Palantir Technologies Inc. 10-Q

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) Palantir Technologies Inc. Condensed Consolidated Balance Sheets (in thousands, except per share amounts) (unaudited) As of June 30, 2026 As of December 31, 2025 Assets Current assets: Cash and cash equivalents $ 2,030,047 $ 1,423,796 Marketable securities 7,379,052 5,753,247 Accounts receivable, net 1,485,249 1,042,065 Prepaid expenses and other current assets 205,165 139,066 Total current assets 11,099,513 8,358,174 Property and equipment, net 61,403 51,960 Operating lease right-of-use assets 230,268 200,105 Other assets 287,380 290,153 Total assets $ 11,678,564 $ 8,900,392 Liabilities and Equity Current liabilities: Accounts payable, accrued liabilities, and other $ 504,070 $ 409,552 Deferred revenue 579,437 408,963 Customer deposits 452,075 357,066 Total current liabilities 1,535,582 1,175,581 Deferred revenue, noncurrent 33,722 46,216 Customer deposits, noncurrent 537 18 Operating lease liabilities, noncurrent 211,400 183,474 Other noncurrent liabilities 12,439 7,092 Total liabilities 1,793,680 1,412,381 Commitments and Contingencies (Note 7) Palantir's stockholders’ equity: Common stock, $ 0.001 par value: 20,000,000 Class A shares authorized as of June 30, 2026 and December 31, 2025; 2,300,517 and 2,290,987 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively; 2,700,000 Class B shares authorized as of June 30, 2026 and December 31, 2025; 101,375 and 99,200 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively; and 1,005 Class F shares authorized, issued, and outstanding as of June 30, 2026 and December 31, 2025 2,403 2,391 Additional paid-in capital 11,408,867 10,933,325 Accumulated other comprehensive income (loss), net ( 7,103 ) 13,942 Accumulated deficit ( 1,629,973 ) ( 3,562,390 ) Total Palantir's stockholders’ equity 9,774,194 7,387,268 Noncontrolling interests 110,690 100,743 Total equity 9,884,884 7,488,011 Total liabilities and equity $ 11,678,564 $ 8,900,392 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of contents Palantir Technologies Inc. Condensed Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue $ 1,935,464 $ 1,003,697 $ 3,568,047 $ 1,887,552 Cost of revenue 296,870 192,934 512,668 365,904 Gross profit 1,638,594 810,763 3,055,379 1,521,648 Operating expenses: Sales and marketing 339,500 243,788 658,720 480,097 Research and development 192,513 135,043 353,494 269,932 General and administrative 194,577 162,615 377,163 326,254 Total operating expenses 726,590 541,446 1,389,377 1,076,283 Income from operations 912,004 269,317 1,666,002 445,365 Interest income 77,505 56,255 143,899 106,696 Other income (expense), net 91,836 6,596 160,045 3,423 Income before provision for income taxes 1,081,345 332,168 1,969,946 555,484 Provision for income taxes 15,383 3,596 27,582 9,195 Net income 1,065,962 328,572 1,942,364 546,289 Less: Net income attributable to noncontrolling interests 4,072 1,845 9,947 5,531 Net income attributable to common stockholders $ 1,061,890 $ 326,727 $ 1,932,417 $ 540,758 Earnings per share attributable to common stockholders, basic $ 0.44 $ 0.14 $ 0.81 $ 0.23 Earnings per share attributable to common stockholders, diluted $ 0.41 $ 0.13 $ 0.75 $ 0.21 Weighted-average shares of common stock outstanding used in computing earnings per share attributable to common stockholders, basic 2,399,820 2,365,196 2,396,861 2,356,983 Weighted-average shares of common stock outstanding used in computing earnings per share attributable to common stockholders, diluted 2,568,694 2,562,912 2,569,826 2,557,911 The accompanying notes are an integral part of these condensed consolidated financial statements. 4 Table of contents Palantir Technologies Inc. Condensed Consolidated Statements of Comprehensive Income (in thousands) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income $ 1,065,962 $ 328,572 $ 1,942,364 $ 546,289 Other comprehensive income (loss), net of tax Foreign currency translation adjustments ( 895 ) 8,812 ( 4,222 ) 12,665 Net unrealized loss on available-for-sale securities ( 6,809 ) ( 1,097 ) ( 16,823 ) ( 2,333 ) Comprehensive income 1,058,258 336,287 1,921,319 556,621 Less: Comprehensive income attributable to noncontrolling interests 4,072 1,845 9,947 5,531 Comprehensive income attributable to common stockholders $ 1,054,186 $ 334,442 $ 1,911,372 $ 551,090 The accompanying notes are an integral part of these condensed consolidated financial statements. 5 Table of contents Palantir Technologies Inc. Condensed Consolidated Statements of Equity (in thousands) (unaudited) Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss), Net Accumulated Deficit Total Palantir’s Stockholders’ Equity Noncontrolling Interests Total Equity Shares Amount Balance as of March 31, 2026 2,397,133 $ 2,397 $ 11,138,528 $ 601 $ ( 2,691,863 ) $ 8,449,663 $ 106,618 $ 8,556,281 Issuance of common stock from the exercise of stock options 1,029 1 4,857 — — 4,858 — 4,858 Issuance of common stock upon release of restricted stock units (“RSUs”) and performance-based RSUs (“P-RSUs”) 4,735 5 ( 5 ) — — — — — Stock-based compensation — — 265,487 — — 265,487 — 265,487 Other comprehensive loss — — — ( 7,704 ) — ( 7,704 ) — ( 7,704 ) Net income — — — — 1,061,890 1,061,890 4,072 1,065,962 Balance as of June 30, 2026 2,402,897 $ 2,403 $ 11,408,867 $ ( 7,103 ) $ ( 1,629,973 ) $ 9,774,194 $ 110,690 $ 9,884,884 Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss), Net Accumulated Deficit Total Palantir’s Stockholders’ Equity Noncontrolling Interests Total Equity Shares Amount Balance as of December 31, 2025 2,391,192 $ 2,391 $ 10,933,325 $ 13,942 $ ( 3,562,390 ) $ 7,387,268 $ 100,743 $ 7,488,011 Issuance of common stock from the exercise of stock options 2,067 2 9,755 — — 9,757 — 9,757 Issuance of common stock upon release of RSUs and P-RSUs 9,646 10 ( 10 ) — — — — — Repurchases of common stock ( 8 ) — ( 1,500 ) — — ( 1,500 ) — ( 1,500 ) Stock-based compensation — — 467,297 — — 467,297 — 467,297 Other comprehensive loss — — — ( 21,045 ) — ( 21,045 ) — ( 21,045 ) Net income — — — — 1,932,417 1,932,417 9,947 1,942,364 Balance as of June 30, 2026 2,402,897 $ 2,403 $ 11,408,867 $ ( 7,103 ) $ ( 1,629,973 ) $ 9,774,194 $ 110,690 $ 9,884,884 The accompanying notes are an integral part of these condensed consolidated financial statements. 