Palantir Technologies Inc. 10-Q

Financial Statements (unaudited)

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) Palantir Technologies Inc. Condensed Consolidated Balance Sheets (in thousands, except per share amounts) (unaudited) As of June 30, 2026 As of December 31, 2025 Assets Current assets: Cash and cash equivalents $ 2,030,047 $ 1,423,796 Marketable securities 7,379,052 5,753,247 Accounts receivable, net 1,485,249 1,042,065 Prepaid expenses and other current assets 205,165 139,066 Total current assets 11,099,513 8,358,174 Property and equipment, net 61,403 51,960 Operating lease right-of-use assets 230,268 200,105 Other assets 287,380 290,153 Total assets $ 11,678,564 $ 8,900,392 Liabilities and Equity Current liabilities: Accounts payable, accrued liabilities, and other $ 504,070 $ 409,552 Deferred revenue 579,437 408,963 Customer deposits 452,075 357,066 Total current liabilities 1,535,582 1,175,581 Deferred revenue, noncurrent 33,722 46,216 Customer deposits, noncurrent 537 18 Operating lease liabilities, noncurrent 211,400 183,474 Other noncurrent liabilities 12,439 7,092 Total liabilities 1,793,680 1,412,381 Commitments and Contingencies (Note 7) Palantir's stockholders’ equity: Common stock, $ 0.001 par value: 20,000,000 Class A shares authorized as of June 30, 2026 and December 31, 2025; 2,300,517 and 2,290,987 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively; 2,700,000 Class B shares authorized as of June 30, 2026 and December 31, 2025; 101,375 and 99,200 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively; and 1,005 Class F shares authorized, issued, and outstanding as of June 30, 2026 and December 31, 2025 2,403 2,391 Additional paid-in capital 11,408,867 10,933,325 Accumulated other comprehensive income (loss), net ( 7,103 ) 13,942 Accumulated deficit ( 1,629,973 ) ( 3,562,390 ) Total Palantir's stockholders’ equity 9,774,194 7,387,268 Noncontrolling interests 110,690 100,743 Total equity 9,884,884 7,488,011 Total liabilities and equity $ 11,678,564 $ 8,900,392 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of contents Palantir Technologies Inc. Condensed Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue $ 1,935,464 $ 1,003,697 $ 3,568,047 $ 1,887,552 Cost of rev