Palantir Technologies Inc.
For the period ended Jun 30, 2025. Filed Aug 5, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 5, 2025
PLTR$160.38+3.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-06.
0001321655-25-000066
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0001321655-25-000106
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 137 previous paragraphs and 143 current paragraphs.
105 unchanged; 30 reworded; 7 added; 1 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 13 previous and 13 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (7)
Current report
Cost of revenue for the six months ended June 30, 2025 increased by $121.1 million, or 49%, compared to the same period in 2024. The increase was primarily due to increases of $43.5 million in subcontractor expenses and field-service representatives, $28.9 million in third-party cloud hosting services, $18.1 million in stock-based compensation expense and related expenses, and $15.3 million in payroll and other payroll-related costs.
Current report
Our gross margin for the six months ended June 30, 2025 and 2024 was 81%.
Current report
Sales and marketing costs increased by $47.0 million, or 24%, for the three months ended June 30, 2025 compared to the same period in 2024. The increase was primarily due to increases of $18.2 million in stock-based compensation expense and related expenses and $16.0 million in payroll and other payroll-related costs.
Current report
Research and development costs increased by $26.3 million, or 24%, for the three months ended June 30, 2025 compared to the same period in 2024. The increase was primarily due to increases of $10.3 million in stock-based compensation expense and related expenses, $6.9 million in third-party cloud hosting services, and $4.8 million in payroll and other payroll-related costs.
Current report
Research and development costs increased by $51.1 million, or 23%, for the six months ended June 30, 2025 compared to the same period in 2024. The increase was primarily due to increases of $23.8 million in stock-based compensation expense and related expenses, $9.9 million in third-party cloud hosting services, and $8.8 million in payroll and other payroll-related costs.
Current report
General and administrative costs increased by $24.0 million, or 17%, for the three months ended June 30, 2025 compared to the same period in 2024. The increase was primarily due to an increase of $11.8 million in stock-based compensation expense and related expenses and $4.2 million in payroll and other payroll-related costs.
Current report
On July 4, 2025, the One Big Beautiful Bill Act was signed into law in the U.S., which contains a broad range of tax reform provisions affecting businesses. We are evaluating the full effects of the legislation on our estimated annual effective tax rate but do not expect that the legislation will have a material impact on our consolidated financial statements. As the legislation was signed into law after the close of the second quarter ended June 30, 2025, any potential impacts are not included in our operating results included in this Quarterly Report on Form 10-Q.
Removed paragraphs (1)
Previous report
General and administrative expenses increased by $29.7 million, or 22%, for the three months ended March 31, 2025 compared to the same period in 2024. The increase was primarily due to an increase of $21.1 million in stock-based compensation expense and related expenses.
Reworded paragraphs (30)
Previous wording
For over a decade, Gotham has surfaced insights for global defense agencies, the intelligence community, disaster relief organizations and beyond. Foundry is becoming a central operating system not only for individual institutions but also for entire industries. Apollo, which we began offering as a commercial solution in 2021, is a cloud-agnostic, single control layer that coordinates ongoing delivery of new features, security updates, and platform configurations, helping to ensure the continuous operation of critical systems. Apollo allows our customers to run their software in virtually any environment.
Current wording
We have built four principal software platforms, Gotham, Foundry, Apollo, and our Artificial Intelligence Platform (“AIP”). Gotham and Foundry enable institutions to transform massive amounts of information into an integrated data asset that reflects their operations, and AIP leverages the power of our existing machine learning technologies alongside generative AI models, including large language models (“LLMs”), directly within Gotham and/or Foundry to help operationalize AI on enterprise data. For over a decade, Gotham has surfaced insights for global defense agencies, the intelligence community, disaster relief organizations and beyond. Foundry is becoming a central operating system not only for individual institutions but also for entire industries. Apollo, which we began offering as a commercial solution in 2021, is a cloud-agnostic, single control layer that coordinates ongoing delivery of new features, security updates, and platform configurations, helping to ensure the continuous operation of critical systems. Apollo allows our customers to run their software in virtually any environment.
Previous wording
For the three months ended March 31, 2025, we generated $883.9 million in revenue, reflecting a 39% growth rate from the three months ended March 31, 2024, when we generated $634.3 million in revenue.
