Axon Enterprise, Inc. is a leading provider of law enforcement technology solutions, focusing on enhancing public safety through integrated hardware and cloud-based software solutions. The company operates primarily in two segments: TASER and Software and Sensors, offering products such as conducted energy devices and digital evidence management solutions . Axon's revenue is derived from both product sales and services, with a significant portion coming from recurring revenue streams like subscriptions to their software . In 2023, the company reported strong growth across its segments, driven by increased demand for its cloud and services offerings .
- Software and Sensors - Encompasses body-worn cameras, in-car cameras, and cloud-hosted digital evidence management solutions like Axon Evidence. Includes productivity and real-time operations software designed to enhance law enforcement efficiency and transparency.
- Axon Cloud and Services - Provides cloud-based solutions and services, contributing significantly to the company's growth.
- TASER - Develops, manufactures, and sells conducted energy devices (CEDs) such as TASER devices, used by law enforcement to de-escalate situations and minimize the use of force. Includes related accessories and extended warranties.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Brittany Bagley Executive | Chief Operating Officer and Chief Financial Officer | Board member at Aurora Innovation, Inc. | Joined Axon in 2022, promoted to COO and CFO in 2023, integrated financial functions with operations, focused on operational improvements. | |
Isaiah Fields Executive | Executive Vice President, General Counsel, Chief Legal Officer, and Corporate Secretary | None | Serves as General Counsel and Chief Legal Officer, no additional details available. | |
Jeffrey C. Kunins Executive | Chief Product Officer and Chief Technology Officer | None | Leads global product and technology teams, drove transformational expansion, launched breakthrough technologies, contributed to financial growth. | |
Joshua M. Isner Executive | President | None | Joined Axon in 2009, held various leadership roles, led global sales, achieved significant growth, promoted to President in 2023. | |
Patrick W. Smith Executive | Chief Executive Officer | None | Founder of Axon, instrumental in growth and innovation, inventor on over 50 U.S. patents, spearheaded development of TASER platform, body-worn cameras, and cloud-based solutions. | View Report → |
Adriane Brown Board | Director | Board member at American Airlines Group Inc., eBay Inc., KKR & Co Inc.; Managing Partner at Flying Fish Partners | Director since 2020, extensive experience in corporate governance, served as President and COO at Intellectual Ventures. | |
Caitlin Kalinowski Board | Director | Leads AR Glasses Hardware team at Meta | Director since 2019, leads AR Glasses Hardware team at Meta, previously led VR Hardware, former Product Design Engineer at Apple. | |
Erika Ayers Badan Board | Director | Advisory Board Member at Premier Lacrosse League and Food52 | Director since 2023, former CEO of Barstool Sports, extensive experience in digital innovation and media. | |
Hadi Partovi Board | Director | CEO and Co-Founder of Code.org; Director at MNTN, Inc. | Director since 2010, CEO of Code.org, strategic advisor and early investor in numerous tech companies. | |
Jeri Williams Board | Director | None | Former Chief of Police in Phoenix, first female President of the Major Cities Chiefs Association, appointed to Medal of Valor Review Board by President Obama. | |
Julie A. Cullivan Board | Director | Board member at Astra Space Inc. | Director since 2017, serves on Audit Committee, Chair of Enterprise Risk and Compliance Committee, recognized leader in cybersecurity. | |
Matthew R. McBrady Board | Director | Professor at Darden Graduate School of Business Administration, University of Virginia; Advisor to impact investing funds; Chairman of Investment Committee for Global Partnerships | Director since 2016, teaches Corporate Financial Strategy and Impact and ESG Investing, advisor to impact investing funds. | |
Michael Garnreiter Board | Director | Board member at Knight-Swift Transportation Holdings Inc. and Amtech Systems, Inc. | Director since 2006, served in various financial roles outside Axon, including Vice President of Finance at Shamrock Foods. |
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Q4 implies lower adjusted EBITDA margins than achieved in Q3 due to timing of expenses and Dedrone integration costs ; how confident are you in achieving your 25% margin target for 2025 , and what measures are you implementing to mitigate further integration costs or unexpected expenses?
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With TASER hitting revenue records for six consecutive quarters , but concerns about the sustainability of this growth emerging , what specific strategies do you have to ensure TASER remains a major growth driver, and how do you plan to address potential market saturation or increased competition?
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Regarding the Dedrone acquisition and its role in your Drone as a First Responder (DFR) program , how do you plan to expand this opportunity internationally, given the differing use cases and regulations, and what challenges do you anticipate in scaling this business outside the U.S.?
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Considering you're on track to deliver your initial $2 billion revenue target for 2025 a full year early , are there risks of overextending resources or facing capacity constraints, and how are you ensuring operational scalability to maintain service quality and customer satisfaction?
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With the importance of FedRAMP high status in winning U.S. federal contracts , how are you leveraging this advantage to significantly grow your federal business, and are there challenges or limitations in this sector compared to state and local markets that might impact your growth expectations?
Research analysts who have asked questions during AXON ENTERPRISE earnings calls.
Jeremy Hamblin
Craig-Hallum Capital Group LLC
7 questions for AXON
Joshua Reilly
Needham & Company
7 questions for AXON
Andrew Sherman
Cowen
6 questions for AXON
Jordan Lyonnais
Bank of America
6 questions for AXON
Jonathan Ho
William Blair & Company
5 questions for AXON
Joseph Cardoso
JPMorgan Chase & Co.
