That is the conclusion to Palunteer Q3 2025. You had a lot of energy coming in from the entire team especially with Dr. Karp and uh he obviously had a message to get across and I think he got it across.

Let's start with you Amir your thoughts on the call. So, someone wrote in the chat like during I I I I think everyone uh know noticed this as well, but someone wrote uh I counted exactly 114 table banks throughout, you know, his opening speech. He was sitting and banging the the heck out of that table.

No. Um uh well, we kind of predicted that nice question. Another boot camp conversion one uh wasn't really answered. Not not too important.

I think the two the two biggest ones was of course to see okay what is happening with AFDs I mean it's it's been a topic for a while uh there have been some demos out out into the public some kind of you know there have been some some whisperings but you know they actually start to give us some kind of numbers like associated with it which is what what I love you know I always say this that people don't always understand you know where Palanteer is implemented they don't always understand the use cases at a specific company but everyone understands time when they say that uh you know uh spawning an army to uh you know of a fds to transform a legacy data warehouse in 5 days that would have taken two years like everyone can understand that two years to five days that is pretty significant.

Then also you know the the AI highmind the new capability there um great overall you know the quarter really the business accelerated on like throughout every single segment like everything accelerated even even the weak ones as you mentioned like Europe was carried by Southeast Asia you know and um you know Korea and those markets

um I also uh want to highlight um the last question there it just made me like picture Brent still just you know the the interview we we watched with the Jeff analyst just before when He said, um, uh, yeah, turn on conventional TV and watch those who didn't invest into us cry. And then, if you guys remember Brent Thiel's face, he kind of looked like he was about to cry. Like, he looked pretty pissed off, you know, just sitting there on CNBC. Uh, it was magical. Uh, but I I let someone else give their initial thoughts before we dive into deeper.

Uh, Arie, go ahead. Your thoughts. The thing that intrigued me the most is um seeing the evolution of FDS, the AI FDs that now empower from what we understand the FD themselves and then the clients. That is uh what really talks the language of shrinking time to the point where I was really wondering the other day. Imagine you are a parent, you you are called by a client how you can really show what you can do, what you can tackle very fast.

And essentially they described that with this new product AI hive mind which is an aggregator to of Aifds or similar agents to tackle problems.

I I would be very curious to learn more about this but seems so powerful if it is real that you can bring two years of work of a highly skilled FD in two days. It means that you can have almost 100x the interactions uh with your customers.

So this that to me seems the the strongest hint of the entire call because it's one of those stuff that really affect the numbers of the company. We were saying before if you look at it from the eyes of um normal company when you see numbers like this you can start rationally thinking oh this is probably a peak then stuff would normalize. But if you start including these considerations of what is Aifd and then the management says look the way we are accelerating while also getting a lot of margin is thanks to AFD and then we are seeing an evolution of A IFDs thanks to this new product.

What it these are the stuff that make me think okay we are at a peak in terms of numbers the peak is not the official peak like the there is enough substance for all this trend to keep rolling maybe it will not be always a 60% growth or so on but certainly it will be very very strong and if you can grow this strong while also having these margins it you always have ground for the evaluation.

Okay, Matt, your thoughts on the call? Well, I think it was a phenomenal call. Um, I mean, who would have expected back in 2020 2021 that we'd be actually thinking that we'd get to four and a half billion or so in in revenue um in 2025. I mean, that's just uh where we're literally within a an arms reach away. Um and yet here we are.

I think everybody back then was laughing and um I think it just goes to show that um really Karp is excited and I think that there's even still more things to kind of come with with respect to a lot of contracts that are being worked on. Sham obviously is uh is out running about doing all the conferences uh going to the White House even. Um, I think we we've seen him, you know, making all these deals with a lot of these other companies. Uh, obviously showing up and saying they're going to pledge, you know, $50 billion deals to the White House and Seam sitting right there. Obviously, there's a plan um in the background that we're obviously not privy to that I think is yet to to truly come through.