6 Table of contents Palantir Technologies Inc. Condensed Consolidated Statements of Equity (in thousands) (unaudited) Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss), Net Accumulated Deficit Total Palantir’s Stockholders’ Equity Noncontrolling Interests Total Equity Shares Amount Balance as of March 31, 2025 2,359,663 $ 2,360 $ 10,398,181 $ ( 2,994 ) $ ( 4,973,392 ) $ 5,424,155 $ 94,818 $ 5,518,973 Issuance of common stock from the exercise of stock options 5,528 5 28,612 — — 28,617 — 28,617 Issuance of common stock upon release of RSUs and P-RSUs 6,820 7 ( 7 ) — — — — — Repurchases of common stock ( 164 ) — ( 18,596 ) — — ( 18,596 ) — ( 18,596 ) Stock-based compensation — — 160,283 — — 160,283 — 160,283 Other comprehensive income — — — 7,715 — 7,715 — 7,715 Net income — — — — 326,727 326,727 1,845 328,572 Balance as of June 30, 2025 2,371,847 $ 2,372 $ 10,568,473 $ 4,721 $ ( 4,646,665 ) $ 5,928,901 $ 96,663 $ 6,025,564 Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss), Net Accumulated Deficit Total Palantir’s Stockholders’ Equity Noncontrolling Interests Total Equity Shares Amount Balance as of December 31, 2024 2,338,795 $ 2,339 $ 10,193,970 $ ( 5,611 ) $ ( 5,187,423 ) $ 5,003,275 $ 91,132 $ 5,094,407 Issuance of common stock from the exercise of stock options 19,102 19 95,182 — — 95,201 — 95,201 Issuance of common stock upon release of RSUs and P-RSUs 14,325 14 ( 14 ) — — — — — Repurchases of common stock ( 375 ) — ( 36,594 ) — — ( 36,594 ) — ( 36,594 ) Stock-based compensation — — 315,929 — — 315,929 — 315,929 Other comprehensive income — — — 10,332 — 10,332 — 10,332 Net income — — — — 540,758 540,758 5,531 546,289 Balance as of June 30, 2025 2,371,847 $ 2,372 $ 10,568,473 $ 4,721 $ ( 4,646,665 ) $ 5,928,901 $ 96,663 $ 6,025,564 The accompanying notes are an integral part of these condensed consolidated financial statements. 7 Table of contents Palantir Technologies Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) Six Months Ended June 30, 2026 2025 Operating activities Net income $ 1,942,364 $ 546,289 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 14,985 13,152 Stock-based compensation 466,801 315,310 Unrealized and realized (gain) loss from marketable securities, net ( 62,242 ) ( 452 ) Other operating activities ( 85,582 ) 2,092 Changes in operating assets and liabilities: Accounts receivable, net ( 433,801 ) ( 163,501 ) Prepaid expenses and other assets ( 53,906 ) ( 7,307 ) Accounts payable and accrued liabilities 88,097 48,202 Contract liabilities 256,528 120,666 Other liabilities ( 17,912 ) ( 24,937 ) Net cash provided by operating activities 2,115,332 849,514 Investing activities Purchases of property and equipment ( 21,955 ) ( 13,818 ) Purchases of marketable securities ( 3,505,299 ) ( 2,576,231 ) Proceeds from sales and redemption of marketable securities 2,017,589 652,762 Other investing activities — ( 70,000 ) Net cash used in investing activities ( 1,509,665 ) ( 2,007,287 ) Financing activities Proceeds from the exercise of common stock options 9,757 95,201 Other financing activities ( 1,379 ) ( 117,648 ) Net cash provided by (used in) financing activities 8,378 ( 22,447 ) Effect of foreign exchange on cash, cash equivalents, and restricted cash ( 2,112 ) 11,518 Net increase (decrease) in cash, cash equivalents, and restricted cash 611,933 ( 1,168,702 ) Cash, cash equivalents, and restricted cash - beginning of period 1,451,425 2,119,936 Cash, cash equivalents, and restricted cash - end of period $ 2,063,358 $ 951,234 The accompanying notes are an integral part of these condensed consolidated financial statements. 8 Table of contents Palantir Technologies Inc. Notes to Unaudited Condensed Consolidated Financial Statements 1. Organization Palantir Technologies Inc. (including its subsidiaries, “Palantir” or the “Company”) was incorporated in Delaware on May 6, 2003. The Company builds and deploys software platforms that serve as the central operating systems for its customers. 2. Significant Accounting Policies Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The accompanying condensed consolidated financial statements include the accounts of Palantir Technologies Inc. and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities where the Company holds at least a 20% ownership interest and has the ability to exercise significant influence over, but does not control, the investee are accounted for using the equity method of accounting. Certain prior year balances have been reclassified to conform to the current year presentation. Such reclassifications did not affect total revenues, income from operations, net income, or cash flows. The Company's fiscal year ends on December 31. The unaudited condensed consolidated balance sheet as of December 31, 2025 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures, including certain notes required by GAAP on an annual reporting basis. In management’s opinion, the unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the balance sheets and statements of operations, comprehensive income, stockholders’ equity, and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year or any future period. These unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes included in its Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on February 17, 2026. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to, the identification of performance obligations in customer contracts, the valuation of deferred tax assets and uncertain tax positions, and the valuation and recognition of stock-based compensation awards. Estimates and judgments are based on historical experience, forecasted events, and various other assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates and such differences could affect the Company’s financial position and results of operations. Summary of Significant Accounting Policies The Company’s significant accounting policies are discussed in Note 2. Significant Accounting Policies in the notes to consolidated financial statements in its Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on February 17, 2026. There have been no significant changes to these policies during the six months ended June 30, 2026, except for the changes noted below. Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, accounts receivable, marketable securities, and privately-held equity securities. Cash equivalents primarily consist of money market funds with original maturities of three months or less, which are invested primarily with U.S. financial institutions. Cash deposits with financial institutions, including restricted cash, generally exceed federally insured limits. Management believes minimal credit risk exists with respect to these financial institutions and the Company has not experienced any losses on such amounts. 