Palantir Technologies Inc (NYSE:PLTR) has posted its fourth consecutive quarter of profitability, with a record audited income of $72 million on a 13% margin.
Top-line revenues grew by 17% year on year to $558 million for the third quarter, with US commercial sales leading the charge with a 33% yearly uptick.
Underlying earnings increased 31% to $171.9 million.
Cash from operations of $133 million represented a 24% margin, with adjusted free cash flow of $141 million representing a 25% margin.
It marks the continuation of a dramatic turnaround for the US data-management firm and government defense contractor, having posted significant losses at the tail end of 2022.
Following the solid results, Palantir now believes its full-year revenue could reach $2.22 billion, with adjusted income from operations guidance between $607 and $611 million.
“The speed with which our company has shifted from losses to profits is a reflection of the power and sophistication of the software platforms that we have built and refined for years,” said chief executive Alexander Karp.
“With these results, our company is now eligible for inclusion in the S&P 500, a milestone that we have been working towards and knew was within reach.”
Karp also weighed in on the ongoing conflict between Israel and Hamas.
“Palantir only supplies its products for Western allies,” he said. “We’ve never supplied our products to enemies. We proudly support the US government. I am proud that we are supporting Israel in every way we can.”
Palantir shares popped 18% higher following today’s earnings call.