Axon reports Q2 2024 revenue of $504 million, up 35% year over year, raises outlook

About this update from Axon Enterprise, Inc.

[{"type":"text","content":"SCOTTSDALE, Ariz., Aug. 6, 2024 /PRNewswire/ -- \n\n \n \n \n \n \n \n\n \nAxon Cloud & Services revenue grows 47% to $195 millionAnnual recurring revenue grows 44% to $850 millionNet income of $41 million supports non-GAAP net income of $93 million and Adjusted EBITDA of $123 millionRaises full year revenue outlook to a range of $2.00 billion to $2.05 billion, up from $1.94 billion to $1.99 billionFellow shareholders,\nAxon closed the first half of 2024 with record quarterly revenue and an improved outlook for the remainder of the year. Our pipeline has grown across product categories and customer verticals, bolstered by our market-leading innovation, which we believe positions us for durable, profitable growth over the long term. Second quarter revenue growth of 35% marks our 10th consecutive quarter growing more than 25% year over year. We delivered growth with profitability, achieving second quarter net income margin of 8.1% and Adjusted EBITDA margin of 24.5%.\nStrength in our business continues across the board in all product categories. Axon Cloud & Services revenue grew 47% year over year, driven by growing adoption of software applications from both new and existing customers, with net revenue retention of 122%. Axon Cloud software growth remains primarily driven by Axon Evidence and is further accelerated by productivity software, artificial intelligence (AI), real-time operations (RTO) and robotic security. These categories collectively drove almost half of the year over year growth in our software revenue. Sensors & Other revenue grew 28% year over year, supported by strong demand for Axon Body 4, which is now our fastest adopted body camera product and has surpassed 200,000 units in the field. TASER revenue growth of 28% year over year was fueled by the continued ramp of TASER 10, which has grown sequentially each quarter since launch and has surpassed 100,000 units in the field.\nWe continue to see expansive opportunities across our customer verticals. Increasing penetration of our Officer Safety Plan (OSP) remains a driver of growth within our U.S. state and local customer base, and more than 20% of the potential users within this cohort are now on one of our OSP offerings(1). At the same time, we have seen strong demand from our new and emerging customer verticals, including international, U.S. federal, correctio...

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