Palantir Remains Unprofitable Ahead Of Planned Direct Listing: Report

Data analytics company Palantir Technologies Inc. remains unprofitable, even as it prepares to go public, leaked screenshots of an investor presentation suggest, TechCrunch reported Sunday.

What Happened: In 2019, Palantir generated $742 million in revenue, which is approximately 25% higher than $595 million in 2018, according to TechCrunch.

The Peter Thiel-co-founded company posted a net loss of about $580 million in the year.

Whereas, in the first six months of 2020 the company has recorded a turnover of around $481 million, at a 49% YoY growth rate.

The operating expenses for H1 were 107% of the revenue, down from 157% in H1 2019, but still significantly high for a 17-year-old company, TechCrunch noted.

Why It Matters: The privately funded software company is reportedly planning a direct listing of its stock in September.

Palantir was valued at $20 billion in 2015 and has raised $550 million, including 90% from Sompo Holdings Inc. SMPNY and the balance 10% from Fujitsu Ltd, FJTSY according to a filing with the Securities and Exchange Commission.

Inspite of targeting a $1 billion revenue in 2020, the company is yet to report profits. The major revenue sources for Palantir are from the existing customer base, and 53% of H1 2020 revenues were from government contracts.

Thiel, best known as a co-founder of PayPal Holdings Inc. PYPL and early investor in Facebook Inc. FB, serves as the chairman for the big data analysis company. 

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsTechMediaPalantirPeter Thieltechcrunch
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!