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Mar 31, 2020
Axon Q1 2020 Earnings Report
Axon demonstrated resilience with revenue up 27% year-over-year, driven by strong international sales and demand for software and sensors.
Key Takeaways
Axon reported strong Q1 2020 results with revenue up 27% year-over-year. International revenue grew 38%, and the company saw increased adoption of its cloud software solutions. Axon is withdrawing its formal full year guidance due to COVID-19 but remains confident in its long-term outlook.
Revenue grew 27% year over year to $147 million.
International revenue grew 38% in the quarter to a record $30 million.
GAAP EPS was $0.07 and Non-GAAP EPS was $0.40.
Axon Dispatch is officially powering 911 with its first paid customer in Maricopa, Ariz.
Revenue by Segment
Forward Guidance
Axon is withdrawing its formal full year guidance of $100 million to $105 million in Adjusted EBITDA on revenue of $615 million to $625 million.
Positive Outlook
- Some departments are continuing to place large orders for Axon products.
- Some agencies move to standard issue on Axon devices, to reduce sharing among officers, which has boosted orders.
- Better-than-expected international TASER orders realized through May 2020.
- A strengthening Federal pipeline.
- Widening customer base is providing new revenue opportunities.
Challenges Ahead
- The potential global impacts of the COVID-19 pandemic.
- Exposure to cancellations of government contracts due to appropriation clauses, exercise of a cancellation clause, or non-exercise of contractually optional periods.
- Our ability to manage our supply chain and avoid production delays, shortages, and impacts to expected gross margins.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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