Palantir Technologies Inc.

Good afternoon. I'm Ana Sara from Palantir's finance team, and I'd like to welcome you to our third quarter 2025 earnings call. We'll be discussing the results announced in our press release issued after the market closed and posted on our investor relations website. During the call, we will make statements regarding our business that may be considered forward-looking within applicable securities laws, including statements regarding our fourth quarter and fiscal 2025 results, management's expectations for our future financial and operational performance, and other statements regarding our plans, prospects, and expectations. These statements are not promises or guarantees and are subject to risks and uncertainties, which could cause them to differ materially from actual results. Information concerning those risks is available in our earnings press release distributed after the market closed today and in our SEC filings. We undertake no obligation to update forward-looking statements except as required by law. Further, during the course of today's call, we will refer to certain adjusted financial measures. These non-GAAP financial measures should be considered in addition to, not as a substitute for, or in isolation from, GAAP measures. Additional information about these non-GAAP measures, including reconciliation of non-GAAP to comparable GAAP measures, is included in our press release and investor presentation provided today. Our press release, investor presentation, and other earnings materials are available on our investor relations website at investors.palantir.com. Over the course of the call, we will refer to various growth rates when discussing our business. These rates reflect year-over-year comparisons unless otherwise stated. Joining me on today's call are Alex Karp, Chief Executive Officer, Shyam Sankar, Chief Technology Officer, Dave Glazer, Chief Financial Officer, and Ryan Taylor, Chief Revenue Officer and Chief Legal Officer. I'll now turn it over to Ryan to start the call.

We had a monumental third quarter, shattering expectations yet again. Our overall revenue grew 63% year over year and 18% sequentially. We outperformed across the board, driven by strong execution in the U.S., which accounted for three-fourths of our business in Q3, growing 77% year over year and 20% sequentially. Our Rule of 40 score soared to an unprecedented 114, up 46 points year over year and a full 20 points since last quarter alone, reinforcing our position as the defining enterprise software company of our generation. Our U.S. commercial business grew an incredible 121% year over year and 29% sequentially, driven both by insatiable demand and the quantified exceptionalism compelling customers to scale AIP across their operations. Organizations are embracing an undeniable truth. Real enterprise AI at scale requires Palantir. We're seeing that AIP again and again is the only platform delivering transformational impact in this market. And critically, AIP is the only AI platform that has an actual plan for compounding your enterprise's AI leverage, not just the model maker's leverage over you. Sharing this leverage with our customers is our highest priority. Our whole company is singularly focused around value creation for our customers, and I'm proud to share with you all the fruits of our labor. We closed our highest TCV quarter ever at $2.8 billion. Underlying this performance, we closed a staggering 204 deals worth $1 million or more, of which 91 deals were worth $5 million or more, and 53 deals were worth $10 million or more. In our U.S. commercial business, which now accounts for 34% of our overall revenue, we closed $1.3 billion in TCV, a milestone achievement for the fastest-growing area of our business, with a more than 6x year-over-year growth rate on a dollar-weighted duration basis. The trajectory is clear. Customers are converting to larger enterprise agreements in short timeframes, reflecting both the expanding scope of their AI ambitions and the immediate impact our software delivers. A leading medical device manufacturer signed a multi-year expansion just five months after their initial contract, increasing ACV more than eightfold. Two weeks into their initial contract, the conversation evolved from a single use case to pursuing the opportunity of becoming an AI-first enterprise. Their CEO approached me to embrace a shared vision for an enterprise-wide AIP deployment to transform their entire organization. This transformation reflects a broader pattern we're seeing across our customer base. AI is a strategic imperative owned at the C-suite level, with executive leadership recognizing that enterprise-wide AI adoption is the defining factor separating the AI haves and the AI have-nots. We're seeing C-suite-driven AI transformations across our customers. At a leading insurance company, the CEO has taken personal ownership of their AI transformation, meeting with our team regularly to orchestrate a company-wide transformation around AIP, reimagining every function from underwriting to claims processing, leading to a significant expansion of our work together. Our partnership with TWG Global, named Vergence.ai, continues to gain momentum. As TWG's Thomas Toll noted, quote, what was once a competitive advantage is now a competitive necessity. Companies that fail to incorporate AI into their core operations will be outpaced by those that do. These examples underscore what we are seeing. We are the only platform bringing true transformational impact to the enterprise AI market. Turning to our U.S. government business, revenue grew 52% year over year and 14% sequentially as we continue to deliver mission-critical capabilities. We remain deeply committed to our founding mission of supporting the U.S. government, honored by the privilege of equipping our nation with transformative software that actually works. We remain focused on delivering the most advanced defense capabilities in the world to the U.S. government and internationally to our allied partners around the world. The momentum we're carrying into Q4 is extraordinary. As we look towards the end of the year, our mission is clear. deliver the production capabilities that turn AI from promise into performance for the enterprises defining the future of their industries through AIP's compounding AI leverage. I'll now turn it over to Sham.

