1
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By any normal or even reasonable

2
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standard, these are not normal uh
results. These are not even strong

3
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results. These aren't extraordinary
results. These are arguably the best

4
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results that any software company has
ever delivered. And it's that's not

5
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hyperbolic. Despite what your analyst
friends may want you to believe because

6
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they've been wrong at every price,
they're wrong on every at every single

7
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round. But of course, they're persuasive

8
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and it's they're not investing their own

9
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money. But um I a a normal enterprise

10
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company should not have a rule of 40

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above 100. A normal enterprise company

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at our base should not have over 100% US

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commercial growth. Should not have 77%

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growth in the US. That growth is being

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held down by a stagnant Europe which is

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still a significant part of our

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business. So the pure uh unvarnished

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numbers are 77% growth off of a massive

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significant base with very significant

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cash flow with a company that throws off

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a rule of 40 of 114. And then I if this

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world was at all sane every single mo
every single person in the financial

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world would stop and say how did this

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happen? How did a company which stand

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stood by the American war fighter uh

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marine special operators uh people in

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clandestine services who stood up for

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our right of free speech and was really

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the first company to be completely

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anti-woke? How did this company stick up

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for the American war fighter uh actually

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give normal Americans venture quality

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results? So one of the issues we have

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with the arbiters of truth is it was the

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American worker that we supported and

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the American worker that we helped make
rich and the arbiters of truth somehow

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did not participate in that because they

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were such experts and of course you know

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but what these numbers show is uh doing

40
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that and taking the American worker

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along with it it and uh doing it in a

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way that foreshadowed
the future FDA ontology

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foundry, making each specific
institution, making the American war

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fighter fight the way the American war

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fighter is born to fight, empowering the

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tenants of being, you know, free and

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having the ability to do creative things

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uh in the battlefield context. Um and

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then uh taking uh enterprises instead of

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selling them commodity parasitic

51
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software with a massive salesforce with

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a kind of lumbering

53
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uh jargonbearing leaders offering you

54
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stakes and dinners and other things we
will shall not mention. In order that

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you turn the value the high value

56
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revenue of your enterprise over to them

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in return for for these accolades. We

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created direct alignment with our
customers. And what does that mean? It

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means when our customers have a unique
and tribal way of doing something,

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whether it's underwriting or fighting or

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making workers even more valuable, we

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put an FDA, we orchestrate it
in ontology. We take the tribal

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understanding of their business,
the specific nature of their business that

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makes them particular and valuable and

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lethal, and we empower that. And how do

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we participate in that? Unlike
seemingly in the most obvious way we are

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downstream from the value creation. So

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when you see 141 or you see 77% or 63

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and you ask and by the way with really a

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a workforce that is uh not growing in

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any way linearly proportional to that
growth and also with a sales force which

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is declining which seems improbable. The

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reason why that's working uh is because
we are making our clients more money or

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we're making them more dominant
on the battlefield and they're paying us a

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subset of that. And this is why these
numbers are so extraordinary. The psych

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the sociological and political version
of this should be wait a minute how can

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we learn from this? How can we implement
institutions? By the way to you know we

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have all these people talking about
an AI battle. I'll tell you what 114

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proves. There is a massive part of the

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AI market that actually cares about

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value creation and that's the part we

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own and we own that part because to do

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this you have to have FD orchestration
you have to have ontology and you have

84
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to have foundry and you have to have
access to the game and you have to have

85
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deep understanding of how to do that
and you have to have done this for a very

86
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very long time with products by the way
and then the products are getting better

87
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and better and better and better
and I'll let Sham talk about what we're

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doing on the battlefield to the extent
that he can but you see the very similar

89
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trajectory where we're giving America

90
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both in industry and in government
a massive unfair advantage and and again

91
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you see it like if you look at our
numbers look at how poorly Europe is

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doing look how well America is doing
look how we're doing this and again it's

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not just topline the rule of 114 that we

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have shows topline and bottom line

95
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growth that is distinctive massive and

96
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unique and on top of everything else

97
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there is this issue in the US that we're

