Samsara Inc - Ordinary Shares - Class A

Strong growth at scale (ARR, customers, retention) - Q2 FY27 ARR: crossed $2.1B, up 30% YoY, driven by $134M net new ARR (+28% YoY constant-currency, accelerating sequentially vs prior-year Q2). - Large customer engine: $100k+ customers reached 3,605, up 242 in the quarter (both record quarters), with $1.3B ARR (+38% YoY). $1M+ customers reached 210, up 20 (record), with ARR $500M+ (50%+ YoY, third straight quarter). - Customer consolidation / platform adoption: 96% of $100k+ customers subscribe to 2+ products; 72% to 3+ products, supporting ~115% dollar-based net retention for core customers.

Innovation + “emerging products” momentum (what’s working) - Beyond conference traction: newly launched products and AI features are translating into bookings; emerging products were >20% of net new ACV for the 3rd consecutive quarter. - New products mix breadth: no single emerging product dominated (no >50% of new product bookings); impact varies by vertical (e.g., AI Multicam for vehicles like fire/waste; Tracking Label for shipment visibility). - AI agent usage accelerating: management cited >4x adoption of some AI features in 2 months; >1,000 customers engaged on AI agents already (examples: safety voice alerts, warranty recovery/maintenance automation).

Financial performance and operating leverage (profitability) - Q2 revenue: $508M, +30% YoY (or +29% constant-currency). - Margins/profitability: non-GAAP operating margin 21% (+6 pts YoY). Free cash flow margin 13% (+1 pt YoY), and 16th consecutive quarter surpassing Rule of 40; GAAP EPS positive ($0.03) and 4th straight quarter of GAAP profitability.