# Samsara Inc. (IOT) Informational only - not investment advice. CIK: 0001642896 SIC: 7373 Services-Computer Integrated Systems Design SIC breadcrumb: [Services](/division/I/) > [Business Services](/major-group/73/) > [SIC 7373 Services-Computer Integrated Systems Design](/industry/7373/) Latest 10-K filed: 2026-03-16 SEC page: https://www.sec.gov/edgar/browse/?CIK=1642896 Filing source: https://www.sec.gov/Archives/edgar/data/1642896/000162828026018167/iot-20260131.htm ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 1618635000 | USD | 2026 | 2026-03-16 | | Net income | -9117000 | USD | 2026 | 2026-03-16 | | Assets | 2540674000 | USD | 2026 | 2026-03-16 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-16. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001642896.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | 249,905,000 | 428,345,000 | 652,545,000 | 937,385,000 | 1,249,199,000 | 1,618,635,000 | | Net income | | -210,208,000 | -355,024,000 | -247,422,000 | -286,726,000 | -154,907,000 | -9,117,000 | | Operating income | | -209,479,000 | -353,848,000 | -259,455,000 | -323,347,000 | -189,973,000 | -52,576,000 | | Gross profit | | 174,512,000 | 303,861,000 | 469,889,000 | 690,353,000 | 950,878,000 | 1,242,086,000 | | Diluted EPS | | -0.92 | -1.28 | -0.48 | -0.54 | -0.28 | -0.02 | | Operating cash flow | | -171,769,000 | -171,481,000 | -103,021,000 | -11,815,000 | 131,659,000 | 236,210,000 | | Capital expenditures | | 32,102,000 | 19,353,000 | 33,240,000 | 10,953,000 | 20,177,000 | 28,766,000 | | Assets | | | 1,567,929,000 | 1,617,008,000 | 1,734,845,000 | 2,024,302,000 | 2,540,674,000 | | Liabilities | | | 578,982,000 | 678,989,000 | 819,698,000 | 955,106,000 | 1,120,227,000 | | Stockholders' equity | -340,962,000 | -532,803,000 | 988,947,000 | 938,019,000 | 915,147,000 | 1,069,196,000 | 1,420,447,000 | | Cash and cash equivalents | | | 921,218,000 | 200,670,000 | 135,536,000 | 227,576,000 | 318,789,000 | | Free cash flow | | -203,871,000 | -190,834,000 | -136,261,000 | -22,768,000 | 111,482,000 | 207,444,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | -84.12% | -82.88% | -37.92% | -30.59% | -12.40% | -0.56% | | Operating margin | | -83.82% | -82.61% | -39.76% | -34.49% | -15.21% | -3.25% | | Return on equity | | | -35.90% | -26.38% | -31.33% | -14.49% | -0.64% | | Return on assets | | | -22.64% | -15.30% | -16.53% | -7.65% | -0.36% | | Liabilities / equity | | | 0.59 | 0.72 | 0.90 | 0.89 | 0.79 | | Current ratio | | | 3.25 | 2.17 | 1.50 | 1.59 | 1.64 | ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-06-09. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001642896.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2023-Q2 | 2022-07-30 | | | -0.13 | reported discrete quarter | | 2023-Q3 | 2022-10-29 | | | -0.11 | reported discrete quarter | | 2024-Q1 | 2023-04-29 | | | -0.13 | reported discrete quarter | | 2024-Q2 | 2023-07-29 | 219,257,000 | -59,968,000 | -0.11 | reported discrete quarter | | 2024-Q3 | 2023-10-28 | 237,534,000 | -45,531,000 | -0.08 | reported discrete quarter | | 2024-Q4 | 2024-02-03 | 276,274,000 | -113,371,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2024-05-04 | 280,726,000 | -56,289,000 | -0.10 | reported discrete quarter | | 2025-Q2 | 2024-08-03 | 300,202,000 | -49,610,000 | -0.09 | reported discrete quarter | | 2025-Q3 | 2024-11-02 | 321,981,000 | -37,806,000 | -0.07 | reported discrete quarter | | 2025-Q4 | 2025-02-01 | 346,290,000 | -11,202,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2025-05-03 | 366,884,000 | -22,121,000 | -0.04 | reported discrete quarter | | 2026-Q2 | 2025-08-02 | 391,480,000 | -16,800,000 | -0.03 | reported discrete quarter | | 2026-Q3 | 2025-11-01 | 415,975,000 | 7,766,000 | 0.01 | reported discrete quarter | | 2026-Q4 | 2026-01-31 | 444,296,000 | 22,038,000 | | derived Q4 = FY annual - nine-month YTD | | 2027-Q1 | 2026-05-02 | 478,844,000 | 44,508,000 | 0.08 | reported discrete quarter | ## Macro Cross-References - [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average - [UNRATE](/indicator/UNRATE/): Unemployment Rate - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DFEDTARL](/indicator/DFEDTARL/): Federal Funds Target Range - Lower Limit - [DGS3MO](/indicator/DGS3MO/): Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [DGS30](/indicator/DGS30/): Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity - [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy - [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food - [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy - [CUSR0000SAH1](/indicator/CUSR0000SAH1/): Consumer Price Index for All Urban Consumers: Shelter - [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index - [PCEPILFE](/indicator/PCEPILFE/): Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [T10YIE](/indicator/T10YIE/): 10-Year Breakeven Inflation Rate - [U6RATE](/indicator/U6RATE/): Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CIVPART](/indicator/CIVPART/): Labor Force Participation Rate - [EMRATIO](/indicator/EMRATIO/): Employment-Population Ratio - [UNEMPLOY](/indicator/UNEMPLOY/): Unemployed - [CE16OV](/indicator/CE16OV/): Employment Level - [ICSA](/indicator/ICSA/): Initial Claims - [JTSJOL](/indicator/JTSJOL/): Job Openings: Total Nonfarm - [JTSQUR](/indicator/JTSQUR/): Quits: Total Nonfarm - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [A191RL1Q225SBEA](/indicator/A191RL1Q225SBEA/): Real Gross Domestic Product: Percent Change from Preceding Period - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income - [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate - [M2SL](/indicator/M2SL/): M2 - [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance - [MSPUS](/indicator/MSPUS/): Median Sales Price of Houses Sold for the United States - [HSN1F](/indicator/HSN1F/): New One Family Houses Sold: United States - [RHORUSQ156N](/indicator/RHORUSQ156N/): Homeownership Rate in the United States - [TTLCONS](/indicator/TTLCONS/): Total Construction Spending: Total Construction in the United States - [RRVRUSQ156N](/indicator/RRVRUSQ156N/): Rental Vacancy Rate in the United States - [TOTALSL](/indicator/TOTALSL/): Total Consumer Credit Owned and Securitized - [REVOLSL](/indicator/REVOLSL/): Revolving Consumer Credit Owned and Securitized - [DRCCLACBS](/indicator/DRCCLACBS/): Delinquency Rate on Credit Card Loans, All Commercial Banks - [GDP](/indicator/GDP/): Gross Domestic Product - [GPDI](/indicator/GPDI/): Gross Private Domestic Investment - [GCE](/indicator/GCE/): Government Consumption Expenditures and Gross Investment - [PCEC](/indicator/PCEC/): Personal Consumption Expenditures - [NETEXP](/indicator/NETEXP/): Net Exports of Goods and Services - [GFDEBTN](/indicator/GFDEBTN/): Federal Debt: Total Public Debt - [GFDEGDQ188S](/indicator/GFDEGDQ188S/): Federal Debt: Total Public Debt as Percent of Gross Domestic Product - [FYFSD](/indicator/FYFSD/): Federal Surplus or Deficit - [FGRECPT](/indicator/FGRECPT/): Federal Government Current Receipts - [FGEXPND](/indicator/FGEXPND/): Federal Government: Current Expenditures - [MANEMP](/indicator/MANEMP/): All Employees, Manufacturing - [USCONS](/indicator/USCONS/): All Employees, Construction - [USTRADE](/indicator/USTRADE/): All Employees, Retail Trade - [USFIRE](/indicator/USFIRE/): All Employees, Financial Activities - [USGOVT](/indicator/USGOVT/): All Employees, Government - [AWHAETP](/indicator/AWHAETP/): Average Weekly Hours of All Employees, Total Private - [DGORDER](/indicator/DGORDER/): Manufacturers' New Orders: Durable Goods - [NEWORDER](/indicator/NEWORDER/): Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft - [BUSINV](/indicator/BUSINV/): Total Business Inventories - [EXPGS](/indicator/EXPGS/): Exports of Goods and Services - [IMPGS](/indicator/IMPGS/): Imports of Goods and Services - [IR](/indicator/IR/): Import Price Index (End Use): All Commodities - [PPIFIS](/indicator/PPIFIS/): Producer Price Index by Commodity: Final Demand ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1642896/000162828026041893/iot-20260502.