And I think a lot of that has to do with maybe what happened with Nvidia. You're starting to see that partnership come through. Maybe the Golden Dome stuff isn't going to come through. I still think there's just a lot of things with respect to opportunities that Palanteer has to enter and like you stated earlier, I mean, we're only at 911 total customers out of thousands upon thousands that uh can really benefit and I'm starting to see others really start to stall out like data bricks is really starting to stall out and several others. Um, Snowflake obviously we showed a great graphic with respect to revenue growth for them earlier.

So, I think people really starting to recognize that what people said was a great technology and great software or great service that people were really hoping to to really revolutionize their business isn't showing up as once expected and is likely just throwing good money after bad, but you get good results with with Palunteer software. And I don't think that we've fully seen they stated something huge in there uh with respect to to AIFT not necessarily being fully rolled out as of yet and and and some other uh key uh products that I don't think are fully rolled out as of yet but are probably in the trial mode. I'm very curious to see when those are officially rolled out and actually start to drive the bottom line what we can expect in terms of continued customer account growth.

And it might not necessarily mean that you know revenue growth continues in the 60 70 80%. But you don't need much. I mean all you need is continued revenue growth from a uh a net dollar retention perspective and and that kind of provides a good floor for what your year-over-year revenue growth would be. So very curious to see what ends up happening and um yeah it's uh yeah it's going to be interesting.

I I also think there were some uh interesting comments regarding like uh the the current customers. So they mentioned that the top 20 customers uh I I did the calculations uh still 20 out of 911 customers account for 43% of revenues and they are accelerating like how much they're growing 20 like the top 20 customers account for almost half the business and they are now growing uh 38% year-over-year which is higher than the net dollar retention. So the most sticky like most like revenue highest value clients are growing higher than like uh uh the overall net dollar retention.

And then the question came up in in in the call like well h how are you able to scale like this and uh there there was a I don't remember the exact quote but it was something along the lines of we own part of the AI market that cares about value creation.

Yeah. because there is so much hyperfocus on who can build out the most capex uh who can uh you know buy the most GPUs, who can you know uh build the next LM but he he put it like yeah no we own the whole part of the AI market that cares about value creation and that is like really powerful because he also mentioned we simply we create the value and then we get paid. a portion of that which is like how I always envision in my head like well how can Palunteer grow to like one trillion two trillion dollar market cap well when you are able to sell your product for basically any price as long as you're providing value like that that that is uh in in aggregate of that.

So let's say that you you create a hundred billion dollars of value for a business. It is not like too weird to charge over a billion from that customer annually like just some you know bogus numbers to put an example. If you can create more value you can you can charge them more like it's not a fixed price. So I think um that dynamic is really really powerful for Palunteer.

And he he also mentioned that like yeah we're kind of known now when people contact us and get in touch with us they have higher expectations than customers have had initially. They're like okay make my business amazing. That's like what what they say and then it's up to Palunteer to come in and be like okay this is how you're going to fix your business.

like imagine that he he also like talked about some dynamics about you know without having to go take your company private whatever but essentially you have your company you're you're kind of starting to fail or your competitors doing better than you you're like hey Palanteer come fix this for us like imagine a scenario like that it's just completely crazy to me

consider how different it was uh three years ago when we saw Karp banging on the table but not because he was happy but because uh it was we know you need this stuff to survive. We know that in the future you will need this stuff ontology in Fundry even more and this was before AI and now we are at the point where customers reach them we are not interested in a use case we want to rebuild the entire company based on AI

and uh stuff that I particularly appreciate is how credible Palunteer is that you can craft the financial metrics you want uh based on results. Look at Palanteer numbers they are perfect. So what they do actually works and you have the top clients in each industry now that leads the way and Karp says okay the customers now reach reach us because they look potential customers are they they reach us because they look what other companies using us do and they realize okay the alternatives suck.

Yeah, I agree. I I I pretty much agree with everything you guys said. I thought Karp was very excited on the call and uh I think the reason he was excited was has nothing to do with the stock. Quite frankly, it had to do with the fact that this quarter was incredible and the stock will do whatever the stock does. I mean, again, it's at 202.

