PLTR Q4 2023 Earnings

Call Details

• Call Title: Palantir Q4 2023 Earnings Call
• Date: February 5, 2024 at 10:00 PM UTC
• Management Team:
  • Brian O'Toole (Chief Executive Officer, Blacksky)
  • Henry Dubois (Chief Financial Officer, Blacksky)
  • Ali Bonilla (Vice President of Investor Relations, Blacksky)

Call Summary

Financial Performance

• Total revenue for the third quarter of 2023 was $21.3M, a 26% increase over the prior year quarter.
• Imagery and analytics revenue for Q3 was $15.3M, an 11% increase year-over-year.
• Professional and engineering services revenue for Q3 was $6.0M versus $3.2M in the prior year quarter.
• Adjusted EBITDA loss for Q3 was roughly $400K, representing a 93% improvement versus a $6.6M loss in prior year Q3.
• GAAP net income for Q3 was $675K driven by warrant liability accounting, while net loss excluding warrant effects improved by $3.9M versus prior year.
• Cash, restricted cash, and short-term investments totaled $51.5M at the quarter end.
• CapEx in Q3 was $7.5M and total CapEx for the first nine months was $35.9M.

Guidance

• Full-year 2023 revenue outlook narrowed to a range of $84M to $90M.
• Company reiterated expectation to achieve positive adjusted EBITDA in Q4 2023, including at the low end of the revenue range.
• 2023 capital expenditures guidance was raised to $48M to $54M due to timing of Gen 3 milestone payments and launch down payments.
• Company flagged uncertainty in timing of revenue from expected new contracts as a key driver of guidance variability.
• Backlog at September 30 was reported at approximately $252M and was cited as supporting near-term guidance.
• Company expects some additional non-subscription initial payments in Q4 that could materially affect quarter-to-quarter revenue.