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-06-09 Report date: 2026-05-02 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with (1) our audited consolidated financial statements and related notes and the discussion under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for the fiscal year ended January 31, 2026 included in our Annual Report on Form 10-K filed with the SEC on March 16, 2026, and (2) our unaudited condensed consolidated financial statements and related notes and other financial information included under Part I, Item 1 of this Quarterly Report on Form 10-Q. Some of the information contained in the following discussion and analysis, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should review the sections titled “Item 1A. Risk Factors” and “Special Note Regarding Forward-Looking Statements” contained in this Quarterly Report on Form 10-Q and the section titled “Risk Factors” included under Part I, Item 1A. of our Annual Report on Form 10-K filed with the SEC on March 16, 2026 for a discussion of forward-looking statements and important factors that could impact our business and cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis or implied by past results and trends. These statements, like all statements in this Quarterly Report on Form 10-Q, speak only as of their date (unless another date is indicated), and we undertake no obligation to update or revise these statements in light of future developments. Our fiscal year ends on the Saturday closest to February 1, resulting in a 52-week or 53-week fiscal year. Our fiscal years 2027 and 2026 each consist of 52 weeks. Overview Samsara is on a mission to increase the safety, efficiency, and sustainability of the operations that power the global economy. To realize this vision, we pioneered the Connected Operations Platform, which is an open platform that connects the people, assets, and systems of some of the world’s most complex operations, allowing them to develop actionable insights and improve their operations. Our Connected Operations Platform consolidates data from our IoT devices and a growing ecosystem of connected assets and third-party systems, and makes it easy for organizations to access, analyze, and act on data insights using our cloud dashboard, custom alerts and reports, mobile apps, and workflows. Powered by our massive and growing data asset and expansive artificial intelligence (“AI”) technology, our differentiated, purpose-built suite of Applications and Agents enables organizations to embrace and deploy a digital, cloud-connected strategy across their operations. With Samsara, customers have the ability to drive safer operations, increase business efficiency, and achieve their sustainability goals, all to improve the lives of their employees and the customers they serve. We were founded in 2015 and have achieved significant growth since our inception. For the three months ended May 2, 2026 and May 3, 2025, our revenue was $478.8 million and $366.9 million, respectively. Our net income was $44.5 million for the three months ended May 2, 2026 and our net loss was $22.1 million for the three months ended May 3, 2025. Our business model focuses on maximizing the lifetime value of our customer relationships, and we continue to make significant investments to expand our customers’ use of our Connected Operations Platform. Key Business Metrics The following table presents a summary of our key business metrics as of the periods presented (dollars in thousands): As of May 2, 2026 May 3, 2025 Annual recurring revenue (“ARR”) $ 1,990,621  $ 1,535,432  Customers $100,000 ARR 3,363  2,638  ARR We believe that ARR is a key indicator of the trajectory of our business performance, enables measurement of the progress of our business initiatives, and serves as an indicator of future growth. We define ARR as the annualized value of subscription contracts that have commenced revenue recognition as of the measurement date. ARR highlights trends that may be less visible from our financial statements due to ratable revenue recognition. ARR does not have a standardized meaning and is not necessarily comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and is not intended to be combined with or replace it. ARR is not a forecast, and the active contracts at the date used in calculating ARR may or may not be renewed. For all international customer contracts denominated in currencies other than the U.S. dollar, ARR is translated from local currency to U.S. dollar based on the currency exchange rate as of the effective date of the contract. 22 Table of Contents Number of Customers Over $100,000 in ARR We focus on customers representing over $100,000 in ARR, as this key business metric is indicative of our penetration with larger customers. The number of our customers over $100,000 in ARR has grown over time as we have focused our sales efforts on larger customers, invested in our partner ecosystem, and released more Applications to address the needs of our larger customers. Factors Affecting Our Performance Acquiring New Customers We believe that we have a substantial opportunity to continue to grow our customer base. We intend to drive new customer acquisition by continuing to invest significantly in sales and marketing to engage our prospective customers, increase brand awareness, and drive adoption of our Connected Operations Platform. Our ability to attract new customers depends on a number of factors, including the effectiveness of our sales and marketing efforts, macroeconomic factors and their impact on our customers’ businesses, and the success of our efforts to expand internationally. Expanding Within Our Existing Customer Base We believe that there is a significant opportunity to expand sales to existing customers following their initial adoption of our Connected Operations Platform. We expand within our customer base by selling more Applications and expanding existing Applications across geographies and divisions. Our ability to expand within our customer base will depend on a number of factors, including our customers’ satisfaction, pricing, competition, macroeconomic factors, and changes in our customers’ spending levels. Investments in Innovation and Future Growth Our performance is driven by continuous innovation on our Connected Operations Platform and our ability to scale our operations to grow our business. We continuously invest in adding new data types to our Connected Operations Platform and innovate with this growing data asset to introduce new Applications and Agents over time. Our performance is also impacted by our ability to scale our operations across our business to support our growth. We remain committed to investing in our sales and marketing capacity, investing in world-class talent and productivity tools, and driving revenue growth globally. Macroeconomic Trends Unfavorable conditions in the economy, both in the United States and abroad, may negatively affect the growth of our business and our results of operations. For example, our business and results of operations, as well as those of our customers, could be affected by global macroeconomic trends and events such as inflationary pressure, fluctuations in foreign currency exchange rates, interest rate increases and declines in consumer confidence, widespread disruptions of supply chains and freight and shipping channels, increased prices for many goods and services (including fluctuating hardware component costs, memory, storage and computing costs, and fuel costs), labor shortages, delayed or reduced spending on technology, and significant volatility and disruption of financial markets, as well as other conditions arising from international conflicts and geopolitical tension, the outcome of political elections, and new monetary, fiscal, and trade policies (including tariff policies and import and export restrictions) in the United States and abroad. We are continuously monitoring these global events and other macroeconomic developments and how they may impact us directly or indirectly as a result of the effects on our customers and suppliers. Refer to the section titled “Risk Factors” in Part II, Item 1A and elsewhere in this Quarterly Report on Form 10-Q and the section titled “Risk Factors” in Part I, Item 1A and elsewhere in our Annual Report on Form 10-K filed on March 16, 2026, for further discussion of the impacts of macroeconomic trends on our business. 