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Mar 31, 2024
Axon Q1 2024 Earnings Report
Axon's Q1 2024 earnings were reported, with revenue up 34% year over year and an increased full year outlook.
Key Takeaways
Axon reported a strong start to 2024, with Q1 revenue reaching $461 million, a 34% increase year-over-year. The company raised its full-year revenue outlook to $1.94 billion to $1.99 billion. Annual recurring revenue grew by 50% to $825 million, and net income was $133 million.
Q1 2024 revenue reached $461 million, a 34% increase year-over-year.
Axon Cloud & Services revenue grew 52% to $176 million.
Annual recurring revenue increased by 50% to $825 million.
Net income was reported at $133 million, supporting a non-GAAP net income of $89 million and an Adjusted EBITDA of $109 million.
Axon
Axon
Axon Revenue by Segment
Axon Revenue by Geographic Location
Revenue by Segment
TASER Revenue
CapyFin.comPersonal Sensors Revenue
CapyFin.comPlatform Solutions Revenue
CapyFin.comSoftware & Services Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comOther Countries Revenue
CapyFin.com Forward Guidance
Axon expects full year 2024 revenue of $1.94 billion to $1.99 billion, representing approximately 26% annual growth at the midpoint. Axon expects full year 2024 Adjusted EBITDA dollars of $430 million to $445 million, implying Adjusted EBITDA margin of approximately 22%. We expect stock-based compensation expenses to be approximately $215 million to $230 million for the full year.
Positive Outlook
- Axon expects full year 2024 revenue of $1.94 billion to $1.99 billion, representing approximately 26% annual growth at the midpoint.
- This is an increase from our prior revenue guidance range of $1.88 billion to $1.94 billion.
- Axon expects full year 2024 Adjusted EBITDA dollars of $430 million to $445 million, implying Adjusted EBITDA margin of approximately 22%.
- This is an increase from our prior Adjusted EBITDA guidance range of $410 million to $430 million.
- We expect stock-based compensation expenses to be approximately $215 million to $230 million for the full year.
Challenges Ahead
- We provide Adjusted EBITDA guidance, rather than net income guidance, due to the inherent difficulty of forecasting certain types of expenses and gains such as stock-based compensation, income tax expenses and gains or losses on marketable securities and strategic investments, which affect net income but not Adjusted EBITDA.
- We are unable to reasonably estimate the impact of such expenses, which could be material, on net income.
- Because our stock-based compensation expenses may vary based on changes in our stock price or the actual timing of attainment of certain metrics, it is inherently difficult to forecast future stock-based compensation expense, which may also be materially affected by any future stock-based compensation plans, subject to shareholder approval.
- We expect 2024 CapEx to be in the range of $80 million to $95 million, up from $60 million to $75 million previously.
- The increase in our CapEx expectations is primarily a result of accelerated capacity expansion investments to meet higher demand for TASER 10.