Palantir Technologies reports $1.63 billion in Q1 revenue, up 85% year-over-year, and raises full-year growth guidance to 71%

Palantir's first-quarter revenue of $1.63 billion rose 85% year-over-year and 16% quarter-over-quarter, with adjusted earnings per share (EPS) of $0.33 surging 154%. The U.S. commercial segment, which includes its Artificial Intelligence Platform (AIP), generated $595 million in revenue, up 133% year-over-year.

The company closed total contract value of $2.41 billion during the quarter, up 61% year-over-year. U.S. commercial segment remaining deal value (RDV—the value of unfulfilled agreements) surged 112% year-over-year to $4.92 billion, and the company's Rule of 40 score rose to 145%, indicating financial strength.

Management increased full-year revenue guidance to 71% growth, up from its 61% forecast issued last quarter, with the U.S. commercial segment expected to grow 120%. The company delivered its 11th consecutive quarter of accelerating revenue growth.