A lot of us were covering this name below was $10. So, it's hard to have a lot of sympathy for the oh, it's not at 220. It's like, okay, that's fine. If that's the extent of your analysis, then then you can have that. But if you're actually holding this company for the next 10 years and you're looking at not the returns of the stock, which have been far beyond most stocks in the entire market, but actually looking at the results they put out, I mean, I would be as energetic as Karp as well.

If you're pulling up 14% rule of 40s, 77% US commercial growth, no debt, 6 and a half billion in cash, uh, and topline revenue growth of 63%. I mean, these numbers are just incredible. It's hard to critique the numbers. It's just, you know, the stock has a lot baked into the valuation already. So, you might not get an explosive move based on based on just these numbers, but the numbers are incredible.

And so, I I think the biggest thing that Karp said in that call was that there is a philosophical macro trend around the war fighter and America. The last point he made I can't agree with even more, which is this idea of, you know, if 60,000 Yale graduates were dying because of fentinol, the United States would do something about it. So when you have the elite of the United States, we talked about this bifurcated economy, the elite of the United States, when they start suffering, that's when the United States starts to pay attention. But when you have average men and women that are working uh 9 to5, living paycheck to paycheck, when they're suffering, no one cares.

And I think if you are betting on pound, you're betting on a company that's building software, not to replace those people, but to actually empower those people. And I think that's a really important point that Karp wanted to get through, telling people this is who you're investing in. this is why you're investing in the company and this is what the analysts, you know, have never fully understood as they've been trying to analyze this company.

So, there you go. That's what we got on earnings. Again, the stock will do whatever the stock does. At the end of the day, this was an exceptional quarter. Lots of energy from Karp, Sham, and the team on that call. Uh, and they put up the numbers that quite frankly justify having that type of energy. Uh, we'll be back tomorrow. I'll be back later tonight at 9:30. I'm doing another podcast. So, I'll be live and we'll uh do some more discussions on what's going on in the world of tech. I think we might have a palenture weekly this Friday to recap the numbers. If we don't, then you know, we'll we'll eventually schedule a session where we all go deeper into the numbers. I'm sure we'll put them in our Excel sheets, but that's what we got. Any last words, Arie?

Just wow.

Yeah, amazing. I I just wanted to highlight one one last quote that went under the radar a bit and that is that they mentioned that the military has taken decision to consolidate everything onto Vantage which basically means that the arm is like starting to align themselves and start to do everything on Palunteer and will replace and kill all the legacy systems. So for we we have some enthusiasts about you know um Palanteer government side you know goarp and and that game. So that's fantastic news as well.

Was my impression or from the comments Sham did in saying there are a lot of stuff we I can't talk home talk about we can assume okay Sham is working on into some very big projects.

That's the impression I got.

I agree. Yeah, I think I think Golden Dome is going to be a big piece that is very undervalued that I don't think people are really paying attention to and I think that that will be billions of revenue alone for Palunteer if um and I don't think there's anybody else out there suited uh that that could handle something like that other than Palunteer.

Um, so I'm sure obviously a large that's we're talking hundreds of billions of dollars that has to be spent by before the end of Trump's term if that goes through and a large portion of that would go to Palunteer. It's not just one company that's going to get that right. I mean, we're talking a multitude of companies that are going to have to partner with each other to be able to to make that successful.

And last piece I'll say is, hey, the stock might drop, you know, in the short term. And I, you know, it's it is richly valued even with these new numbers. you're still talking about a PE between 200 and 300x if you kind of annualize out these numbers out for the next four quarters, not including any real growth.

But what I will say is is just based off what we're seeing and the continued increase in margins in 10 years time. I mean, we're talking about a company that will continue to to be dominant and will likely be the most important enterprise company that uh that we have. And obviously it it plays a hu huge part in my values, which is supporting the West and and helping Silver Liberty. So I think uh to me it's a no-brainer. Um I'm going to continue to add uh every time I get a paycheck.

All right. I love it. Thank you everybody. I'll be on a little later tonight. Uh Amir, Aries, and Matt's Twitter and YouTube's in the description. Appreciate everybody here and we'll be back again next time for pounder earnings. Thanks for having me on. Bye everybody.