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Dec 31, 2023
Axon Q4 2023 Earnings Report
Axon's revenue grew, driven by strong demand across product categories, particularly Axon Cloud software.
Key Takeaways
Axon's Q4 2023 revenue grew by 28.6% year over year, reaching $432 million, driven by strong demand across product categories. The company's net income was $57 million, or $0.75 per diluted share, while non-GAAP net income was $85 million, or $1.12 per diluted share. Axon Cloud software was the primary driver of revenue growth.
Quarterly revenue of $432 million exceeded expectations with 28.6% year-over-year growth.
Total company gross margin of 61.1% declined 10 basis points year over year.
Net income of $57 million, or $0.75 per diluted share, supported non-GAAP net income of $85 million, or $1.12 per diluted share.
Adjusted EBITDA of $91 million reflected an Adjusted EBITDA margin of 21.1%.
Revenue by Segment
Forward Guidance
Axon expects full year 2024 revenue of $1.88 billion to $1.94 billion, representing approximately 20% to 24% annual growth. Axon expects a full year 2024 Adjusted EBITDA dollars of $410 million to $430 million, implying continued Adjusted EBITDA margin expansion from 2023.
Positive Outlook
- Axon expects full year 2024 revenue of $1.88 billion to $1.94 billion, representing approximately 20% to 24% annual growth.
- Axon expects a full year 2024 Adjusted EBITDA dollars of $410 million to $430 million, implying continued Adjusted EBITDA margin expansion from 2023.
- We expect stock-based compensation expenses to be approximately $205 million to $220 million for the full year.
- Full year expected stock based compensation expense includes approximately $42 million in expenses related to an enhanced equity compensation opportunity provided to employees whose compensation is under a specified threshold.
- We expect 2024 CapEx to be in the range of $60 million to $75 million.
Challenges Ahead
- The following forward-looking statements reflect Axon’s expectations as of February 27, 2024, and are subject to risks and uncertainties.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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