Current wording
For the three months ended June 30, 2025, we generated $1.0 billion in revenue, reflecting a 48% growth rate from the three months ended June 30, 2024 when we generated $678.1 million in revenue. For the six months ended June 30, 2025, we generated $1.9 billion in revenue, reflecting a 44% growth rate from the six months ended June 30, 2024 when we generated $1.3 billion in revenue.
Previous wording
In the three months ended March 31, 2025, we generated income from operations of $176.0 million, or adjusted income from operations of $390.7 million when excluding stock-based compensation and related employer payroll taxes. In the three months ended March 31, 2024, we generated income from operations of $80.9 million, or adjusted income from operations of $226.5 million when excluding stock-based compensation and related employer payroll taxes.
Current wording
In the three months ended June 30, 2025, we generated income from operations of $269.3 million, or adjusted income from operations of $464.4 million when excluding stock-based compensation and related employer payroll taxes. In the three months ended June 30, 2024, we generated income from operations of $105.3 million, or adjusted income from operations of $253.6 million when excluding stock-based compensation and related employer payroll taxes. In the six months ended June 30, 2025, we generated income from operations of $445.4 million, or adjusted income from operations of $855.1 million when excluding stock-based compensation and related employer payroll taxes. In the six months ended June 30, 2024, we generated income from operations of $186.2 million, or adjusted income from operations of $480.0 million when excluding stock-based compensation and related employer payroll taxes.
Previous wording
In the three months ended March 31, 2025, our gross profit was $710.9 million, reflecting a gross margin of 80%, or 82% when excluding stock-based compensation. In the three months ended March 31, 2024, our gross profit was $518.1 million, reflecting a gross margin of 82%, or 83% when excluding stock-based compensation.
Current wording
In the three months ended June 30, 2025, our gross profit was $810.8 million, reflecting a gross margin of 81%, or 82% when excluding stock-based compensation. In the three months ended June 30, 2024, our gross profit was $549.6 million, reflecting a gross margin of 81%, or 83% when excluding stock-based compensation. In the six months ended June 30, 2025, our gross profit was $1.5 billion, reflecting a gross margin of 81%, or 82% when excluding stock-based compensation. In the six months ended June 30, 2024, our gross profit was $1.1 billion, reflecting a gross margin of 81%, or 83% when excluding stock-based compensation.
Previous wording
We define a customer as an organization from which we have recognized revenue during the trailing twelve-month period. During the period ended March 31, 2025, we had 769 customers, including companies in various commercial sectors and government agencies around the world. During the period ended March 31, 2024, we had 554 customers.
Current wording
We define a customer as an organization from which we have recognized revenue during the trailing twelve-month period. During the period ended June 30, 2025, we had 849 customers, including companies in various commercial sectors and government agencies around the world. During the period ended June 30, 2024, we had 593 customers.
Previous wording
We have built lasting and significant customer relationships and partnerships with some of the world’s leading government institutions and companies. Our average revenue for the top twenty customers during the trailing twelve months ended March 31, 2025 was $69.9 million, which grew 26% from an average of $55.5 million in revenue from the top twenty customers during the trailing twelve months ended March 31, 2024, demonstrating our expanding relationships with existing customers.
Current wording
We have built lasting and significant customer relationships and partnerships with some of the world’s leading government institutions and companies. Our average revenue for the top twenty customers during the trailing twelve months ended June 30, 2025 was $74.7 million, which grew 30% from an average of $57.3 million in revenue from the top twenty customers during the trailing twelve months ended June 30, 2024, demonstrating our expanding relationships with existing customers.
Previous wording
Organizations in the commercial and government sectors face similar challenges when it comes to managing data, and we intend to expand our reach in both markets moving forward. Our decisions about which customer relationships require further investment may change over time, based on our assessment of the potential long-term value that our software can generate for them. We conduct pilots and bootcamps with customers, generally at our own expense and without a guarantee of future returns, in order to access a unique set of opportunities that others may pass over for lack of resources and shorter investment horizons. We manage customers at the account level, not by industry or sector, so that we can optimize on the specific growth opportunities for each customer. In the three months ended March 31, 2025, 55% of our revenue came from government customers and 45% came from commercial customers.