9 Table of contents Palantir Technologies Inc. Notes to Unaudited Condensed Consolidated Financial Statements The Company is exposed to concentrations of credit risk with respect to accounts receivable presented on the condensed consolidated balance sheets. The Company’s accounts receivable balances as of June 30, 2026 and December 31, 2025 were $ 1.5 billion and $ 1.0 billion, respectively. Customer I represented 27 % and 25 % of total accounts receivable as of June 30, 2026 and December 31, 2025, respectively. No other customer represented more than 10% of total accounts receivable as of June 30, 2026 or December 31, 2025. For the three and six months ended June 30, 2026 and 2025, no customer represented more than 10% of total revenue. Stock-Based Compensation The Company accounts for stock-based compensation expense in accordance with the fair value recognition and measurement provisions of GAAP, which require compensation cost for the grant-date fair value of stock-based awards to be recognized over the requisite service period. The Company determines the fair value of stock-based awards granted or modified on the grant date or modification date using appropriate valuation techniques. The assumptions used to determine the grant-date fair value of the awards represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. The Company recognizes forfeitures as they occur. Service-Based Awards The Company grants awards, including RSUs, stock option awards, and stock appreciation rights (“SARs”), which vest based upon the satisfaction of a service condition. For such awards, the Company records stock-based compensation expense on a straight-line basis over the requisite service periods. The Company determines the grant-date fair value of the RSUs based on the fair value of the Company’s common stock on the grant date. For stock option awards and SARs that vest over an explicit service period and are exercisable at expiration, during a limited window, the Company uses the Black-Scholes-Merton (“Black-Scholes”) option pricing model to determine the grant-date fair value of the awards. The Black-Scholes option pricing model requires the input of highly subjective assumptions, including the expected term of the award, the expected volatility rate, risk-free interest rate, and the expected dividend yield of the common stock. For SARs that are fully vested and exercisable upon grant with an exercise price equal to the fair market value of the Company’s common stock on the grant date, the Company estimates the grant-date fair value using a Monte Carlo simulation model, which requires the use of various assumptions including the contractual term, expected volatility rate, risk-free interest rate, annual post-vest termination rate, and expected exercise factor as of the grant date. Performance-Based Awards The Company also grants awards, including RSUs, that vest upon the satisfaction of both a service condition and a performance condition. The Company determines the grant-date fair value of P-RSUs based on the fair value of the Company’s common stock on the grant date and records stock-based compensation expense using the accelerated attribution method over the service period. The Company recognizes expense for the number of P-RSUs expected to vest, determined based on the level of achievement against certain performance conditions, over the requisite service period when it is probable that the performance condition will be achieved. Recent Accounting Pronouncements Not Yet Adopted In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, which requires the disclosure of additional information about specific expense categories in the notes to the consolidated financial statements on an annual and interim basis. The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027 on either a prospective or retrospective basis, with early adoption permitted. The Company is currently evaluating the impacts of the new standard on its consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software , which simplifies the capitalization guidance related to internal-use software by removing all references to software development project stages so the guidance is neutral to different software development methods. This ASU is effective for fiscal years beginning after December 15, 2027, including interim periods within those annual reporting periods, with early adoption permitted and can be applied using a prospective, retrospective, or modified transition approach. The Company is currently evaluating the impacts of the new standard on its consolidated financial statements. In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging and Revenue from Contracts with Customers , which refines the scope of the guidance on derivatives in Accounting Standards Codification (“ASC”) 815 and clarifies the guidance on share-based payments from a customer in ASC 606. This ASU is effective for fiscal years beginning after December 15, 2026, including interim periods within those annual reporting periods, with early adoption permitted. The 10 Table of contents Palantir Technologies Inc. Notes to Unaudited Condensed Consolidated Financial Statements guidance can be applied prospectively to new contracts entered into on or after the date of adoption or on a modified retrospective basis for contracts existing as of the beginning of the annual reporting period of adoption. The Company is currently evaluating the impacts of the new standard on its consolidated financial statements. 3. Contract Liabilities and Remaining Performance Obligations Contract Liabilities The Company’s contract liabilities consist of deferred revenue and customer deposits. As of June 30, 2026 and December 31, 2025, the Company's contract liabilities were $ 1.1 billion and $ 0.8 billion, respectively. Revenue of $ 604 million and $ 404 million was recognized during the six months ended June 30, 2026 and 2025, respectively, that was included in contract liabilities as of December 31, 2025 and 2024, respectively. Remaining Performance Obligations The Company’s arrangements with its customers often have terms that span over multiple years. However, the Company allows many of its customers to terminate contracts for convenience prior to the end of the stated term with less than twelve months’ notice. Revenue allocated to remaining performance obligations represents noncancelable contracted revenue that has not yet been recognized, which includes deferred revenue and, in certain instances, amounts that will be invoiced. The Company has elected the practical expedient allowing the Company to not disclose remaining performance obligations for contracts with original terms of twelve months or less. Cancelable contracted revenue, which includes customer deposits, is not considered a remaining performance obligation. The Company’s remaining performance obligations were $ 4.9 billion as of June 30, 2026, of which the Company expects to recognize approximately 43 % as revenue over the next 12 months, 36 % as revenue over the subsequent 13 to 36 months, and the remainder thereafter. 