Q2©2022 Palantir Technologies Inc.

2022
Business Update

Disclaimer

Safe Harbor

This presentation contains “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, statements regarding our financial outlook, productdevelopment, distribution, and pricing, expected benefits of and applications for our software platforms, business strategy and plans (including strategy and plans relating toour sales and marketing efforts, sales force, partnerships, and customers), investments in our business, market trends and market size, expectations regarding any current or
potential customers, partnerships, or other business relationships or initiatives, opportunities (including growth opportunities), our expectations regarding our recent andpotential investments in, and commercial contracts with, various entities, our expectations regarding macroeconomic events, and positioning, 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
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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 circumstancesthat 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 notlimited to risks detailed in our filings with the Securities and Exchange Commission (the “SEC”). 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 materiallyfrom 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
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We use the non-GAAP financial measures adjusted free cash flow; adjusted gross profit and adjusted gross margin; billings; adjusted operating income and adjusted operating
margin; adjusted earnings (loss) per share (”EPS"), diluted; and adjusted expenses to help us evaluate our business, identify trends affecting our business, formulate businessplans 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 statements 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 themost 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.
This presentation may contain statistical data, estimates and forecasts that are based on independent industry publications or other publicly available information, as well asother 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 may also contain links to publicly-available websites, data, or other information. We have not independently verified the accuracy or completeness of suchwebsites, 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
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This presentation may refer to various growth rates when discussing our business. These rates reflect year-over-year comparisons unless otherwise stated.
Any non-Palantir logos or trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as
an endorsement of the platform and products of Palantir. The appearance of any U.S. Department of Defense (DoD) visual information does not imply or constitute DoD
endorsements.

©2022 Palantir Technologies Inc.

By attending or receiving this presentation you acknowledge that you will be solely responsible for your own assessment of the market and our market position and that you willconduct your own analysis and be solely responsible for forming your own view of such information, including the potential future performance of our business.

Q2

Business Update

Q2 2022 Highlights
Revenue grew to $473 million in Q2 2022

Customer count increased to 304, up from 169 a year ago

Our US business generated more than $1 billion in revenue on a TTM basis,
42% growth over the prior TTM

Our US commercial revenue grew 120% year-over-year

We define a customer as an organization from which we have recognized revenue during the trailing twelve months (”TTM“) period.

©2022 Palantir Technologies Inc.

Q2

©2022 Palantir Technologies Inc.

Business Update

When it has to work,
there is only Palantir.

Powering Public Safety Power Shutoff
program to mitigate wildfire risks
Supporting mission outcomes for
Ukraine and powering refugee relief

The A350 production ramp crisis

Driving UK PPE, hospital operations,and vaccinations across the NHS

Combatting the rise of ISIS external
operations across Europe

Powering emergency non-combatantevacuation operations from Afghanistan

Supported risk management of multitrillion-dollar mortgage portfolios
through the Global Financial Crisis

Helped to identify $200 billion
Russian money laundering operation

Powering the US vaccines programfrom clinical trials to jabs in arms
Assisted FAA with minimizing air travel
disruptions and maximizing passenger safety

Autonomously remediated log4j
vulnerabilities across 200+
environments with Apollo

Q2

Business Update

Palantir Healthcare — acrosscommercial and government
sectors — generated $153 million
in revenue in the first half 2022,
up from $42 million in the firsthalf 2020, and representing a
growth rate of 267%.
Pharmaceutical
Biotechnology
Insurers
ProvidersRegulatory agencies
Research organizations

For the purposes of this slide, Palantir Healthcare includes healthcare-related government and commercial customers, excluding strategic investment customers.

©2022 Palantir Technologies Inc.

Q2

©2022 Palantir Technologies Inc.

Business Update

TAM Expansion2024

GothamFoundry

Apollo

2023
2022

2022

2022
[Redacted]

2021

2021
EdgeAI, MetaConstellation, Titan

2020

2019

2020
JADC2

2022
Edge Stream, Pipeline Builder

2021
OpsPI

2019
SSDI, ML, Modeling

2018

2018

Readiness, logistics
and back office functions

2018
Analytics

2017

2017

Operations(intelligence + operations)

2017

2016

2015

2016

Law enforcement, justicecyber, and fraud

2015

Defense intelligenceand J22014

2014

All sources within
intelligence community

2013

HUMINT within
intelligencecommunity

2013

2021

Bringing customers’ SaaS
to any environment

2020
Simulation, Digital twins,
Low-code / No-code, HyperAuto

2019

AI-enabled mission commandControl Center,
Software Supply Chain,
Observability & Monitoring,
Cloud Portability, etc.

