Investor Meetings with IOT; Shifting AI Transformation from Bits to Atoms

Research evidence excerpt

Investor Meetings with IOT; Shifting AI Transformation from Bits to Atoms

Software

Samsara

TD SECURITIES (USA) LLC COMPANY UPDATE

June 17, 2026

Price: $31.60 (06/17/2026) Investor Meetings with IOT; Shifting AI

Price Target: $45.00 Transformation from Bits to Atoms

BUY (1)

ESG SCORE: 64/100

Derrick Wood, CFA THE TD COWEN INSIGHT

415 646 7370

We held investor meetings this week w/ Mike Chang, IOT's SVP of Finance and Head of IR &

derrick.wood@tdsecurities.com

Corp Dev, incl. during our annual U.S. Corporate Access Day in Canada. The new product

Andrew Sherman, CFA engine remains robust, incl. new vertical AI solutions and use-case specific AI agents, and

617 946 3728 we expect to hear about more new products at next week's analyst day. These innovations

andrew.sherman@tdsecurities.com

continue to open up new greenfield TAMs.

Cole Erskine

646 562 1467 Key Points

cole.erskine@tdsecurities.com

■Attacking Physical Operations: Digitization in the physical operations mkt remains

Jared Jungjohann very early and AI is helping to drive a new wave of transformation from bits to atoms.

646 562 1416 Indeed, powered assets are very expensive to buy and run, & they are typically not

jared.jungjohann@tdsecurities.com operating at efficient levels. Through its hardware sensors, video cameras and cloud

Key Data data instrumentation, and, with >25T data points flowing through its platform annually,

Symbol NYSE: IOT IOT is well positioned to apply AI & intelligence systems to the physical world of vehicles,

Beta: 1.34 equipment, job sites & frontline workers.

52-Week Range: $45.22-$24.25 ■Expanding the Scope of the Portfolio: IOT is delving into new types of products, including

Market Cap: $11.8B 1) new verticalized solutions (i.e. Ground Intelligence, a new data-only offering that maps