23 Table of Contents Components of Results of Operations Revenue We provide access to our Connected Operations Platform primarily through subscription arrangements, whereby the customer is charged a per-subscription fee for access for a specified term. Subscription agreements contain multiple service elements for one or more of our cloud-based Applications via mobile app(s) or a website that enable data collection and provide access to the cellular network, generally one or more wireless gateways, cameras, sensors and other devices (which we also refer to as connected devices or IoT devices), that are delivered over the term of the arrangement, and warranty coverage. Our subscription contracts typically have an initial term of three to five years and are generally non-cancelable and non-refundable, subject to limited exceptions under our standard terms of service and other exceptions for public sector customers, who are often subject to annual budget appropriations cycles. Our Connected Operations Platform and IoT devices are highly interdependent and interrelated, and represent a combined performance obligation within the context of the contract. In each of our past two fiscal years, we generated approximately 98% of our revenue from subscriptions to our Connected Operations Platform. The remaining portion of our revenue not generated from subscriptions to our Connected Operations Platform is derived from the sale of replacement IoT devices, shipping and handling fees, and professional services. Cost of Revenue Cost of revenue consists primarily of the amortization of connected device costs associated with subscription agreements, third-party cloud and cellular costs, employee-related costs directly associated with our customer support and supply chain teams, including salaries, benefits, and stock-based compensation, amortization of internal-use software costs, fulfillment costs, warranty costs, provision for excess and obsolete inventory, and costs associated with software subscriptions and office facilities. As our customers expand and increase the use of our Connected Operations Platform driven by additional IoT devices and Applications, our cost of revenue may vary from quarter to quarter as a percentage of our revenue due to the timing and extent of these expenses. We intend to continue to invest additional resources in our Connected Operations Platform, including in our IoT device hardware, cloud infrastructure, and cellular connectivity, as well as in customer support and operations as we grow our business. The level and timing of investment in these areas will affect our cost of revenue in the future. Operating Expenses Research and Development Research and development expenses consist primarily of employee-related costs, including salaries, benefits, and stock-based compensation, associated with improvements to our platform and current offerings and the development of new products, and costs associated with software subscriptions and office facilities. We continue to focus our research and develop [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A Extracted from Item 7 to the first post-MD&A boundary after HTML sanitization. Confidence: high Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Please read the following discussion and analysis of our financial condition and results of operations together with our audited consolidated financial statements and related notes included under Part II, Item 8 of this Annual Report on Form 10-K. Some of the information contained in the following discussion and analysis, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. When reviewing the discussion below, you should keep in mind the substantial risks and uncertainties that could impact our business. In particular, we encourage you to review the risks and uncertainties described in “Part I, Item 1A. Risk Factors” or included elsewhere in this Annual Report on Form 10-K. These risks and uncertainties could cause actual results to differ materially from those projected in forward-looking statements contained in this Annual Report on Form 10-K or implied by past results and trends. Forward-looking statements are statements that attempt to forecast or anticipate future developments in our business, financial condition, or results of operations. See the section titled “Special Note Regarding Forward-Looking Statements” in this Annual Report on Form 10-K. These statements, like all statements in this Annual Report on Form 10-K, speak only as of their date (unless another date is indicated), and we undertake no obligation to update or revise these statements in light of future developments. Our fiscal year ends on the Saturday closest to February 1, resulting in a 52-week or 53-week fiscal year. Our fiscal years 2026 and 2025 each consisted of 52 weeks, with the fourth quarter consisting of 13 weeks, and our fiscal year 2024 consisted of 53 weeks, with the fourth quarter consisting of 14 weeks. This section of our Annual Report on Form 10-K generally discusses our financial condition and results of operations for fiscal years 2026 and 2025, and year-to-year comparisons between fiscal years 2026 and 2025 in accordance with GAAP. A discussion of our financial condition and results of operations and our liquidity and capital resources for fiscal year 2024, and year-to-year comparisons between fiscal years 2025 and 2024 can be found under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for the fiscal year ended February 1, 2025 included in Part II, Item 7 of our Annual Report on Form 10-K filed with the SEC on March 25, 2025. Overview Samsara is on a mission to increase the safety, efficiency, and sustainability of the operations that power the global economy. To realize this vision, we pioneered the Connected Operations Platform, which is an open platform that connects the people, assets, and systems of some of the world’s most complex operations, allowing them to develop actionable insights and improve their operations. Our Connected Operations Platform consolidates data from our IoT devices and a growing ecosystem of connected assets and third-party systems, and makes it easy for organizations to access, analyze, and act on data insights using our cloud dashboard, custom alerts and reports, mobile apps, and workflows. Powered by our massive and growing data asset and expansive AI technology, our differentiated, purpose-built suite of Applications and Agents enables organizations to embrace and deploy a digital, cloud-connected strategy across their operations. With Samsara, customers have the ability to drive safer operations, increase business efficiency, and achieve their sustainability goals, all to improve the lives of their employees and the customers they serve. We were founded in 2015 and have achieved significant growth since our inception. For the fiscal years ended January 31, 2026 and February 1, 2025, our revenue was $1,618.6 million and $1,249.2 million, respectively. Our net loss was $9.1 million and $154.9 million for the fiscal years ended January 31, 2026 and February 1, 2025, respectively. Our business model focuses on maximizing the lifetime value of our customer relationships, and we continue to make significant investments to expand our customers’ use of our Connected Operations Platform. Our Business Model In each of the past two fiscal years, we generated approximately 98% of our revenue from subscriptions to our Connected Operations Platform, which today includes Applications for AI Video-Based Safety, Telematics, Asset Tracking, Routing, Commercial Navigation, Maintenance, Connected Training, Connected Forms, and Site Visibility. A subscription to our Connected Operations Platform includes IoT data collection, which usually comes from a Samsara IoT device, such as an internet gateway, camera or sensor, or at times from a third-party solution; cellular connectivity for our IoT devices; access to our cloud Applications, application programming interfaces, and the Samsara App Marketplace; customer support; and warranty coverage. We generally price our subscriptions on a per asset, per application basis. For example, one vehicle using two Applications (AI Video-Based Safety and Telematics) would count as two subscriptions. 70 Table of Contents Our Connected Operations Platform is designed to be a digital hub for our customers and a mission-critical part of their operations. Our criticality and integration into existing infrastructure is demonstrated by long contract lengths, which typically span an initial term of three to five years and are generally non-cancelable and non-refundable, subject to limited exceptions under our standard terms of service and other exceptions for public sector customers, who are often subject to annual budget appropriations cycles. We recognize revenue from our subscriptions ratably over the term of the contract. We bill monthly, quarterly, semi-annually, annually, or in advance, depending on the specific terms of each contract. Our go-to-market strategy is focused on landing new customers and expanding their adoption of our Connected Operations Platform. We primarily sell through a direct sales force, which focuses on landing and expanding large and mid-market customers with numerous physical assets. We also sell through resellers, which expands our reach and allows us to access certain customer channels more efficiently. Additionally, we offer self-service and low-touch inbound sales to attract a broad range of smaller customers onto our platform. Our Customers As our business has scaled, we have increasingly focused our sales efforts on larger customers. As of January 31, 2026, we had more than 12,000 customers who each represented $25,000 or more in ARR, or Core Customers, and approximately 85% of our ARR came from Core Customers. Our customer counts fluctuate from period to period, including due to customer mergers, acquisitions, consolidations, spin-offs, and other market activity. We have a diverse customer base and no significant customer concentration, with no single