Data analytics company Palantir Technologies Inc. remains unprofitable, even as it prepares to go public, leaked screenshots of an investor presentation suggest, TechCrunch reported Sunday.
What Happened: In 2019, Palantir generated $742 million in revenue, which is approximately 25% higher than $595 million in 2018, according to TechCrunch.
The Peter Thiel-co-founded company posted a net loss of about $580 million in the year.
Whereas, in the first six months of 2020 the company has recorded a turnover of around $481 million, at a 49% YoY growth rate.
The operating expenses for H1 were 107% of the revenue, down from 157% in H1 2019, but still significantly high for a 17-year-old company, TechCrunch noted.
Why Does it matter: The privately funded software company is reportedly planning a direct listing of its stock in September.
Palantir was valued at $20 billion in 2015 and has raised $550 million, including 90% from Sompo Holdings Inc. (OTC: SMPNY) and the balance 10% from Fujitsu Ltd, (OTC: FJTSY) according to a filing with the Securities and Exchange Commission.
Inspite of targeting a $1 billion revenue in 2020, the company is yet to report profits. The major revenue sources for Palantir are from the existing customer base, and 53% of H1 2020 revenues were from government contracts.
Thiel, best known as a co-founder of PayPal Holdings Inc. (NASDAQ: PYPL) and early investor in Facebook Inc. (NASDAQ: FB), serves as the chairman for the big data analysis company.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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