Data
Platform

2020
Bringing Palantir
SaaS to any
environment

Q2

Business Update©2022 Palantir Technologies Inc.

Cosmos

New products released since public listing.
Edge AI

HyperAuto

OPIs

Apollo forcustomers’ SaaS

MetaConstellation
Pipeline Builder

Certain notional data in this document is Copyright © 2022 SAP SE or an SAP affiliate company. All rights reserved. Copyright © 2022
Palantir Technologies Inc. and / or affiliates. All rights reserved. The information in this document is proprietary and provided for informational
purposes only and shall not create a warranty of any kind. Any data contained herein is notional.

Titan

Q2

Business Update

Apollo is enabling SaaS companies to rapidly deploy into
Sovereign clouds, DoD IL-5 / 6 / TS Clouds, and into customer
VPCs and premises to expand market access.

2014

2013
All data shown in product screenshots herein is notional and for illustration purposes only.

©2022 Palantir Technologies Inc.

Q2

Business Update

Nexus Peering – built more than adecade ago – is now enabling every
DoD Program to use distributed
data synchronization and datafabric.

©2022 Palantir Technologies Inc.

Q2

©2022 Palantir Technologies Inc.

Business Update

Your future, built on Foundry.
What AWS was in the last decade,Foundry will be in the next.
Application

Application

Application

Application

Application

Application

Application

Application

Application

Application

Application

Application
SDDI

e
tiv
a
N

m

ten
i
ult

c
an

Na
tiv
e

y

Versioned Pipelines

OPIs

mu
ltitenancyArtifacts

Q2

Business Update

Usage-Based Pricing
Enabling IT to buy Foundry witha clear, transparent model thatscales in predictable ways relative
to usage and value
Enabling GSI partners to more
successfully drive joint sales anddeliver projects

All data shown in product screenshots herein is notional and for illustration purposes only.

©2022 Palantir Technologies Inc.

Q2

Business Update

Investing in our growing
developer community.
Making Foundry documentation
and APIs publicly available
Enabling developers to explore
Foundry for themselves
Supporting content creators acrossYouTube, Medium, Stack Overflow,
and others

All data shown in productscreenshots herein is notional andfor illustration purposes only.

©2022 Palantir Technologies Inc.

Q2

©2022 Palantir Technologies Inc.

2022
Financials

Q2

Financials

US business generated
TTM revenue of$1.04Bfor the period ended June 30,
2022, eclipsing the $1Bthreshold for the first time.

Total US Revenue Growth
$290M

$300M

+45%

$250M

$200M
$200M

$150M

$100M

$50M

Q2 2021©2022 Palantir Technologies Inc.

Q2 2022

Q2©2022 Palantir Technologies Inc.

Financials

Total Government Revenue Growth

Total Commercial Revenue Growth

$300M

$250M

$263M
$250M

$232M

+13%

$210M
$200M

+46%

$200M
$150M

$144M

$150M

$100M
$100M

$50M
$50M

Q2 2021

Q2 2022

Q2 2021

Q2 2022

Q2

Financials

We ended Q2 2022 withnet dollar retention of

119%

Q2 revenue grew by 26%
year-over-year to $473M
$500M

$400M

$473M

$376M

+26%

$300M

$200M

$100M

Net dollar retention is calculated as (a) revenue for the trailing twelve months as of each period attributable to the customers as counted
for the prior trailing twelve months divided by (b) revenue for the prior trailing twelve months recognized from those same customers.
For the purpose of the foregoing definition of net dollar retention, “customers as counted for the prior trailing twelve months” refers toapplicable organizations from which we have recognized revenue during the trailing twelve months ended June 30, 2021.
©2022 Palantir Technologies Inc.

Q2 2021

Q2 2022

Q2

Financials

Our total customer
count grew80%
year-over-year.