customer accounting for more than 2% of our ARR as of January 31, 2026. Our solution is used by businesses of varying sizes across a broad range of industries that depend on physical operations, including: transportation, construction, wholesale and retail trade, field services, logistics, manufacturing, utilities and energy, government, healthcare and education, food and beverage, and others. Our industry-agnostic approach and the horizontal applicability of our solution have enabled us to deploy our platform to a diverse set of industries. We have extended our Applications over time to address the needs of our customers. We started with Applications for connected fleets, where we observed a large and underpenetrated market opportunity, and then expanded into connected equipment and connected sites, where we observed similar opportunities to improve operations around physical assets. As of January 31, 2026, over 90% of our Core Customers and over 95% of our customers representing over $100,000 in ARR are using multiple Applications. We believe this demonstrates the flexibility of our solution and our ability to develop and grow new Applications. Our key focus is multi-application adoption. Customers may land with large-scale, multi-application contracts, or land with one application within one division and expand their adoption over time. Regardless of how our customers land, we focus on expanding their usage of Connected Operations Platform and encourage full-scale rollouts across their geographies and divisions. While our Connected Operations Platform is accessible to customers of all sizes and we have achieved rapid adoption over time, we are particularly focused on larger customers representing over $100,000 in ARR. As of January 31, 2026, approximately 61% of our ARR came from customers representing over $100,000 in ARR. These customers generally contribute higher revenue, land with multiple products, have higher retention rates, and demonstrate stronger unit economics. The number of our customers representing over $100,000 in ARR has increased over time from 2,484 as of February 1, 2025 to 3,194 customers as of January 31, 2026. Customers representing over $100,000 in ARR generally adopt more Applications than our overall customer base. For example, as of January 31, 2026, more than 95% of these large customers use two or more Applications and approximately 70% use three or more Applications. Key Business Metrics The following table presents a summary of our key business metrics as of the periods presented (dollars in thousands): As of January 31, 2026 February 1, 2025 February 3, 2024 ARR $ 1,889,942 $ 1,457,869 $ 1,101,981 Customers $100,000 ARR (1) 3,194 2,484 1,848 __________ (1)Customer count previously disclosed for prior periods has been adjusted to reflect the definition of “customer” as described below under “Number of Customers Over $100,000 in ARR”, which we previously updated in the fiscal quarter ended May 3, 2025. 71 Table of Contents ARR We believe that ARR is a key indicator of the trajectory of our business performance, enables measurement of the progress of our business initiatives, and serves as an indicator of future growth. We define ARR as the annualized value of subscription contracts that have commenced revenue recognition as of the measurement date. ARR highlights trends that may be less visible from our financial statements due to ratable revenue recognition. ARR does not have a standardized meaning and is not necessarily comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and is not intended to be combined with or replace it. ARR is not a forecast, and the active contracts at the date used in calculating ARR may or may not be renewed. Our ARR has grown in each of the past two fiscal years, reflecting growth in new customers as well as expanded sales to existing customers. For all international customer contracts denominated in currencies other than the U.S. dollar, ARR is translated from local currency to U.S. dollar based on the currency exchange rate as of the effective date of the contract. Number of Customers Over $100,000 in ARR We focus on customers representing over $100,000 in ARR, as this key business metric is indicative of our penetration with larger customers. The number of our customers over $100,000 in ARR has grown over time as we have focused our sales efforts on larger customers, invested in our partner ecosystem, and released more Applications to address the needs of our larger customers. To better reflect the structure of our largest enterprise customers, who often have multiple subsidiaries and grow through mergers and acquisitions, we adjusted our definition of a customer in the fiscal quarter ended May 3, 2025. Previously, separate entities within a larger organization were counted as individual customers. We now define a customer as an entity, or group of affiliated entities with a shared parent organization, that has ARR of greater than $1,000 at the end of a reporting period. This better aligns with our current go-to-market strategy and how we assign sales representatives to customer accounts. Determinations regarding the relationship between customer entities are primarily based on publicly available information and information supplied to us by our customers, and we have not independently verified the legal relationship between entities in all cases. Our customer count is subject to adjustments for mergers and acquisitions, spin-offs, segmentation by geography, and other market and commercial activity. Factors Affecting Our Performance Acquiring New Customers We believe that we have a substantial opportunity to continue to grow our customer base. We intend to drive new customer acquisition by continuing to invest significantly in sales and marketing to engage our prospective customers, increase brand awareness, and drive adoption of our Connected Operations Platform. Our ability to attract new customers depends on a number of factors, including the effectiveness of our sales and marketing efforts, macroeconomic factors and their impact on our customers’ businesses, and the success of our efforts to expand internationally. Expanding Within Our Existing Customer Base We believe that there is a significant opportunity to expand sales to existing customers following their initial adoption of our Connected Operations Platform. We expand within our customer base by selling more Applications and expanding existing Applications across geographies and divisions. Our ability to expand within our customer base will depend on a number of factors, including our customers’ satisfaction, pricing, competition, macroeconomic factors, and changes in our customers’ spending levels. Investments in Innovation and Future Growth Our performance is driven by continuous innovation on our Connected Operations Platform and our ability to scale our operations to grow our business. We continuously invest in adding new data types to our Connected Operations Platform and innovate with this growing data asset to introduce new Applications over time. Our performance is also impacted by our ability to scale our operations across our business to support our growth. We have increased our headcount from more than 3,500 full-time employees as of the last business day of the fiscal year ended February 1, 2025 to more than 4,100 full-time employees as of the last business day of the fiscal year ended January 31, 2026. We remain committed to investing in our sales and marketing capacity, investing in world-class talent and productivity tools within our research and development organization, and driving revenue growth globally. 