#1FEBRUARY 2021 2021 PALANTIR TECHNOLOGIES INC. C Q Palantir BUSINESS UPDATE -Q4 2020 o O ☐ 000 U oooo oooロ oooo ooo 000 0 ☐☐ U 0 ooo. U U c#2O) Q4 2020 BUSINESS UPDATE .ооо Ⓒ2021 PALANTIR TECHNOLOGIES INC. 02 Safe Harbor This presentation and the accompanying oral commentary contain "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 of future operating results or financial performance, market size and growth opportunities, the calculation of certain of our key financial and operating metrics, plans for future operations, competitive position, technological capabilities, and strategic relationships, 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"), including our quarterly report on Form 10-Q for the fiscal quarter ended September 30, 2020 and other filings and reports that we may file from time to time with the SEC, including our annual report on Form 10-K for the fiscal year ended December 31, 2020. 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 contribution margin; adjusted gross profit and adjusted gross margin; 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. For more information and non-GAAP reconciliations, please see the appendix. 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, articles, data, or other information. We have not independently verified the accuracy or completeness of such websites, articles, 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. 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The appearance of U.S. Department of Defense ("DoD") visual information does not imply or constitute DoD endorsements.#3O) Q4 2020 BUSINESS UPDATE .000 Ⓒ2021 PALANTIR TECHNOLOGIES INC. 03 Introduction 01 Congratulations to NHS England for its speedy and effective vaccination program - placing the UK among the countries with the highest COVID-19 vaccination rates globally. READ MORE >#4O Q4 2020 BUSINESS UPDATE .000 Ⓒ2021 PALANTIR TECHNOLOGIES INC. 04 Introduction 01 Congratulations to HHS Protect on winning Gartner's Eye on Innovation Awards for Government in 2020. Established a fully functioning system in five days to help address the pandemic Accumulated more than 4 billion data elements in fewer than 100 days → In constant use at the federal level across departments and agencies, and directly by individual states and facilities READ MORE > 12 12 TIT#5Q4 2020 BUSINESS UPDATE .000 Ⓒ2021 PALANTIR TECHNOLOGIES INC. Introduction 01 Congratulations to the U.S. Space Force's Kobayashi Maru for winning the Software Innovation Team and Gears of Government awards. → Driving speed and innovation in continuous software development and acquisition Frequent and high-quality delivery of software capabilities into the hands of warfighters#6Q4 2020 BUSINESS UPDATE OOO Ⓒ2021 PALANTIR TECHNOLOGIES INC. 06 Introduction 01 Congratulations to the U.S. Air Force for its successful flight test of MQ-9 Remotely Piloted Aircraft, integrated with the Department of Defense's first supercomputer pod. → Putting bleeding-edge AI on the smallest form factors possible READ MORE > 06 UIS#7O) Q4 2020 BUSINESS UPDATE .000 Ⓒ2021 PALANTIR TECHNOLOGIES INC. 07 Introduction 01 Congratulations to Tara Geraghty-Moats of the USA Nordic Combined Team for her win at the World Cup in December 2020. READ MORE > GLOBAL GUARDIAN HESTRA mp QPalantir VIEZMANN V COMBINED VIE MANN ATHLETE OF THE YEAR 2020 (10) HESTRA N VIESMANN 75m VOLKSBANK 6 RAMACAU OF VIEZMANN VIE MAI#880 © 2021 PALANTIR TECHNOLOGIES INC. .000 Q4 2020 BUSINESS UPDATE UPDATES GLOBAL (O Section 02#9O) Q4 2020 BUSINESS UPDATE .000 Ⓒ2021 PALANTIR TECHNOLOGIES INC. 09 Global Updates 02 In 2020, we helped 100 commercial organizations and 10 national governments respond to COVID-19. For many of those customers, our platforms became