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all focused just on a pound here which
is what access what portion of the GDP

99
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growth that we're blessed to have in

100
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this country meaning uh GDP growth uh

101
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defined or helped out and bolstered by a

102
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by AI what percentage of that is

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available to the American worker and so
when we're we're you know AI uh GDP

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availability for the American worker
meaning do they participate in this uh

105
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growth or is it just people around this
table who are getting richer and richer

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and then you see our platform form on

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the battlefield as Sean was mentioning

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the people doing the coding in AIP are

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vocationally trained smart Americans

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with specific knowledge they don't
have and actually and you people on the

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factory floor very same thing people

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across the nation truck drivers uh

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anybody with specific domain expertise

114
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is more powerful more valuable in our

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product than they were yesterday in fact

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the real misalignment of AI is with

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people with commodity like high trained

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elite institution general specialist

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that's just not as valuable as it
was and yes the you know the destructive

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positive destruction of capitalism
is going to put that class of people

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typically the class of people that also
kind of skeptical of under enormous

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pressure it is our what I see in these
numbers and what I think we see in these

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numbers is you know to be put it
slightly over the top yeah we were right

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you were wrong and we are going to go
very very deep in our rightness because

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it is exceed ex exceedingly good
for America. It's exceedingly good for the

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American economy. It's as good for

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American workers. And you know what? I

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really enjoy turning on TV and seeing
some analysts explain why some other

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company is better than ours simply
because they didn't make any money on

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our company and probably aren't. And we're
just going to keep going and going

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and going. And then we're obviously not
going to forecast for next year, but I

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would say if you're thinking about how
this company is going to go, look at our

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ability to value create. Look at our
ability to create revenue on the top

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end. Look at it. Let look at the unit
economics of our business. If you're a

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technical expert in in how you evaluate
business, evaluate those numbers against

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any other business you've ever seen
and then make your decision. But yeah, I'm

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wildly enthusiastic. I think we're

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wildly enthusiastic and um and thank you

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for uh those of you who stay stayed
with us to enjoy these numbers, especially

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Palunteerians uh who work day and night

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to deliver these kind of numbers.

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>> Thank you, Alex. We'll now turn
to questions from our shareholders before

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opening up the call. We received a few
questions asking, "What do you see as

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Palanteer's unique differentiator
that others may not understand?"

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>> Well, Alex mentioned
a bit of this here.

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You know, it's become fashionable
actually for lots of companies to start

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hiring FDEEs. The Financial Times had
an article about how it's the most popular

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new job title. But what you see is that
they don't really understand it. It's

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just mimemetic. And if you everything
Alex you said like we build software

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that works, not software that ought to
work. We build software for the world as

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it exists, not a world that never was.

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And this ability to find what's true
that comes from the FDE. Our measure of

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success is not did we sell the software,
it's did we solve the problem. And we

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have built an entire software stack over
two decades downstream of creating value

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for our customers. That led to the
ontology a decade ago, more than a

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decade ago, which is a fundamental
prerequisite to getting value out of

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LLMs in the enterprise. In this past

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year, it led to AI hive mind and AIFD.

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The the other thing uh which like is

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implicit in that is the way we work puts

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us up forces us to go up
the chain of complexity

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every day. So we're taking on the most

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painful, most integral, most valuable

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parts of the stack in every enterprise.

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And it's it's precisely because like
that's the way we actually lever our

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ability to deploy and orchestrate FTEEs.

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That's the way we make our product
stronger. And quite frankly, that's the

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way we produce these numbers because the

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closer you are to the front line of the
very complex problem that a black box

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was not meant to solve, cannot solve.

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And at this point, everyone knows a joke
to believe it could solve, uh that's

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where you and and by the way, it's the

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safest position for us because this

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company, we will always believe we're we
that we are outsiders. We need to be in

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the place where the most valuable
problem is being solved because that's

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the way we end up staying solving the
problem tomorrow and the way we get paid.

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>> Thank you both. Our next
question is from Dan with Wedbush.