Current wording
Organizations in the commercial and government sectors face similar challenges when it comes to managing data, and we intend to expand our reach in both markets moving forward. Our decisions about which customer relationships require further investment may change over time, based on our assessment of the potential long-term value that our software can generate for them. We conduct pilots and bootcamps with customers, generally at our own expense and without a guarantee of future returns, in order to access a unique set of opportunities that others may pass over for lack of resources and shorter investment horizons. We manage customers at the account level, not by industry or sector, so that we can optimize on the specific growth opportunities for each customer. In the six months ended June 30, 2025, 55% of our revenue came from government customers and 45% came from commercial customers.
Previous wording
Our U.S. customers have been a meaningful source of revenue growth for our business. In the three months ended March 31, 2025, we generated 71% of our revenue from customers in the United States and the remaining 29% from non-U.S. customers. Revenue from our U.S. customers during the trailing twelve months ended March 31, 2025 was $2.1 billion, which grew 47% from the prior twelve-month period. We expect that U.S. customers will continue to be a source of significant revenue growth for us.
Current wording
Our U.S. customers have been a meaningful source of revenue growth for our business. In the six months ended June 30, 2025, we generated 72% of our revenue from customers in the United States and the remaining 28% from non-U.S. customers. Revenue from our U.S. customers during the trailing twelve months ended June 30, 2025 was $2.4 billion, which grew 55% from the prior twelve-month period. We expect that U.S. customers will continue to be a source of significant revenue growth for us.
Previous wording
As a corporation with an international presence, we are subject to risks and uncertainties caused by significant events with macroeconomic impacts, including, but not limited to, geopolitical tensions, heightened interest rates, monetary policy changes, foreign currency fluctuations, and the imposition of tariffs or other impacts on trade relations. Additionally, these macroeconomic impacts have disrupted, and may continue to disrupt, the operations of our customers and prospective customers. We continuously monitor the direct and indirect impacts of these circumstances on our business and financial results, as well as the overall global economy and geopolitical landscape.
Current wording
As a corporation with an international presence, we are subject to risks and uncertainties caused by significant events with macroeconomic impacts, including, but not limited to, geopolitical tensions, heightened interest rates, monetary policy changes, foreign currency fluctuations, and the potential or actual imposition of tariffs or other impacts on trade relations. Additionally, these macroeconomic impacts have disrupted, and may continue to disrupt, the operations of our customers and prospective customers. We continuously monitor the direct and indirect impacts of these circumstances on our business and financial results, as well as the overall global economy and geopolitical landscape.
Previous wording
Our contracts with customers and vendors are primarily denominated in U.S. dollars. However, when the U.S. dollar strengthens compared to other major foreign currencies (primarily the Euro and British pound sterling (“GBP”)), it has had, and could in the future have, an unfavorable impact on our revenues and expenses from certain non-U.S. customers or vendors whose contracts are denominated in currencies other than the U.S. dollar. Additionally, certain of our U.S. and non-U.S. subsidiaries may hold monetary assets and liabilities in currencies other than their functional currency (primarily the Japanese Yen (“JPY”), Euro, and GBP), which could subject our results of operations and cash flows to adverse fluctuations due to changes in such foreign currency exchange rates as compared to the U.S. dollar. For the three months ended March 31, 2025 such impacts were not material to our financial position or results of operations.
Current wording
Our contracts with customers and vendors are primarily denominated in U.S. dollars. However, when the U.S. dollar strengthens compared to other major foreign currencies (primarily the Euro and British pound sterling (“GBP”)), it has had, and could in the future have, an unfavorable impact on our revenues and expenses from certain non-U.S. customers or vendors whose contracts are denominated in currencies other than the U.S. dollar. Additionally, certain of our U.S. and non-U.S. subsidiaries may hold monetary assets and liabilities in currencies other than their functional currency (primarily the Japanese Yen (“JPY”), Euro, and GBP), which could subject our results of operations and cash flows to adverse fluctuations due to changes in such foreign currency exchange rates as compared to the U.S. dollar. For the six months ended June 30, 2025 such impacts were not material to our financial position or results of operations.