We added 27 net new customers
in Q2 2022, with total customers
up 10% quarter-over-quarter
350

304

+80%

300

237

250

203
200

169

277

+10%

+17%

+17%

+20%

150

100

50

©2022 Palantir Technologies Inc.

TRAILING TWELVETRAILING TWELVETRAILING TWELVETRAILING TWELVETRAILING TWELVEMONTHS ENDED

MONTHS ENDED

MONTHS ENDED

MONTHS ENDED

MONTHS ENDED

JUN 30, 2021

SEP 30, 2021

DEC 31, 2021

MAR 31, 2022

JUN 30, 2022

Q2

©2022 Palantir Technologies Inc.

Financials

Commercial Customer Count

Average Revenue per Top 20 Customers

250

$50M

$46M
203
200

$45M

184

+17%

147

150

$40M

$39M

115
100

$35M

79

50

TRAILING TWELVETRAILING TWELVETRAILING TWELVETRAILING TWELVETRAILING TWELVEMONTHS ENDED

MONTHS ENDED

MONTHS ENDED

MONTHS ENDED

MONTHS ENDED

JUN 30, 2021

SEP 30, 2021

DEC 31, 2021

MAR 31, 2022

JUN 30, 2022

Average revenue per customer is defined as (a) the Company’s trailing twelve months of revenue as of each period divided by (b) the number of customers from which that period’s revenue was derived.
Average revenue from our top twenty customers for each period presented is the average revenue recognized from the twenty customers with the greatest amount of revenue recognized in each respective period.

TRAILING TWELVE MONTHSTRAILING TWELVE MONTHSENDED JUNE 30, 2021

ENDED JUNE 30, 2022

Q2

©2022 Palantir Technologies Inc.

Financials

Deals Closed

Billings

250

$400M

234

$379M

+5%

$396M

200
$300M

+67%
150

140
$200M

100

$100M
50

Q2 2021

Q2 2022

Billings is defined as revenue plus the change in contract liabilities for the period presented. Please see the appendix for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures.

Q2 2021

Q2 2022

Q2©2022 Palantir Technologies Inc.

Financials

We ended Q2 2022 with $3.5B
in total remaining deal value,
up 4% year-over-year

Remaining performance obligations
grew 79% year-over-year to $1.2B$1.25B

$1.2B

$3.5B

$3.5B

$3.4B

+4%

$1B

+79%

$3.4B
$750M

$3.3B

$672M

$500M

$250M

Q2 2021

Q2 2022

Q2 2021

Q2 2022

Total remaining deal value is the total remaining 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 remaining deal value presumes the exercise of all contract options and no termination of contracts; however, the majority of ourcontracts are subject to termination provisions, including for convenience, and there can be no guarantee that contracts are not terminated or that contract options will be exercised. Included in the $3.5 billion of total remaining deal value is the following activity as of June 30, 2022: 1) $755 million of maximum potential revenue from commercial contracts with corresponding approved
investment agreements, less 2) $71 million of revenue recognized from such commercial contracts during the six months ended June 30, 2022, plus 3) $68 million of maximum potential revenue from commercial contracts entered into in connection with potential investment agreements that are subject to negotiation, approval, and execution.
Remaining performance obligations represent non-cancelable 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 606 - Revenue from Contracts with Customers - allowing us to not disclose
remaining performance obligations for contracts with original terms of twelve months or less.

Q2©2022 Palantir Technologies Inc.

Financials

Adjusted Gross Margins
Adjusted Gross Margin

82%

82%

83%

81%

81%

Q2 2021

Q3 2021

Q4 2021

Q1 2022

Q2 2022

Adjusted gross margin excludes stock-based compensation. Adjusted gross margin is a non-GAAP financial measure. Please see the appendix for the reconciliation of this non-GAAP financial measure to the most directly comparable GAAP measure.

Q2

Financials

We are continuing to invest
in our business to position
the company and ourcustomers to win.

Q2 2022 adjusted operating income was$108M, representing a margin of 23%
Adjusted Operating Margin

$125M

$117M
31%

$100M

$108M
23%

$75M

$50M

$25M

Q2 2021
Adjusted operating margin excludes stock-based compensation and related employer payroll taxes. Please see the appendix forreconciliations of this and other non-GAAP financial measures to the most directly comparable GAAP measures.
©2022 Palantir Technologies Inc.