Thanks, Ryan. 20 years of grinding has built a unique moat and a growing lead. Our products were built for this moment, and the numbers continue to show it. Realizing value from AI in the enterprise requires the elegant integration of LLMs, workflow, and software. And this is only possible with Ontology. Our foundational investments in Ontology and infrastructure have positioned us to uniquely deliver on AI demand now and in the world ahead. The most significant product developments are the accelerating progress in our AI applications inside of AIP. AI FDE, our AIP native development agent that understands how to connect to data sources, how to integrate and transform data, how to create ontologies and functions and build applications. It's unleashing incredible speed and productivity for our FDEs and customer developers alike. At one customer, two human FDEs spawned an army of AI FDEs to migrate a customer off their legacy data warehouse in five days, something that would have taken an army of SIs up to two years. This is not a prototype. This is production. Across our customers, the results are shocking. AI Hivemind is a new AIP capability that orchestrates a swarm of dynamically generated agents to tackle hard problem solving, idea generation and refinement, and executable proposal generation that is integrated with ontology and therefore aware of the context of your enterprise. AI Hivemind was originally developed to solve extremely complex problems in the classified space, but it's already been used to help our commercial customers identify bottlenecks in their supply chain, proactively developing possible solutions, and then leveraging AI FDE to code that up into an actual solution. In the government space, AI Hivemind is able to take its proposals and generate intricate mission plans right in Gaia and Maverick. Our focus with AIP continues to be enterprise autonomy, our normative view of where the value is for AI in the enterprise. Hivemind now lets the AI develop novel solutions to emergent challenges and to identify hidden opportunities. And the rest of AIP enables you to turn those ideas into an implemented reality. Close-loop evolution of the business with AI, possible because of AIP and Ontology. We continue to make investments that allow enterprises to extend AIP to the far edge. Edge Ontology is a new lightweight implementation of Ontology that runs on mobile devices and enables customers to build mobile applications or embedded software for hardware, things like drones and robots, and is fully integrated with your enterprise's AIP instance. Turning to field-facing updates, the U.S. Army issued an official public memo directing all Army organizations to consolidate and centralize on Vantage, the Army data platform built on Foundry and AIP. The Army views this not merely as a technical decision, but a cultural decision, enabling the data-driven decision-making that continues to make our Army the most lethal in the world. This directive will enable the Army to rapidly sunset legacy systems and enable more investment in the Army's future force, concept, and systems. Warp Speed and the American Tech Fellowship are early investments to support manufacturing and re-industrialization in America are bearing fruit. While Warp Speed launched by helping new defense entrants meet their surging production goals, it's now being rapidly adopted across the traditional defense industrial base and the maritime industrial base. The second cohort of the American Tech Fellowship will be wrapping up in the next few weeks. We started the American Tech Fellowship because we noticed that many of our best builders were frontline workers. They don't come from conventional consulting backgrounds. They don't have formal computer science backgrounds. To highlight a few of these folks, Mason, a Louisiana-based civil engineer, is building AI applications for more accurate estimates for heavy construction projects, something that is only going to grow with our reindustrialization. Michael, who works for a potato farm in North Dakota, is streamlining its operations. And Cody from Georgia, who is a utilities expert, is building in Foundry to deliver safe, reliable energy across the South. These Americans are the true face of innovation, underscoring that it will be the American worker with AI that drives reindustrialization and American prosperity. Our customers have taken notice and asked us to create American Tech Fellowship programs for their employees specifically, to include Lear, who highlighted their fellowship in their recent earnings call. With that, I'll turn it over to Dave to take us through the numbers. Thanks, Sean.