Press release
Axon reports Q3 2023 revenue up 33% to $414 million, raises outlook
SCOTTSDALE, Ariz. , Nov. 7, 2023 /PRNewswire/ -- Annual Recurring Revenue grows 54% year over year to $619 millionInternational revenue grows 52%, supported
About this update from Axon Enterprise, Inc.
[{"type":"text","content":"SCOTTSDALE, Ariz. , Nov. 7, 2023 /PRNewswire/ --\n\n \n \n \n \n \n \n\n \nAnnual Recurring Revenue grows 54% year over year to $619 millionInternational revenue grows 52%, supported by growing pipelineNet income of $59 million supports Adjusted EBITDA of $92 millionRaises full year revenue outlook to approximately $1.55 billion, or 30% annual growth; expects full year Adjusted EBITDA margin just above 20%TASER 10 demand exceeding expectationsU.S. federal government momentum builds and U.S. Department of Veterans Affairs is live on Axon RecordsFellow shareholders,We are delighted to once again present strong quarterly results, raise our full-year outlook and share highlights that speak to stellar momentum across the board. Record revenue across categories in the third quarter reflected broad-based demand for new products, which we discuss below. Axon's seventh consecutive quarter of over 30% year-over-year revenue growth is a reflection of and testament to our track record of solid execution; product market fit; deployment of capital toward innovation that solves real-world pain points for customers; and growing demand from state and local, federal, international and enterprise customers. We have also achieved GAAP profitability for each of the previous seven quarters.\nAxon Cloud & Services remained a key growth driver in Q3 2023, increasing 55% year over year, fueled by both expansion with existing customers and new logo wins. Net Revenue Retention (NRR) of 122% supported 54% growth in Annual Recurring Revenue (ARR), which has reached $619 million. Sensors product revenue growth of 45% was catalyzed by the first full quarter of Axon Body 4 shipments and continued strength in demand for Axon Fleet 3. TASER segment revenue grew 12% over last year, driven by the ramp of TASER 10. We are pleased with our TASER 10 ramp — revenue grew more than 50% sequentially, demonstrating solid execution on this new product launch, and demand is exceeding our expectations.\nAlthough we are proud of our results, we are also heavy hearted that we present them in the midst of global wars and growing violence. As CEO and Founder Rick Smith wrote in his annual letter to shareholders, violence leads to sadness and loss and more violence. Ultimately, we believe the way the world wins over evil is to continue to make progress for good. Axon's mission to...