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>> Great. Look, obviously another monster

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quarter for you guys. Congrats. My

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question for you is, you know, for Alex

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and team. What can you just walk through

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just the accelerated sales cycles that

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you're seeing from so many companies

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that have gone to the boot camps? Like

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what surprised you from when they come

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to you at that first sort of you know

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contact to now actually launching deals?

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Maybe you could talk about that just
in terms of everything you're seeing

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anecdotally. >> Great.
Thanks Dan. So I think you know

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we look at US commercial. We closed 1.3

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billion in TCV. That's 6x on a dollar
weighted duration basis from what it was

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a year ago. And of those deals, 83 were

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worth a million or more. 40 were 5
million or more. 21 deals were $10

194
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million or more. I've been involved
in a lot of those directly. I'm feeling

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exactly what you're asking on the ground
from customers. And what's what's

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happening now is from the seuite across
the company, customers are coming to us

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looking to not just say let's do a use
case. the customers where we're having

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the most impact are coming to us saying
how do we deploy this across our entire

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organization? How do we reorganize our
entire organization around Palunteer and

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AIP and that's what's happening on the
ground and we're singularly focused on

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delivering the value to the customers
and that's our go to market. How do we

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00:11:01,680 --> 00:11:06,157
get the product to them and deliver the >>
where Ryan is like really very much on

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00:11:06,240 --> 00:11:10,877
the front line here is you know there's
both how many customers approach you. I

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00:11:10,960 --> 00:11:12,477
think where we're seeing the biggest

205
00:11:12,560 --> 00:11:14,877
shift is the customers who've approached

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us very quickly want to move to how

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would I change my enterprise to express
it in a way that's most valuable

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according to my terms in your product

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and then want to and literally want to

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reorg a shorthand version that we often

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use is you used to have to take your

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company private to change the the unit

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economics of it basically just like
we're providing venture results high-end

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venture results to normal investors
in the last couple years. What we're doing

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00:11:43,760 --> 00:11:45,837
actually in enterprises is providing a

216
00:11:45,920 --> 00:11:47,917
private equity- like transformation in

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00:11:48,000 --> 00:11:50,717
the public markets in the public space

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00:11:50,800 --> 00:11:55,517
under the current leadership. And that's
essentially what the the our best and

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00:11:55,600 --> 00:11:58,237
and by the way, the other thing Ryan
would tell you about is our newer

220
00:11:58,320 --> 00:12:02,557
clients have much higher expectations of
us. Like they're like essentially I want

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00:12:02,640 --> 00:12:06,397
to trans my transform my business.
I want to do it in months. I want to do it

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in the public eye while being in the
public market mostly not exclusively and

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I want you to not only do the product

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00:12:13,040 --> 00:12:15,517
side but also tell us how would you

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actually implement AI foundry ontology

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FD model and our tribal knowledge to do
that and you know it's a completely

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different game we used to have to beg
and plead to be at on like you know when

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we first started talking we were begging

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and pleading to be at the margin of a

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problem that could affect a subset
of the business. By the way, Sham, you

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00:12:37,520 --> 00:12:40,637
know, I don't it's like unfortunately
he can only tell you 1% of what he's

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00:12:40,720 --> 00:12:45,677
involved in, but this is like exactly
the same in the US government around the

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world. It's like the things that we're
sitting on and working on are like crazy

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crazy important and they're not
downstream of the problem. They are the

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problem and we're reshaping them.

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>> Thank you both. Our next question
is from Mariana with Bank of America.

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>> So, I'm going to do
as usual a couple of

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questions. one on commercial, one on on

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defense or or government on commercial.

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I'd like to follow up to Dan's question

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and let's see if you can discuss what

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changed from a behavioral perspective

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from a customers perspective to see this

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accelerated appetite to incorporate

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volunteer to not only accelerating how

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many customers you have but also the

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existing customers go to go up the value

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chain and what changed internally as

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well. We recently saw uh in a visit this

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like AI agents or AI FDAs like how are

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you incorporating tech internally to be

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able to accelerate and catch up with

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that demand and on the government side

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US government up 50% plus is really

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impressive and how do you think about

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opportunities like golden dome
going forward piling up to this?

