The deep dive · NYSE: IOT · Read November 1, 2026

Samsara

Software and AI cameras that run trucks, vans and job sites. Growing about 30% a year, newly profitable on an operating basis, and its two founders still control the vote.

10-Q Q2 FY2027
Since you opened this page
Samsara's revenue at its last-quarter pace of $65 a second.
Revenue
$1.62B in the year to Jan 2026, up 30%. 98% is subscriptions.
Profit
+$4.9M operating profit last quarter, from a $26.6M loss a year earlier.
Debt
$0 no borrowings, and $1.33B of cash and investments.
Watch
19% of revenue is paid out as stock compensation.
AI
Agents, live agent use on its platform up 7x since June 2026.
Hiring
Mostly sales net new hires go to sales; other teams flat or smaller, per the CFO.
Listings
207 → 275 remote listings since Oct 10.
01 · The business

Almost all of it is subscriptions.

Customers pay a yearly fee, usually on three to five year contracts, for cameras, trackers and the software behind them. The hardware is bundled in. About 86% of revenue is from the US; the rest is mostly Western Europe, Canada and Mexico.

98%
Subscriptions, $1.59B
2%
Other, $30M
10-K FY2026, revenue note; geography in R78
The moat, in three parts
  1. 1
    A huge stream of real-world operations data
    Its data platform processed over 25 trillion data points in FY2026, the raw material for its AI cameras and agents.
    10-K FY2026, business
  2. 2
    Long contracts with hardware bolted into fleets
    Terms run three to five years, and $3.77B of contracted revenue is still to be recognized. Large customers use on average six API integrations.
    10-K FY2026, revenue note
  3. 3
    An app marketplace others build on
    Over 350 integration partners in the Samsara App Marketplace, plus an open API and an official MCP server.
    10-K FY2026, business
The competition
TradingView, Oct 30 close
CompanyWorthRevenueGrowthPer employeePaid per $1Stock, 1 yr
Samsara$24.6B$1.85B+30%$0.45M$13.45+9%
Verizon$185B$139B+1%$1.55M$1.34+12%
Motorola Solutions$81.3B$12.2B+10%$0.53M$6.72+14%
Michelin$21.5B$25.7B−4%$0.21M$0.86+13%
Bridgestone$4862B$4635B+6%$40.05M$1.08+19%
  • Samsara
    Worth
    $24.6B
    Revenue
    $1.85B
    Growth
    +30%
    Per employee
    $0.45M
    Paid per $1
    $13.45
    Stock, 1 yr
    +9%
  • Verizon
    Worth
    $185B
    Revenue
    $139B
    Growth
    +1%
    Per employee
    $1.55M
    Paid per $1
    $1.34
    Stock, 1 yr
    +12%
  • Motorola Solutions
    Worth
    $81.3B
    Revenue
    $12.2B
    Growth
    +10%
    Per employee
    $0.53M
    Paid per $1
    $6.72
    Stock, 1 yr
    +14%
  • Michelin
    Worth
    $21.5B
    Revenue
    $25.7B
    Growth
    −4%
    Per employee
    $0.21M
    Paid per $1
    $0.86
    Stock, 1 yr
    +13%
  • Bridgestone
    Worth
    $4862B
    Revenue
    $4635B
    Growth
    +6%
    Per employee
    $40.05M
    Paid per $1
    $1.08
    Stock, 1 yr
    +19%

Investors pay $13.45 for every dollar Samsara brings in. Its peers here range from $0.86 to $6.72, about 11.1 times their median of $1.21.

Samsara, TradingViewVerizon (Verizon Connect), 10-K FY2026, competitionMotorola Solutions (Avigilon), 10-K FY2026, competitionMichelin, 10-K FY2026, competitionBridgestone (Webfleet), 10-K FY2026, competition
02 · The money · May to July 2026, its latest reported quarter

Samsara brought in $508 million in 91 days.

+$117M
on the same 91 days a year earlier
$5.6M
a day, every day of the quarter
$233K
an hour, around the clock
$3,880
a minute

That is about $117 million more than the same three months a year earlier. Each of its 4,100 employees brought in about $0.39 million over the year, about $1,080 a day.

Revenue is not profit. It is the money that came in before Samsara pays any of its costs.

10-Q Q2 FY2027 (quarter ended Aug 1, 2026); employees from 10-K, Jan 2026
02 · The turn

Still losing money: $53 million in FY2026.

Revenue grew 73% in two years. In FY2026 it lost 3 cents on every revenue dollar.

