Company: IOT
Filing Date: 2025-06-10
Form Type: 10-Q
Source: 0001642896-25-000058
Chunk: 123

Company: Samsara Inc.
Filing Date: 2025-06-10
Form: 10-Q
Item: Part I, Item 2
Chunk 123
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 tax assets will not be realized.

In December 2021, the Organization for Economic Co-operation and Development introduced a new global minimum corporate tax of 15%, commonly referred to as Pillar Two. While the United States has not yet adopted the Pillar Two rules, various other international governments are enacting legislation which became effective for us beginning in fiscal year 2026. We do not currently expect to experience a material impact from the Pillar Two legislation, but we expect to incur additional costs related to compliance with this legislation. We will continue to monitor United States and global legislative action related to Pillar Two for potential impacts.

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Table of Contents

Results of Operations

Comparison of the Three Months Ended May 3, 2025 and May 4, 2024

Revenue

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

Three Months EndedChangeMay 3,2025May 4,2024Amount%Revenue$366,884 $280,726 $86,158 31 %

Revenue increased by $86.2 million, or 31%, for the three months ended May 3, 2025 compared to the three months ended May 4, 2024, primarily due to an increase in customer count and increased purchases of our subscription offerings, 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 EndedChangeMay 3,2025May 4,2024Amount%Cost of revenue$83,169$68,625$14,544 21 %Gross profit$283,715$212,101Gross margin77 %76 %

Cost of revenue increased by $14.5 million, or 21%, for the three months ended May 3, 2025 compared to the three months ended May 4, 2024, primarily due to $7.9 million of increased infrastructure costs associated with our product offerings, $4.8 million of increased amortization of IoT device costs, $1.4 million of increased employee-related costs, which included a $1.1 million increase in salaries and benefits and related employer taxes and a $0.3 million increase in stock-based compensation expense, $1.1 million of increased amortization of internally-developed software, and $0.9 million of increased warehouse fees and credit card processing fees,