IoT Specialist Samsara Sets its sights on All-Time High - Annual Recurring Revenue Exceeds $1 Billion for the First Time

IoT company Samsara (IOT, i) aims to increase the efficiency of physical and often very complex operations. To this end, it provides GPS and telematics systems, video security solutions and associated software to transfer data from vehicles, employees and other assets to the Connected Operations Cloud, where real-time monitoring and analysis of the collected data is made possible. Last year, this cloud recorded over 6 trillion data points and processed more than 55 billion API calls. Further investment is now to be made to drive forward AI functions. The company serves over 19,000 core customers from the transportation, food and beverage, construction and agriculture sectors in a market that is set to grow to $117 billion by 2025.
With growth of 39%, annual recurring revenue has broken the billion mark just eight years after the market launch. Net profit also improved by 300% to $0.04 per share (consensus: $0.01). CEO Biswas emphasizes "Of all the software companies listed in the US, only seven, including Samsara, have an ARR of $1 billion or more, are growing faster than 30% and have positive free cash flow." The number of customers with an ARR of over $100,000 increased by 49% to 1,663. There was also a quarterly record with nine customers with an ARR of over $1 million and seven Fortune 1000 companies. Up-selling is an important driver. One top 10 customer has carried out a total of 19 expansions at Samsara since 2018.

The sales targets for the current financial year 2024 have been raised from $896-900 million to $918-920 million. This should result in growth of 41%. Net profit is now expected to be $0.05-0.06 per share instead of $0.00-0.02. After several months of consolidation, the stock is now targeting its all-time high again.

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IoT company Samsara (IOT, i) aims to increase the efficiency of physical and often very complex operations. To this end, it provides GPS and telematics systems, video security solutions and associated software to transfer data from vehicles, employees and other assets to the Connected Operations Cloud, where real-time monitoring and analysis of the collected data is made possible. Last year, this cloud recorded over 6 trillion data points and processed more than 55 billion API calls. Further investment is now to be made to drive forward AI functions. The company serves over 19,000 core customers from the transportation, food and beverage, construction and agriculture sectors in a market that is set to grow to $117 billion by 2025.
With growth of 39%, annual recurring revenue has broken the billion mark just eight years after the market launch. Net profit also improved by 300% to $0.04 per share (consensus: $0.01). CEO Biswas emphasizes "Of all the software companies listed in the US, only seven, including Samsara, have an ARR of $1 billion or more, are growing faster than 30% and have positive free cash flow." The number of customers with an ARR of over $100,000 increased by 49% to 1,663. There was also a quarterly record with nine customers with an ARR of over $1 million and seven Fortune 1000 companies. Up-selling is an important driver. One top 10 customer has carried out a total of 19 expansions at Samsara since 2018.

The sales targets for the current financial year 2024 have been raised from $896-900 million to $918-920 million. This should result in growth of 41%. Net profit is now expected to be $0.05-0.06 per share instead of $0.00-0.02. After several months of consolidation, the stock is now targeting its all-time high again.

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The Trader Times reports daily at 8 AM (EDT) on exciting stock news and new buying opportunities! In our articles, we combine neutral coverage of stocks with the clear opinions of our editors. With 8 systematically conducted screening routines, we ensure that no top story escapes us!

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Dear Traders

The Trader Times reports daily at 8 AM (EDT) on exciting stock news and new buying opportunities! In our articles, we combine neutral coverage of stocks with the clear opinions of our editors. With 8 systematically conducted screening routines, we ensure that no top story escapes us!

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