4. Investments and Fair Value Measurements The following tables present the Company’s assets that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation (in thousands): As of June 30, 2026 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents: Money market funds $ 1,040,164 $ 1,040,164 $ — $ — U.S. Treasury securities 396,828 — 396,828 — Prepaid expenses and other current assets and other assets: Certificates of deposit 4,871 — 4,871 — Marketable securities: U.S. Treasury securities 7,194,962 — 7,194,962 — Publicly-traded equity securities 184,090 184,090 — — Total $ 8,820,915 $ 1,224,254 $ 7,596,661 $ — 11 Table of contents Palantir Technologies Inc. Notes to Unaudited Condensed Consolidated Financial Statements As of December 31, 2025 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents: Money market funds $ 945,330 $ 945,330 $ — $ — Prepaid expenses and other current assets and other assets: Certificates of deposit 4,846 — 4,846 — Marketable securities: U.S. Treasury securities 5,729,892 — 5,729,892 — Publicly-traded equity securities 23,355 23,355 — — Total $ 6,703,423 $ 968,685 $ 5,734,738 $ — Debt Securities As of June 30, 2026, available-for-sale debt securities consisted of the following (in thousands): As of June 30, 2026 Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. Treasury securities $ 7,599,616 $ 658 $ ( 8,484 ) $ 7,591,790 Total debt securities $ 7,599,616 $ 658 $ ( 8,484 ) $ 7,591,790 Included in cash and cash equivalents $ 396,854 $ — $ ( 26 ) $ 396,828 Included in marketable securities $ 7,202,762 $ 658 $ ( 8,458 ) $ 7,194,962 As of December 31, 2025, available-for-sale debt securities, all of which are included in marketable securities on the condensed consolidated balance sheet, consisted of the following (in thousands): As of December 31, 2025 Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. Treasury securities $ 5,720,869 $ 9,158 $ ( 135 ) $ 5,729,892 Total debt securities $ 5,720,869 $ 9,158 $ ( 135 ) $ 5,729,892 No available-for-sale debt securities were sold during the three and six months ended June 30, 2026 or the three months ended June 30, 2025. The Company sold $ 280 million of available-for-sale debt securities during the six months ended June 30, 2025. The realized gains and losses from those sales were immaterial. As of June 30, 2026 and December 31, 2025, available-for-sale debt securities of $ 5.8 billion and $ 0.7 billion, respectively, were in an unrealized loss position primarily due to unfavorable changes in interest rates subsequent to initial purchase. None of the available-for-sale debt securities held as of June 30, 2026 or December 31, 2025 were in a continuous unrealized loss position for greater than 12 months and it is more likely than not that the Company will hold the securities until maturity or a recovery of the cost basis. The Company did not recognize any credit losses related to available-for-sale debt securities during the three and six months ended June 30, 2026 and 2025. All of the Company’s U.S. Treasury securities had contractual maturities due within one year as of June 30, 2026 and December 31, 2025. Equity Securities The Company holds equity securities in publicly-traded companies, which are recorded at fair market value each reporting period in marketable securities on the condensed consolidated balance sheets. Realized and unrealized gains and losses are recorded in other income (expense), net on the condensed consolidated statements of operations. For the three and six months ended June 30, 2026 net unrealized gains from publicly-traded equity securities held at the end of the period, the majority of which are subject to short-term restrictions on the ability to sell, were $ 66 million and $ 64 million, respectively. The net unrealized losses from publicly-traded equity securities at the end of the period were immaterial for the three and six months ended June 30, 2025. 12 Table of contents Palantir Technologies Inc. Notes to Unaudited Condensed Consolidated Financial Statements The Company also holds equity securities in privately-held companies without readily determinable fair values that are recorded using the measurement alternative. As of June 30, 2026 and December 31, 2025, the total amount of privately-held equity securities included in other assets on the condensed consolidated balance sheets was $ 167 million and $ 170 million, respectively. The Company classifies these fair value measurements as Level 3 within the fair value hierarchy. There were no material upward or downward adjustments or impairments for the privately-held equity securities during the three and six months ended June 30, 2026 or 2025. Cumulative upward and downward adjustments and impairments on privately-held equity securities held by the Company as of June 30, 2026 were not material. 5. Supplemental Financial Statement Information Cash, Cash Equivalents, and Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the amounts shown in the condensed consolidated statements of cash flows (in thousands): As of June 30, 2026 2025 Cash and cash equivalents $ 2,030,047 $ 929,547 Restricted cash included in prepaid expenses and other current assets 9,739 9,015 Restricted cash included in other assets 23,572 12,672 Total cash, cash equivalents, and restricted cash $ 2,063,358 $ 951,234 Accounts Payable, Accrued Liabilities, and Other Accounts payable, accrued liabilities, and other consisted of the following (in thousands): As of June 30, 2026 As of December 31, 2025 Accounts payable $ 3,102 $ 8,064 Accrued payroll and related expenses 144,079 178,659 Accrued taxes 104,785 56,579 Other current liabilities 252,104 166,250 Total accounts payable, accrued liabilities, and other $ 504,070 $ 409,552 6. Debt 2014 Credit Facility The Company has a secured revolving credit facility which provides for aggregate revolving commitments of $ 500 million and has a maturity date of March 31, 2027 (as amended, the “2014 Credit Facility”). As of June 30, 2026, the Company had no outstanding debt balances under the 2014 Credit Facility. The 2014 Credit Facility contains customary representations and warranties, and certain financial and nonfinancial covenants, including but not limited to maintaining minimum liquidity of $ 50 million, and certain limitations on liens and indebtedness. The Company was in compliance with all covenants associated with the 2014 Credit Facility as of June 30, 2026. 