Stock price of maker of tech-forward travel products, Samsara Luggage, Inc. (OTCPK: SAML) closed up 27.22% to $2.01 in the past session. Samsara stock price ranged from $1.60 to $2.25 during the session, while 107,535 shares changed hands. After posting impressive quarterly revenue growth, SAML stock surged.
What factors contributed to quarterly revenue growth?
Samsara, a global smart luggage and smart travel company, is committed to making travel less of a hassle and more of an effortless experience. The SAML brand is dedicated to transforming the travel industry with its products by combining smart features, including IoT technology, innovative design, and quality materials. During CES 2020, Samsara announced its Next Generation smart carry-on.
Quarterly report released this week by Samsara showed that revenue increased 275% over the previous year in the first quarter of 2021.
- Growth in SAML’s newest vertical, Sarah & Sam, an online fashion and lifestyle retailer launched in the fall of 2020, also contributed to its results.
- Because of the lethal Corona virus, SAML Luggage was able to provide more consumer items through its existing resources and supply chain capabilities.
- During the quarter ended March 31, 2021, sales generated by Sarah & Sam increased by 67.3%.
What’s next at SAML?
A Next-Gen smart carry-on suitcase from Samsara (SAML) is expected to be released as travel activity picks up again. In addition to providing access to a secure global network, the SAML Next Gen line also features GPS tracking, Bluetooth 5.1, wireless charging dock functionality, and a USB-C charging port.