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>> Well, you guys want to answer
these questions? I I think I think that

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there's the external one which is like
what does it feel like that's clearly

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you the internal one is a really subtle
question and I don't know anyone should

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jump in there and then obviously
should we have Sham opine on yeah

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>> yeah well do you want
to start with commercial or

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>> Sure yeah I think uh on the external I

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think it's like going deeper and deeper

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and more and more like tangible results

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with customers where they're both
there's a network effect incoming like

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customer sharing impact that we're
having a direct impact we're having with

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customers. customers are seeing as we
you know it's a continuation of what

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we've been doing but going deeper and
deeper with the customers on that impact

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and and I think that you know what we're
seeing is more and more are now coming

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to us saying and the ones that are most
impactful are coming to us saying let's

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do more >> you know Ryan
is our is our best at

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being a wonderful I'll just give a

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vulgar version here you know uh our

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clients realize that choices suck

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basically and they've tried a lot of stuff
it hasn't worked and then we're in

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so many vertical we, you know,
we're per, say, let's just

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say we're in vertical 252 and we
dominate for one customer. People see

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that and then they're like, "Oh, well,
I'll try this with some, I don't know,

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knockoff half fake thing." And then
a lot of people really still don't

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understand that are still trying to do
this long migration where you know LLMs

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are going to perform as if they're LLM

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and ontology and as if the LLMs were not

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a commodity and and then but then in the

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marketplace they see the final result of

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someone else using ontology foundry FDA

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and now it's like wait a minute you
know I'm paying hundreds of millions of

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dollars and getting nothing and the person
down the road I kind of look down

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on is way ahead of me and and their unit
economics are transforming overnight.

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And that just shifts the whole
conversation because then we're like,

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okay, well, if you want it to work,
you're going to have to do these five

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things. And these things are like,
you're going to have to talk to Ryan and

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you're going to have to, I don't know,
occasionally meet with me and you're

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going to have to actually allow us
to come in with engineers and you're going

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to we're going to have to actually work
on the problems that are valuable for

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your business and also look at the costs
that are dragging you down. By the way,

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the cost for most businesses is not just

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the actual money they're wasting. That
money, wasted money creates an ecosystem

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of waste. They're talking to all these
vendors all the time about all these

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things will never work instead
of solving the problem. It's like and so

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getting the pathogens out of their
business is is a real issue and now

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they're really really interested in

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this. And so, and then on the internal

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front, I would say it's just we have to

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double down. The most important thing

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for us internally is with all this

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success, we do not want to give up the

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unique attributes of of Palinger and

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somehow purchase um fake ways for us

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that are artificial for us. And so
making sure we are very very close to

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the problem and making sure everyone
here like if you heard our internal

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dialogue, it's much more like who's
on the factory floor here? What are we

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doing internally? How do we make sure
our products are better and better? How

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do we make sure say Sham you know who's

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a savant at going around and figuring
out what the underlying tech issue is.

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How do we making sure we have the best
product team and the very very exact

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right fit for every single deployment
across our deployments that we care

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about especially mission deployments

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which we highly highly overvalue in

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terms of our time and energy and like

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how do you make sure stays as tribal and

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cultist and unique as it was 20 years ago?
How do we double and triple down on

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that? And how do we recruit the right
people? And and then internally we have

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look, we power ICE. We power efforts
to defend America and Ukraine and with

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allies. We're on the front line of all
adversaries, including visav China, and

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we support we're on we're at ICE
and we're uh we we've supported Israel.

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Okay, these are very controversial.
I don't know why this is all

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controversial, but many people find that

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controversial. Okay. So, how do you

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align people to focus on these things in

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a way that is actually beneficial for us
and our clients? These are really hard

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and tricky issues that we spend a lot of
time I would say as an overarching thing

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because what we found is the more we
focus on our internal dynamics, the

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better our numbers are. That's why we

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have less salespeople and we have 77%

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growth in 75% of our market.