7. Commitments and Contingencies Purchase Commitments The Company has purchase commitments with various third parties primarily for cloud hosting services. In March 2026, the Company amended one of its third-party cloud services agreements. Under the amended agreement, the Company has committed to spend at least $ 5.6 billion, with annual minimum commitments of $ 268 million to $ 979 million, over ten contract years through February 29, 2036, among other things. Any and all previous payment obligations related to such third-party cloud hosting services agreement were terminated concurrently with the signing of this amendment. As of June 30, 2026, except for the aforementioned, there were no material changes outside the ordinary course of business to the Company’s commitments, as disclosed in its Annual Report on Form 10-K for the year ended December 31, 2025. 13 Table of contents Palantir Technologies Inc. Notes to Unaudited Condensed Consolidated Financial Statements Litigation and Legal Proceedings The Company has been, is currently party to, and may, from time to time, be subject to various legal proceedings, claims, disputes, government investigations, or similar matters arising in the normal course of business. These may include proceedings, claims, disputes, allegations, or investigations related to, but not limited to, intellectual property; employment; securities; investors; taxes; class actions; contract or breach of contract; tort; warranty; refund; breach, leak, or misuse of personal data or confidential information; government procurement; government regulation or compliance; or other matters. The Company evaluates associated developments on a regular basis and establishes an accrual for loss contingencies when the loss is both probable and reasonably estimable. On September 15, 2022, October 25, 2022, and November 4, 2022, putative securities class action complaints were filed in the United States District Court for the District of Colorado, captioned Cupat v. Palantir Technologies Inc., et al. , Case No. 1:22-cv-02384, Allegheny County Employees’ Retirement System v. Palantir Technologies, Inc., et al. , Case No. 1:22-cv-02805, and S hijun Liu, Individually and as Trustee of the Liu Family Trust 2019 v. Palantir Technologies Inc., et al. , Case No. 1:22-cv-02893, respectively, naming the Company and certain current and former officers and directors as defendants. The suits allege false and misleading statements about our business and prospects, and purport to allege claims under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the Securities Act of 1933, as amended (the “Securities Act”), and seek unspecified damages and remedies under Sections 10(b), 20(a), and 20(A) of the Exchange Act and Sections 11 and 15 of the Securities Act. These three actions subsequently were consolidated as Cupat v. Palantir Technologies Inc., et al. , Lead Civil Action No. 1:22-cv-02834-CNS-SKC, consolidated with civil actions 1:22-cv-02805-CNS-SKC and 1:22-cv-02893-CNS-SKC. On March 31, 2024, the Court dismissed the Cupat matter without prejudice. On May 24, 2024, plaintiffs filed a second amended complaint. On April 4, 2025, the Court dismissed the Cupat matter with prejudice and entered judgment for the defendants on the same day. On May 2, 2025, plaintiffs filed a Notice of Appeal from the final judgment with the United States Court of Appeals for the Tenth Circuit. On March 16, 2026, the United States Court of Appeals for the Tenth Circuit held oral arguments for the case. As of June 30, 2026, the Company was not aware of any currently pending legal matters or claims, individually or in the aggregate, that were expected to have a material adverse impact on its condensed consolidated financial statements. Warranties and Indemnification The Company generally provides a warranty for its software products and services and a service level agreement (“SLA”) for the Company’s performance of software operations. The Company’s products are generally warranted to perform substantially as described in the associated product documentation during the subscription term or for a period of up to 90 days where the software is hosted by the customer, and the Company includes operations and maintenance (“O&M”) services as part of its subscription and license agreements to support this warranty and maintain the operability of the software. The Company’s services are generally warranted to be performed in a professional manner and by an adequate staff with knowledge about the products. In the event there is a failure of such warranties, the Company generally is obligated to correct the product or service to conform to the warranty provision or, if the Company is unable to do so, the customer is entitled to seek a refund of the purchase price of the product and service (generally prorated over the contract term). Due to the absence of historical warranty claims, the Company’s expectations of future claims related to products under warranty continue to be insignificant. The Company has not recorded warranty expense or related accruals as of June 30, 2026 and December 31, 2025. The Company generally agrees to indemnify its customers against legal claims that the Company’s software products infringe certain third-party intellectual property rights and accounts for its indemnification obligations. In the event of such a claim, the Company is generally obligated to defend its customer against the claim and to either settle the claim at the Company’s expense or pay damages that the customer is legally required to pay to the third-party claimant. In addition, in the event of an infringement, the Company generally agrees to secure the right for the customer to continue using the infringing product; to modify or replace the infringing product; or, if those options are not commercially practicable, to refund the cost of the software, as prorated over the period. To date, the Company has not been required to make any payment resulting from infringement claims asserted against its customers and does not believe that the Company will be liable for such claims in the foreseeable future. As such, the Company has not recorded a liability for infringement costs as of June 30, 2026 and December 31, 2025. The Company has obligations under certain circumstances to indemnify each of the defendant directors and certain officers against judgments, fines, settlements, and expenses related to claims against such directors and certain officers and otherwise to the fullest extent permitted under the law and the Company’s Amended and Restated Bylaws and Amended and Restated Certificate of Incorporation. 