Revenue
Money coming in, per fiscal year
Operating profit
What is left after running the business
  • FY2024: lost 34¢ of every $1
  • FY2025: lost 15¢ of every $1
  • FY2026: lost 3¢ of every $1
10-K FY2026, statement of operations
Revenue per employee

Verizon, Motorola Solutions and Bridgestone bring in more per person than Samsara; Michelin less.

  1. Bridgestone$40.05M
  2. Verizon$1.55M
  3. Motorola Solutions$0.53M
  4. Samsara$0.45M
  5. Michelin$0.21M
$0.0M$41.0M
Trailing revenue divided by employees, from the same market read as the table above.
The balance sheet

Samsara funds itself from customer prepayments: $853M of deferred revenue sits on the balance sheet. Nothing here forces cuts.

No debt, $1.33B of cash and investments
$291M
cash
$538M
short-term investments
$497M
long-term investments
10-Q Q2 FY2027, balance sheet
03 · Footnote flags

What the filings say, and what we think it means.

The fact is the filing's. The read, in italics, is ours.

  1. 01
    Good

    Operating losses are gone.

    Operating income was $12.1M in the first half of FY2027, against a $59.9M loss a year earlier. Full-year operating losses shrank from $323M to $190M to $53M over three years.

    Revenue now grows faster than costs. Companies crossing into profit tend to make fewer surprise cuts, though the margin is still thin.

    10-Q Q2 FY2027
  2. 02
    Watch

    Nearly half of first-half pretax profit is a court award.

    Samsara booked a $30.3M arbitration award against rival Motive in Q1 FY2027, inside other income. First-half pretax income was $66.5M. The receivable was still unpaid on Aug 1, 2026.

    Strip out the award and first-half profit is closer to $36M. The operating line is the cleaner read.

    10-Q Q2 FY2027, commitments and contingencies
  3. 03
    Watch

    Stock pay is $315M a year, about a fifth of revenue.

    Stock-based compensation was $315.0M in FY2026, up from $277.9M, mostly RSUs. Shares outstanding rose 2.7% in the year.

    Equity is a large part of pay here, good for employees' grants. It is also why the adjusted margin of 21% looks far better than the GAAP one of 1%.

    10-K FY2026, equity note
  4. 04
    Neutral

    The two founders control the vote, and are selling some shares.

    Class B shares carry 10 votes each and their holders control a majority of the vote. CEO Sanjit Biswas and CTO John Bicket held about 34% of shares and may sell up to about 10M under 2026 trading plans.

    Outside shareholders cannot force change. The planned sales are small next to their stake, roughly 2 points of ownership.

    8-K, Jan 6, 2026; 10-K FY2026
  5. 05
    Watch

    Moved its legal home from Delaware to Nevada.

    The switch took effect June 1, 2026, described in an information statement rather than at a stockholder meeting. The 8-K says certain stockholder rights changed.

    Nevada law generally gives boards more room and shareholders fewer ways to sue. With founder control, it was effectively the founders' call.

    8-K, Jun 1, 2026
  6. 06
    Good

    Full-year guidance raised twice.

    FY2027 revenue guidance went from $1.965B to $1.975B in March, to $2.005B to $2.013B in June, to $2.043B to $2.047B in September.

    Management keeps underestimating its own year, a sign demand is outrunning plans.

    Q2 FY2027 release; Q4 FY2026 release; Q1 call
  7. 07
    Watch

    A $900 million, five-year cloud bill.

    In July 2026 Samsara committed to buy $900M of cloud hosting through July 2031. The 10-K says it relies on AWS and has no alternative provider.

    About $180M a year, locked in. Fine while it grows, a fixed cost if growth slows. Gross margin already slipped on higher cloud and cellular costs.

    10-Q Q2 FY2027; 10-K FY2026 risk factors
  8. 08
    Watch

    Customers not paying rose sharply.

    Credit loss expense was $13.2M in FY2026, up from $3.3M. The allowance for bad receivables rose to $14.1M from $9.1M.

    Still small against $1.6B of revenue, but a fourfold jump. Small trucking firms are where freight downturns bite first.

    10-K FY2026, revenue note
  9. 09
    Good

    No customer is bigger than 2% of revenue.

    No single customer is over 2% of ARR. Customers with over $100K of ARR grew to 3,605 from 2,771 a year earlier.

    No Amazon-style single point of failure. The growth is coming from bigger accounts, spread wide.

    10-Q Q2 FY2027; 10-K FY2026
  10. 10
    Neutral

    The devices come from a few makers in Taiwan.

    Samsara outsources its devices to a limited number of joint design manufacturers in Taiwan, in some cases a single one. The 10-Q cites elevated memory, storage and component costs.

