Samsara reports strong earnings and 47 percent year-on-year growth

Samsara financial results - Sanjit Biswas CEO | Samsara Q2

Samsara has announced its financial results for the third quarter of fiscal 2023.

The earnings call revealed annual recurring revenues (ARR) of $723.7m representing 47 percent year-over-year growth. In Q3 revenue was $169.8m representing a 49 percent year-over-year growth. This figure remains on track with quarterly targets, however, topping Samsara’s projections by more than $13m and helping the firm to raise its guidance.

Customers with an ARR over $100,000 now sit at over a thousand (1,113), a 56 percent rise year-on-year but a slight drop on previous growth (down five percent from Q2 and 17 percent from Q1 results).

For the final quarter of fiscal 2023, Samsara expects $170-172m in revenue, a growth of 35-37 percent. With double-digit growth intact, the firm’s outlook for the year is projected at $636-638m in total revenue, a 48-49 percent increase on the last fiscal year.

“We delivered another quarter of durable and efficient growth at scale,” said Sanjit Biswas, co-founder and CEO of Samsara. “We partner with customers that power the global economy and span a number of diverse industries.

“Amid macroeconomic uncertainties, our customers remain focused on delivering profitability. They are focused on asset efficiency, worker availability, and maintaining safe and compliant operations. We are proud to deliver value to our customers in all these areas by digitizing their physical operations with Samsara’s Connected Operations Cloud.”