Press release
Axon 2022 Revenue Grows 38% to $1.2 Billion
SCOTTSDALE, Ariz., Feb. 28, 2023 /PRNewswire/ -- Axon Cloud revenue of $368 million up 50% year over yearAnnual Net Income of $147 million supports Adjusted
About this update from Axon Enterprise, Inc.
[{"type":"text","content":"SCOTTSDALE, Ariz., Feb. 28, 2023 /PRNewswire/ -- \n\n \n \n \n \n \n \n\n \nAxon Cloud revenue of $368 million up 50% year over yearAnnual Net Income of $147 million supports Adjusted EBITDA of $232 millionOperating cash flow of $235 million; Adjusted free cash flow of $195 millionCompany projects over $2 billion in 2025 revenue, confidence in sustained CAGR of 20%+Fellow shareholders,\nAxon brought 2022 to a phenomenal close — with demand for our mission-driven public safety solutions fueling Q4 revenue growth above 50%, and financial discipline supporting our fourth consecutive quarter of GAAP profitability. The year was headlined by the launch of our moonshot goal, the continued advancement of our mission to protect life, and disciplined execution across the board.\nUnderpinning Axon's success is a culture of continuous innovation and improvement, an inspiring mission that attracts top technology talent from around the globe, and an expanding suite of modern public safety solutions that meets the real needs of the public.\nWe are pleased to deliver this letter with a look back on 2022, an update on the market opportunity in front of us and view of our roadmap ahead, including the introduction of our goals for 2025.\nKey 2022 Takeaways\nOur teams brought Axon to new heights in 2022 with the following major accomplishments:\nStrong financial results: In 2022, Axon delivered record revenue growth of 38% to $1.19 billion and net income of $147 million (12.4% net income margin), supporting Adjusted EBITDA of $232 million, or 19.5% margin.Stand-out SaaS performance: The Axon Cloud software suite continues to be our top growth-driver, with revenue up approximately 50% in 2022 on top of 38% growth the year before, and making up an increasing share of our business. Axon Cloud revenue of $368 million represented 31% of total revenue, and drove 45% Annual Recurring Revenue growth to $473 million.Compelling Adjusted Free Cash Flow of $195 million: Full year operating cash flow of $235 million supported adjusted free cash flow generation of $195 million, exceeding the upper end of our guidance of $145 million.Strengthened balance sheet with convertible notes offering: In Q4 2022, we successfully completed our first-ever debt raise, with total net proceeds of approximately $603 million. A powerful combination of timing, market demand and t...