    Tariffs or a chip squeeze raise costs it mostly has to absorb. Management said in June it is well capitalized to ride out memory shortages.

    10-Q Q2 FY2027; 10-K FY2026
04 · Who gets paid most

Product is paid 135% over market. Finance, 12% under.

Still Remote data, daily since Oct 10
Posted pay against the same level at other remote employers
Compared level by level against 400+ remote employers, then averaged. Number of posted ranges beside each team.
AI and ML listings, Oct 10 to Oct 31
23 → 37+61%
Remote listings, same days
207 → 275+33%

We save every company's roles, pay by team and level, AI share and churn every day, so each month this page can say more. Sparklines use their own scale.

05 · Built for the agentic era?

Can AI agents do business with Samsara?

We checked the agent payment programs, developer docs and site rules an AI assistant would meet.

Our verdict

Ahead of most. Its own MCP server and agents, both live.

Still Remote read
LiveNot found
  1. An official MCP server
    Generally available, read-only, over 40 tools. Works with Claude, ChatGPT Enterprise, Microsoft Copilot Studio and Cursor, with US, EU and Canada endpoints.
    checked Oct 31, 2026
    Yes
  2. Agents customers can build inside Samsara
    Agent Studio, a no-code builder for chat and voice agents, opened to all customers on Oct 13, 2026. Voice now outpaces chat.
    Samsara, Oct 13, 2026
    Yes
  3. Developer docs that AI tools can read
    developers.samsara.com publishes an llms.txt index of its guides and REST API reference.
    checked Oct 31, 2026
    Yes
  4. A main site written for AI readers
    samsara.com also has an llms.txt covering products, guides, customer stories and pricing pages.
    checked Oct 31, 2026
    Yes
  5. Lets AI crawlers read its site
    robots.txt blocks only /_nuxt/ (site code files) for all bots. No AI crawler is named or blocked.
    checked Oct 31, 2026
    Yes
  6. Agent payment protocols (Google AP2, OpenAI and Stripe ACP)
    No link found. Samsara sells multi-year contracts through its sales team, so agent checkout matters little here.
    Searched Oct 31, 2026
    Not found
05 · Inside the company

Where Samsara puts AI to work.

AI and ML job titles, share of open remote listings
Samsara
13.5%
Every company we track
6.2%
37 of 275 Samsara listings on Oct 31. Scale 0% to 15%.
  1. 1
    Engineers work with coding bots and agents
    The CEO called Samsara "pretty avid users of AI internally": coding agents in engineering, automation in finance, admin and sales.
    Q1 FY2027 earnings call transcript
  2. 2
    AI keeps non-sales teams flat
    The CFO said ARR per employee is up double digits, sales hiring is aggressive, and other functions will stay roughly the same size or shrink. No layoffs were discussed.
    Q1 FY2027 earnings call transcript
  3. 3
    AI is the product, not a side feature
    AI dash cams, a Safety Agent and AI course builder ship today. The CEO said use of the newest AI features rose more than 4x in two months.
    Q2 FY2027 release; 10-K FY2026
06 · What the hiring says

More listings than on Sep 9, led by sales.

Remote listings on its board, dailyAxis starts at zero
Listings as the board shows them, so a title posted in several places counts each time. Team counts are open roles, repeated titles once.
71 of 186
roles are sales
38
customer roles, the next biggest team
8
countries named in its remote roles, led by United States
+36
new roles in the last 7 days
06 · From its own channel

What Samsara puts on its own channel.

Short videos from Samsara's official YouTube channel, played here. We only use a channel that links samsara.com and carries the company's name.

  • Building a Driver-First Safety Culture
    1.4 thousand views
  • Introducing Samsara MCP: live operational context for the AI tools your teams already use
    337 views
  • How Samsara uses Ray for physical AI | Ray Summit 2026
    333 views
  • The equipment graveyard | Happy Halloween from Samsara
    1 thousand views
  • Safe Driving Tips & Ice Cream Picks from Tillamook Truck Drivers
    384 views
  • How Ferrellgas Uses Driver Feedback to Improve Operations
    964 views
  • How Ace Tree Builds Trust Across Its Crews
    568 views
  • Recognizing Crum Trucking’s Top Drivers
    710 views
From Samsara on YouTube. These are the company's own marketing, not a look inside.
07 · Scenario builder

Your view of the next year, in a share price.

A way to think, not a forecast, and not investment advice.

