$IOT

Samsara $IOT reported Q126 (its seasonally weakest Q every year) and it was solid .... no idea why the market is over-reacting. * Revenue re-accel to +27.7%, or +6.0% seq (vs +1.6% last year, a bad Q1) * Q2 guide was same as Q1's, +1.7% seq * FY26 guide raised +$22M to +24.5% * ARR +30.6%, or +5.3% (vs +6.7% last yr ... seasonally weakest) * op margin +12pp to 13.9%, TTM rose to 11.9% * FCF margin +6pp to 12.5%, TTM rose to 10.4% * Rule of 40 hit (after slipping to 39 last Q), TTM stayed at 42 * large custs +34%, net new 132 (improvement over 116 last yr ... seasonally weakest)