stockrowWhat it does
Samsara sells software and connected devices that help organizations monitor and manage physical operations. Its customers operate vehicles, equipment, facilities and field workforces in industries such as transportation, construction, manufacturing and logistics. The company was founded in 2015, and Sanjit Biswas is its chief executive officer.
Its Connected Operations Platform brings together information from Samsara devices, connected assets and other business systems. Devices such as cameras, sensors and internet gateways can collect data from assets that are not already connected. The platform also receives information through connections with equipment manufacturers and other software providers. Customers access the resulting data through a cloud dashboard, alerts, reports and mobile applications.
The applications cover tasks such as tracking vehicles and equipment, planning routes, managing maintenance and digitizing forms. Video-based safety tools can identify driving events and support coaching. Samsara also offers AI agents that automate operational tasks; for example, its Safety Agent combines video, weather and safety records to deliver voice coaching and adjust alerts.
The platform is used by people in operations, safety, compliance, facilities and support roles. Customers can use individual applications or combine them across their operations. Samsara’s data platform also connects to other business applications, including enterprise resource planning, payroll and work-order systems.
How it makes money
Samsara operates as one reportable segment and earns most of its revenue from subscriptions to its Connected Operations Platform. In fiscal 2026, subscription revenue was $1.6 billion, or 98.1% of revenue.
Fiscal 2026 total revenue was $1,618.6 million.
Subscriptions generally are priced per asset and per application. A vehicle using both the safety and telematics applications, for example, counts as two subscriptions. Customers can add applications or connect more assets as they extend their use of the platform.
A subscription includes data collection, usually through a Samsara device and sometimes through a third-party solution. It also includes cellular connectivity for Samsara devices, access to cloud applications and interfaces, customer support and warranty coverage. This combines the device connection and the ongoing software service in the customer relationship.
Initial contracts typically run for three to five years and are generally non-cancelable and non-refundable, subject to limited exceptions. Public-sector customers may have other exceptions because their budgets are often appropriated annually. Samsara recognizes subscription revenue evenly over the contract term; billing can be monthly, quarterly, semi-annually, annually or in advance, depending on the contract.
The company primarily uses a direct sales force to reach large and mid-market customers. It also sells through resellers and offers self-service and low-touch sales for smaller customers. Fiscal 2026 net loss was $9.1 million, compared with $154.9 million in fiscal 2025.
| Product or service | Revenue, FY2026 | Share | Change on the year |
|---|---|---|---|
| Subscription revenue | $1.6 billion | 98.1% | 29.6% |
| Other revenue | $30.2 million | 1.87% | 29.1% |
Customers and how it sells
Samsara serves small and medium-sized businesses, government organizations and large enterprises. Its customers work in transportation, construction, wholesale and retail trade, field services, logistics, manufacturing, utilities and energy, healthcare, education, and food and beverage. Some manage large fleets, distributed sites or field workforces.
As of January 31, 2026, Samsara had over 12,000 Core Customers, each representing $25,000 or more in annual recurring revenue, or ARR. Approximately 85% of ARR came from this group. The company also had 3,194 customers each representing over $100,000 in ARR; they accounted for approximately 61% of ARR. No single customer accounted for more than 2% of ARR at that date.
The sales force concentrates on large and mid-market customers with numerous physical assets. Resellers give Samsara access to additional customer channels, while self-service and low-touch inbound sales serve a range of smaller customers.
The United States generated $1.4 billion of revenue in fiscal 2026, representing 85.6% of total revenue. Samsara also sold into Western Europe, Canada and Mexico. It plans to expand its international reach.
| Region | Revenue, FY2026 | Share | Change on the year |
|---|---|---|---|
| United States | $1.4 billion | 85.6% | 28.0% |
| Other | $233.1 million | 14.4% | 39.8% |
Suppliers and costs
Samsara’s service relies on connected devices, cellular connectivity and cloud infrastructure. Its devices collect data from physical assets, while connections with equipment manufacturers and other partners can bring data from already-connected assets into the platform. A subscription also provides cellular connectivity for Samsara devices.
The company’s primary uses of cash include employee-related expenditures, third-party cloud and cellular costs, sales and marketing, and overhead. It also funds inventory and related connected-device costs to meet its platform obligations to customers. Samsara plans to continue investing in sales and marketing to acquire customers and in its platform to support its business.
