On June 6, 2024, Samsara Inc (IOT, Financial) released its 8-K filing for the first quarter of fiscal year 2025, showcasing robust financial performance. Samsara Inc provides an end-to-end solution for operations, connecting physical operations data to the Connected Operations Cloud, which consists of the Data Platform and Application. The company derives a majority of its revenue from the United States.
Performance Highlights
Samsara Inc (IOT, Financial) reported Q1 revenue of $280.7 million, surpassing the analyst estimate of $272.43 million and representing a 37% year-over-year growth. The company also reported an Annual Recurring Revenue (ARR) of $1.176 billion, marking a 37% increase from the previous year. Notably, the number of customers with ARR over $100,000 grew by 43% year-over-year to 1,964.
Financial Achievements
The company achieved a GAAP gross profit of $212.1 million, up from $146.8 million in Q1 FY2024, with a GAAP gross margin of 76%, an improvement of 4 percentage points. Non-GAAP gross profit was $215.9 million, with a non-GAAP gross margin of 77%. These metrics are crucial as they indicate the company's efficiency in managing its cost of goods sold relative to its revenue.
Income Statement and Key Metrics
Despite a GAAP operating loss of $66.0 million, Samsara Inc (IOT, Financial) improved its GAAP operating margin to -24% from -37% in the previous year. The non-GAAP operating income was $6.2 million, reflecting a non-GAAP operating margin of 2%, a significant improvement from the -9% margin in Q1 FY2024. The GAAP net loss per share was $0.10, better than the estimated -$0.13, while the non-GAAP net income per share was $0.03.
| Metric | Q1 FY2025 | Q1 FY2024 | Y/Y Change |
|---|---|---|---|
| Annual Recurring Revenue (ARR) | $1,175.7 million | $856.2 million | 37% |
| Total Revenue | $280.7 million | $204.3 million | 37% |
| GAAP Gross Profit | $212.1 million | $146.8 million | $65.3 million |
| GAAP Gross Margin | 76% | 72% | 4 pts |
| Non-GAAP Gross Profit | $215.9 million | $149.7 million | $66.2 million |
| Non-GAAP Gross Margin | 77% | 73% | 4 pts |
| GAAP Operating Loss | $(66.0) million | $(75.8) million | $9.8 million |
| GAAP Operating Margin | -24% | -37% | 14 pts |
| Non-GAAP Operating Income (Loss) | $6.2 million | $(19.0) million | $25.2 million |
| Non-GAAP Operating Margin | 2% | -9% | 12 pts |
| GAAP Net Loss Per Share | $(0.10) | $(0.13) | $0.03 |
| Non-GAAP Net Income (Loss) Per Share | $0.03 | $(0.02) | $0.05 |
| Net Cash Provided by Operating Activities | $23.7 million | $10.5 million | $13.2 million |
| Adjusted Free Cash Flow | $18.6 million | $(2.2) million | $20.8 million |
Balance Sheet and Cash Flow
As of May 4, 2024, Samsara Inc (IOT, Financial) reported total assets of $1.749 billion, up from $1.735 billion as of February 3, 2024. The company's cash and cash equivalents increased to $162.5 million from $135.5 million. Net cash provided by operating activities was $23.7 million, a significant increase from $10.5 million in the previous year. Adjusted free cash flow was $18.6 million, compared to -$2.2 million in Q1 FY2024.
Commentary and Analysis
“We delivered a strong first quarter of the new fiscal year with Q1 revenue of $280.7 million, growing 37%
Explore the complete 8-K earnings release (here) from Samsara Inc for further details.
