The artificial intelligence software provider’s revenues grew 48% during the period. Analysts hadn’t expected the $1 billion revenue benchmark from the Denver-based company until the fourth quarter of this year.
The software analytics company also boosted its full-year outlook guidance. For the full year, Palantir now expects revenues to range between $4.142 billion and $4.150 billion, up from prior guidance of $3.89 billion to $3.90 billion.

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For the third quarter, Palantir forecast revenues between $1.083 billion and $1.087 billion, beating an analyst estimate of $983 million. Palantir also lifted its operating income and full-year free cash flow guidance.
Palantir’s U.S. revenues jumped 68% from a year ago to $733 million, while U.S. commercial revenues nearly doubled from a year ago to $306 million.

The software analytics company has seen a boost from President Donald Trump’s government efficiency campaign, which included layoffs and contract cuts. Palantir’s U.S. government revenues jumped 53% from the year-ago period to $426 million.
During the quarter, Palantir said it closed 66 deals of at least $5 million and 42 deals totaling at least $10 million. Total value of its contracts grew 140% from last year to $2.27 billion.
Net income rose 144% to about $326.7 million, or 13 cents per share, from about $134.1 million, or 6 cents per share a year ago.

Palantir shares have more than doubled this year as investors bet on the company’s AI tools and contract agreements with governments.