14 Table of contents Palantir Technologies Inc. Notes to Unaudited Condensed Consolidated Financial Statements 8. Stockholders’ Equity The Company’s Class A, Class B, and Class F common stock (collectively, the “common stock”) all have the same rights, except with respect to voting and conversion rights. Class A and Class B common stock have voting rights of 1 and 10 votes per share, respectively. The Class F common stock has the voting rights generally described herein and each share of Class F common stock is convertible at any time, at the option of the holder thereof, into one share of Class B common stock. All shares of Class F common stock are held in a voting trust established by Stephen Cohen, Alexander Karp, and Peter Thiel (the “Founders”). The Class F common stock generally gives the Founders the ability to control up to 49.999999 % of the total voting power of the Company’s capital stock, so long as the Founders and certain of their affiliates collectively meet a minimum ownership threshold, which was 100 million of the Company's equity securities as of June 30, 2026. Holders of the common stock are entitled to dividends when, as, and if declared by the Company’s Board of Directors, subject to the rights of the holders of all classes of stock outstanding having priority rights to dividends. No dividends have been declared as of June 30, 2026. The following represented the total authorized, issued, and outstanding shares for each class of common stock (in thousands): As of June 30, 2026 As of December 31, 2025 Authorized Issued and Outstanding Authorized Issued and Outstanding Class A Common Stock 20,000,000 2,300,517 20,000,000 2,290,987 Class B Common Stock 2,700,000 101,375 2,700,000 99,200 Class F Common Stock 1,005 1,005 1,005 1,005 Total 22,701,005 2,402,897 22,701,005 2,391,192 9. Stock-Based Compensation Stock Options and SARs The following table summarizes stock option and SAR activity for the six months ended June 30, 2026 (in thousands, except per share amounts, years, and aggregate intrinsic value): Options Outstanding SARs Outstanding Number of Awards Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Life (years) Aggregate Intrinsic Value (millions) Number of Awards Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Life (years) Aggregate Intrinsic Value (millions) Balance as of December 31, 2025 152,202 $ 9.98 6.1 $ 25,536 11,271 $ 130.00 7.1 $ 794 Granted — — 2,889 143.59 Exercised ( 2,067 ) 4.72 — — Canceled and forfeited ( 458 ) 6.22 ( 489 ) 165.15 Balance as of June 30, 2026 149,677 $ 10.06 5.7 $ 15,957 13,671 $ 131.61 11.1 $ 377 Vested and exercisable as of June 30, 2026 79,177 $ 8.89 5.3 $ 8,534 1,772 $ 113.27 40.0 $ 6 As of June 30, 2026, the total unrecognized stock-based compensation expense related to options and SARs outstanding was $ 361 million, and $ 136 million, respectively, which is expected to be recognized over a weighted-average service period of five and eight years , respectively. The weighted-average grant date fair value of SARs granted during the six months ended June 30, 2026 was $ 38.00 per share. The Company grants SARs that vest over explicit service periods of up to approximately ten years and are exercisable at expiration, during a limited window, if the Company’s stock price reaches a certain threshold. These awards have exercise prices of between $ 39 –$ 250 and maximum appreciation values of between $ 60 –$ 300 . 15 Table of contents Palantir Technologies Inc. Notes to Unaudited Condensed Consolidated Financial Statements The Company determined the grant date fair value of these awards using a Black-Scholes option-pricing model, calculated as the difference in fair value between a SAR with a strike price at the exercise price and a SAR with the strike price at its maximum appreciation, using the following assumptions: Six Months Ended June 30, 2026 2025 Expected volatility rate 56.7 % - 57.0 % 61.0 % - 66.1 % Expected term (in years) 8.7 - 9.7 3.4 - 8.9 Risk-free interest rate 3.9 % - 4.2 % 4.3 % - 4.6 % Expected dividend yield — % — % The expected volatility rate is based on a combination of the Company’s implied and historical volatility, and the historical volatility of comparable publicly-traded companies. The expected term represents the period of time the SARs are expected to be outstanding. The risk-free interest rate is based on the U.S. Treasury zero coupon issues in effect at the time of grant for periods corresponding with the expected term of the SAR. The Company has never paid and has no plans to pay dividends on its common stock, therefore the expected dividend yield is zero. The Company also grants SARs that are fully vested and exercisable upon grant, with an exercise price equal to the fair market value of the Company’s common stock on the grant date and contractual periods of up to 40 years. The Company determined the grant-date fair value of these awards using a Monte Carlo simulation model using the following assumptions: Six Months Ended June 30, 2026 Expected volatility rate 60.0 % Expected exercise factor 2.6 x Risk-free interest rate 4.9 % Expected dividend yield — % The expected volatility rate is based on the Company’s implied volatility. The expected exercise factor represents the multiple of the strike price at which the SARs are expected to be exercised. The risk-free interest rate is based on the long-term U.S. Treasury zero coupon issues in effect at the time of grant. The Company has never paid and has no plans to pay dividends on its common stock, therefore the expected dividend yield is zero. RSUs and P-RSUs The following table summarizes the RSU and P-RSU activity for the six months ended June 30, 2026 (in thousands, except per share amounts): RSUs Outstanding Weighted Average Grant Date Fair Value per Share P-RSUs Outstanding Weighted Average Grant Date Fair Value per Share Unvested and outstanding as of December 31, 2025 41,644 $ 27.74 118 $ 180.79 Granted 2,653 138.14 233 158.25 Vested ( 9,745 ) 31.83 ( 218 ) 179.69 Canceled and forfeited ( 1,303 ) 67.71 ( 12 ) 158.22 Adjustment for performance achievement (1) — — Unvested and outstanding as of June 30, 2026 33,249 $ 33.79 121 $ 141.57 ————— (1) This amount represents the difference between the maximum number of shares that could have been issued under the grant and the actual number of shares earned based on final performance. 