Press release
Axon Reports Q1 2022 Revenue Up 32% to $256 million, Raises Full Year Outlook
Axon Cloud revenue up 47% on strong SaaS demand Net income of $55 million, Adjusted EBITDA of $49 million Operating cash flow of $44 million, adjusted free
About this update from Axon Enterprise, Inc.
[{"type":"text","content":"Axon Cloud revenue up 47% on strong SaaS demand Net income of $55 million, Adjusted EBITDA of $49 million Operating cash flow of $44 million, adjusted free cash flow of $32 million SCOTTSDALE, Ariz., May 10, 2022 /PRNewswire/ --\n\n \n \n \n \n \n \n\n \nDear Shareholders,\nOur year is off to a robust start, highlighted by growing global demand for Axon's solutions, which drove first quarter revenue growth of 32%, net income of $55 million, and Adjusted EBITDA of $49 million. \nOur full year outlook has strengthened to annual revenue growth expectations of 25%, and we are already looking toward continued momentum in 2023 and beyond. Bookings grew 52% year over year in Q1, which is a forward-looking indicator given our average contract life of five years.\nOur demand pipeline remains strong and Axon is not slowing down.\nIn April, we formally kicked off our moonshot goal, which is to join forces with public safety to reduce fatal officer involved shootings by 50% within 10 years. Most notably, we aim to break the historical tie between injuries and weapons by emphasizing product development on the non-lethal end of the use-of-force continuum. Our customers are incredibly excited about this goal. We believe Axon is uniquely situated to drive improvement in this deeply entrenched societal problem, through our product ecosystem of TASER devices, body cameras and VR training and software.\nSelect Highlights: \nKey customer updates \nStudy proves body cameras save lives: The São Paulo State Military Police are expanding with Axon. In June 2021, this agency became the first in Brazil to deploy Axon body cameras with geolocation and live-streaming. The agency subsequently saw an 85% decrease in police intervention deaths. Thanks to this success, the agency is becoming the largest in Latin America to deploy our body cameras.\nWelcoming new major city to the Axon network: Domestically, the Columbus Division of Police (OH), a Major Cities Chiefs Association member, signed a 5-year contract with Axon to deploy Axon Body 3 and Axon Flex 2 cameras, Axon Interview, and Axon Fleet 3 in-car camera systems featuring Axon's AI-powered automated license plate reader (ALPR) and Axon Evidence, Axon's digital evidence management system.\nCommercial sector momentum builds: Our teams are executing well in the commercial sector, which we estimate to be a...