A share price is three numbers
$1.62Brevenue last year
×
$15.22what investors pay per $1 of it
=
$24.6Bthe whole company
÷ 586Mshares it is split into
= $42.07one share
Growth
How much bigger revenue gets in a year. More revenue to multiply.
Paid per $1 of revenue
The mood dial. High when investors expect fast growth and future profit, low when they doubt it. Samsara sits at $15.22; the peers' median is $1.21.
Share count
Stock pay and converting notes add shares, so each is a smaller slice. Buybacks do the opposite. Last year Samsara's share count changed +2.7%.
The analyst range
27 analysts publish a 12-month target, from $39 to $60. It is where Wall Street sits, not where the stock must go.
Pick a world

Growth and valuation hold, and the share count keeps rising at last year's rate. This lands near the analysts' average of $52.

Last year +29.6%.
FY2027 revenue of $2.043B to $2.047B (+26%), non-GAAP operating margin 21%, and GAAP profitability expected, as stated Sep 3, 2026.
Today $15.22. Verizon $1.34 · Motorola Solutions $6.72 · Michelin $0.86 · Bridgestone $1.08.
Last year +2.7%. No buyback program. The 10-K reports no share repurchases.
$
A year from now, in your world
$53
+26% vs $42.07 today
Your grant, one year from now
$126,186

Your $100,000 grant today would be worth $126,186 in 12 months in this world, before taxes and vesting.

$2.10B revenue × $15.22 = $31.9B ÷ 601M shares
Against the 27 analysts
Today $42
Low $39
Avg $52
High $60
$0Band: low $39 to high $60$67
Revenue if this growth holds
Dotted: last year's pace, +30% a year. Bars start at zero.

A way to think, not a forecast, and not investment advice.

Q2 FY2027 release; shares from 10-K FY2026 (R4)
08 · Where it looks headed

The signals, and which way they push.

  1. Tailwind
    Big customers are driving growth.

    Customers paying over $1M a year now add up to over $500M of ARR, growing over 50% for a third straight quarter. Total ARR hit $2.12B, up 30%.

    Q2 FY2027 releasehigh
  2. Tailwind
    Agents are catching on fast.

    Agent use rose 7x since June and an MCP server went live for all customers in September. That gives it new things to sell into the same fleets.

    Samsara, Sep and Oct 2026medium
  3. Tailwind
    Outside the US is growing faster.

    Non-US revenue rose to 15.2% of the quarter from 14% for FY2026. In Q1, 18% of new contract value came from abroad, tied for a record.

    10-Q Q2 FY2027; Q1 FY2027 callmedium
  4. Headwind
    Hardware and cloud costs are rising.

    First-half gross margin slipped to 76% from 77% on cloud and cellular costs, the 10-Q cites pricier memory and storage, and $900M of cloud spend is now locked in.

    10-Q Q2 FY2027medium
  5. Headwind
    The legal war with Motive is not over.

    Samsara won $30.3M in arbitration, but its trade secret suit is pending and Motive's countersuit seeks damages and an injunction.

    10-K FY2026, risk factorsmedium
09 · Bold predictions

Where Samsara ends up, if we had to bet.

Our calls, not facts. Each one is tied to something that already happened, so you can judge the reasoning.

  1. 1

    Samsara passes $4 billion of yearly revenue by fiscal 2031.

    Likely 72%Revenue

    It guides to about $2.05B for FY2027, up 26%, with $3.77B of contracted revenue still to come. Getting to $4B needs roughly 18% a year after that.

    Q2 FY2027 release; 10-K FY2026
  2. 2

    Samsara charges separately for AI agents, and they become a line management reports on.

    Coin flip 50%AI

    Agent Studio and MCP launched in 2026 and usage is climbing fast. No agent pricing or revenue has been disclosed yet.

    Samsara, Oct 13, 2026
  3. 3

    A quarter of Samsara's revenue comes from outside the US.

    Coin flip 50%Expansion

    Non-US revenue is about 15% and rising, and new deals abroad run ahead of that. Europe has strong local rivals such as Webfleet and Michelin.

    10-Q Q2 FY2027; 10-K FY2026
  4. 4

    AI rules force Samsara to sell different camera and driver-scoring features in Europe than in the US.

    Coin flip 50%Regulation

    Its 10-K flags the EU AI Act, with fines up to 7% of global turnover, and new state AI laws such as Colorado's. Cameras that judge drivers are an obvious target.

    10-K FY2026, risk factors
  5. 5

    Samsara is bought by a larger company.

    Long shot 16%M&A

    The founders hold about a third of the shares and a majority of the vote, so no deal happens without them. It has no debt and is now profitable, so it does not need a buyer.

    8-K, Jan 6, 2026; 10-K FY2026

Read by the Still Remote research agent on November 1, 2026 from the sources linked on this page. Facts and scenarios only, not investment advice.