16 Table of contents Palantir Technologies Inc. Notes to Unaudited Condensed Consolidated Financial Statements As of June 30, 2026, the total unrecognized stock-based compensation expense related to the RSUs outstanding was $ 916 million, which the Company expects to recognize over a weighted-average service period of three years . As of June 30, 2026, there was no unrecognized stock-based compensation expense related to the P-RSUs outstanding. Stock-based Compensation Expense Total stock-based compensation expense was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Cost of revenue $ 30,889 $ 14,973 $ 48,795 $ 29,989 Sales and marketing 106,067 56,040 182,963 108,553 Research and development 58,193 32,068 94,738 63,902 General and administrative 70,060 56,890 140,305 112,866 Total stock-based compensation expense $ 265,209 $ 159,971 $ 466,801 $ 315,310 10. Income Taxes The Company is subject to income tax in the U.S. as well as other tax jurisdictions in which it conducts business. The Company’s effective tax rate as of June 30, 2026 differs from the U.S. statutory rate primarily due to foreign income taxed at different rates, non-deductible stock-based compensation, other non-deductible expenses, and valuation allowances recorded on its deferred tax assets from the U.S., United Kingdom (“U.K.”), and other jurisdictions . The provision for income taxes increased by $ 12 million and $ 18 million, respectively, for each of the three and six months ended June 30, 2026 compared to the same periods in 2025. The increases were primarily related to higher U.S. and foreign profits. The realization of deferred tax assets is dependent upon the generation of sufficient taxable income of the appropriate character in future periods. The Company assesses its ability to realize the deferred tax assets on a quarterly basis, and it establishes a valuation allowance if it is more likely than not that some portion of the deferred tax assets will not be realized. The Company weighs all available positive and negative evidence, including its earnings history and results of recent operations, scheduled reversals of deferred tax liabilities, projected future taxable income, and tax planning strategies. For example, due to the weight of objectively verifiable negative evidence, including its history of U.S. and U.K. net operating tax losses, the Company has maintained a full valuation allowance on its U.S. and U.K. deferred tax assets as of June 30, 2026. However, given the Company’s recent earnings and anticipated future earnings, there is a reasonable possibility that it will have sufficient positive evidence in the future to release all or a portion of the valuation allowance it recorded against its deferred tax assets. The Organisation for Economic Co-operation and Development (“OECD”) Base Erosion and Profit Shifting (“BEPS”) global minimum tax provision (“Pillar Two”) rules are at varying stages of adoption across jurisdictions where the Company operates. Several countries have enacted Pillar Two and in certain jurisdictions these rules were applicable to the Company starting January 1, 2024. These did not have a material impact on our financial condition or results of operations for the periods presented. Furthermore, the OECD released administrative guidance on January 5, 2026, including a “Side-by-Side Safe Harbor”, which reduces the impact of Pillar Two rules on the Company. 17 Table of contents Palantir Technologies Inc. Notes to Unaudited Condensed Consolidated Financial Statements 11. Earnings Per Share Attributable to Common Stockholders The following table presents the calculation of basic and diluted earnings per share attributable to common stockholders (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Numerator Net income attributable to common stockholders for diluted earnings per share $ 1,061,890 $ 326,727 $ 1,932,417 $ 540,758 Denominator Weighted-average shares used in computing earnings per share: Basic 2,399,820 2,365,196 2,396,861 2,356,983 Effect of dilutive shares 168,874 197,716 172,965 200,928 Diluted 2,568,694 2,562,912 2,569,826 2,557,911 Earnings per share Earnings per share attributable to common stockholders: Basic $ 0.44 $ 0.14 $ 0.81 $ 0.23 Diluted $ 0.41 $ 0.13 $ 0.75 $ 0.21 Diluted earnings per share is calculated using our weighted-average shares of outstanding common stock including the dilutive effect of stock awards as determined under the treasury stock method. There were outstanding potentially dilutive common stock equivalents for stock-based compensation awards of 3 million for the three and six months ended June 30, 2026 and 1 million for the three and six months ended June 30, 2025. These were excluded from the computation of diluted earnings per share attributable to common stockholders due to their antidilutive effect. As of June 30, 2026 and 2025, the Company had 14 million and 7 million SARs outstanding, respectively, of which the maximum number of potentially dilutive shares of Class A common stock upon vesting would be the fraction that equals the appreciation, or maximum appreciation if capped, divided by the Company’s Class A common stock price at that time. 12. Segment and Geographic Information The following reporting segment tables reflect the results of the Company’s reportable operating segments consistent with the manner in which the chief operating decision maker (“CODM”) evaluates the performance of each segment and allocates the Company’s resources. The CODM does not evaluate the performance of the Company’s assets on a segment basis for internal management reporting and, therefore, such information is not presented. Contribution is used, in part, to evaluate the performance of, and allocate resources to, each of the segments, primarily by monitoring actual results versus historical periods. A segment’s contribution is calculated as segment revenue less the related costs of revenue and sales and marketing expenses. It excludes certain operating expenses that are not allocated to segments because they are separately managed at the consolidated corporate level or are noncash costs. These unallocated and noncash costs include stock-based compensation expense, research and development expenses, and general and administrative expenses. 