their default operating system READ MORE > 32#10O) Q4 2020 BUSINESS UPDATE .000 Ⓒ2021 PALANTIR TECHNOLOGIES INC. 10 Global Updates 02 Our business grew significantly in 2020. Adjusted operating margin excludes stock-based compensation, related employer payroll taxes, and expenses related to the Direct Listing. Please see the appendix for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures. Value of deals signed refers to total contract value which is the remaining deal 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 deal value presumes the exercise of all contract options and no termination of contracts; however, the majority of our contracts are subject to termination for convenience provisions and there can be no guarantee that contracts are not terminated or that contract options will be exercised. 47% revenue growth 17% adjusted operating margin 21 deals signed in Q4 each worth $5 million or more, 12 of which were each worth $10 million or more#11O) Q4 2020 BUSINESS UPDATE .000 Ⓒ2021 PALANTIR TECHNOLOGIES INC. 11 Global Updates 02 / Commercial Back to IBM Cloud Pak for Data Welcome to Palantir Here's what you've been working on Supply chain allocation Explore your data Manage models Import Watson models. b Connect ontology Import source data and map to the ontology Integrations Catalog projects. Name All data is notional. Source Launched a partnership with IBM to integrate with IBM Cloud Pak for Data and IBM's 2,500 person sales force → Integrating everything north of ontology with IBM's data and AI platform, Cloud Pak for Data READ MORE > GET STARTED > Stock prediction responses Explore ontology Search and view objects Schedule + Start new workflow New integration Q Search integrations... Status Q Palantir Manage ontology Configure mappings & object properties Mapped Object Type . IBM Actions Palantir Palantir for IBM Cloud Pak for Data: Accelerate AI-powered business decisions IBM#12O) Q4 2020 BUSINESS UPDATE O O O Ⓒ2021 PALANTIR TECHNOLOGIES INC. 12 Global Updates 02 Upgrades to our software become upgrades to our customers' businesses.#13O) Q4 2020 BUSINESS UPDATE .000 Ⓒ2021 PALANTIR TECHNOLOGIES INC. 13 Global Updates 02 APOLLO One of four SaaS in DoD Impact Level 5 ("IL-5") for Mission Critical Information National Security Systems Blazing the trail to become the first SaaS in DoD Impact Level 6 ("IL-6") for Classified Secret National Security Systems READ MORE > IL-2 SAAS snowflake Google Accomodates DoD information that has been approved for public release (Low Confidentiality & Moderate Integrity) Source: disa.mil, fedramp.gov. IL-4 SAAS SAP ORACLE salesforce Accomodates DoD Controlled Unclassified Information (CUI) (e.g. FOUO) QPalantir IL-5 SAAS Accomodates DoD CUI & National Security Systems (NSS) IL-6 SAAS Accomodates DoD Classified Information#14O) Q4 2020 BUSINESS UPDATE .000 Ⓒ2021 PALANTIR TECHNOLOGIES INC. 14 Global Updates 02 FOUNDRY 21 -LAUNCH →Fully modular: take what you need, build on what you have Software-Defined Data Integration No-Code Apps for production-grade AI in hours AI-infused applications Archetypes: deploy business use cases in a few clicks →Mobile offering READ MORE > WATCH DEMO 7 All data is notional. File Help B OBJECT LIST D a la Section 92% ↑ 5 pts vs. last year (87%) (15) P County State County Ma... USA211001 Deohash Hq State DC Legacy Co... B MOVE ↓ Supply Chain Control Tower V2 Num Lice... 482 State Fips 11 Vertex Gra... supply-ch.. Page Supply Chain Control Tower Page Header Body Pages & layers Material Description- Ventilator Material id-3 District of DO ADD Customer id-19 Dispatch Timestamp Mar 13, 2020 8:00 PM Distribution Center id-dc 2 Distribution Center Name National Medic Distribution Center Estimated Delivery Timestamp Mar 15, 2020 8:55 PM From Id 2 PROVIDERS Object list 1 MAP Map 1 Default Workshop > Mobile Module File Help $108,240 COMPONENTS 104% vs. last year TABBED Below Customer Short Ter. Bed Utiliz... 