72 Table of Contents Macroeconomic Trends Unfavorable conditions in the economy, both in the United States and abroad, may negatively affect the growth of our business and our results of operations. For example, our business and results of operations, as well as those of our customers, could be affected by global macroeconomic trends and events such as inflationary pressure, fluctuations in foreign currency exchange rates, interest rate increases and declines in consumer confidence, widespread disruptions of supply chains and freight and shipping channels, increased prices for many goods and services (including fluctuating hardware component costs, memory, storage and computing costs, and fuel costs), labor shortages, delayed or reduced spending on technology, and significant volatility and disruption of financial markets, as well as other conditions arising from international conflicts and geopolitical tension, the outcome of political elections, and new monetary, fiscal, and trade policies (including tariff policies and import and export restrictions) in the United States and abroad. We are continuously monitoring these global events and other macroeconomic developments and how they may impact us directly or indirectly as a result of the effects on our customers and suppliers. Refer to the section titled “Risk Factors” for further discussion of the impacts of macroeconomic trends on our business. Components of Results of Operations Revenue We provide access to our Connected Operations Platform through subscription arrangements, whereby the customer is charged a per-subscription fee for access for a specified term. Subscription agreements contain multiple service elements for one or more of our cloud-based Applications via mobile app(s) or a website that enable data collection and provide access to the cellular network, generally one or more wireless gateways, cameras, sensors and other devices (which we also refer to as connected devices or IoT devices), that are delivered over the term of the arrangement, and warranty coverage. Our subscription contracts typically have an initial term of three to five years and are generally non-cancelable and non-refundable, subject to limited exceptions under our standard terms of service and other exceptions for public sector customers, who are often subject to annual budget appropriations cycles. Our Connected Operations Platform and IoT devices are highly interdependent and interrelated, and represent a combined performance obligation within the context of the contract. In each of our past two fiscal years, we generated approximately 98% of our revenue from subscriptions to our Connected Operations Platform. The remaining portion of our revenue not generated from subscriptions to our Connected Operations Platform is derived from the sale of replacement IoT devices, shipping and handling fees, and professional services. Cost of Revenue Cost of revenue consists primarily of the amortization of connected device costs associated with subscription agreements, third-party cloud and cellular costs, employee-related costs directly associated with our customer support and supply chain teams, including salaries, benefits, and stock-based compensation, amortization of internal-use software costs, fulfillment costs, warranty costs, provision for excess and obsolete inventory, and costs associated with software subscriptions and office facilities. As our customers expand and increase the use of our Connected Operations Platform driven by additional IoT devices and Applications, our cost of revenue may vary from quarter to quarter as a percentage of our revenue due to the timing and extent of these expenses. We intend to continue to invest additional resources in our Connected Operations Platform and customer support and operations as we grow our business. The level and timing of investment in these areas will affect our cost of revenue in the future. Operating Expenses Research and Development Research and development expenses consist primarily of employee-related costs, including salaries, benefits, and stock-based compensation, associated with improvements to our platform and current offerings and the development of new products, and costs associated with software subscriptions and office facilities. We continue to focus our research and development efforts on adding new features and products and enhancing the utility of our Connected Operations Platform. We expect our research and development expenses to generally increase in absolute dollars for the foreseeable future as we continue to invest in research and development efforts to enhance our Connected Operations Platform. Our research and development expenses have fluctuated in the past and may in the future fluctuate as a percentage of our revenue from period to period due to the timing and extent of these expenses. 73 Table of Contents Sales and Marketing Sales and marketing expenses consist primarily of employee-related costs, including salaries, benefits, stock-based compensation, and sales commissions incurred to acquire and retain new customers and increase product adoption with our existing customers. Sales and marketing expenses also include marketing activities, promotional events, and costs associated with software subscriptions and office facilities. We plan to continue to invest in sales and marketing to expand our customers’ use of our Connected Operations Platform and increase our brand awareness. As a result, we expect our sales and marketing expenses to generally increase in absolute dollars for the foreseeable future. Our sales and marketing expenses have fluctuated in the past and may in the future fluctuate as a percentage of our revenue from period to period due to the timing and extent of these expenses, including seasonally higher spend on promotional events in the first half of our fiscal year. General and Administrative General and administrative expenses consist primarily of employee-related costs for executive, finance, legal, human resources, facilities, and certain IT personnel, including salaries, benefits, and stock-based compensation. General and administrative expenses also include costs related to professional services, including legal, accounting, recruiting and other consulting services, as well as costs associated with software subscriptions and office facilities. We expect our general and administrative expenses to continue to increase in absolute dollars for the foreseeable future to support our growth. Our general and administrative expenses have fluctuated in the past and may in the future fluctuate as a percentage of our revenue from period to period due to the timing and extent of these expenses. Lease Modification, Impairment, and Related Charges Lease modification, impairment, and related charges consist of impairment charges related to the sublease and abandonment of facilities. We may incur additional lease modification, impairment, and related charges in subsequent periods. Legal Settlement Legal settlement expenses consist of charges incurred to resolve legal proceedings. We may incur additional legal settlement expenses in subsequent periods. Interest Income and Other Income, Net Interest income and other income, net, consists primarily of income earned on our money market funds and marketable debt securities, including amortization of premiums and accretion of discounts, and net unrealized gains (losses) on our strategic investments. It also includes the effect of changes in foreign currency exchange rates. As we have expanded our global operations, our exposure to fluctuations in foreign currencies has increased, and we expect this to continue. Provision for Income Taxes Provision for income taxes consists primarily of income taxes in certain foreign jurisdictions in which we conduct business. We maintain a full valuation allowance against our U.S. deferred tax assets because we have concluded that it is more likely than not that the deferred tax assets will not be realized. Results of Operations Comparison of the Fiscal Years Ended January 31, 2026 and February 1, 2025 Revenue Our total revenue is summarized as follows (in thousands, except percentages): Fiscal Year Ended Change January 31, 2026 February 1, 2025 Amount % Revenue $ 1,618,635 $ 1,249,199 $ 369,436 30% Revenue increased by $369.4 million, or 30%, for the fiscal year ended January 31, 2026 compared to the fiscal year ended February 1, 2025, primarily due to an increase in new customers and increased purchases of subscriptions to our Connected Operations Platform, including subscriptions to additional Applications by existing customers. 74 Table of Contents Cost of Revenue, Gross Profit, and Gross Margin Our cost of revenue, gross profit, and gross margin are summarized as follows (in thousands, except percentages): Fiscal Year Ended Change January 31, 2026 February 1, 2025 Amount % Cost of revenue $ 376,549 $ 298,321 $ 78,228 26% Gross profit $ 1,242,086 $ 950,878 Gross margin 77% 76% Cost of revenue increased by $78.2 million, or 26%, for the fiscal year ended January 31, 2026 compared to the fiscal year ended February 1, 2025, primarily due to $38.1 million of increased cloud and cellular costs, $21.8 million of increased connected device costs, and $7.9 million of increased employee-related costs, which included a $6.0 million increase in salaries, benefits, and related employer taxes and a $1.9 million increase in stock-based compensation expense. The increases in cloud and cellular costs and connected device costs were primarily due to increased sales volume year-over-year. The increase in employee-related costs was primarily due to increased headcount. Our gross margin increased to 77% for the fiscal year ended January 31, 2026 compared to 76% for the fiscal year ended February 1, 2025, mainly due to operational efficiencies in connected device costs and direct labor costs. Research and Development Research and development expense is summarized as follows (in thousands, except percentages): Fiscal Year Ended