Press release
Axon reports Q1 2024 revenue of $461 million, up 34% year over year, raises outlook
SCOTTSDALE, Ariz., May 6, 2024 /PRNewswire/ -- Axon Cloud & Services revenue grows 52% to $176 millionAnnual recurring revenue grows 50% to $825 millionNet
About this update from Axon Enterprise, Inc.
[{"type":"text","content":"SCOTTSDALE, Ariz., May 6, 2024 /PRNewswire/ -- \n\n \n \n \n \n \n \n\n \nAxon Cloud & Services revenue grows 52% to $176 millionAnnual recurring revenue grows 50% to $825 millionNet income of $133 million supports non-GAAP net income of $89 million and Adjusted EBITDA of $109 millionRaises full year revenue outlook to a range of $1.94 billion to $1.99 billion, up from $1.88 billion to $1.94 billionFellow shareholders,\nAxon is pleased to report a strong start to 2024 with another quarter of impressive financial performance supporting an improved outlook for FY 2024, and continued long-term innovation that we expect will fuel our growth for years to come. First quarter revenue growth of 34% marks our 9th consecutive quarter of growth above 25%, and we delivered improved profitability with first quarter net income margin of 28.9% and Adjusted EBITDA margin of 23.6%.\nAxon Cloud & Services revenue of $176 million grew 52% year over year, more than doubling over the last two years. Our software revenue growth is driven by both adoption of new products from our existing customers and attracting new users to our ecosystem. Our net revenue retention remains a powerful driver at 122%, and we aim to sustain robust software growth over the longer term through disruptive product innovation. This includes recently announced significant new advancements leveraging artificial intelligence (\"AI\") and virtual reality (\"VR\") to enhance officer training and productivity, and our planned acquisition of Dedrone, which will help make our vision for Drone as a First Responder (\"DFR\") a reality.\nOur integrated subscription plans drive value for our customers beyond what can be achieved through disparate point solutions and our software growth is also linked to record demand for our TASER and Sensors products. TASER revenue of $179 million grew 33% year over year propelled by demand for TASER 10. Sensors & Other revenue of $106 million grew 14% year over year driven by adoption of Axon Body 4.\nAxon's consistent growth at increasing scale is a result of execution on our strategy to build the modern technology ecosystem for public safety and trusting partnership with our customers. Their feedback energizes our teams to work on the next innovations to help drive better outcomes, and we see tailwinds across our product portfolio now and in the fut...