0.5602756 Customer id 19 Hq Address 2041 Deor. Hq addres No value 2.3522 Num Staff... 200 State Name District of Zip Code 20060 Split section A Alerts Planning Customers 24 Number B... 200 County Fips 1 Fips 11001 MOVE ↑ ↓ ADD Washington 48.8566 Lat Num leu B Potential L 282 Title Col 36 Howard U... Above North Atlantic Ocean Brazil Material Orders Distribution Centers 10 Across 9 countries Mapbox OpenbeetMap Below Kingdom Maliy Senegal 525 South Atlantic Ocean Libye Egypt Split section Chad 15 Across 8 countries Camercon Customer O Ethapu Kenya Tanzania ba Suppliers 32 Across 31 countries Distribution Center O Ⓒv0.130.0 Save and publish 5 a Settings m Map 1 n Requ Num page 3 Object list 5 Point Lege Widget setup Metadata Display Poin Object set S Object list 5 Object Layer Configs MSC Demo-Delivery Properties to show Add, reorder and rename I Customer l Dispatch Timestamp ▸ Distribution Center id Distribution Center Name Estimated Delivery Timestamp From Id Material Description Material Id Object Set to Map Material Type Order Id Quantity I Told 1 Unit Of Measure Save ▾ View Current value 1 Pharma-Providers Show object title Object list 1 Active object Geohash Property Select an object type... Add column Add all properties Remove all properties Data Layer Configuration 1 MSC Dp-Deliveries a provi Cluster standard icons Color Configuration Provider Metrics Category Pharma - Providers Provider Interactions Provider Group Pharma-Payments Provider Group Yearly Metrics Single Color Charopleth Share E Share E WIDGE WIDGET Line Segment ontology icons m Color by Property Value#1515 L © 2021 PALANTIR TECHNOLOGIES INC. L .000 Q4 2020 BUSINESS UPDATE UPDATES CUSTOMER (O Section 03#16Q4 2020 BUSINESS UPDATE .000 Ⓒ2021 PALANTIR TECHNOLOGIES INC. 16 Customer Updates ⁹3 / Commercial Commercial business → In 2020, we generated 107% revenue growth from our U.S. commercial customers In Q4 2020, we signed several large deals across automotive, energy, healthcare, insurance, mining, shipping, and more III I II II III I $482 million in revenue from commercial customers in 2020 44% of total revenue We define a customer as an organization from which we have recognized revenue in a reporting period. For large government agencies, where a single institution has multiple divisions, units, or subsidiary agencies, each such division, unit, or subsidiary agency that enters into a separate contract with us and is invoiced as a separate entity is treated as a separate customer. Commercial customers refers to all private sector (non-governmental) customers globally. U.S. commercial customers are those that have their headquarters located in the United States.#17O) Q4 2020 BUSINESS UPDATE .000 Ⓒ2021 PALANTIR TECHNOLOGIES INC. 17 Customer Updates 03 / Commercial Signed a multi-year contract with Rio Tinto to improve results in safety, cost, and production. → Integrated data from 90+ systems, including machines, sensors, and instruments into a "digital business" to increase production and enhance profitability Connecting operational and transaction data for underground operations Helping ensure the safety and well-being of employees during COVID-19 READ MORE > GET STARTED > Rio Tinto#18O) Q4 2020 BUSINESS UPDATE .000 Ⓒ2021 PALANTIR TECHNOLOGIES INC. 18 Customer Updates 03 / Commercial Signed a multi-year, multi-million contract with PG&E to create a digital twin for enhanced safety and grid reliability PG&E collects 8-10 billion data points every day, and is using Foundry to build a digital twin of its entire network Actively improving