Preview|PLTR: 2Q26 Growth Momentum Remains Strong

We expect Palantir to remain on a strong growth trajectory in 2Q26. Government momentum is broad-based across U.S. defense, civilian federal agencies, and international government use cases, as the company evolves from a project-based software vendor into a national-scale AI infrastructure platform. Commercial growth continues to benefit from AIP adoption and Palantir's Ontology capabilities.

1. Earnings Outlook: Overview

A. Government: Record 1Q obligations imply 2Q government revenue of approximately $1,030mm, up 86%+ y/y and accelerating from approximately 76% in 1Q26

U.S. Government: We remain constructive on 2Q26 revenue and expect government growth to accelerate further

• Historical pattern: Based on our tracking of government contract data, incremental U.S. government obligations booked in one quarter typically drive the sequential increase in government revenue in the following quarter.
• Historically, approximately 23% of government obligations booked in quarter T convert into incremental revenue in T+1.