Press release
Axon Reports Record Q3 2022 Revenue of $312 Million, Up 34% YOY, Raises Full-Year Outlook
SaaS strength drives Axon Cloud revenue growth of 51%; Annual Recurring Revenue of $403 million, up 40% YOY EPS of $0.17, Non-GAAP EPS of $0.60, Adjusted
About this update from Axon Enterprise, Inc.
[{"type":"text","content":" SaaS strength drives Axon Cloud revenue growth of 51%; Annual Recurring Revenue of $403 million, up 40% YOY EPS of $0.17, Non-GAAP EPS of $0.60, Adjusted EBITDA of $68 million at 21.7% marginSCOTTSDALE, Ariz., Nov. 8, 2022 /PRNewswire/ --\n\n \n \n \n \n \n \n\n \nFellow Shareholders,\nCustomer enthusiasm across our product suite, including notable strength in our Software & Sensors business, drove record quarterly revenue of $312 million, up 34% year over year. Continued momentum on the top line, sequential gross margin improvement and the inherent leverage in our business model supported net income of $12 million and allowed us to generate Adjusted EBITDA of $68 million, at 21.7% margin.\nOur demand backdrop remains robust and we have tremendous confidence in our sustainability of pipeline, which is supported by our mission-critical product offerings and long-term contracts. Importantly, our highly recurring, stable business model benefits our company as well as our customers, who see us as their trusted technology partner. We are especially pleased that our highest tier integrated bundle is demonstrating the highest adoption rates this year. Year to date, more than half of customers who chose Officer Safety Plan selected Officer Safety Plan 7+ Premium, which is listed at $249 per officer per month and includes the TASER 7, Axon Body 3 camera, and more software features than any other bundle. Even with this healthy demand, the penetration rate of our highest tier bundles is less than 15% relative to our potential state and local law enforcement install base (1), signifying that our domestic business enjoys wide runway for continued growth.\nOur shareholders can expect Axon to continue to build upon this solid foundation of customer trust, signing long-term contracts with future deliverables, and introducing more and broader enterprise bundles as we build the premier operating system for public safety. We are emboldened by our market leadership position, and feel confident in the sustainability of our long-term growth profile.\n(1) Based on a potential domestic state and local government install base of 712,112 sworn officers, according to data from the U.S. Census Bureau's State and Local Employment and Payroll Data as of March 2021.\nSelect highlights:\nManagement update\nBrittany Bagley, CFO & CBO\nIn September, Brittany jo...