electric operations and asset management → Enhancing safety and grid reliability Working towards supporting asset risk and outage investigations READ MORE > GET STARTED > PG&E#19O) 24 2020 BUSINESS UPDATE .000 Ⓒ2021 PALANTIR TECHNOLOGIES INC. 19 Customer Updates ⁹3 / Commercial Signed a significant expansion with a Fortune 50 healthcare company to support their contract management and already generated $50 million in annualized value. Enabling resolution of price discrepancies between various therapies Managing the complex network of healthcare providers, insurance companies, and pharmacy benefits managers GET STARTED >#20O) Q4 2020 BUSINESS UPDATE .000 2021 PALANTIR TECHNOLOGIES INC. Customer Updates 03 / Commercial Expanded our work with bp to power Net Zero Emissions corporate strategy Generated more than $1 billion of value in 2020 through a digital twin and simulation system in Foundry that recreates every drop of oil across bp plants in digital form Optimizing wind farms, electrical charging networks, solar power generation, and other aspects of the energy giant's net zero emission targets READ MORE GET STARTED > bp#21O) Q4 2020 BUSINESS UPDATE .000 2021 PALANTIR TECHNOLOGIES INC. 21 Customer Updates 03 / Commercial Expanded work with a Fortune 200 company and enabled a key transformation of their order fulfillment system in under two weeks. Supported our customer's urgent need at the onset of COVID-19 to reimagine their supply chain management Addressing long term challenges such as modeling supply chain scenarios, alerting users to future bottlenecks and inventory risks → Building a connected supply chain decision-making engine GET STARTED > 00#22Q4 2020 BUSINESS UPDATE .000 2021 PALANTIR TECHNOLOGIES INC. 22 Customer Updates ⁹3 / Government GOTHAM 21 -LAUNCH AI-enabled Mission Command Real-time streaming sensors and AI models Deployed at the edge - on vehicles, aircraft, and ships around the world Distributed mesh that is resilient to network failures READ MORE > WATCH DEMO > All data is notional. QO Operation NEO Members only | Published Map layers Data soures Route Create a route using roads and/or terrain. A Terrain Analysis Slope Land cover Pathways Q Task Asset Define and launch objectives for connected assets. Analyze and interpret topographic features through geographic information. Guided workflow-> Heatmap Share 3 Range ring Ballistic Aggregate data visualization Compile data into summaries onto the map. Global Overview Projection Route Tools Range Calculate the distance between any given point and an object or target. Choropleth Intervisibility Adding to SYMBOL 20 ↑ Operation NEO Annotations O X UNCLASSIFIED // NOTIONAL DATA DI TR-422 New < 110 Building 4A Q TR-422 906 fo SGT McDaneils CPT Jacobs Embassy Compound O Search. E Selection f 1 ++ TR-422 Live ISR Ctrl Space Status Online Last Updated Just now Live Video Feed oo Open in Video Player XEO#23Q4 2020 BUSINESS UPDATE .000 Ⓒ2021 PALANTIR TECHNOLOGIES INC. 23 Customer Updates 03 / Government Government business In 2020, we generated 77% revenue growth from our government customers In Q4 2020, we signed several large deals that underscore our vision to provide the central operating platform for government and our focus on the near peer fight in defense $610 million in revenue from government customers in 2020 56% of total revenue#24Q4 2020 BUSINESS UPDATE O O O Ⓒ2021 PALANTIR TECHNOLOGIES INC. 24 Customer Updates ⁹3 / Government Developing end-to-end sensor-to-shooter and space-to-mud capabilities. Enabling warfighters with AI superiority Unlocking large Program of Record opportunities across services READ MORE > COL#25Q4 2020 BUSINESS UPDATE O O O Ⓒ2021 PALANTIR TECHNOLOGIES INC. 25 Customer Updates ⁹3 / Government