Samsara Inc. (NYSE: IOT) reported annual recurring revenue approaching $2 billion for the first quarter of fiscal year 2027, representing 30% year-over-year growth. The connected operations platform company added $101 million in net new ARR during the quarter, also up 30% from the prior year.

The company reported $1.2 billion in ARR from customers spending $100,000 or more annually, showing 37% year-over-year growth. Revenue from customers spending $1 million or more grew 62% year-over-year, marking the fourth consecutive quarter of acceleration in this segment.

Samsara signed 11 transactions worth $1 million or more in net new annual contract value during Q1, the second-highest quarter on record. New customers included Hertz, Foundation Building Materials, and the State of Connecticut. The company ended the quarter with 3,363 customers spending $100,000 or more in ARR and 190 customers spending $1 million or more.

Emerging products contributed more than 20% of net new annual contract value for the second consecutive quarter. The company reported its third consecutive quarter of GAAP earnings per share profitability.

Chief Revenue Officer Amit Vyas noted that 96% of customers spending $100,000 or more annually now subscribe to two or more products, while 70% subscribe to three or more products.

The company's platform captures more than 25 trillion data points annually across more than 100 billion miles driven. Samsara recently introduced new AI-powered features including Waste Intelligence for service verification, Ground Intelligence for road defect mapping, and Ridership Management for transit passenger detection.

Samsara will host its Beyond conference in Las Vegas from June 23-26 and an Investor Day on June 24, according to the company's press release.