 customers for each period presented is the average revenue recognized from the twenty customers with the greatest amount f revenue recognized in each respective period.#41Financial Update In Q3 2021, our adjusted gross margin improved to 82%, and contribution margin improved to 57%. Adjusted Gross Margin 83% 82% Q3 2021 Highlights 81% : 81% Q3 2020 82% Q3 2021 Adjusted gross margin excludes stock-based compensation. Adjusted gross margin and contribution margin are non-GAAP financial measures. Please see the appendix for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures. Contribution Margin 58% 57% 56% : 56% Q3 2020 Copyright © 2021 Palantir Technologies Inc. and/or affiliates. 57% Q3 2021 Contribution margin is defined as revenue less cost of revenue and sales and marketing expenses, excluding stock-based compensation, divided by revenue.#42Financial Update Q3 2021 Highlights In Q3 2021, we generated $116M in adjusted operating income, representing an adjusted operating margin of 30%, ahead of prior guidance of 22%. Adjusted operating income (loss) and adjusted operating margin excludes stock-based compensation, related employer payroll taxes, and non-recurring charges relating to the Direct Listing during the quarter ended September 30, 2020. Please see the appendix for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures. Adjusted Operating Income $125M $100M $75M $50M $25M $73M Copyright © 2021 Palantir Technologies Inc. and/or affiliates. Q3 2020 $116M 30% Q3 2021 ADJUSTED OPERATING MARGIN#43Financial Update Q3 2021 Highlights In the nine months ended September 30, 2021, we generated $320M in adjusted free cash flow, representing a margin of 29%. Adjusted free cash flow excludes employer payroll taxes related to stock-based compensation and purchases of property, plant, and equipment. Please see the appendix for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures. Adjusted Free Cash Flow $400M $300M $200M $100M ($100M) ($200M) ($300M) ($285M) Q1-Q3 2020 Copyright © 2021 Palantir Technologies Inc. and/or affiliates. $320M 29% Q1-Q3 2021 ADJUSTED FREE CASH FLOW MARGIN#44Financial Update Guidance Looking ahead Q4 2021 → Revenue of $418M → Adjusted operating margin of 22% Full Year 2021 → Revenue growth of 40% to $1.527B → Adjusted free cash flow of $400M+ up from $300M+ previously Copyright © 2021 Palantir Technologies Inc. and/or affiliates. Long Term Outlook → Revenue growth of 30%+ for this year and the next four years ↳ Watch video#45Q3 2021 Q Palantir Appendix 2021 Palantir Technologies Inc. Tuesday / November 9 2021 investors.palantir.com#46Appendix Reconciliation of Cash Flow from Operating Activities to Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin Adjusted free cash flow margin is calculated as adjusted free cash flow divided by revenue. ($ THOUSANDS) Cash Flow from Operating Activities Add: Cash Paid for Taxes Related to Stock-Based Compensation Less: Cash Used to Purchase Property and Equipment Adjusted Free Cash Flow Adjusted Free Cash Flow Margin Q1 2020 $ (287,184) $ $ $ $ (3,016) $ (127%) Q2 2020 60,854 $ $ (2,929) $ 23% Q3 2020 (51,990) Q1-Q3 2020 $ ($278,320) 1,192 $ (1,780) $ (18%) 1,192 (7,725) $ (290,200) $ 57,925 $ (52,578) $ (284,853) $ $ (37%) $ $ Q1 2021 116,881 $ 34,802 (708) 150,975 44% $ $ $ Q2 2021 22,750 27,770 $ (697) 49,823 $ 13% $ Copyright © 2021 Palantir Technologies Inc. and/or affiliates. Q3 2021 100,793 23,717 Q1-Q3 2021 $ 240,424 30% $ 86,289 (5,377) $ (6,782) $ 119,133 $ 319,931 29%#47Appendix Reconciliation of Gross Profit to Adjusted Gross Profit and 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 $ $ $ Copyright © 2021 Palantir Technologies Inc. and/or affiliates. Q3 2020 140,026 94,385 234,411 81% $ $ $ Q3 2021 305,342 14,860 320,202 82%#48Appendix Reconciliation of Loss from Operations to Adjusted Operating Income (Loss) and Adjusted Operating Margin Excluding Stock-Based Compensation, Related Employer Payroll Taxes, and Non-Recurring Charges Relating to the Direct Listing Adjusted operating margin is calculated as adjusted operating income divided by revenue. ($ THOUSANDS) Loss from Operations Add: Stock-Based Compensation Employer Payroll Taxes Related to Stock-Based Compensation Non-Recurring Direct Listing Charges Adjusted Operating Income (Loss) Adjusted Operating Margin $ $ $ $ Q1 2020 (70,185) 54,107 $ (16,078) (7%) $ $ $ $ Q2 2020 (99,145) 127,848 28,703 11% $ (847,777) $ $ $ Q3 2020 $ 846,959 Q1-Q3 2020 73,091 $ (1,017,107) 25% 20,172 $ 20,172 $ 53,737 $ $ 1,028,914 $ $ $ 53,737 $ 85,716 11% Q1 2021 (114,014) 193,731 36,866 34% $ (146,148) $ $ $ $ 116,583 $ Q2 2021 232,742 $ $ 30,133 $ 31% $ 116,727 $ Copyright © 2021 Palantir Technologies Inc. and/or affiliates. Q3 2021 (91,941) 184,835 Q1-Q3 2021 $ (352,103) 30% $ 23,215 $ 90,214 $ 116,109 $ 611,308 349,419 32%#49Appendix Reconciliation of Loss from Operations to Contribution Margin Revenue less our cost of revenue and sale and marketing expenses, excluding stock-based compensation, divided by revenue. ($ THOUSANDS) Loss from Operations Add: Research and Development Expenses, Excluding Stock-Based Compensation General and Administrative Expenses, Excluding Stock-Based Compensation Stock-Based Compensation Contribution Contribution Margin $ $ $ $ $ Copyright © 2021 Palantir Technologies Inc. and/or affiliates. Q3 2020 (847,777) 57,146 $ 107,130 $ 163,458 $ 846,959 $ 56% $ Q3 2021 (91,941) 59,844 71,145 184,835 223,883 57%#50Appendix Reconciliation of Revenue to Billings ($ THOUSANDS) Revenue Plus: Change in Contract Liabilities Billings $ Copyright © 2021 Palantir Technologies Inc. and/or affiliates. $ 289,366 $ Q3 2020 Ś 223,041 Q3 2021 (66,325) $ (45,244) $ 392,146 346,902