Expanded Vantage program and enabled Army to free up $3.3 billion for reinvestment Within six weeks, integrated data from Army's General Fund Enterprise Business System (“GFEBS”), Logistics Modernization Program ("LMP"), Virtual Contracting Enterprise ("VCE"), Electronic Document Access (“EDA”), and Federal Procurement Data System ("FPDS") ACC successfully deobligated more than $3.3 billion in funding, versus $2.0-2.6 billion in previous years READ MORE > 66 Army Vantage became a chartered product office within PEO EIS's Army Data and Analytics Platforms (ARDAP) portfolio in November 2020. Its mission is to enable the Army to "see itself" by empowering Army users at all echelons to make real-time, data-driven decisions. -US ARMY PROGRAM EXECUTIVE OFFICE ENTERPRISE INFORMATION SYSTEMS#26O) Q4 2020 BUSINESS UPDATE .000 © 2021 PALANTIR TECHNOLOGIES INC. 26 Customer Updates 03 / Government Awarded a pair of new contracts with the US Army - one to build a prototype from the Army's Common Data Fabric and Data Security Solution, and another to deliver a prototype from the Army's TITAN program. ARMY COMMON DATA FABRIC AND DATA SECURITY Aiding the Army in its effort to build an integrated solution that will improve access to critical data for commanders and soldiers Delivering efficient use of networks in denied or degraded environments → Increasing collaboration with joint and allied partners READ MORE > ARMY GROUND STATION MODERNIZATION, IN SUPPORT OF THE TITAN PROGRAM Collaborating with the Army to integrate space, high altitude, aerial, and terrestrial sensors and data sources for intelligence command and control Phase one contract is valued at $8.5 million, and total potential contract value is $250 million across phases READ MORE >#27O Q4 2020 BUSINESS UPDATE .000 Ⓒ2021 PALANTIR TECHNOLOGIES INC. 27 Customer Updates 03 / Government We started working with the US Air Force in May 2020 to support their COVID-19 response. Since then, the Air Force has scaled the work to address COVID-19's impact on fleet availability, combat readiness, and equipment readiness. U.S.AIR FORCE 3 7171 305TH AMW 514TH AMW#28Q4 2020 BUSINESS UPDATE .000 Ⓒ2021 PALANTIR TECHNOLOGIES INC. 28 Customer Updates 03 / Government Signed a two-year, $31 million contract with NHS England - throughout which the UK Vaccines Program has ordered, allocated, tracked, and delivered all vaccines through Foundry. Enabling the NHS to monitor the spread of COVID-19 and manage its response, including the allocation and distribution of billions of pieces of personal protective equipment ("PPE") READ MORE >#29O) 24 2020 BUSINESS UPDATE 000. 2021 PALANTIR TECHNOLOGIES INC. 29 Customer Updates ⁹3 / Government S/M 232,00 AVISA Signed a three-year, $44 million deal to expand our partnership with the FDA. → Expanding our work beyond the Oncology Center of Excellence and the Center for Drug Evaluation and Research ("CDER") Ensuring manufacturers comply with agency rules and regulations → Enhancing drug reviews to speed up time to market while maintaining the highest safety standards → READ MORE > 기기기기기기기 기기기기기 기기기기기기기기기기기기기 7777777777777 7777777777777 7777777777777 기기기기기기기기기기기#30O) Q4 2020 BUSINESS UPDATE .000 Ⓒ2021 PALANTIR TECHNOLOGIES INC. 30 Momentum 04 In Q4 2020, we closed a number of large deals across our commercial and government segments. 21 deals signed in Q4 each worth $5 million or more, 12 of which were each worth $10 million or more#31O) Q4 2020 BUSINESS UPDATE .000 Ⓒ2021 PALANTIR TECHNOLOGIES INC. 31 Momentum 04 Figure 01 REVENUE FROM OUR TOP 20 CUSTOMERS IS INCREASING ANNUAL REVENUE $700M $600M $500M $400M $0 $495M In 2020, we generated 47% annual revenue growth. 