• Salesforce for the physical world: Just as Salesforce provides a cloud platform to manage customer relationships, Samsara offers a cloud platform to manage and optimize physical operations and assets using IoT data.
• Datadog for industrial operations: Similar to how Datadog provides comprehensive monitoring and analytics for IT infrastructure and applications, Samsara offers a data platform for real-time visibility and insights into physical assets, vehicles, and sites.

• Connected Operations Cloud: Samsara's integrated platform that connects physical operations data, offering a comprehensive suite of data management and application services.
• Data Platform: The foundational component of the Connected Operations Cloud, responsible for ingesting, aggregating, and enriching data from IoT devices with embedded AI, analytics, and security features.
• Video-based Safety: Applications that utilize video to enhance safety protocols and prevent incidents for field operations.
• Vehicle Telematics: Solutions for monitoring vehicle location, performance, and diagnostics in real-time.
• Apps and Driver Workflows: Mobile and web applications designed to optimize driver tasks and streamline operational processes.
• Equipment Monitoring: Applications for tracking the status, performance, and utilization of various industrial equipment.
• Site Visibility: Solutions providing comprehensive real-time oversight and insights into physical operational sites.

Samsara (IOT) sells primarily to other companies (B2B).

Due to the nature of its diversified customer base, Samsara does not publicly disclose the names of specific major customers. Instead, the company serves a wide range of businesses across numerous industries that leverage its Connected Operations Cloud for fleet management, equipment monitoring, site visibility, and other operational intelligence needs.

Based on the company's description, Samsara's customers operate within, but are not limited to, the following industry categories:

• Transportation and Logistics
• Construction
• Field Services
• Utilities and Energy
• Government
• Healthcare and Education
• Manufacturing
• Wholesale and Retail Trade
• Food and Beverage

As Samsara serves a broad base of businesses within these sectors, individual customer names and their public symbols are not typically made public by the company.

Sanjit Biswas, Chief Executive Officer

Sanjit Biswas is the co-founder and Chief Executive Officer of Samsara. Prior to co-founding Samsara in 2015, he co-founded Meraki, a cloud networking company, where he served as CEO. Meraki was acquired by Cisco for $1.2 billion in 2012. He led Meraki as Cisco's fastest-growing cloud product after the acquisition. Biswas met his Samsara co-founder, John Bicket, as graduate students at MIT, where they collaborated on the "Roofnet" project, which formed the basis for Meraki's products. He holds a B.S. in Computer Systems Engineering from Stanford and an M.S. in Electrical Engineering and Computer Science from MIT.

Dominic Phillips, Executive Vice President, Chief Financial Officer

Dominic Phillips serves as the Executive Vice President and Chief Financial Officer at Samsara, a role he has held since December 2019. Before joining Samsara, Phillips was the Vice President of Finance and Head of Corporate Development at ServiceNow, where he was responsible for financial planning and analysis, investor relations, treasury, and corporate development. Earlier in his career, he worked as a Vice President on Morgan Stanley's technology investment banking team, providing advice to technology companies on financial and strategic transactions. He began his career in public accounting at PwC. Phillips earned a B.S. in Business from Cal Poly San Luis Obispo and an M.B.A. from UC Berkeley's Haas School of Business.

John Bicket, Chief Technology Officer

John Bicket is a co-founder and the Chief Technology Officer of Samsara. Before co-founding Samsara in 2015, he also co-founded Meraki with Sanjit Biswas, serving as its CTO and VP of Engineering. Meraki was acquired by Cisco for $1.2 billion in 2012. At Samsara, Bicket is responsible for the company's technology that simplifies and secures the operation of thousands of sensors. He holds a B.S. in Computer Science from Cornell University and an S.M. in Computer Science from MIT.

Kiren Sekar, Chief Product Officer

Kiren Sekar leads Samsara's global product and engineering organizations as Chief Product Officer. He also previously served as Samsara's Chief Strategy Officer. Prior to joining Samsara's founding team, Sekar was the VP of Marketing at Meraki (now part of Cisco Systems), where he helped the business grow significantly. He has also held software engineering and management positions at various startups and at Apple, where he holds patents for network protocol design. Sekar received a B.S. in Computer Science from Stanford.

