Just weeks after Palantir Technologies Inc. disclosed that it has confidentially submitted an S-1 filing to go public, screenshots of the filing appear to have been leaked to the press, providing the first detailed glimpse at the company’s financials.

The controversial data analytics firm lost $579 million in 2019 on revenues of about $742 million, TechCrunch reported today. The publication attributed the information to “leaked screenshots” of Palantir’s draft S-1 filing provided by a shareholder in the company. The draft was reportedly dated Aug. 20.

Palantir filed to go public this year after operating as a private company for more than 15 years. Founded in 2003 by Peter Thiel, the company sells a data management and analytics platform called Gotham that’s used by the U.S. intelligence community, law enforcement agencies and other government bodies. Palantir has faced controversy over some of its public sector projects, notably work it performed for the National Security Agency and Immigration and Customs Enforcement.

Palantir also sells a version of its platform for commercial companies under the Metropolis brand. In the first half of 2019, 45% or $146 million of the company’s revenue reportedly came from government customers, while 55% or $177 million is attributed to commercial clients.

According to TechCrunch, the leaked S-1 screenshots show that Palantir increased its revenue by 49% over the following 12 months, to $481 million in the first half of 2020. The company is also said to have reduced its expenses in that time frame. On a percentage basis, operating costs dropped from 157% of revenues in the first half of 2019 to 107% in the first half of 2020.

When comparing its 2019 results to the previous fiscal year, Palantir reportedly also reduced operating costs as a percentage of sales. Revenues in the 12-month period, meanwhile, are said to have grown about 25%. 

Previous reports have indicated that Palantir is looking to hit the stock market via a direct listing rather than a more conventional initial public offering. One of the differences between the two is that a direct listing usually allows shareholders such as employees to sell their stock immediately after it takes place. However, Bloomberg reported today that Palantir may subject up to 80% of its stock to a lockup period lasting until February 2021, in a departure from the usual practice. 

Photo: Cory Doctorow/Flickr