Letter to Community

May 6, 2024

I.

Our views about the ways in which software could be built, and what it was capable of accomplishing, for years had been derided as fringe.

We were routinely told by investors that building technical infrastructure for the enterprise market, let alone government agencies, was the surest and quickest way to run a business into the ground. Many balked at supporting us. Others insisted we should focus on catering to the needs of consumers. And many more simply would not return our calls.

The market, however, has shifted, and quickly.

Our business is now growing at a scale and pace that even our most ardent advocates would have been hard pressed to say was likely, or even possible.

We generated $634 million in revenue in the first quarter of 2024 alone, representing a 21% increase over the prior year and significantly surpassing the upper end of our guidance.

In addition, the profits that we promised would come, and that skeptics repeatedly and confidently said were beyond us, have now arrived.

In the three months ending March 31, 2024, we earned $106 million, the largest quarterly profit in our company's twenty-year history. For comparison, we now earn more profit in a single quarter than the amount of revenue we generated in an entire year a little more than a decade ago.

Net Income by Quarter

To that end, we are working to make AIP available to an even broader range of organizations in the markets that we serve, including businesses across the United States and abroad, state and local government entities, as well as research scientists and academic institutions.

IV.

Warfare in this century will continue to be transformed by software.

Many fear the application of artificial intelligence in the military context, including its potential to make possible more autonomous and indeed self-directed weapons systems.

It has been less fashionable, however, to note that software, including the systems that currently enable target selection and mission planning, has become as vital to the elimination of an adversary as it is to protecting the innocent from harm.

The platforms in use by our defense and intelligence partners present a very real threat to the survival of our enemies.

But those same software systems may also make possible and indeed hasten the beginning of the end of an era of total and indiscriminate war.

Letter to Shareholders Page 2

Sincerely,

Alexander C. Karp
Chief Executive Officer & Co-Founder
Palantir Technologies Inc.

Forward-Looking Statements
This letter contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding our financial outlook, product development and related timing, 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"),...

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