01—Abstract
Summary
Summary of the 10-K filed March 25, 2025. Cited figures are marked; the original filing is the authoritative source.
Samsara Inc. reported fiscal year 2025 (ended February 1, 2025) revenue of $1,249.2 milliona, up 33% from $937.4 million in fiscal 2024, with approximately 98% of revenue from subscriptions to its Connected Operations Platform.
The company narrowed its net loss to $154.9 millionb from $286.7 million a year earlier, and its accumulated deficit stood at $1,610.0 million. Gross margin improved to 76% from 74%, and the company generated positive operating cash flow of $131.7 million and free cash flow of $111.5 million, compared with negative figures in the prior year. Non-GAAP income from operations was $113.5 million, or 9% of revenue, versus $1.3 million in fiscal 2024.
Growth metrics remained strong. ARR reached $1,457.9 millionc as of February 1, 2025, up from $1,102.0 million, and customers with over $100,000 in ARR rose to 2,506 from 1,848. Remaining performance obligations totaled $2,651.2 million, of which approximately $1,253.8 million is expected to be recognized over the next 12 months.
Operating expenses grew 13% in dollar terms to $1,140.9 milliond, led by sales and marketing, which rose to 48% of revenue from 52%, reflecting improved operating leverage. The filing also flags material risks.
Samsara is in ongoing litigation with competitor Motive, the company relies on a limited number of joint design manufacturers in Asia for its IoT devices, and it depends on a single cloud hosting provider, Amazon Web Services, with no alternative provider. Stock-based compensation was $277.9 million, and the Class B multi-class share structure gives founders majority voting control.
02—Key points
Key Highlights
- Revenue of $1,249.2 million, up 33% year over year from $937.4 million.
- Net loss narrowed to $154.9 million from $286.7 million; accumulated deficit of $1,610.0 million.
- Operating cash flow turned positive at $131.7 million, and free cash flow was $111.5 million, versus negative results in fiscal 2024.
- ARR of $1,457.9 million, up from $1,102.0 million; customers above $100,000 ARR rose to 2,506 from 1,848.
- Gross margin expanded to 76% from 74%; non-GAAP operating margin reached 9% versus roughly 0% a year earlier.
- Remaining performance obligations of $2,651.2 million, with about $1,253.8 million expected within 12 months.
- Dual-class structure: Class B shares with 10 votes each give founders majority voting control, and the company faces ongoing litigation with competitor Motive.
03—One dollar
Follow one dollar
For each $1.00 of revenue in FY2025, Samsara lost $0.12.
- Revenue$1.25B100.0%
- Cost of revenue−$298.3M23.9%
- Gross profit$950.9M76.1%
- Operating costs−$1.14B91.3%
- Operating income−$190.0M15.2%
- Interest, other & tax$35.1M2.8%
- Net income−$154.9M12.4%
04—Financials
Financial Highlights
Figures from 10-KFY2025filed March 25, 2025Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $1.25B$937.38M | +33.3% |
| Cost of Revenue | $298.32M$247.03M | +20.8% |
| Gross Profit | $950.88M$690.35M | +37.7% |
| R&D Expenses | $299.72M$258.58M | +15.9% |
| Operating Expenses | $1.14B$1.01B | +12.5% |
| Operating Income | -$189.97M-$323.35M | +41.2% |
| Net Income | -$154.91M-$286.73M | +46.0% |
| EPS (Basic) | $-0.28$-0.54 | +48.1% |
| EPS (Diluted) | $-0.28$-0.54 | +48.1% |
| Shares Outstanding (Basic) | 556.32M534.88M | +4.0% |
| Shares Outstanding (Diluted) | 556.32M534.88M | +4.0% |
05—Questions
Frequently Asked Questions
Is Samsara now generating cash from operations?
Yes. Net cash provided by operating activities was $131.7 million in fiscal 2025, compared with a use of $11.8 million in fiscal 2024. Free cash flow, after $20.2 million of capital expenditures, was $111.5 million, versus negative $22.8 million the prior year. The company still reported a GAAP net loss of $154.9 million.
How concentrated is Samsara's customer base?
The customer base is diverse. Approximately 93% of ARR came from Core Customers, defined as those with $10,000 or more in ARR, and no single customer accounted for more than 1% of ARR as of February 1, 2025. Customers above $100,000 in ARR contributed approximately 55% of ARR.
What are the main risks to the business highlighted in the filing?
Key risks include intense competition from vendors such as Geotab, Motive and Lytx; dependence on a limited number of joint design manufacturers and component suppliers, largely in Asia; reliance on Amazon Web Services for hosting with no alternative provider; ongoing litigation with Motive; and a multi-class share structure that concentrates voting control with founders.
How much of the company's revenue comes from outside the United States?
Revenue from customers outside the United States was $166.7 million in fiscal 2025, compared with $1,082.5 million from the United States, so the U.S. accounted for the large majority of total revenue of $1,249.2 million.
06—Continue