Look, I’ve seen some wild earnings calls in my time, but Palantir’s CEO Alex Karp just delivered what might be the most gloriously petty victory lap in corporate history. After posting numbers that would make a Vegas high roller jealous, this guy literally apologized to the haters for disappointing them. I’m not kidding.
“We’re very proud and we’re sorry that our haters are disappointed, but there are many more quarters to be disappointed, and we’re working on that too,” Karp said during Monday’s earnings call. Sir, this is a Wendy’s—I mean, a Fortune 500 company.
But here’s the thing: when you’re posting numbers like these, you get to be a little cocky. Palantir just crossed the $1 billion revenue threshold for the first time ever, with a 48% year-over-year jump that had Wall Street doing double-takes. They were expecting around $940 million, so this was like ordering a medium coffee and getting a venti.
The AI wave isn’t just lifting all boats—it’s launching Palantir into orbit. Their U.S. commercial revenues nearly doubled to $306 million, which is the kind of growth that makes venture capitalists weep tears of joy. Meanwhile, their government contracts are still printing money, up 53% to $426 million, because apparently Uncle Sam really likes what they’re selling.
Adjusted earnings hit 16 cents per share, beating the 14-cent estimate, while net income absolutely exploded 144% to $326.7 million. That’s up from $134.1 million last year, which in normal-person terms means they’re making bank.
Naturally, they raised their full-year guidance because why not pile on? They’re now expecting revenues between $4.142 billion and $4.150 billion, up from their previous forecast of $3.89-$3.90 billion. It’s like they’re playing financial limbo, except instead of going lower, they keep raising the bar.
Karp called it a “once in a generation, truly anomalous quarter,” which is CEO-speak for “we absolutely crushed it and we know it.” He also mentioned being “cautioned to be a little modest” about their “bombastic numbers” but decided authenticity meant embracing the swagger. Honestly, respect.
The stock has been on an absolute tear, up more than 120% this year, pushing their market cap past $400 billion. They even cracked the list of the 20 most valuable U.S. companies, which is wild considering they were basically a government contractor with mysterious vibes not too long ago.
Of course, there’s a catch—there’s always a catch. The stock trades at 277 times forward earnings, which is the kind of multiple that makes value investors break out in hives. Some analysts are getting nervous about the “disconnected between valuation and achievable growth,” but others are arguing that Palantir’s unique position warrants the premium.
The bottom line? Palantir is riding the AI wave like they invented surfing, their CEO is out here delivering legendary trash talk, and the numbers are backing up every word. Whether this momentum continues or reality eventually crashes the party remains to be seen, but for now, they’re having their moment—and making sure everyone knows it.