Posted on Monday, Jul 11th 2022
According to a recent report, the
global internet of things (IoT) market is projected to grow 26% annually from $478.36 billion in 2022 to $2,465.26 billion by 2029. San Francisco-based Samsara (NYSE: IOT) is a leading player in the market that went public last year. Samsara’s Financials
Samsara recently announced its first quarter results. Revenues grew 63% to $142.6 million, and net loss was $0.14 per share. The market had forecast a loss of 7 cents a share on revenue of $116.4 million and ARR of $506.7 million.
Among key metrics, ARR grew 59% to $607.2 million. The numbers of customers with ARR of over $100,000 grew 73% to 897.
For the second quarter, Samsara forecast revenues of $142-$144 million and a net loss per share of $0.06-$0.07. For the fiscal year, it forecast revenues of $590-$600 million and a net loss of $0.22-$0.24 per share. The market forecast revenues of $143.28 million and a loss of $0.07 per share for the quarter and revenues of $596.36 million and a loss of $0.24 per share for the fiscal year.
Samsara’s Growth Focus
Recently, Samsara announced a partnership with Free2move that creates an integrated solution to help shared customers operate more efficiently, in addition to enabling data from eligible Stellantis factory-installed telematics devices to be pulled into Samsara’s Connected Operations Cloud without any installation or additional hardware necessary. It also announced a partnership with General Motors that will provide customers with a holistic view of their commercial fleets and help with operating more efficiently. The solution will provide equipped 2015 or newer GM vehicles with the OnStar embedded module with connectivity to Samsara’s Connected Operations Cloud without installation or additional hardware as well.
Samsara keeps improving its vertical specific offerings. It recently announced a new integration with John Deere to expand upon their existing JDLink integration to deliver new features to optimize farming operations. With the new integration, data from Samsara Vehicle Gateways on support vehicles, including vehicle location, heading, speed, and fuel levels, will be available on the John Deere Operations Center map, an online farm management system. Customers will be able to leverage insights from Samsara devices within John Deere Operations Center to monitor support vehicles on one platform. This consolidated view will provide them with the visibility into all of their farming equipment and vehicles, thus driving efficiency, uptime, and communication workflows.
According to a recent report, the
global IoT in agriculture is expected to grow at 11.4% CAGR to reach $26.65 billion by 2030. Samsara is clearly looking at targeting that market through its improved integration with John Deere.
Samsara continues to work on its API strategy. As of last year, its App Marketplace featured integrations with over 125 partners and had more than 6,000 organizations.
It is currently at $14.55 with a market capitalization of $7.4 billion. It hit a 52-week high of $31.41 in December last year and a 52-week low of $8.72 in May.
It went public in December last year at a valuation of $10.7 billion by selling the stock at $23.00 apiece. Disclosure: All investors should make their own assessments based on their own research, informed interpretations, and risk appetite. This article expresses my own opinions based on my own research of product-market fit, channel execution, and other factors. My primary interest is in product strategy. While this may have bearing on stock movements, my writings tend to focus on long-term implications. The information presented is illustrative and educational, but should not be regarded as a complete analysis nor recommendation to buy or sell the securities mentioned herein. I am not a registered investment adviser and I am not receiving compensation for this article. Photo Credit: Gerd Altmann from Pixabay This segment is a part in the series : Cloud Stocks . Smartsheet Acquiring Bootstrapped Startups to Drive Growth . 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