Samsara surpasses $1bn in ARR with strong Q3 24 results

image of Sanjit Biswas, CEO and co-founder of Samsara | Samsara Q3

Samsara has reported its financial results for Q3 fiscal year 2024, ending October 28, 2023. The company saw revenue growth of 40 percent year-on-year (YoY) rising to $237.5m, compared to $169.8m in Q3 FY23.

Samsara ended Q3 with $1bn in ARR, representing 39 percent growth YoY, driving momentum with its 1,663 customers with ARR over $100,000, an increase of 49 percent YoY.

Sanjit Biswas, CEO and co-founder of Samsara, said: “We achieved an important milestone this quarter as we surpassed $1bn in ARR in just our eighth year of selling.

“As a strategic partner to the world’s leading and most complex physical operations organizations, we look forward to the continued partnership and the impact we will make on their communities as we work to improve the safety, efficiency and sustainability of their operations.”

GAAP gross profit for the quarter was $175.9m, a 74 percent GAAP gross margin. Non-GAAP gross profit reached $179m, displaying a 75 percent non-GAAP gross margin.

In addition to this, the City of New Orleans has recently announced that it will leverage Samsara’s technology to improve the safety, efficiency and sustainability of its operations across 41 departments, including police, fire, public works, code enforcement, parks and parkways, sanitation and more.

Rhonda Eiffe, AVP of public sector at Samsara, said: “City leaders across the country want a technology partner that can help them make the most of their constituents’ hard-earned dollars, and that partner is Samsara.

“We’re excited to apply our public sector expertise and solutions to the City of New Orleans’ operations and make a positive impact on the community, together.”

Looking ahead into the fourth quarter, Samsara expects total revenue of around $257m-$259m, estimating YoY growth of around 38-39 percent. For the full year 2024, the company expects total revenues of around $918m-$920m, an increase of 41 percent YoY.