Key Takeaways:
- Q2 revenue rose 35% to $904 million, the 10th straight quarter of 30%+ growth
- AI Era revenue climbed nearly 700%; Dedrone surpassed $100 million
- Full-year revenue growth outlook raised to 32%-34% from 30%-32%
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Axon revenue jumps 35% to $904 million on AI, drone demand
Axon reported Q2 revenue of $904 million, up 35% year over year, its 10th consecutive quarter of growth above 30%.
"Demand remained robust among both new and existing customers, supporting our vision to build the operating system for public safety," the company said in its shareholder letter.
Software & Services revenue rose 36% to $398 million, while Connected Devices grew 35% to $507 million. AI Era revenue climbed nearly 700%, Platform Solutions jumped 123% to $150 million, and Dedrone surpassed $100 million. Annual recurring revenue grew 39% to $1.6 billion, with net revenue retention at 126%.
The company raised its full-year revenue growth outlook to 32%-34% from 30%-32% and held its Adjusted EBITDA margin forecast at 25.5%. Shares fell after the release, with the stock trading near $525, down about 29% over the past year.
Net income came in at $29 million, or $0.36 per diluted share, down from $36 million a year earlier, reflecting a large tax benefit booked in the prior-year quarter. Non-GAAP net income was $155 million, or $1.88 per share, versus $179 million, or $2.18, a year ago. Adjusted EBITDA rose more than 40% to $242 million, a 26.8% margin.
Future contracted bookings grew 41% to $15.1 billion, including two nine-figure agreements with major U.S. cities and the largest individual TASER order in company history. International and enterprise bookings each roughly tripled year over year. The company began reporting new contract bookings on a five-year normalized basis to account for shorter contract durations in newer markets.
Gross margin held flat at 60.4%, while adjusted gross margin slipped 40 basis points to 62.9% on a higher mix of professional services and new product scaling, partially offset by global tariff refunds. Operating cash flow improved to $20 million from a $92 million outflow a year earlier.
The guidance raise shows management expects AI and drone demand to accelerate through the rest of the year. Investors will watch the Q2 earnings call on Aug. 5 for updated segment margins and bookings trends.
This article is for informational purposes only and does not constitute investment advice.