2019 $663M 2020 Figure 02 CUSTOMER CONCENTRATION OF OUR TOP 20 CUSTOMERS AS A % OF TOTAL REVENUE IS DECREASING 70% 65% 60% 55% 0% PERCENTAGE OF ANNUAL REVENUE 67% 2019 61% 2020 Average revenue per customer is calculated as total revenue for the year divided by the number of customers from which we recognized that revenue. Average revenue from our top twenty customers for each year presented is the average revenue recognized from the twenty customers with the greatest amount of revenue recognized in each respective year.#32Q4 2020 BUSINESS UPDATE .000 Ⓒ2021 PALANTIR TECHNOLOGIES INC. 32 Momentum 04 We continue to grow our pipeline. Customers in the Acquire phase in 2020 generated $77 million in 2020 revenue New customers acquired in 2020 generated $42 million in revenue - a new record for the category The customers acquired in the year ended December 31, 2020 were not in a cohort as of December 31, 2019, and will be assigned a cohort as of December 31, 2020. Figure 03 Average revenue per customer $8M $7M $6M $5M $0 $5.6M 2019 +41% $7.9M 2020#33O) Q4 2020 BUSINESS UPDATE .000 Ⓒ2021 PALANTIR TECHNOLOGIES INC. 33 Momentum 04 We continue to grow our customer relationships at scale. Figure 04 Number of customers generating >$1M, >$5M, and >$10M in revenue ->$1M 125 100 75 50 25 0 >$5M 2019 >$10M +32% +54% +50% 2020#34O) Q4 2020 BUSINESS UPDATE .000 Ⓒ2021 PALANTIR TECHNOLOGIES INC. 34 Momentum 04 And this is only the beginning. OUR CUSTOMERS INCLUDE: 8 of the Fortune 100 12 of the Global 100 24 of the Global 300 Customers are as of December 31, 2020.#35O) 042020 BUSINESS UPDATE Ⓒ2021 PALANTIR TE Thank You Thank you to Palantirians. O Palantir#3636 © 2021 PALANTIR TECHNOLOGIES INC. .... .000 Q4 2020 BUSINESS UPDATE UPDATE FINANCIAL O) Section 05#37O) Q4 2020 BUSINESS UPDATE .000 Ⓒ2021 PALANTIR TECHNOLOGIES INC. 37 Financial Update 05 In 2020, we generated $1.093 billion in revenue, up 47% from 2019. Figure 05 Q4 REVENUE $400M $300M $200M $100M $0 $229M Q4 2019 +40% $322M Q4 2020 Figure ⁹6 FULL YEAR REVENUE $1.25B $1.0B $750M $500M $250M $0 $743M 2019 +47% $1.093B 2020#38Q4 2020 BUSINESS UPDATE .000 Ⓒ2021 PALANTIR TECHNOLOGIES INC. 38 Financial Update 05 In 2020, average revenue per customer increased by 41%, and average revenue from our top 20 customers increased by 34%. Figure 97 AVERAGE REVENUE PER CUSTOMER $8M $7M $6M $5M : $0 $5.6M 2019 +41% $7.9M 2020 Figure 88 AVERAGE REVENUE FROM OUR TOP 20 CUSTOMERS $40M $30M $20M $10M : $0 $24.8M 2019 +34% $33.2M 2020#39O) Q4 2020 BUSINESS UPDATE .000 Ⓒ2021 PALANTIR TECHNOLOGIES INC. 39 Financial Update 05 Figure ⁹⁹ NUMBER OF CUSTOMERS GENERATING >$1M, >$5M, AND >$10M IN REVENUE 125 100 75 50 25 0 >$1M >$5M 2019 Our business is scaling across our customer base. >$10M +32% +54% +50% 2020 Q4 2020 DEALS SIGNED EACH WORTH $5 MILLION OR MORE: 21 12 of which were each worth $10 million or more#40Q4 2020 BUSINESS UPDATE O O O Ⓒ2021 PALANTIR TECHNOLOGIES INC. 40 Financial Update 05 In Q4 2020, our government segment generated $190 million in revenue, up 85% year-over-year. Signed a three-year, $44 million expansion with FDA Signed a two-year, $31 million agreement with NHS England US Army exercised its first option year, worth $114 million, for Project Vantage Figure ¹0 Full year 2020 government revenue O TOTAL REVENUE $1.25B $1B $750M $500M $250M $0 GOVERNMENT SEGMENT $743M $346M 2019 +77% GROWTH GROWTH $1.093B $610M 2020#41Q4 2020 BUSINESS UPDATE .000 Ⓒ2021 PALANTIR TECHNOLOGIES INC. 41 Financial Update 05 In Q4 2020, our commercial segment generated $132 million in revenue, up 4% year-over-year. 2020 US commercial revenue grew 107%, aided by investments in account-based salesforce and channel partnerships In Q4 2020, we signed several large deals across automotive, energy, healthcare, insurance, mining, shipping, and more