Q2 2022

Q2

Financials

We ended the second quarter of2022 with $2.4B in cash and no debt.

Q2 2022 Adjusted Free Cash Flow
and Cash from Operations$75M

In July 2022, we closed a $450M
delayed draw term loan, for a total
undrawn credit facility of $950M,
including our revolving credit facility,
to add additional dry powder toour war chest.

$61M

$62M

$50M

$25M

Adjusted free cash flow excludes employer payroll taxes related to stock-based compensation and purchases of property and equipment.
Please see the appendix for a reconciliation of this non-GAAP financial measure to the most directly comparable GAAP measure.
©2022 Palantir Technologies Inc.

ADJUSTED FREE
CASH FLOWCASH FROMOPERATIONSQ2©2022 Palantir Technologies Inc.

Financials

Total US Revenue Growth

TTM Revenue CAGR of 41% Since theStart of 2019$1.25B$2B$1.04B

$1.7B

$1B

$750M

$737M

+42%

$1.5B

+41%
$1B

$743M

$500M

$500M

$250M

TRAILING TWELVE MONTHSENDED JUNE 30, 2021

TRAILING TWELVE MONTHSENDED JUNE 30, 2022

TRAILING TWELVE MONTHSENDED DEC 31, 2019

TRAILING TWELVE MONTHSENDED JUNE 30, 2022

Q2

Business Update

Guidance
Q3 2022We expect revenue of between$474-$475M

and adjusted income from operations of $54-$55 million

FY 2022
We now expect revenue of between$1.9-$1.902B

and adjusted income from operations of $341-$343 million

We are presently not guiding beyond FY 2022.

©2022 Palantir Technologies Inc.

Q2

©2022 Palantir Technologies Inc.

2022
Appendix A

Appendix

A

Commercial Customer Count

Commercial
Commercial revenue growth year-over-year
Q2 2021

Q3 202128% 37%250

Q4 2021

Q1 2022

Q2 2022

47%

54%

46%

203
200

184
147

150

115
100

79

50

©2022 Palantir Technologies Inc.

TRAILING TWELVETRAILING TWELVETRAILING TWELVETRAILING TWELVETRAILING TWELVEMONTHS ENDED

MONTHS ENDED

MONTHS ENDED

MONTHS ENDED

MONTHS ENDED

JUN 30, 2021

SEP 30, 2021

DEC 31, 2021

MAR 31, 2022

JUN 30, 2022

AppendixA

US Commercial (%) of Overall Revenue

US Commercial
US Commercial revenue growth year-over-year
Q2 2021

Q3 2021

Q4 202120%

Q1 202217%

Q2 2022

90% 103% 132% 136% 120%
15%

US Commercial Customer Count
119

125

10%

103

10%

100

80
75

59
50

5%

34
25

TRAILING TWELVETRAILING TWELVETRAILING TWELVETRAILING TWELVETRAILING TWELVEMONTHS ENDED

MONTHS ENDED

MONTHS ENDED

MONTHS ENDED

MONTHS ENDED

JUN 30, 2021

SEP 30, 2021

DEC 31, 2021

MAR 31, 2022

JUN 30, 2022

©2022 Palantir Technologies Inc.

TRAILING TWELVETRAILING TWELVEMONTHS ENDED

MONTHS ENDED

JUNE 30, 2021

JUNE 30, 2022

Appendix

A

Government TTM Revenue per Customer

Government$10M

Government revenue growth year-over-year
Q2 2021

Q3 2021

Q4 202166% 34% 26%$10M

Q1 2022

Q2 2022

16%

13%

$9M

$5M

$5M

$3M

TTM revenue per customer is defined as (a) the Company’s trailing twelve months of revenue for the respective segment as ofeach period end divided by (b) the number of customers in the respective segment from which that period’s revenue was derived.
©2022 Palantir Technologies Inc.

TRAILING TWELVETRAILING TWELVETRAILING TWELVETRAILING TWELVEMONTHS ENDED

MONTHS ENDED

MONTHS ENDED

MONTHS ENDED

JUN 30, 2019

JUN 30, 2020

JUN 30, 2021

JUN 30, 2022

Q2

©2022 Palantir Technologies Inc.

2022
Appendix B

Appendix©2022 Palantir Technologies Inc.

