Benzinga | Aug 24, 2020 01:54AM EDT

Palantir Remains Unprofitable Ahead Of Planned Direct Listing: Report

Data analytics company Palantir Technologies Inc. remains unprofitable, even as it prepares to go public, leaked screenshots of an investor presentation suggest, TechCrunch reported Sunday.

What Happened: In 2019, Palantir generated $742 million in revenue, which is approximately 25% higher than $595 million in 2018, according to TechCrunch.

The Peter Thiel-co-founded company posted a net loss of about $580 million in the year.

Whereas, in the first six months of 2020 the company has recorded a turnover of around $481 million, at a 49% YoY growth rate.

The operating expenses for H1 were 107% of the revenue, down from 157% in H1 2019, but still significantly high for a 17-year-old company, TechCrunch noted.

Why It Matters: The privately funded software company is reportedly planning a direct listing of its stock in September.

Palantir was valued at $20 billion in 2015 and has raised $550 million, including 90% from Sompo Holdings Inc. (OTC:SMPNY) and the balance 10% from Fujitsu Ltd, (OTC:FJTSY) according to a filing with the Securities and Exchange Commission.

Inspite of targeting a $1 billion revenue in 2020, the company is yet to report profits. The major revenue sources for Palantir are from the existing customer base, and 53% of H1 2020 revenues were from government contracts.

Thiel, best known as a co-founder of PayPal Holdings Inc. (NASDAQ:PYPL) and early investor in Facebook Inc. (NASDAQ:FB), serves as the chairman for the big data analysis company.