IOT - Strong Start to FY27 Reinforces Durable Growth and Expanding Platform Opportunity

研报英文原文证据摘录

IOT - Strong Start to FY27 Reinforces Durable Growth and Expanding Platform Opportunity

Truist Securities

Equity Research Report June 4, 2026

TMT: Security Software Samsara, Inc. (IOT)

IOT - Strong Start to FY27 Reinforces Durable Growth and Junaid Siddiqui

212-326-6141 Expanding Platform Opportunity

Junaid.Siddiqui@truist.com

Miller Jump IOT delivered a strong 1Q27, exceeding expectations across all key metrics and reinforcing

212-401-4427 the durability of its ~30% growth profile. Momentum was driven by continued strength in

Miller.Jump@truist.com large enterprise customers, with accelerating $100K+ and $1M+ cohorts and multi-product

adoption supporting expansion. We also saw encouraging progress across new products,

Jonathan Ngo now contributing >20% of net new ACV, while commentary around IOT's proprietary dataset

212-419-4482 and expanding Operational AI capabilities reinforces the long-term opportunity to drive

Jonathan.Ngo@truist.com incremental monetization. We remain constructive on IOT's growth & profitability profile, but

await a better-entry point. Reiterate Hold & $30 PT.

Stock Rating HOLD Strong 1Q27 Results: IOT reported a strong Q1 FY27, with results exceeding our

Unchanged expectations across key metrics and reflecting sustained high growth alongside improving

profitability. Revenue of $479M (+31% YoY, +29% CC) came in ahead of our estimate of

Price Target $30.00 $455M, driven by continued traction with large enterprise customers and solid execution

Unchanged across geographies and verticals. The company ended the quarter with $1.99B in ARR

(+30% YoY), also ahead of our estimate of $1.967B, while net new ARR of $101M (+30%

YoY) significantly exceeded our ~$78M forecast, representing one of the stronger net new

ARR quarters in recent periods.