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S&P 500
Sep 21, 2023

After conducting a forensic financial review of Samsara Inc. (NYSE: IOT), a vehicle telematics and public software company, Spruce Point highlights that there are multiple headwinds the company is facing as it continues to masquerade as a top-performing AI company. Based on our investigation, we estimate a 45% to 75% downside risk, or $6.30 -$13.90 per share.

The report highlights several key concerns with the company, including: 

  • We have found evidence that the Samsara is in a vulnerable competitive position and has a poor track record of winning large deals
  • We believe that IOT has uniquely poor business model tied to a material hardware business and subject to numerous serious risks compared to competitors in the SaaS space
  • We believe Samsara has a history of opaque and manipulative financial reporting
  • We have questions regarding a potential hardware disruption if the FCC blacklists a critical component supplier, Quectel

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