Signed a multi-year contract with Rio Tinto to improve results in safety, cost, and production Signed a multi-year, multi-million dollar contract with PG&E to create a digital twin for enhanced safety and grid reliability Expanded our work with bp to power Net Zero Emissions corporate strategy Figure 11 Full year 2020 commercial revenue O TOTAL REVENUE $1.25B $1B $750M $500M $250M $0 COMMERCIAL SEGMENT $743M $397M 2019 +22% GROWTH GROWTH $1.093B $482M 2020#42O) Q4 2020 BUSINESS UPDATE .000 2021 PALANTIR TECHNOLOGIES INC. 42 Financial Update 05 Figure 12 Q4 2020 72% 33% Q4 2019 We generated 84% adjusted gross margin and 62% contribution margin in Q4 2020. 84% ADJUSTED GROSS MARGIN 62% CONTRIBUTION MARGIN Q4 2020 Figure 13 FULL YEAR 71% 21% 2019 Adjusted gross margin excludes stock-based compensation. Contribution margin is defined as revenue less cost of revenue and sales and marketing expenses, excluding stock-based compensation, divided by revenue. 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. 2020 81% ADJUSTED GROSS MARGIN 54% CONTRIBUTION MARGIN#43이 Q4 2020 BUSINESS UPDATE •ㅇㅇㅇ © 2021 PALANTIR TECHNOLOGIES INC. 43 Financial Update 05 In Q4 2020, we generated $104 million in adjusted operating income. Adjusted operating income (loss) and adjusted operating margin excludes stock-based compensation, related employer payroll taxes, and expenses related to the Direct Listing. Please see the appendix for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures. 기기기기기기기기기기기기기 기기기기기기기기기기기기기 기기기기기기기기기기기기기 기기기기기기기기기기기기기 기기기기기기기기기기기기기 기기기기기기기기기기기기기 기기기기기기기기기기기기기 기기기기기기기기기기기기기 기기기기기기기기기기기기기 기기기기기기기기기기기기기 기기기기기기기기기기기기기 기기기기기기기기기기기기기 기기기기기기기기기기기기기 기기기기기기기기기기기기기 기기기기기기기기기기기기기 기기기기기기기기기기기기기 기기기기기기기기기 기기기기 Figure 14 Adjusted Operating Income (Loss) O ADJUSTED OPERATING INCOME (LOSS) ADJUSTED OPERATING MARGIN (31%) ($70M) Q4 2019 $104M Q4 2020 32% (45%) ($334M) 2019 $190M 2020 17%#44O) Q4 2020 BUSINESS UPDATE OOO. Ⓒ2021 PALANTIR TECHNOLOGIES INC. 44 Financial Update 05 Revenue visibility TOTAL DEAL VALUE RPO $2.8 billion of total deal value as of December 31, 2020, up 24% year-over-year, and 31% year-over-year on a constant duration basis ACV Dollar-weighted average contract duration was 3.6 years $597.4 million of remaining performance obligations ("RPO") as of December 31, 2020, up 124% year-over-year → Current RPO increased 114% year-over-year 49% growth year-over-year in annual contract value ("ACU") closed in-year on a dollar-weighted duration basis Please see the appendix for definitions of these terms.#45O) Q4 2020 BUSINESS UPDATE .000 Ⓒ2021 PALANTIR TECHNOLOGIES INC. 45 Financial Update 05 Figure 15 ACQUIRE $77M By the end of 2020, we grew revenue and generated positive contribution margin across all three phases of our business model. 12 MONTHS ENDED DEC 31, 2020 O REVENUE O CONTRIBUTION MARGIN 17% CM Customers in each phase represent cohort classifications as of December 31, 2019. Figure 16 EXPAND $176M 104% YoY GROWTH O (43%) CM 12 MONTHS ENDED DEC 31, 2019 REVENUE GROWTH $360M 47% CM 12 MONTHS ENDED DEC 31, 2020 Figure 17 SCALE $566M 70% CM 55% CM 12 MONTHS ENDED DEC 31, 2019 $613M 12 MONTHS ENDED DEC 31, 2020#46Q4 2020 BUSINESS UPDATE .000 Ⓒ2021 PALANTIR TECHNOLOGIES INC. 46 Financial Update 05 In addition, we generated $42 million in 2020 revenue from new customers acquired in 2020, up from $12 million in 2019 revenue generated by customers acquired in 2019. I The customers acquired in the year ended December 31, 2019 were not in a cohort as of December 31, 2018, and were assigned a cohort as of December 31, 2019. The customers acquired in the year ended December 31, 2020 were not in a cohort as of December 31, 2019, and will be assigned a cohort as of December 31, 2020. Figure 18 