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 March 31, 2026 As of December 31, 2025 Assets Current assets: Cash and cash equivalents $ 2,291,631 $ 1,423,796 Marketable securities 5,734,782 5,753,247 Accounts receivable, net 1,405,588 1,042,065 Prepaid expenses and other current assets 119,703 139,066 Total current assets 9,551,704 8,358,174 Property and equipment, net 55,726 51,960 Operating lease right-of-use assets 228,980 200,105 Other assets 362,773 290,153 Total assets 10,199,183 8,900,392 Liabilities and Equity Current liabilities: Accounts payable, accrued liabilities, and other 495,962 409,552 Deferred revenue 516,868 408,963 Customer deposits 370,119 357,066 Total current liabilities 1,382,949 1,175,581 Deferred revenue, noncurrent 41,128 46,216 Customer deposits, noncurrent 1,175 18 Operating lease liabilities, noncurrent 211,977 183,474 Other noncurrent liabilities 5,673 7,092 Total liabilities 1,642,902 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 March 31, 2026 and December 31, 2025; 2,295,892 and 2,290,987 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively; 2,700,000 Class B shares authorized as of March 31, 2026 and December 31, 2025; 100,236 and 99,200 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively; and 1,005 Class F shares authorized, issued, and outstanding as of March 31, 2026 and December 31, 2025 2,397 2,391 Additional paid-in capital 11,138,528 10,933,325 Accumulated other comprehensive income, net 601 13,942 Accumulated deficit ( 2,691,863 ) ( 3,562,390 ) Total Palantir's stockholders’ equity 8,449,663 7,387,268 Noncontrolling interests 106,618 100,743 Total equity 8,556,281 7,488,011 Total liabilities and equity $ 10,199,183 $ 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 March 31, 2026 2025 Revenue $ 1,632,583 $ 883,855 Cost of revenue 215,798 172,970 Gross profit 1,416,785 710,885 Operating expenses: Sale