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121% growth in USCOM. Please tell
that to some of your friends. I don't even

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understand how they can look at these

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numbers and not drop the the key out
of their Motel 6 and just like say, you

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know, I mean, they're like they're
bombastic numbers and but it's but it's

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like internal focus.
>> I'll make the mistake of trying to

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follow Alex there and just say on the
on the internal side with AFD, that's why

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we actually originally built it.
You know, our headcount has grown roughly

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10% but revenue grew 63%. How are we
doing that? you know, we've made our

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FDES wildly more productive and I mean,
so much so that we decided to give it to

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our customers and we've started to make
our customers more productive. When you

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have a note like the the Army Vantage
note where the the Army's consolidating

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into the Army data platform, you now
have an army, literal army of green

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suitors who need to become proficient
developers in the software. And you have

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a generation of green suitors whose
first interaction with the software is

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going to be with AIFD. They're going
to be superheroes on day one. Uh I think

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that's it's accelerating adoption
is accelerating understanding like the

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depth of adoption not just are you using
it but how much of it are you really

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using how much of it can you understand
uh and then quickly on on your comment

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on the US government business like yeah
the number of opportunities out there

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are great I can't comment on on all
the opportunities you mentioned there but

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whether it's NGC2 the continued growth
of Maven I mean we have of course

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America's involved with three conflicts
right now in the world from from Europe

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the Middle East and and in our own
hemisphere right now and things are

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getting a little spicy in Africa >>
by the Let me say something slightly

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political and I'm not saying other

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people agree with this, but when people

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are attacking uh our soldiers for

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stopping fentinel from coming to this
country, I want people to remember if

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fentanel was killing 60,000 Yale grads

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instead of 60,000 workingclass people,
we'd be dropping a nuclear bomb on

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whoever was sending it from South America.
So I, you know, it's slightly

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like we in this in this at Palunteer,
we are on the side of the American average

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American who sometimes gets screwed

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because all the empathy goes to elite
people and none of it goes to the people

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are actually dying on our streets. And
that's why, you know, it's like when you

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have an open border, it means that the
average poor American earns less. I know

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my fellow progressives believe having an
open border is going to make things, but

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that's because they're actually repping
elite people instead of the working

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class. And the same thing in South
America. We It's like, you know, to

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believe our constitution does not give
us the right to stop 60,000 deaths a

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year of workingclass men and women is

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insane. And this company, this country
is right to stop that. And I am very

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proud. I don't know all the efforts
were involved in, but the extent we're

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involved in these efforts, I and most
Palunteerians are very proud of this.

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You're here. >> Thank you,
Alex. As always, we have a

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lot of individual investors on the line.

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Is there anything you'd like to say
before the before we end the call?

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>> We're rocking along. Um, please turn on

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the conventional television and see how

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unhappy uh those that didn't invest in

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00:21:23,280 --> 00:21:26,877
us are. Um, uh, enjoy, get some popcorn.

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00:21:26,960 --> 00:21:30,397
They're crying. We are every day making

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00:21:30,480 --> 00:21:33,037
this company better. And we're doing it

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for this nation, for allied countries,

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and uh, also for what? And I I never
really like the term retail investors.

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How about sane people who put up their
own money and fight for us? And by the

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way, you know, you are fighting for the
right side of what should work in this

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country. Meritocracy, lethal technology

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00:21:51,280 --> 00:21:54,237
visav adversaries, uh products that

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spread GDP to workingclass women and men
and women by making their value creation

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higher. And by the way, your bank
account and thank you for that.

397
00:22:03,280 --> 00:22:07,197
>> Picture this. A potential client
searches for what your business offers

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and your YouTube video appears.
Before they've even booked a call, they've

399
00:22:11,760 --> 00:22:13,997
built trust with you, turning them into

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00:22:14,080 --> 00:22:16,157
a warm lead. That's why our clients are

401
00:22:16,240 --> 00:22:19,037
hitting $100,000 months because YouTube

402
00:22:19,120 --> 00:22:21,517
turns attention into authority. If you

403
00:22:21,600 --> 00:22:27,440
run a business, book a call.
and I'll show you exactly how to make this