Samsara has reported financial results for the first quarter ended April 29, 2023, showing significant increases in revenue.
The total Q1 revenue reached $204.3m, an impressive 43 percent year-on-year (YoY) increase.
This is followed by an ARR of $856.2m, representing 41 percent YoY growth and delivers Samsara’s third consecutive ‘Rule of 40’ quarter, exceeding a 40 percent rise in combined revenue growth and profit margin.
Q1 saw Samsara add a record 138 large customers, bringing a total of now over 1,375 customers with ARR over $100,000, which is up 53 percent from the previous year. New wins include Fortune 1000 companies such as United Rentals, Iron Mountain and Werner Enterprises.
Prospectively, the company expects a $206m- $208m revenue for the next quarter of this financial year, and has risen estimates to $866m-$874m revenue for the full financial year results, a 33-34 percent growth.
As the firm continues to focus on operating efficiency improvements, it has improved its full year implied operating margin guidance to negative five percent, or $16m at the midpoint of guidance.
Following customer feedback, Samsara has announced it will now double down on creating AI-based safety technologies, digital workflows to increase efficiency for frontline workers and more platform and data integrations to drive higher asset utilization in the field.
“We delivered another strong quarter of growth, with ending ARR of over $850m, growing more than 40 percent YoY” said Sanjit Biswas, CEO and co-founder of Samsara. “The magnitude of AI’s impact on the world of physical operations is clear, and Samsara is positioned to be on the forefront of this technological revolution.
“In this current environment, our customers are prioritizing investments in solutions that help them control costs and deliver rapid ROI by running safer, smarter and more efficient operations. I continue to be inspired by the strength and resilience of our customer base and we are proud to empower the people who power the world.”
Additionally, Samsara has announced that Lara Caimi will join Samsara as president of Worldwide Field Operations. It follows five years at ServiceNow for Caimi, fulfilling the role of chief customer and partner officer for the firm, and chief strategy officer prior to that.