Costs can be affected by changes in hardware component prices and in memory, storage and computing costs. Supply-chain and freight disruptions can also affect Samsara and its customers. The company’s growth plans include developing relationships with equipment manufacturers and other partners, as well as adding integrations with third-party systems.
- Revenue$1.6B
- Cost of revenue−$376.5M
- Research and development−$344.6M
- Selling, general and administrative−$950.1M
- Operating income−$52.6M
Competitive position
Samsara competes in a fragmented market for connected physical operations. Vendors may focus on particular industries, applications, geographies or customer sizes. The competitors Samsara names for its applications include Geotab, Motive, Lytx, Netradyne, Verizon Connect and Webfleet. Competition varies by application and customer; Samsara says it is not aware of another company using a common platform across connected fleets, equipment, sites and frontline workers.
Samsara’s platform combines device data with applications for safety, fleet operations, assets and frontline workers. Its marketplace has over 350 third-party integrations, and the company works with equipment manufacturers to connect assets. Its data platform processed over 25 trillion data points in fiscal year 2026, which Samsara uses to develop AI models and operational insights.
Our reading: the breadth of applications and integrations can make the platform useful across a customer’s operations, although competitors can challenge individual applications. Our reading: Samsara’s operational data is a potential advantage for improving its AI tools, but the evidence does not establish how readily competitors could build comparable datasets. Our reading: multi-year contracts and use of multiple applications can support customer relationships, though the evidence does not establish the size of any switching costs.
| Competitor | Where they compete | Threat (our reading) |
|---|---|---|
| Geotab | Connected physical operations applications | Medium |
| Motive | Connected physical operations applications | Medium |
| Lytx | Connected physical operations applications | Medium |
| Netradyne | Connected physical operations applications | Medium |
| Verizon Connect | Connected physical operations applications | Medium |
| Webfleet | Connected physical operations applications | Medium |
Growth opportunities
Samsara plans to acquire new customers by investing in sales and marketing, while expanding the use of its platform within existing accounts. Expansion can come from selling additional applications, connecting more assets and extending deployments across a customer’s divisions and geographies.
As of January 31, 2026, over 90% of Core Customers and over 95% of customers representing over $100,000 in ARR subscribed to multiple applications. The number of customers representing over $100,000 in ARR increased from 2,484 as of February 1, 2025 to 3,194 as of January 31, 2026.
The company intends to develop applications, agents and features using customer feedback and additional types of operational data. It also plans to expand partnerships and integrations, including relationships with equipment manufacturers, and to increase its international reach.
Samsara estimates that the industries it addresses represent over 40% of global GDP. It believes physical-operations businesses are still moving from manual processes and separate legacy systems to integrated digital platforms. The company sees an opportunity to sell to organizations undertaking that transition, although its ability to acquire and expand accounts depends on factors including competition, customer satisfaction, pricing and customer spending.
- $428.3MFY2022
- $652.5MFY2023
- $937.4MFY2024
- $1.2BFY2025
- $1.6BFY2026
- $2.0BFY2027 guidance
Structural risks
- Adoption and competition: Potential customers may be reluctant to adopt cloud software, may prefer existing vendors or may face actual or perceived switching costs. Samsara must also demonstrate the return on investment of its solution.
- Technology and service availability: Interruptions or performance problems in Samsara’s technology or hosting facilities could disrupt operations, lead customers to terminate subscriptions, and affect renewals or the ability to attract customers.
- Regulation and privacy: Changes in laws or standards could require changes to the solution or affect its utility. International operations also expose Samsara to evolving privacy, data-protection and cybersecurity requirements.
- Growth execution: Growth depends in part on retaining personnel, developing partner relationships, integrating with other systems and helping customers deploy the solution. Expansion into international markets presents additional operating and regulatory challenges.
- Economic conditions and costs: Inflation, interest rates, supply-chain disruptions, changing component and computing costs, and reduced technology spending can affect Samsara and its customers. The company has incurred operating losses and may need additional capital if it generates negative cash flows in future quarters.
Bottom line
Our reading
Our reading: Samsara is a subscription business built around connecting physical assets and turning their data into applications used across customers’ operations. Its multi-year contracts and opportunities to add applications support that model, while growth depends on winning customers, expanding deployments and maintaining the platform. Its exposure includes competing application providers, service interruptions, regulation and customer spending conditions.