B

Reconciliation of Cash Flow from Operating Activities to Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin
Adjusted free cash flow margin is calculated as adjusted free cash flow divided by revenue

Q2 2021($ THOUSANDS)

Cash Flow from Operating Activities$

22,750Q2 2022$62,431Add:
Cash Paid for Employer Payroll Taxes Related to Stock-Based Compensation

27,770

3,933

(697)

(5,458)Less:
Cash Used to Purchase Property and Equipment

Adjusted Free Cash Flow
Adjusted Free Cash Flow Margin$

49,823
13%$

60,90613%

Appendix©2022 Palantir Technologies Inc.

B

Reconciliation of Gross Profit to Adjusted Gross Profit and Adjusted Gross Margin
Excluding Stock-Based Compensation
Adjusted gross margin is calculated as adjusted gross profit divided by revenue

Q2 2021

Q3 2021

Q4 2021284,716$ 305,342$ 345,304

24,02914,860Adjusted Gross Profit$ 308,745

Adjusted Gross Margin82%($ THOUSANDS)

Gross Profit$

Q1 2022

Q2 2022351,954$ 370,786

13,68011,677

11,211$ 320,202$ 358,984$ 363,631

82%

83%

81%

$

Add:
Stock-Based Compensation$

381,99781%

Appendix©2022 Palantir Technologies Inc.

B

Reconciliation of Loss from Operations to Adjusted Operating Income and Adjusted Operating Margin
Excluding Stock-Based Compensation and Related Employer Payroll Taxes

Q2 2021($ THOUSANDS)

Loss from Operations$ (146,148)

Q2 2022$(41,745)

Add:
Stock-Based Compensation

232,742

145,769

Employer Payroll Taxes Related to Stock-Based Compensation

30,133

3,825

Adjusted Operating Income
Adjusted Operating Margin$

116,727
31%$

107,849
23%

Appendix©2022 Palantir Technologies Inc.

B

Reconciliation of GAAP Net Loss Per Share, Diluted to Adjusted Earnings (Loss) Per Share, Diluted

Q2 2021(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

GAAP Net Loss$

(138,580)

Q2 2022$(179,329)

Add / (Less):
Stock-Based Compensation

232,742

145,769

Employer Payroll Taxes Related to Stock-Based Compensation

30,133

3,825(26,340)

8,615

Income Tax Effects and Adjustments [1]Adjusted Net Income (Loss) Attributable to Common Stockholders, Diluted$

97,955$(21,120)

Weighted-Average Shares Used in Computing GAAP Net Loss Per Share, Diluted

1,894,606

2,054,799

Adjusted Weighted-Average Shares Used in Computing Adjusted Earnings (Loss) Per Share, Diluted [2]2,310,731

2,054,799

Adjusted Earnings (Loss) Per Share, Diluted[1] Income tax effect is based on an estimated long-term annual effective tax rate of 22.2% for the periods ended 2022 and 2021. The Company’s estimated long-term annual effective tax rate excludes
certain non-cash items, such as stock-based compensation, and is used in order to provide consistency across periods by eliminating the effects of certain items, such as changes in the tax valuation allowance.
[2] There were no additional dilutive securities included for the three months ended June 30, 2022 and an additional 125 million dilutive securities for the six months ended June 30, 2022 that were excluded from a GAAP perspective due to the Company’s
net loss position. There was an additional 416 million and 465 million dilutive securities for the three and six months ended June 30, 2021, respectively, that were excluded from a GAAP perspective due to the Company’s net loss position.

$

0.04

$

(0.01)

Appendix©2022 Palantir Technologies Inc.

B

Reconciliation of Revenue to Billings($ THOUSANDS)

Revenue
Change in Contract Liabilities

Billings

Q2 2021

Q2 2022$ 375,642$ 473,010

3,063(76,927)$ 378,705$ 396,083

Appendix©2022 Palantir Technologies Inc.

B

Reconciliation of Cost of Revenue and Total Operating Expenses to Adjusted Expenses
Q1 2022($ THOUSANDS)

Total Expenses$

485,796

Q2 2022$514,755

Less:
Stock-Based Compensation
Employer Payroll Taxes Related to Stock-Based Compensation

Adjusted Expenses$

149,323

145,769

7,506

3,825

328,967$

365,161