Wake That SaaS Up Daily 6/5/2026

研报英文原文证据摘录

Wake That SaaS Up Daily 6/5/2026

June 5, 2026

Earnings Reviews

IOT 1Q27 -IOT continued its streak with its 4th straight quarter of accelerating LTM NNARR growth, adding its 2nd

most >$1M customers Q/Q (15), and >$1M NNACV deals (11) in a 1Q, while emerging products contributed >20% of

NNACV for a 2nd straight quarter. IOT saw $101M of NNARR, +30% Y/Y and +27% CC (best F1Q growth since FY22)

& management feels just as good or better about the pipeline for the rest of year vs. a year ago while being more

diversified than FY26, which benefited from First Student. There were no one-offs in the quarter, it was broad based

strength, and while the guidance methodology remains unchanged, revenue guidance was still raised to 23.4% Y/Y

CC growth (vs. 21% prior), passing through 165% of the quarterly beat ($39M raise vs. $24M CC beat), the highest

FY raise relative to a quarterly beat since F1Q25, and using last year's beat cadence as a proxy, would yield a high

20s exit growth rate for our upside model. What was more impressive/surprising were the new visual intelligence

products around Waste and Ground Intelligence, which will have individual SKUs and, we believe, can meaningfully

expand TAM and potentially gross margins. We also viewed the software-only Hertz win positively, further supporting

IOT's path toward better software monetization on top of its sticky hardware base. While gross margin ticked down

in F1Q from AI investments (and higher component costs that will be amortized over a few years), management

remains confident that OpEx savings and 2H gross margin expansion will support flat gross margins Y/Y with

continued Operating and FCF margin leverage. Also, component cost increases (according to management) are likely