0001628280-26-018167
SEC filingRevenue grew 30% to $1.62B with gross margin expanding to 77%, net loss narrowed to $9.1M.
Samsara describes itself as a company on a mission to increase the safety, efficiency, and sustainability of the operations that power the global economy. It pioneered the Connected Operations Platform, an open platform that connects people, assets, and systems of complex operations across industries such as construction, transportation, wholesale and retail trade, field services, logistics, manufacturing, utilities and energy, government, healthcare and education, and food and beverage. Samsara estimates these industries represent over 40% of global GDP. The company was founded in 2015.
The Business section does not disclose any reporting segments. Samsara operates as a single integrated business centered on its Connected Operations Platform.
Samsara's core offering is the Connected Operations Platform, which consists of a Data Platform, Applications, and Agents. The Data Platform ingests, aggregates, and enriches data from IoT devices and third-party systems, processing over 25 trillion data points in fiscal year 2026. Applications are categorized into four primary solution areas: Safety & Risk (including AI Video-Based Safety, Site Visibility, and Samsara Wearable), Fleet Operations (including Telematics, Routing, and Commercial Navigation), Asset Management (including Asset Tracking and Maintenance), and Frontline Worker (including Connected Training and Connected Forms). Agents automate complex operational tasks, with the Safety Agent being a named example. The platform also includes over 350 third-party integrations in the Samsara App Marketplace.
Samsara primarily sells subscriptions to its Connected Operations Platform through direct sales, with an enterprise sales team targeting large multinational corporations, mid-market and commercial sales teams focusing on medium-sized and small businesses, and a self-service model for smaller customers and add-ons. The go-to-market model is strengthened by a free-trial sales model. As of January 31, 2026, Samsara had over 12,000 Core Customers (customers with $25,000 or more in ARR) and 3,194 large customers (over $100,000 in ARR). Approximately 85% of ARR came from Core Customers and approximately 61% of ARR came from large customers. In fiscal year 2026, approximately 14% of total revenue came from outside the United States, with sales into Western Europe, Canada, and Mexico.
The connected physical operations industry is highly fragmented. Samsara's primary competitors include Avigilon, CalAmp, Fleet Complete, Geotab, Lytx, Masternaut, Michelin, Motive, Nauto, Netradyne, Omnitracs, Orbcomm, Platform Science, Skybitz, Spireon, TrackUnit, Verizon Connect, Webfleet, and Zonar. Samsara believes it is positioned favorably due to its single, integrated platform providing a 'single pane of glass' across operations, cloud-native software, rapid development cycle, and ability to transform massive amounts of data into actionable insights. The company notes that it is not aware of other companies that approach the market with a common platform across connected fleets, equipment, sites, and frontline workers.
Samsara's growth strategies include: expanding its customer base by acquiring new customers through continued investment in sales and marketing; expanding within its existing customer base by increasing Applications adoption and the number of physical assets integrated; continuous customer-centric innovation and product releases leveraging its innovation flywheel; expanding partnerships and integrations, including over 350 partner integrations and OEM partnerships; and expanding internationally, focusing on global markets beyond the United States.
As of January 31, 2026, Samsara had more than 4,100 full-time employees. The company emphasizes a culture rooted in five values: focus on customer success, build for the long term, adopt a growth mindset, be inclusive, and win as a team. Samsara has achieved 2024 Great Place to Work® Certification in the US, UK, Mexico, and Poland, and other accolades including 2024 Fortune Change the World and 2024 Glassdoor Best Places to Work.
For the fiscal year ended January 31, 2026, Samsara delivered strong revenue growth of 30% to $1.62B, up from $1.25B in the prior year. The growth was primarily driven by customer acquisition and expanded adoption of the Connected Operations Platform. Gross profit grew 31% to $1.24B, with gross margin improving 100 basis points to 77%, driven by operational efficiencies in connected device costs and direct labor. Operating loss improved significantly from $(190.0)M to $(52.6)M, reflecting scaling benefits. Net loss narrowed from $(154.9)M to $(9.1)M, nearing profitability.