1. Intense Competition and Market Headwinds: Samsara operates in a highly competitive market for connected operations and telematics solutions. The company faces competition from established players like Geotab, Verizon Connect, and Lytx, as well as various private companies. This intense competitive landscape could lead to pricing pressure, accelerated demands for innovation, and potential erosion of market share. Additionally, larger incumbent technology companies may bundle IoT solutions into broader digital transformation offerings, which could undercut Samsara's pricing and limit its ability to acquire new customers. Macroeconomic pressures also pose a constant threat, potentially impacting customer spending on Samsara's services.
2. Potential Disruption from Autonomous Vehicles: A significant long-term risk to Samsara's business model is the potential disruption caused by the increasing adoption of autonomous vehicles. As autonomous technology advances and becomes more prevalent in industries like transportation and logistics, the need for certain aspects of Samsara's current solutions, such as human driver monitoring and traditional telematics for human-operated fleets, could diminish or fundamentally change. This could lead to a significant shift in the market that Samsara currently serves.
3. Growth Deceleration and Valuation Risk: As a high-growth technology company, Samsara faces the risk of its revenue growth decelerating, which has been forecast to slow from 33% in fiscal year 2025 to the mid-20% range in fiscal year 2026. This deceleration in growth, combined with Samsara's high valuation multiples (e.g., a high forward Price/Sales ratio), poses a valuation risk. If the company's growth does not meet market expectations, or if macroeconomic conditions reduce enterprise technology spending, its stock valuation could be negatively impacted. Furthermore, Samsara has yet to achieve GAAP profitability, and high stock-based compensation expenses raise concerns about its capital efficiency, adding to the financial risks if growth targets are not met.

Samsara Inc. (IOT) operates within a substantial overall addressable market, which it estimates to be around $100 billion to $117 billion. The company's main products and services contribute to various segments of the connected operations landscape.

• Connected Operations Cloud / IoT for Operations:

  The global Smart Connected Assets and Operations Market was valued at approximately USD 278.94 billion in 2025 and is projected to reach USD 415.39 billion by 2030. The global Connected Enterprise Market was valued at USD 469.32 billion in 2023. North America accounted for 34.3% of this market's revenue in 2023. The global Internet of Things (IoT) market size was USD 864.32 billion in 2025, with projections to reach USD 5,552.48 billion by 2034. North America's IoT market share was valued at USD 279.73 billion in 2025. The global IoT Platforms Market is estimated at USD 16.11 billion in 2025 and is expected to grow to about USD 49.17 billion by 2034. North America was the largest market for IoT platforms in 2024. The global cloud services market is calculated at USD 721.87 billion in 2025 and is forecasted to reach approximately USD 2,726.94 billion by 2034. The North America market size for cloud services surpassed USD 259.58 billion in 2024, and the U.S. market specifically was USD 181.70 billion in 2024, projected to reach USD 817.06 billion by 2034.

• Video-based Safety:

  The global video surveillance market size was valued at USD 53.8 billion in 2023 and is anticipated to grow to USD 115 billion by 2032. Another estimate places the global video surveillance market size at USD 82.7 billion in 2025, with a forecast to reach USD 290.4 billion by 2036. The North America video surveillance market is expected to reach USD 35 billion by 2032. In 2024, the global market for video surveillance systems with AI reached USD 5.64 billion, with North America contributing over a third of this amount.

• Vehicle Telematics:

  The global vehicle telematics market size was valued at USD 93.61 billion in 2025 and is projected to increase to USD 198.69 billion by 2034. Europe held the largest share of this market in 2025. The U.S. market for vehicle telematics is projected to reach USD 26.15 billion by 2032. The global commercial vehicle telematics market size was valued at USD 61.52 billion in 2024 and is projected to reach USD 130.08 billion by 2030. North America led this market in 2024. The global automotive telematics market size was valued at USD 91.81 billion in 2024 and is expected to reach USD 388.49 billion by 2032. Another report estimates the global automotive telematics market at USD 49.61 billion in 2025, growing to USD 79.96 billion by 2034, with Asia Pacific leading in 2024. The global telematics market is projected to reach USD 674.97 billion by 2040, from USD 113.80 billion in 2026.

• Apps and Driver Workflows:

  The global IoT Powered Logistics Market size is expected to reach approximately USD 809 billion by 2034, growing from USD 17.5 billion in 2024. North America held over 41% of this global market share, with an approximate revenue of USD 7.1 billion in 2024. The U.S. IoT-powered logistics market was valued at USD 6.65 billion in 2024. The global Logistics Visibility Software Market size was valued at USD 785.9 million in 2023 and is estimated to grow to USD 1.9 billion by 2032.

