Companies /Technology

Samsara Inc - Class A

NYSE: IOT Software - Infrastructure
$41.88
â–² $2.04 (+5.11%) today
Markets closed · 5:14pm ET

Q2 2023 Earnings

Reported Aug 31, 2022, 4:15pm ET · SEC source
$-0.04
Beat +42.86%
EPS · est. $-0.07
$153.5M
Beat +7.36%
Revenue · est. $143.0M
+4.3%
Beating market
IOT vs S&P since report
8 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−21%−14%−7%0Aug 31Sep 1report 4:15pm ETearnings+0.3%−11.2%
−21%−14%−7%0Aug 31Sep 1earnings+0.3%−11.2%
IOT −11.2%S&P 500 +0.3%
−21%−14%−7%0Aug 31Sep 1report 4:15pm ETearnings+0.0%−11.2%
−21%−14%−7%0Aug 31Sep 1earnings+0.0%−11.2%
IOT −11.2%NASDAQ +0.0%
−21%−14%−7%0Aug 30Sep 8report 4:15pm ETearnings+1.4%−14.6%
−21%−14%−7%0Aug 30Sep 8earnings+1.4%−14.6%
IOT −14.6%S&P 500 +1.4%
−21%−14%−7%0Aug 30Sep 8report 4:15pm ETearnings+0.6%−14.6%
−21%−14%−7%0Aug 30Sep 8earnings+0.6%−14.6%
IOT −14.6%NASDAQ +0.6%
−12.98%
Day of report
−1.16%
Next session
+0.85%
One week
−0.39%
30 days

S&P 500 over the same 30 days: −4.65%.

Did IOT Beat Earnings? Q2 2023 Results

Samsara posted a notably strong second quarter for fiscal 2023, beating consensus expectations on both the top and bottom lines as accelerating subscription momentum drove revenue to $153.52 million, a 51.9% year-over-year increase that cleared the $143.00 million analyst estimate by 7.36%. The connected operations platform reported a non-GAAP loss per share of $0.04, better than the $0.07 consensus by 42.86%, with the improvement driven largely by operating leverage as annual recurring revenue climbed 52% to $662.80 million and the count of large customers contributing over $100,000 in ARR rose 61% to 989. CEO Sanjit Biswas noted that customers are leaning into Samsara's platform as a cost-control tool amid inflationary and labor-market pressures, a dynamic the company expects to sustain demand. Looking ahead, management guided Q3 revenue of $154 million to $156 million and full-year fiscal 2023 revenue of $610 million to $614 million, implying 42-43% annual growth, with a non-GAAP net loss per share of $0.21 to $0.23 for the year.

Key Takeaways
  • 52% year-over-year revenue growth driven by subscription momentum
  • ARR reached $662.8 million, up 52% year-over-year
  • 989 customers with ARR over $100,000, up 61% year-over-year
  • Existing customers doubling down on Samsara investment amid macroeconomic challenges
  • Non-GAAP operating margin improved 17 percentage points year-over-year to (13%)
  • Adjusted free cash flow margin improved 21 percentage points year-over-year

“We delivered another strong quarter of growth at scale, surpassing $660 million of ARR, growing more than 50% year-over-year.”

Samsara CEO, on the earnings call

Forward Guidance & Outlook

For Q3 FY2023, Samsara expects total revenue of $154 million to $156 million (35-37% YoY growth), non-GAAP operating margin of (20%), and non-GAAP net loss per share of ($0.06) to ($0.07). For full-year FY2023, the company expects total revenue of $610 million to $614 million (42-43% YoY growth), non-GAAP operating margin of (18%), and non-GAAP net loss per share of ($0.21) to ($0.23).

IOT YoY Financials

Q2 2023 vs Q2 2022 · SEC filings Q2 2022 Q2 2023
$0$50.0M$100.0M$150.0M$101.0M$153.5MRevenue$72.7M$109.3MGross Profit
$0$50.0M$100.0M$150.0MRevenueGross Profit

Figures from SEC filings and company reports. Not investment advice.