Samsara Inc - Ordinary Shares - Class A

Strong Q1 momentum at scale (revenue + ARR + profitability) - Ended Q1 FY27 with ~\$2.0B ARR, up 30% YoY (same as prior quarter growth rate). - Net new ARR: \$101M, up 30% YoY (27% constant currency)—their second-highest net new ARR growth rate over the past 9 quarters. - Revenue: \$479M, up 31% YoY (29% constant currency), with sequential acceleration. - GAAP EPS profitability: 3rd consecutive quarter (GAAP EPS +\$0.08); included a \$30M arbitration award—and they stated EPS would be positive even excluding it.

Large-customer engine accelerating (durability + mix) - \$100K+ customers: \$1.2B ARR, up 37% YoY, with third consecutive quarter of sequential acceleration. - Added 169 \$100K+ customers and 15 \$1M+ customers in the quarter. - \$1M+ customers: ARR up 62% YoY, 4th consecutive quarter of sequential acceleration. - Customer bundling trend remains strong: 96% of \$100K+ customers subscribed to 2+ products and 70% to 3+.

Emerging products + platform expansion are driving incremental value - Emerging products contributed >20% of net new ACV for the 2nd consecutive quarter; in the quarter, no single emerging product dominated (suggesting broad uptake). - Hertz won a large connected asset maintenance deal (framed as a major validation; also described as a software-only deployment across North America). - Examples highlighted: - Multi-product expansions (e.g., a large food distributor replacing telematics and adding asset gateways/navigation/connected workflows). - Connected asset maintenance expansion at a large Canadian supermarket chain, enabling automated work orders and deeper maintenance digitization. - Surprising angle/opportunity: “Operational AI and agents” interest is rising, but they repeatedly emphasized customers are still early—so the upside is not yet fully realized.