Previous wording
The following table provides a reconciliation of contribution margin for the three months ended March 31, 2025 and 2024 (in thousands, except percentages):
Current wording
The following table provides a reconciliation of contribution margin for the three and six months ended June 30, 2025 and 2024 (in thousands, except percentages):
Previous wording
The following table provides a reconciliation of gross profit and gross margin, excluding stock-based compensation for the three months ended March 31, 2025 and 2024 (in thousands, except percentages):
Current wording
The following table provides a reconciliation of gross profit and gross margin, excluding stock-based compensation for the three and six months ended June 30, 2025 and 2024 (in thousands, except percentages):
Previous wording
The following table provides a reconciliation of adjusted income from operations, which excludes stock-based compensation and related employer payroll taxes for the three months ended March 31, 2025 and 2024 (in thousands):
Current wording
The following table provides a reconciliation of adjusted income from operations, which excludes stock-based compensation and related employer payroll taxes for the three and six months ended June 30, 2025 and 2024 (in thousands, except percentages):
Previous wording
Comparison of the Three Months Ended March 31, 2025 and 2024
Current wording
Comparison of the Three and Six Months Ended June 30, 2025 and 2024
Previous wording
Revenue increased by $249.5 million, or 39%, for the three months ended March 31, 2025 compared to the same period in 2024. Revenue from government customers increased by $151.6 million, or 45%, for the three months ended March 31, 2025 compared to the same period in 2024. Of the increase, $148.7 million was from government customers existing as of December 31, 2024. Revenue from U.S. government customers was $373.0 million for the three months ended March 31, 2025 compared to $256.7 million for the same period in 2024. Revenue from commercial customers increased by $97.9 million, or 33%, for the three months ended March 31, 2025 compared to the same period in 2024. Of the increase, $73.3 million was from commercial customers existing as of December 31, 2024, including a decrease of $18.7 million of revenue from Strategic Commercial Contracts. Revenue from U.S. commercial customers was $255.5 million for the three months ended March 31, 2025 compared to $149.7 million for the same period in 2024, a 71% increase.
Current wording
Revenue increased by $325.6 million, or 48%, for the three months ended June 30, 2025 compared to the same period in 2024. Revenue from government customers increased by $182.2 million, or 49%, for the three months ended June 30, 2025 compared to the same period in 2024. Of the increase, $174.2 million was from government customers existing as of December 31, 2024. Revenue from U.S. government customers was $426.1 million for the three months ended June 30, 2025 compared to $278.0 million for the same period in 2024. Revenue from commercial customers increased by $143.3 million, or 47%, for the three months ended June 30, 2025 compared to the same period in 2024. Of the increase, $86.5 million was from commercial customers existing as of December 31, 2024, including a decrease of $4.1 million of revenue from Strategic Commercial Contracts. Revenue from U.S. commercial customers was $306.5 million for the three months ended June 30, 2025 compared to $159.2 million for the same period in 2024, a 92.5% increase.
Previous wording
Cost of revenue for the three months ended March 31, 2025 increased by $56.7 million, or 49%, compared to the same period in 2024. The increase was primarily due to increases of $17.6 million in subcontractor and field service representatives expenses, $13.7 million in third-party cloud hosting services, and $11.5 million in stock-based compensation expense and related expenses.
Current wording
Cost of revenue for the three months ended June 30, 2025 increased by $64.4 million, or 50%, compared to the same period in 2024. The increase was primarily due to increases of $25.9 million in subcontractor expenses and field service representatives, $15.2 million in third-party cloud hosting services, $7.5 million in payroll and other payroll-related costs, and $6.6 million in stock-based compensation expense and related expenses.
Previous wording
Our gross margin for the three months ended March 31, 2025 decreased from 82% for the same period in 2024 to 80% as a result of cost of revenue growth outpacing revenue growth.
Current wording
Our gross margin for the three months ended June 30, 2025 and 2024 was 81%.
Previous wording
Research and development expenses increased by $24.8 million, or 23%, for the three months ended March 31, 2025 compared to the same period in 2024. The increase was primarily due to increases of $13.5 million in stock-based compensation expense and related expenses and $4.0 million in payroll and other payroll-related costs.