Samsara operates as a single reportable segment, with approximately 98% of revenue from subscriptions. The subscription model provides predictable recurring revenue with typical contract terms of three to five years. The company's focus on larger customers is evident, with ARR growing 30% to $1.89B and customers over $100k ARR increasing 29% to 3,194. These large customers demonstrate higher retention and multi-application adoption (over 95% use two or more applications).
Management plans to continue investing in sales and marketing, R&D, and international expansion to drive growth. They expect operating expenses to increase in absolute dollars as they scale headcount (from 3,500 to 4,100 employees). While no specific quantitative guidance is provided, the company believes existing liquidity of $1.24B in cash and investments is sufficient for at least 12 months. They acknowledge macroeconomic uncertainties but remain focused on innovation and customer expansion.
As of January 31, 2026, Samsara held $318.8M in cash and cash equivalents, $515.0M in short-term investments, and $403.1M in long-term investments, totaling $1,236.9M in cash and marketable securities. Including restricted cash of $6.1M, total liquidity is $1,243.0M. The company has no outstanding debt (only operating lease liabilities of $72.8M). Stockholders' equity increased to $1,420.4M from $1,069.2M a year ago, driven by stock-based compensation and a reduced net loss.
Total purchase commitments amount to $261.5M as of Jan 31, 2026, primarily for cellular, cloud hosting, and other subscription services. The majority ($138.2M) is due within the next fiscal year. Remaining performance obligations (RPO) stand at $3,765.9M, of which $1,641.2M is expected to be recognized over the next 12 months. This indicates a strong contracted revenue backlog.
Samsara did not repurchase shares or pay dividends during fiscal 2026. Capital expenditures totaled $28.8M (1.8% of revenue), up from $20.2M in fiscal 2025, reflecting investments in property, equipment, and internal-use software. The company continues to generate positive operating cash flow ($236.2M) and has ample liquidity for growth initiatives.
The company operates as a single reportable segment. For fiscal 2026, total revenue was $1,618.6M, with the United States contributing 85.6% ($1,385.5M) and other geographies 14.4% ($233.1M). The segment reported an operating loss of $52.6M, a significant improvement from a $190.0M loss in the prior year. Stock-based compensation ($315.0M) and connected device costs ($144.0M) are key cost drivers.
Samsara faces significant regulatory risks, particularly related to ELD certification (FMCSA) and data privacy laws (GDPR, CCPA, CPRA). The EU AI Act imposes fines up to €35M or 7% of turnover, a new material risk as AI integration deepens. Geopolitical tensions, especially China-Taiwan, threaten supply chain concentration, as most IoT devices are manufactured in the region.
Intense competition from incumbents (Geotab, Lytx, Motive) and new entrants (Platform Science, Verkada) pressures pricing and market share. Ongoing litigation with Motive over patents and trade secrets could distract management. Rapid growth is expected to slow, with net losses continuing ($9.1M in FY2026) and accumulated deficit exceeding $1.6B.
Reliance on third-party manufacturers (limited number in Asia) poses supply chain disruption risks. AI integration introduces new liabilities: biased algorithms, regulatory compliance, and potential cybersecurity attacks. Technology shifts (autonomous vehicles, EVs) could reduce demand for traditional telematics features.
History of losses and need for continued investment in sales and R&D may delay profitability. Retention of co-founders and key talent is critical; equity dilution from retention grants could affect shareholder value. Subscription-based revenue relies on renewal rates and upsells, which are sensitive to macroeconomic conditions.
Ongoing IP litigation with Motive and potential third-party claims could result in injunctions or royalty payments. Cybersecurity breaches could expose customer data, leading to regulatory fines and reputational harm. Internal platform access controls are being enhanced to prevent employee misuse, but risks remain.
The provided document does not contain the actual cash flow statement figures. Only audit report and balance sheets were included.