• Equipment Monitoring:

  The global equipment monitoring market size is predicted to reach USD 6.45 billion by 2035. North America is the largest market, holding approximately 40% of the global share. Other estimates project the global equipment monitoring market to reach USD 5.08 billion by 2032 or USD 6.08 billion by 2034 from USD 3.51 billion in 2024. North America held 43% of the global equipment monitoring market in 2024. The global machine condition monitoring market size was valued at USD 3.00 billion in 2025 and is projected to grow to USD 6.80 billion by 2034. The global load monitoring equipment market size was valued at USD 2.85 billion in 2024 and is projected to reach USD 3.63 billion by 2034.

• Site Visibility:

  The global location intelligence market size was valued at USD 20.90 billion in 2025 and is projected to grow to USD 66.12 billion by 2034. The European market for location intelligence is projected to reach USD 6.07 billion by 2026.

Expected Drivers of Future Revenue Growth for Samsara (IOT)

Samsara (IOT) is anticipated to drive future revenue growth over the next 2-3 years through a combination of strategic initiatives, focusing on expanding its customer base, deepening engagement with existing clients, and continuous innovation in its Connected Operations Cloud.

1. Acquisition of New Large Enterprise Customers: Samsara continues to prioritize and successfully onboard large enterprise customers within the vast and early-stage digitized physical operations market. The company consistently reports adding a record number of customers to its $100,000-plus and $1 million-plus Annual Recurring Revenue (ARR) cohorts. This focus on high-value customers provides a strong foundation for durable and efficient growth.
2. Expansion within Existing Customer Base (Land and Expand): A significant driver is the expansion of product adoption among existing clients, commonly referred to as a "land and expand" strategy. Samsara's large customers increasingly utilize the platform as a system of record for physical operations by subscribing to multiple applications. For instance, 96% of large customers subscribe to two or more Samsara products, making the service sticky and fostering long-term, predictable revenue streams.
3. New Product Innovation, particularly AI-driven Solutions: Samsara is heavily investing in research and development to introduce new applications and features, with a strong emphasis on AI-driven solutions. Recent launches, such as the AI Safety Coach, which provides automated safety outcomes and real-time voice coaching, and enhanced Asset Tags with AI-powered theft and loss workflows, are expected to fuel growth. These innovations expand use cases and drive higher product adoption and revenue per customer.
4. International Expansion: The company is seeing good momentum in its international markets, indicating opportunities for geographical growth beyond its established presence. Expanding its global footprint allows Samsara to tap into new segments of the large, underserved physical operations market worldwide.
5. Digitization of Physical Operations Market: Samsara benefits from addressing a massive and rapidly digitizing market in physical operations. The company's platform helps businesses improve safety, efficiency, and sustainability, offering clear return on investment (ROI) to customers. This underlying market opportunity continues to drive strong customer demand and positions Samsara for sustained growth.

Capital Allocation Decisions (Last 3-5 Years)

Share Issuance

• Samsara Inc. became a public company with its Class A common stock beginning to trade on the New York Stock Exchange on December 15, 2021.
• As of March 23, 2022, there were 80,138,030 shares of Class A common stock and 428,636,573 shares of Class B common stock outstanding. As of March 18, 2025, there were 299,733,309 shares of Class A common stock and 269,587,022 shares of Class B common stock outstanding.
• Equity-based compensation represented 20% of revenue in fiscal year 2026, with an expectation for this to decline further in fiscal year 2027 due to ongoing cost discipline.

Outbound Investments

• In the fourth quarter of fiscal year 2026, investing activities resulted in a cash outflow of $54.82 million, which primarily included $230.34 million in purchases of investments, largely offset by $183.69 million from sales and maturities of investments. This suggests the investments are likely in marketable securities rather than strategic acquisitions of other companies.

Capital Expenditures

• For the fourth quarter of fiscal year 2026, Samsara's capital expenditures (purchases of property, plant and equipment) amounted to $8.0 million, marking an increase of approximately 49.95% year-over-year.
• The capital expenditures for the last twelve months ending November 1, 2025, were reported as $26.1 million.
• The company's definition of adjusted free cash flow excludes the cash impact of non-recurring capital expenditures associated with the build-out of its corporate office facilities in San Francisco, California.