Change January 31, 2026 February 1, 2025 Amount % Research and development $ 344,589 $ 299,716 $ 44,873 15% Percentage of revenue 21% 24% Research and development expense increased by $44.9 million, or 15%, for the fiscal year ended January 31, 2026 compared to the fiscal year ended February 1, 2025, primarily due to a $26.5 million increase in employee-related costs, which included a $19.0 million increase in stock-based compensation expense and a $7.6 million increase in salaries, benefits, and related employer taxes. The increase in research and development expense was also due to a $8.3 million increase in cloud and cellular costs and a $7.2 million increase in costs associated with software subscriptions. Sales and Marketing Sales and marketing expense is summarized as follows (in thousands, except percentages): Fiscal Year Ended Change January 31, 2026 February 1, 2025 Amount % Sales and marketing $ 683,780 $ 601,648 $ 82,132 14% Percentage of revenue 42% 48% Sales and marketing expense increased by $82.1 million, or 14%, for the fiscal year ended January 31, 2026 compared to the fiscal year ended February 1, 2025, primarily due to a $64.1 million increase in employee-related costs, which included a $40.4 million increase in salaries, benefits, and related employer taxes, a $18.6 million increase in sales commissions, and a $5.1 million increase in stock-based compensation expense, primarily due to increased headcount. The increase in sales and marketing expense was also due to a $12.3 million increase in expenditures incurred to generate demand through various marketing channels and promotional events, including our annual conference. 75 Table of Contents General and Administrative General and administrative expense is summarized as follows (in thousands, except percentages): Fiscal Year Ended Change January 31, 2026 February 1, 2025 Amount % General and administrative $ 266,293 $ 234,609 $ 31,684 14% Percentage of revenue 17% 19% General and administrative expense increased by $31.7 million, or 14%, for the fiscal year ended January 31, 2026 compared to the fiscal year ended February 1, 2025, primarily due to a $16.5 million increase in employee-related costs, which included a $11.2 million increase in stock-based compensation expense and a $5.3 million increase in salaries, benefits, and related employer taxes, primarily due to increased headcount. The increase in general and administrative expense was also due to a $9.8 million increase in write-offs against the allowance for credit losses and a $7.5 million increase in consulting and professional services fees. Lease Modification, Impairment, and Related Charges Lease modification, impairment, and related charges are summarized as follows (in thousands, except percentages): Fiscal Year Ended Change January 31, 2026 February 1, 2025 Amount % Lease modification, impairment, and related charges $ — $ 4,028 $ (4,028) (100%) In the third quarter of fiscal year 2025, we executed a sublease for certain office space that resulted in a $3.6 million impairment to the related right-of-use (“ROU”) asset and fixed assets, which we recognized in lease modification, impairment, and related charges for the fiscal year ended February 1, 2025. Additionally, in the fourth quarter of fiscal year 2025, we incurred early termination fees on another leased office space, and as a result, we recognized $0.4 million in lease modification, impairment, and related charges for the fiscal year ended February 1, 2025. Legal Settlement Legal settlement expense is summarized as follows (in thousands, except percentages): Fiscal Year Ended Change January 31, 2026 February 1, 2025 Amount % Legal settlement $ — $ 850 $ (850) (100%) In the fiscal year ended February 1, 2025, we settled in principle a non-recurring litigation and recognized a one-time charge of $0.9 million in legal settlement expense. Interest Income and Other Income, Net Interest income and other income, net, are summarized as follows (in thousands, except percentages): Fiscal Year Ended Change January 31, 2026 February 1, 2025 Amount % Interest income and other income, net $ 53,482 $ 39,559 $ 13,923 35% Interest income and other income, net, increased by $13.9 million, or 35%, for the fiscal year ended January 31, 2026 compared to the fiscal year ended February 1, 2025. This increase was impacted by $5.7 million in unrealized gains from strategic investments, $5.0 million increase in foreign currency gains, and $3.4 million increase in interest income earned on a larger balance of our marketable debt securities and money market funds. 76 Table of Contents Provision for Income Taxes Provision for income taxes is summarized as follows (in thousands, except percentages): Fiscal Year Ended Change January 31, 2026 February 1, 2025 Amount % Provision for income taxes $ 10,023 $ 4,493 $ 5,530 123% Effective tax rate 1,106.3% (3.0%) The provision for income taxes increased by $5.5 million, or 123%, for the fiscal year ended January 31, 2026 compared to the fiscal year ended February 1, 2025, primarily due to the growth of our operations in foreign jurisdictions. Non-GAAP Financial Measures To supplement our consolidated financial statements prepared in accordance with GAAP, we review the following non-GAAP financial measures to evaluate our business, measure our performance, identify trends affecting our business, formulate business plans, and make strategic decisions (in thousands, except percentages): Fiscal Year Ended January 31, 2026 February 1, 2025 February 3, 2024 Non-GAAP gross profit $ 1,260,661 $ 966,227 $ 703,078 Non-GAAP gross margin 78% 77% 75% Non-GAAP operating income $ 282,399 $ 113,552 $ 1,270 Non-GAAP operating margin 17% 9% 0% Non-GAAP net income $ 325,858 $ 148,618 $ 37,891 Net cash provided by (used in) operating activities $ 236,210 $ 131,659 $ (11,815) Free cash flow $ 207,444 $ 111,482 $ (22,768) Free cash flow margin 13% 9% (2%) Limitations and Reconciliations of Non-GAAP Financial Measures Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for financial information presented under GAAP. There are a number of limitations related to the use of non-GAAP financial measures versus comparable financial measures determined under GAAP. For example, other companies in our industry may calculate these non-GAAP financial measures differently or may use other measures to evaluate their performance. In addition, free cash flow does not reflect our future contractual commitments or the total increase or decrease of our cash balance for a given period. These and other limitations could reduce the usefulness of these non-GAAP financial measures as analytical tools. Investors are encouraged to review the related GAAP financial measures and the reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures and to not rely on any single financial measure to evaluate our business. Expenses (Income) Excluded from Non-GAAP Performance Financial Measures Stock-based compensation expense-related charges include the amortization of deferred stock-based compensation expense for internal-use software and cloud computing arrangements and employer taxes on employee equity transactions. Stock-based compensation expense is a non-cash expense and is dependent on our stock price, which is beyond our control. Accordingly, we find it useful to exclude stock-based compensation expense in order to better understand our ongoing operational performance. Employer taxes on employee equity transactions, which are cash expenses, are excluded because such taxes are directly tied to the timing and size of employee equity transactions and the future fair market value of our common stock, which may vary from period to period independent of the operating performance of our business. Lease modification, impairment, and related charges, and legal settlements are excluded because management believes that such charges are not reflective of our ongoing operational performance. 