Company: IOT
Filing Date: 2025-12-09
Form Type: 10-Q
Source: 0001628280-25-056069
Chunk: 117

Company: Samsara Inc.
Filing Date: 2025-12-09
Form: 10-Q
Item: Part I, Item 8
Chunk 117
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 securities, including amortization of premiums and accretion of discounts. 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.

26

Results of Operations

Comparison of the Three and Nine Months Ended November 1, 2025 and November 2, 2024

Revenue

Our total revenue is summarized as follows (in thousands, except percentages):

Three Months EndedChangeNine Months EndedChangeNovember 1,2025November 2,2024Amount%November 1,2025November 2,2024Amount%Revenue$415,975 $321,981 $93,994 29%$1,174,339 $902,909 $271,430 30%

Revenue increased by $94.0 million and $271.4 million, or 29% and 30%, for the three and nine months ended November 1, 2025, respectively, compared to the three and nine months ended November 2, 2024, 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.

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):

Three Months EndedChangeNine Months EndedChangeNovember 1,2025November 2,2024Amount%November 1,2025November 2,2024Amount%Cost of revenue$96,964$76,027$20,937 28%$270,634$218,017$52,617 24%Gross profit$319,011$245,954$903,705$684,892Gross margin77%76%77%76%

Cost of revenue increased by $20.9 million, or 28%, for the three months ended November 1, 2025 compared to the three months ended November 2, 2024, primarily due to $9.7 million of increased cloud and cellular costs associated with our product offerings and $7