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Palantir Logs Higher Q2 Government Sales; CEO Alex Karp Points to Contract Delays on Revised 2022 Guidance

Palantir Technologies (NYSE: PLTR) saw its second quarter 2022 revenue from U.S. government customers grow 27 percent year-over-year and 9 percent on a quarter-on-quarter basis.

Denver-based data analytics software provider said Monday total sales for the April-June period were up 26 percent to $473 million compared with 2021 figures and the growth helped offset net loss of $179.3 million for the quarter, or 9 cents per diluted share.

Palantir CEO Alex Karp told analysts on an earnings call the company had to revise its guidance due to the uncertainties on the timing of government contracting efforts.

“At the $1 billion range of the contracts that we are working on, they have the bug of sometimes taking too long and the feature of a highly difficult, tumultuous and politically uncertain world that you actually get paid and you actually make free cash flow,” Karp said.

The company’s full-year outlook forecasts sales to fall into the $1.9billion-to-$1.902 billion range and adjusted operating income of between $341 million and $343 million.

Palantir shares opened at $9.77 on Monday, down from a previous close of $11.45. 

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