Current wording
Sales and marketing costs increased by $90.1 million, or 23%, for the six months ended June 30, 2025 compared to the same period in 2024. The increase was primarily due to increases of $41.1 million in stock-based compensation expense and related expenses and $23.8 million in payroll and other payroll-related costs.
Previous wording
Sales and marketing expenses increased by $43.1 million, or 22%, for the three months ended March 31, 2025 compared to the same period in 2024. The increase was primarily due to increases of $22.9 million in stock-based compensation expense and related expenses and $7.8 million in payroll and other payroll-related costs.
Current wording
General and administrative costs increased by $53.6 million, or 20%, for the six months ended June 30, 2025 compared to the same period in 2024. The increase was primarily due to an increase of $32.9 million in stock-based compensation expense and related expenses and $7.8 million in payroll and other payroll-related costs.
Previous wording
Stock-based compensation expenses increased by $29.7 million, or 24%, for the three months ended March 31, 2025 compared to the same period in 2024. The increase was driven by expense from new grants awarded since March 31, 2024, including restricted stock units (“RSUs”), performance-based RSUs (“P-RSUs”), and stock appreciation rights (“SARs’), partially offset by reductions in expense from equity awards that became fully vested and forfeitures.
Current wording
Stock-based compensation expenses increased by $18.2 million, or 13%, and $47.9 million, or 18%, for the three and six months ended June 30, 2025 compared to the same periods in 2024, respectively. The increase was driven by expense from new grants awarded since June 30, 2024, including restricted stock units (“RSUs”), performance-based RSUs (“P-RSUs”), and stock appreciation rights (“SARs”), partially offset by reductions in expense from equity awards that became fully vested and forfeitures.
Previous wording
Interest income increased by $7.1 million for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to an increase in our interest-bearing cash, cash equivalents, and investments in short-term U.S. Treasury securities.
Current wording
Interest income increased by $9.7 million and $16.8 million for the three and six months ended June 30, 2025, respectively, compared to the same periods in 2024 primarily due to an increase in our interest-bearing cash, cash equivalents, and investments in short-term U.S. Treasury securities.
Previous wording
Other income (expense), net changed by $10.3 million for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to favorable changes in foreign currency exchange gains and losses and upward adjustments related to privately-held equity securities.
Current wording
Other income (expense), net changed by $17.8 million and $28.1 million for the three and six months ended June 30, 2025, respectively, compared to the same periods in 2024 primarily due to unrealized gains and lower realized losses from marketable securities.
Previous wording
Provision for income taxes increased by an immaterial amount for the three months ended March 31, 2025 compared to the same period in 2024. For additional information see Note 10. Income Taxes in our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.
Current wording
Provision for income taxes decreased by an immaterial amount for the three and six months ended June 30, 2025 compared to the same periods in 2024. For additional information see Note 10. Income Taxes in our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.
Previous wording
We generated positive cash flow from operations for the three months ended March 31, 2025. We had cash, cash equivalents, and short-term U.S. Treasury securities totaling $5.4 billion available as of March 31, 2025. We believe that we have sufficient liquidity to meet our operating requirements for at least the next twelve months and thereafter for the foreseeable future. We continue to evaluate our liquidity and capital resources, including our access to external capital, to ensure we can finance future capital requirements.
Current wording
We generated positive cash flow from operations for the six months ended June 30, 2025. We had cash and cash equivalents and short-term U.S. Treasury securities totaling $6.0 billion available as of June 30, 2025. We believe that we have sufficient liquidity to meet our operating requirements for at least the next twelve months and thereafter for the foreseeable future. We continue to evaluate our liquidity and capital resources, including our access to external capital, to ensure we can finance future capital requirements.
Previous wording
As of March 31, 2025, our accumulated deficit balance was $5.0 billion, and our principal sources of liquidity were cash, cash equivalents, and short-term U.S. Treasury securities totaling $5.4 billion.
Current wording
As of June 30, 2025, our accumulated deficit balance was $4.6 billion, and our principal sources of liquidity were cash, cash equivalents, and short-term U.S. Treasury securities totaling $6.0 billion.
Previous wording
As of March 31, 2025, we had no outstanding debt balances and additional available and undrawn revolving commitments of $500.0 million under our credit facility. For more information, see Note 6. Debt in our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.