77 Table of Contents Non-GAAP Performance Financial Measures Non-GAAP Gross Profit and Non-GAAP Gross Margin We define non-GAAP gross profit as gross profit excluding the effect of stock-based compensation expense-related charges included in cost of revenue. Non-GAAP gross margin is defined as non-GAAP gross profit as a percentage of total revenue. We use non-GAAP gross profit and non-GAAP gross margin in conjunction with traditional GAAP measures to evaluate our financial performance. We believe that non-GAAP gross profit and non-GAAP gross margin provide our management and investors consistency and comparability with our past financial performance and facilitate period-to-period comparisons of operations. The following table presents a reconciliation of our non-GAAP gross profit to our GAAP gross profit for the periods presented (in thousands, except percentages): Fiscal Year Ended January 31, 2026 February 1, 2025 February 3, 2024 Gross profit $ 1,242,086 $ 950,878 $ 690,353 Add: Stock-based compensation expense-related charges (1) 18,575 15,349 12,725 Non-GAAP gross profit $ 1,260,661 $ 966,227 $ 703,078 GAAP gross margin 77% 76% 74% Non-GAAP gross margin 78% 77% 75% __________ (1)Stock-based compensation expense-related charges included approximately $1.0 million, $1.0 million, and $0.8 million of employer taxes on employee equity transactions for the fiscal years ended January 31, 2026, February 1, 2025, and February 3, 2024, respectively. Non-GAAP Operating Income and Non-GAAP Operating Margin We define non-GAAP operating income as loss from operations excluding the effect of stock-based compensation expense-related charges, lease modification, impairment, and related charges, and legal settlements. Non-GAAP operating margin is defined as non-GAAP operating income as a percentage of total revenue. We use non-GAAP operating income and non-GAAP operating margin in conjunction with traditional GAAP measures to evaluate our financial performance. We believe that non-GAAP operating income and non-GAAP operating margin provide our management and investors consistency and comparability with our past financial performance and facilitate period-to-period comparisons of operations. The following table presents a reconciliation of our non-GAAP operating income to our GAAP loss from operations for the periods presented (in thousands, except percentages): Fiscal Year Ended January 31, 2026 February 1, 2025 February 3, 2024 Loss from operations $ (52,576) $ (189,973) $ (323,347) Add: Stock-based compensation expense-related charges (1) 334,975 298,647 251,190 Lease modification, impairment, and related charges — 4,028 4,762 Legal settlement (2) — 850 68,665 Non-GAAP operating income $ 282,399 $ 113,552 $ 1,270 GAAP operating margin (3%) (15%) (34%) Non-GAAP operating margin 17% 9% 0% __________ (1)Stock-based compensation expense-related charges included approximately $16.3 million, $18.6 million, and $14.1 million of employer taxes on employee equity transactions for the fiscal years ended January 31, 2026, February 1, 2025, and February 3, 2024, respectively. (2)In January 2025, we settled in principle a non-recurring litigation and recognized a one-time operating expense charge of $0.9 million for the fiscal year ended February 1, 2025. In January 2024, we settled non-recurring lease-related litigation and recognized a charge of $68.7 million for the fiscal year ended February 3, 2024. The settlement consisted of a $60.0 million cash payment and $8.7 million associated with the forgiveness of a previously drawn letter of credit. 78 Table of Contents Non-GAAP Net Income We define non-GAAP net income as net loss excluding the effect of stock-based compensation expense-related charges, lease modification, impairment, and related charges, and legal settlements. We use non-GAAP net income in conjunction with traditional GAAP measures to evaluate our financial performance. We believe that non-GAAP net income provides our management and investors consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations. The following table presents a reconciliation of our non-GAAP net income to our GAAP net loss for the periods presented (in thousands, except percentages): Fiscal Year Ended January 31, 2026 February 1, 2025 February 3, 2024 Net loss $ (9,117) $ (154,907) $ (286,726) Add: Stock-based compensation expense-related charges 334,975 298,647 251,190 Lease modification, impairment, and related charges — 4,028 4,762 Legal settlement — 850 68,665 Non-GAAP net income (1) $ 325,858 $ 148,618 $ 37,891 __________ (1)There were no material income tax effects on our non-GAAP adjustments for all periods presented. Non-GAAP Liquidity Financial Measures Free Cash Flow and Free Cash Flow Margin We define free cash flow as net cash provided by (used in) operating activities reduced by cash used for purchases of property and equipment. Free cash flow margin is calculated as free cash flow as a percentage of total revenue. We believe that free cash flow and free cash flow margin, even if negative, are useful in evaluating liquidity and provide information to management and investors about our ability to fund future operating needs and strategic initiatives. The following table presents a reconciliation of free cash flow to net cash provided by (used in) operating activities for the periods presented (in thousands, except percentages): Fiscal Year Ended January 31, 2026 February 1, 2025 February 3, 2024 Net cash provided by (used in) operating activities $ 236,210 $ 131,659 $ (11,815) Purchases of property and equipment (28,766) (20,177) (10,953) Free cash flow (1) $ 207,444 $ 111,482 $ (22,768) Net cash provided by (used in) operating activities margin 15% 11% (1%) Free cash flow margin (1) 13% 9% (2%) Net cash used in investing activities $ (189,533) $ (66,621) $ (78,687) Net cash provided by financing activities $ 29,928 $ 27,101 $ 20,997 __________ (1)Free cash flow includes the cash impact of non-recurring capital expenditures associated with the build-out of our corporate office facilities in San Francisco, California, net of tenant allowances, and legal settlements (in thousands): Fiscal Year Ended January 31, 2026 February 1, 2025 February 3, 2024 Purchases of property and equipment for build-out of corporate office facilities, net of tenant allowances (2) $ — $ — $ (10,179) Legal settlement (3) $ 1,217 $ — $ 60,000 (2)In April 2023, we settled a lease dispute which was primarily related to lease incentives associated with leasehold improvements in the form of a tenant allowance and received $11.3 million. 79 Table of Contents (3)In January 2024, we settled non-recurring lease-related litigation and made a cash payment of $60.0 million. In November 2025, we settled an unrelated non-recurring legal matter, net of insurance proceeds, for $1.2 million. Both the legal settlement and insurance proceeds individually were not material to our financial position, results of operations, or cash flows. Liquidity and Capital Resources Liquidity is a measure of our ability to access sufficient cash flows to meet the short-term and long-term cash requirements of our business operations. Since our founding, we have financed our operations primarily through the sale of equity securities and payments received from our customers. In December 2021, we completed our IPO, which resulted in aggregate net proceeds of $846.7 million, including proceeds from the underwriters’ exercise of their option to purchase additional shares of our Class A common stock in January 2022 and net of underwriting discounts and commissions. We have generated significant operating losses from our operations, as reflected in our accumulated deficit of $1,619.1 million as of January 31, 2026. We intend to continue investing in our business, and as a result, we may require additional capital resources to execute on our strategic initiatives to grow our business, particularly if we generate negative cash flows in future quarters. We believe that our existing cash, cash equivalents, and short-term and long-term investments will be sufficient to support working capital, including our non-cancelable arrangements, and capital expenditure requirements for at least the next 12 months. As of January 31, 2026, our principal sources of liquidity were cash, cash equivalents, and short-term and long-term investments of $1,236.9 million. Cash and cash equivalents consisted of cash as well as highly liquid investments with an original maturity of 90 days or less, when purchased. Our investments primarily consisted of U.S. government and agency securities, corporate notes and bonds, and commercial paper. Our primary uses of cash include employee-related expenditures, third-party cloud and cellular costs, sales and marketing expenses, overhead expenses, and funding other working capital requirements, such as inventory and related connected device costs to meet our performance obligations related to our Connected Operations Platform. Our future capital requirements will depend on many factors, including, but not limited to, our growth, our ability to attract and retain customers, the continued market acceptance of our solution, the timing and extent of spending necessary to support our efforts to develop our Connected Operations Platform and meet our performance obligations related to customers, the expansion of sales and marketing activities, and the impact of macroeconomic conditions on our and our customers’ and partners’ businesses. Further, we may in the future enter into arrangements to acquire or invest in businesses, products, services, and technologies. We may be required to seek additional equity or debt financing. In the event that additional financing is required, we may not be able to raise it on terms acceptable to us or at all. If we are unable to raise additional capital when desired, our business, financial condition, and results of operations could be adversely affected. Cash Flows The following table presents a summary of our cash flows for the periods presented (in thousands): Fiscal Year Ended January 31, 2026 February 1, 2025 Net cash provided by operating activities $ 236,210 $ 131,659 Net cash used in investing activities $ (189,533) $ (66,621) Net cash provided by financing activities $ 29,928 $ 27,101 Operating Activities Our largest source of operating cash is payments received from our customers. Our primary uses of cash from operating activities are for employee-related expenditures, sales and marketing expenses, inventory and related connected device costs, third-party cloud and cellular costs, and overhead expenses. Although we generated positive operating cash flows beginning in fiscal year 2025, we generated negative cash flows from operations in the preceding two fiscal years. We have supplemented working capital through net proceeds from the sale of equity securities. 