New Customers Acquired In-Year O REVENUE FROM NEW CUSTOMERS $12M 2019 $42M 2020#4747 Ⓒ2021 PALANTIR TECHNOLOGIES INC. ooo. Q4 2020 BUSINESS UPDATE OUTLOOK (O Section 06#48O Q4 2020 BUSINESS UPDATE .000 Ⓒ2021 PALANTIR TECHNOLOGIES INC. 48 Guidance ⁹6 Long-term orientation FIVE-YEAR OUTLOOK Revenue of $4 billion or more in 2025#49O Q4 2020 BUSINESS UPDATE .000 Ⓒ2021 PALANTIR TECHNOLOGIES INC. 49 Guidance ⁹6 Outlook FULL YEAR 2021 Revenue growth in excess of 30% Q1 2021 Revenue growth of 45% Adjusted operating margin of 23% A reconciliation of adjusted operating margin to the corresponding GAAP measure is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, reconciling items that may be incurred in the future such as stock-based compensation, and employer payroll taxes related to stock-based compensation, the effect of which may be significant.#50A1 Ⓒ2021 PALANTIR TECHNOLOGIES INC. ooo. Q4 2020 BUSINESS UPDATE APPENDIX (O Section 88#51O) Q4 2020 BUSINESS UPDATE .000 Ⓒ2021 PALANTIR TECHNOLOGIES INC. A2 Reconciliation of Loss from Operations to Adjusted Operating Income (Loss) and Adjusted Operating Margin [Excluding Stock-Based Compensation, Related Employer Payroll Taxes, and Non-Recurring Direct Listing Charges] ($ 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) Adusted Operating Margin $ Q4 2019 (147,451) 77,320 $ (70,131) (31%) Q4 2020 $ (156,572) $ 241,788 18,933 104,149 32% 2019 $ (576,444) 241,970 $ (334,474) (45%) 2020 $ (1,173,679) $ 1,270,702 39,105 53,737 189,865 17%#52O) Q4 2020 BUSINESS UPDATE .000 Ⓒ2021 PALANTIR TECHNOLOGIES INC. A3 Reconciliation of Gross Profit to Gross Profit and Gross Margin, Excluding Stock-Based Compensation ("Adjusted Gross Profit" and "Adjusted Gross Margin") ($ THOUSANDS) Gross Profit Add: Stock-Based Compensation Gross Profit, Excluding Stock-Based Compensation Gross Margin, Excluding Stock-Based Compensation $ $ Q4 2019 153,456 11,384 164,840 72% $ Q4 2020 251,588 19,342 $ 84% 2019 500,182 27,904 $ 270,930 $ 528,086 71% Ś $ 2020 740,126 139,627 879,753 81%#53O) Q4 2020 BUSINESS UPDATE .000 Ⓒ2021 PALANTIR TECHNOLOGIES INC. A4 Reconciliation of Loss from Operations to Contribution Margin ($ 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 Q4 2019 $ (147,451) $ 57,039 88,040 77,320 74,948 33% Q4 2020 $ (156,572) 46,765 67,182 241,788 $ $199,163 $ 62% 2019 $ (576,444) 237,630 254,025 241,970 $157,181 21% 2020 $ (1,173,679) 203,597 293,637 1,270,702 $ $594,257 54%#54O) Q4 2020 BUSINESS UPDATE .000 Ⓒ2021 PALANTIR TECHNOLOGIES INC. A5 Other Definitions Total deal value is the remaining deal 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 deal value presumes the exercise of all contract options and no termination of contracts; however, the majority of our contracts are subject to termination for convenience provisions and there can be no guarantee that contracts are not terminated or that contract options will be exercised. Deal value growth on a constant duration basis represents the growth of total deal value divided by dollar-weighted average contract duration year-over-year. Dollar-weighted average contract duration represents the length of time we expect to generate revenue on average, including existing contractual obligations and assumes that our customers will exercise all of the contractual options available to them and is subject to change as we enter into new contracts or if customers terminate for convenience. Dollar-weighted contract duration is calculated on a dollar-weighted basis to account for smaller deals. 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. Annual contract value represents the total value of contracts closed in the period divided by the dollar-weighted average contract duration of those same contracts.