Current wording
As of June 30, 2025, we had no outstanding debt balances and additional available and undrawn revolving commitments of $500 million under our credit facility. For more information, see Note 6. Debt in our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.
Previous wording
In August 2023, our Board of Directors authorized a stock repurchase program of up to $1.0 billion of our outstanding shares of Class A common stock (the “Share Repurchase Program”). During the three months ended March 31, 2025, the Company repurchased and subsequently retired 0.2 million shares of its Class A common stock for an aggregate amount, including commissions, of $18.0 million under the Share Repurchase Program. As of March 31, 2025, approximately $917.8 million of the originally authorized amount under our Share Repurchase Program remained available for future repurchases.
Current wording
In August 2023, our Board of Directors authorized a stock repurchase program of up to $1.0 billion of our outstanding shares of Class A common stock (the “Share Repurchase Program”). During the six months ended June 30, 2025, the Company repurchased and subsequently retired 0.4 million shares of its Class A common stock for an aggregate amount, including commissions, of $36.6 million under the Share Repurchase Program. As of June 30, 2025, approximately $899.2 million of the originally authorized amount under our Share Repurchase Program remained available for future repurchases.
Previous wording
Net cash provided by operating activities was $310.3 million and $129.6 million for the three months ended March 31, 2025 and 2024, respectively. The increase was primarily driven by revenue growth partially offset by timing of payments received from customers.
Current wording
Net cash provided by operating activities was $849.5 million and $273.8 million for the six months ended June 30, 2025 and 2024, respectively. The increase was primarily driven by revenue growth, timing of payments from and billings to customers, and timing of payments to vendors.
Previous wording
Net cash used in investing activities was $1.4 billion and $511.2 million for the three months ended March 31, 2025 and 2024, respectively. The increase in cash used in investing activities was primarily due to increased purchases of short-term U.S. Treasury securities compared to the prior year.
Current wording
Net cash used in investing activities was $2.0 billion and $0.7 billion for the six months ended June 30, 2025 and 2024, respectively. The increase in cash used in investing activities was primarily due to increased purchases of short-term U.S. Treasury securities compared to prior year.
Previous wording
Net cash used in financing activities was $28.9 million for the three months ended March 31, 2025 and net cash provided by financing activities was $75.2 million for the three months ended March 31, 2024. Financing cash inflows consisted primarily of proceeds from the exercise of common stock options. Financing cash outflows were driven by taxes paid related to the net share settlement of SARs and repurchases of our Class A common stock.
Current wording
Net cash used in financing activities was $22.4 million for the six months ended June 30, 2025 and net cash provided by financing activities was $73.3 million for the six months ended June 30, 2024. Financing cash inflows consisted primarily of proceeds from the exercise of common stock options. Financing cash outflows were driven by taxes paid related to the net share settlement of SARs and repurchases of our Class A common stock.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Revenue increased by $575.1 million, or 44%, for the six months ended June 30, 2025 compared to the same period in 2024. Revenue from government customers increased by $333.8 million, or 47%, for the six months ended June 30, 2025 compared to the same period in 2024. Of the increase, $322.9 million was from government customers existing as of December 31, 2024. Revenue from U.S. government customers was $799.1 million for the six months ended June 30, 2025 compared to $534.7 million for the same period in 2024. Revenue from commercial customers increased by $241.3 million, or 40%, for the six months ended June 30, 2025 compared to the same period in 2024. Of the increase, $159.7 million was from commercial customers existing as of December 31, 2024, including a decrease of $22.8 million of revenue from Strategic Commercial Contracts. Revenue from U.S. commercial customers was $562.0 million for the six months ended June 30, 2025 compared to $308.9 million for the same period in 2024, a 82% increase.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
We have built four principal software platforms, Gotham, Foundry, Apollo, and our Artificial Intelligence Platform (“AIP”). Gotham and Foundry enable institutions to transform massive amounts of information into an integrated data asset that reflects their operations, and AIP leverages the power of our existing machine learning technologies alongside generative AI models, including large language models (“LLMs”), directly within Gotham and/or Foundry to help operationalize AI on enterprise data.