18 Table of contents Palantir Technologies Inc. Notes to Unaudited Condensed Consolidated Financial Statements Financial information for each reportable segment, including disaggregation of revenue, was as follows (in thousands, except percentages): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Amount % Amount % Amount % Amount % Contribution: Government revenue $ 990,032 $ 552,983 $ 1,848,442 $ 1,039,946 Expenses attributable to government segment ( 288,926 ) ( 202,571 ) ( 517,925 ) ( 388,574 ) Government contribution 701,106 71 % 350,412 63 % 1,330,517 72 % 651,372 63 % Commercial revenue 945,432 450,714 1,719,605 847,606 Expenses attributable to commercial segment ( 210,488 ) ( 163,138 ) ( 421,705 ) ( 318,885 ) Commercial contribution 734,944 78 % 287,576 64 % 1,297,900 75 % 528,721 62 % Total contribution $ 1,436,050 74 % $ 637,988 64 % $ 2,628,417 74 % $ 1,180,093 63 % The reconciliation of total contribution to income from operations is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Income from operations $ 912,004 $ 269,317 $ 1,666,002 $ 445,365 Research and development expenses (1) 134,320 102,975 258,756 206,030 General and administrative expenses (1) 124,517 105,725 236,858 213,388 Total stock-based compensation expense 265,209 159,971 466,801 315,310 Total contribution $ 1,436,050 $ 637,988 $ 2,628,417 $ 1,180,093 ————— (1) Excludes stock-based compensation expense. Geographic Information Revenue by geography is based on the customer’s headquarters or agency location at the time of sale. Revenue is as follows (in thousands, except percentages): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Amount % Amount % Amount % Amount % Revenue: United States $ 1,573,047 81 % $ 732,592 73 % $ 2,855,113 80 % $ 1,361,086 72 % Rest of world (1) 362,417 19 % 271,105 27 % 712,934 20 % 526,466 28 % Total revenue $ 1,935,464 100 % $ 1,003,697 100 % $ 3,568,047 100 % $ 1,887,552 100 % ————— (1) No other country represented 10 % or more of total revenue for the three and six months ended June 30, 2026 or 2025. 13. Related Party Transactions Alexander Karp, the Company’s Chief Executive Officer, flies on a non-commercial aircraft beneficially owned by him (the “Executive Aircraft”) for business and personal travel. During the six months ended June 30, 2026 and 2025, the Company incurred expenses related to the use of the Executive Aircraft of $ 6 million and $ 10 million, respectively. 19 Table of contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “can,” “would,” “intend,” “target,” “goal,” “outlook,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” “future,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about: • our expectations regarding financial performance and liquidity, including but not limited to our expectations regarding revenue, cost of revenue, operating expenses, stock-based compensation, our ability to maintain future profitability, and cash flows; • our ability to successfully execute our business and growth strategy; • the sufficiency of our available funds to meet our liquidity needs; • the demand for our platforms in general; • our ability to increase our number of customers and revenue generated from customers; • our expectations regarding the future contribution margin of our existing and future customers; • our expectations regarding our ability to quickly and effectively integrate our platforms for our existing and future customers; • our ability to develop new platforms, and enhancements to existing platforms, and bring them to market in a timely manner; • our market share, category positions, and market trends, including our ability to grow our business in large government and commercial organizations, including our expectations regarding the impact of Federal Acquisition Streamlining Act of 1994 (“FASA”); • our ability to compete with existing and new competitors in existing and new markets and products; • our expectations regarding anticipated technology needs and developments and our ability to address those needs and developments with our platforms; • our expectations regarding litigation and legal and regulatory matters; • our expectations regarding our ability to meet existing performance obligations and maintain the operability of our products; • our expectations regarding the effects of existing and developing laws and regulations, including with respect to taxation, privacy, data protection, cybersecurity, and artificial intelligence (“AI”); • our expectations regarding new and evolving markets, such as AI; • our ability to develop and protect our brand; • our ability to maintain the security and availability of our platforms, including preventing and mitigating any product bugs or defects, as well as any cybersecurity or similar incidents; • our expectations and management of future growth; • our expectations concerning relationships with third parties, including our customers, equity method investment partners, and vendors; • our expectations regarding our investments in, and enterprise agreements with, various publicly-traded and privately-held entities, including special purpose acquisition companies; • our ability to maintain, protect, and enhance our intellectual property; • our expectations regarding our multi-class stock and governance structure and the benefits thereof; • our expectations regarding macroeconomic conditions, including global political and economic uncertainty, fluctuating interest rates, monetary policy changes, or the potential or actual imposition of tariffs or other impacts on trade relations; • the impacts of catastrophic events, including natural disasters, global pandemics, geopolitical tensions, war, terrorism, or other events beyond our control, on our and our customers’, vendors’, and partners’ respective businesses and the markets in which we and our customers, vendors, and partners operate; 20 Table of contents • the impacts of the volatility and fluctuations in currency exchange rates, including an increase in the strength of the United States (“U.S.”) dollar, on the costs of our products outside of the United States and on customer demand; and • the significant expenses associated with being a public company. We caution you that the foregoing list may not contain all of the forward-looking statements made in this Quarterly Report on Form 10-Q. You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors, including those described in the section titled “ Risk Factors ” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time and it is not possible for us to predict all risks and uncertainties that could have an impact on any forward-looking statements contained in this Quarterly Report on Form 10-Q. We cannot assure you that the results, events, and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events, or circumstances could differ materially from those described in such forward-looking statements. Neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. Moreover, the forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, restructurings, joint ventures, partnerships, channel sales relationships, or investments we may make. In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements. 21 Table of contents