80 Table of Contents Cash provided by operating activities was $236.2 million for the fiscal year ended January 31, 2026. This consisted of a net loss of $9.1 million, adjusted for non-cash charges of $331.9 million, and changes in our operating assets and liabilities of $86.6 million. The non-cash charges were primarily composed of stock-based compensation expense of $315.0 million, depreciation and amortization of $24.0 million, and other non-cash charges of $3.5 million, partially offset by net accretion of discounts on marketable debt securities of $10.6 million. Changes in our operating assets and liabilities during the fiscal year ended January 31, 2026 reflect increased accounts receivable from customers, higher connected device costs and deferred commissions due to the growth of our business, and higher levels of inventories to meet anticipated demand requirements, partially offset by increases in deferred revenue due to the growth of our business and lower vendor payments during the fiscal year ended January 31, 2026. Cash provided by operating activities was $131.7 million for the fiscal year ended February 1, 2025. This consisted of a net loss of $154.9 million, adjusted for non-cash charges of $288.5 million, and changes in our operating assets and liabilities of $2.0 million. The non-cash charges were primarily composed of stock-based compensation expense of $277.9 million, depreciation and amortization of $20.6 million, and lease modification, impairment, and related charges of $3.5 million, partially offset by net accretion of discounts on marketable debt securities of $15.3 million. Changes in our operating assets and liabilities during the fiscal year ended February 1, 2025 reflect increased accounts receivable from customers, higher deferred commissions and connected device costs due to the growth of our business, and higher levels of inventories to meet anticipated demand requirements, partially offset by increases in deferred revenue due to the growth of our business and lower vendor payments during the fiscal year ended February 1, 2025. Investing Activities Cash used in investing activities was $189.5 million for the fiscal year ended January 31, 2026, which primarily consisted of $873.5 million of purchases of investments and $28.8 million of capital expenditures for internal-use software costs and our office facilities, partially offset by $714.1 million of proceeds from maturities and redemptions of investments. Cash used in investing activities was $66.6 million for the fiscal year ended February 1, 2025, which primarily consisted of $649.5 million of purchases of investments and $20.2 million of capital expenditures for internal-use software costs and our office facilities, partially offset by $602.0 million of proceeds from maturities and redemptions of investments and $1.2 million of proceeds from sales of investments. Financing Activities Cash provided by financing activities was $29.9 million for the fiscal year ended January 31, 2026, which primarily consisted of $30.9 million of proceeds from employee stock purchases under the 2021 Employee Stock Purchase Plan and exercises of stock options, partially offset by $0.9 million in payments of principal on finance leases. Cash provided by financing activities was $27.1 million for the fiscal year ended February 1, 2025, which primarily consisted of $28.8 million of proceeds from employee stock purchases under the 2021 Employee Stock Purchase Plan and exercises of stock options, partially offset by $1.7 million in payments of principal on finance leases. Contractual Obligations and Commitments Our estimated future obligations consist of leases and non-cancelable purchase commitments as of January 31, 2026. For additional discussion on our leases and other commitments, refer to Notes 8, “Leases,” and 9, “Commitments and Contingencies,” to our consolidated financial statements included elsewhere in this Annual Report on Form 10-K. Critical Accounting Estimates Our consolidated financial statements and the related notes thereto included elsewhere in this Annual Report on Form 10-K are prepared in accordance with GAAP. We believe that our accounting estimates involve a high degree of judgment and complexity. The preparation of our consolidated financial statements requires us to make estimates and judgments that affect the amounts reported in those financial statements and accompanying notes. Although we believe that the estimates we use are reasonable, due to the inherent uncertainty involved in making those estimates, actual results reported in future periods could differ from those estimates. The critical accounting estimates, assumptions and judgments that we believe have the most significant impact on our consolidated financial statements are described below in Note 2, “Summary of Significant Accounting Policies.” 81 Table of Contents Revenue Recognition We offer subscriptions to access our Connected Operations Platform. Customers subscribe to one or more Applications on our Connected Operations Platform which includes data that is primarily provided by various proprietary connected device access points, including telematic sensors, gateways, and cameras. Our Connected Operations Platform and the related connected device access points are highly interdependent and interrelated, and represent a combined performance obligation, which is recognized over the related subscription period. Determining whether the subscriptions to our Connected Operations Platform and the connected device access points are considered distinct performance obligations that should be accounted for separately or as a combined performance obligation requires significant judgment. We determined that the subscription and connected device access points fulfill a single promise to the customer because the Connected Operations Platform and connected devices are highly interdependent and interrelated. In reaching this conclusion, we considered how our connected devices, including the embedded proprietary firmware, are updated continuously by our Connected Operations Platform using AI and machine learning models to improve the capture, aggregation, and enrichment of data by the connected devices. Additionally, our Connected Operations Platform then utilizes this data to deliver actionable insights that are promised to our customers throughout the term of their subscription to Applications on the Connected Operations Platform. As a result of the highly interdependent and interrelated nature of the integrated service provided, these arrangements are accounted for as a combined performance obligation to the customer, and revenue is recognized over the related subscription period. Connected Device Costs We capitalize connected device costs associated with subscription contracts as contract fulfillment costs where the connected device is not distinct from other undelivered obligations in the customer contract. These costs are directly related to customer contracts, are expected to be recoverable, and enhance the resources used to satisfy the undelivered performance obligations in those contracts. These contract fulfillment costs are amortized over a period of benefit of five years. Determining the period of benefit requires judgment for which we take into consideration the duration of customer relationships, the expected life of the connected device, the connected device’s warranty period, past experience with customers, and other available information. Recent Accounting Pronouncements For information on recently issued accounting pronouncements, refer to Note 2, “Summary of Significant Accounting Policies,” to our consolidated financial statements included elsewhere in this Annual Report on Form 10-K.