Company: IOT
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001642896-25-000022
Chunk: 8

Company: Samsara Inc.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 7
Chunk 8
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 adopted the Pillar Two rules, various other international governments are enacting legislation which will apply to us beginning in fiscal year 2026. We do not currently expect to have 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.

Results of Operations

Comparison of the Fiscal Years Ended February 1, 2025 and February 3, 2024

Revenue

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

Fiscal Year EndedChangeFebruary 1,2025February 3,2024Amount%Revenue$1,249,199 $937,385 $311,814 33 %

Revenue increased by $311.8 million, or 33%, for the fiscal year ended February 1, 2025 compared to the fiscal year ended February 3, 2024, primarily due to an increase in customer count and increased purchases by existing customers of our subscription offerings, including subscriptions to additional Applications, partially offset by an extra week in our fiscal year 2024.

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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 EndedChangeFebruary 1,2025February 3,2024Amount%Cost of revenue$298,321$247,032$51,289 21 %Gross profit$950,878$690,353Gross margin76 %74 %

Cost of revenue increased by $51.3 million, or 21%, for the fiscal year ended February 1, 2025 compared to the fiscal year ended February 3, 2024, primarily due to $22.0 million of increased amortization of IoT device costs, $19.1 million of increased infrastructure costs associated with our product offerings, $7.9 million of increased employee-related costs, which included a $6.5 million increase in salaries and benefits and related employer taxes and a $1.4 million increase in stock-based compensation expense, $3.1 million of increased excess and obsolete inventory charges, and $2.2 million of increased amortization of internally-developed software, partially offset by $4.6 million of decreased warranty costs. The increases in amortization of IoT device costs and infrastructure costs were primarily due to increased sales volume