5 questions for AXON
Trevor Walsh
Citizens JMP
5 questions for AXON
William Power
Baird
5 questions for AXON
George Notter
Jefferies
4 questions for AXON
Keith Housum
Northcoast Research
4 questions for AXON
Michael Ng
Goldman Sachs
4 questions for AXON
Andrew Spinola
UBS
3 questions for AXON
Meta Marshall
Morgan Stanley
3 questions for AXON
Alyssa Shreves
Barclays
2 questions for AXON
Jim Fish
Piper Sandler
2 questions for AXON
James Reynolds
Morgan Stanley
1 question for AXON
Jamie Reynolds
Morgan Stanley
1 question for AXON
Mike Latimore
Northland Capital Markets
1 question for AXON
Mike Ng
Goldman Sachs
1 question for AXON
Trevor J. Walsh
Citizens
1 question for AXON
Yani Samolus
Baird
1 question for AXON
Yanni Samoilis
Robert W. Baird & Co.
1 question for AXON
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Dedrone Holdings, Inc. | 2024 | Axon acquired Dedrone for approximately $400 million as part of a step acquisition (after already owning a 20% interest), expanding its airspace security capabilities by integrating advanced drone detection and mitigation technologies; the deal is expected to expand Axon’s total addressable market by about $14 billion and will be finalized subject to customary closing conditions in the second half of 2024. |
Fusus, LLC | 2024 | Axon purchased the remaining 79.7% interest in Fusus for approximately $241.3 million, enhancing its real-time crime center technology by integrating sensor fusion and AI-driven solutions; the acquisition also resulted in a recorded non-taxable gain and significant goodwill along with identifiable intangible assets, reflecting its strategic fit in expanding Axon’s operational portfolio. |
Foundry 45 | 2022 | Axon acquired Foundry 45 on April 5, 2022 to strengthen its virtual reality training capabilities for public safety; the acquisition is designed to enhance VR training modules for large enterprises and catalyze global growth in new markets, although the purchase price was not material. |
VIEVU, LLC | 2018 | Axon’s acquisition of VIEVU involved a complex deal structure including cash, stock, and contingent consideration along with a long-term supply agreement with Safariland, bringing advanced public safety camera and cloud-based evidence management systems to Axon's portfolio; this strategic acquisition expanded its customer base and improved operational efficiencies despite additional integration costs and regulatory scrutiny. |
Recent press releases and 8-K filings for AXON.
- Axon reported Q3 revenue of $711 million, up 31% YoY, with software and services revenue of $305 million (+41% YoY), connected devices revenue of $405 million (+24% YoY); net revenue retention was 124%, and ARR reached $1.3 billion.
- Adjusted gross margin was 62.7% (down 50 bps YoY due to tariffs) and Adjusted EBITDA margin was 24.9%; the company plans continued R&D and strategic investments in AI, ALPR products, and newly acquired businesses.
- Management raised Q4 revenue guidance to $750–755 million and full-year revenue to $2.74 billion (implying ~31% growth); Q4 Adjusted EBITDA is projected at $178–182 million, maintaining a 25% full-year margin target.
- Year-to-date bookings are up over 30%, driven by AI Aeroplan software and newer offerings—Axon Air, Dedrone, and Fusus bookings up more than 3× YTD—while corrections bookings more than doubled and the international segment secured a nine-figure cloud deal in Europe.
- Axon acquired Prepared and announced the acquisition of Carbyne to enhance its 911 ecosystem with AI-driven call center and cloud communications capabilities; Carbyne is expected to close in early 2026.
- Q3 revenue of $711 million, up 31% year-over-year; software & services grew 41% to $305 million, with ARR up 41% to $1.3 billion and net revenue retention at 124%.
- Adjusted gross margin was 62.7% (down 50 bps YoY) and adjusted EBITDA margin was 24.9%, reflecting tariffs and increased R&D investments.
- Raised Q4 revenue guidance to $750–755 million, implying full-year revenue of ~$2.74 billion (≈31% growth), and maintained a full-year 25% adjusted EBITDA margin target.
- Acquired Prepared and Carbine to modernize 911 call centers with AI-enabled voice communications; Carbine expected to close early 2026.
- Axon delivered Q3 revenue of $711 million (+31% Y/Y), with software & services revenue at $305 million (+41% Y/Y), net revenue retention of 124%, and ARR of $1.3 billion.
- Adjusted gross margin was 62.7% (-50 bps Y/Y) and adjusted EBITDA margin was 24.9%, with Q4 revenue guidance set at $750–755 million (full-year ~$2.74 billion, ~31% growth) and a full-year 25% EBITDA margin target.
- Axon announced acquisitions of Prepared and Carbine to build its Axon 911 AI voice ecosystem, expected to close in early 2026.
- AI momentum remains strong: AI Aeroplan is the fastest-booked Axon software product and is projected to contribute >10% of U.S. state & local bookings, while Axon Air, Dedrone, and Fusus bookings are up >3× YTD.
- Axon delivered Q3 revenue of $711 M, up 31% YoY; Software & Services revenue grew 41% to $305 M, and ARR increased 41% to $1.3 B.
- Adjusted gross margin was 62.7%, down 50 bps YoY due to tariffs and R&D scaling; adjusted EBITDA margin was 24.9%.
- Announced the acquisition of Prepared and the launch of Carbine (expected to close early 2026) to modernize 911 call-handling with AI-driven, cloud-based voice communications.
- Raised Q4 revenue guidance to $750–755 M, implying FY 2025 revenue of ~$2.74 B (+31% growth), with Q4 adjusted EBITDA of $178–182 M and a full-year margin target of 25%.
- Axon posted Q3 revenue of $711 million, up 31% year-over-year, driven by Software & Services revenue of $305 million (+41% YoY) and Connected Devices revenue of $405 million (+24% YoY); GAAP net loss was $2 million, non-GAAP net income was $98 million, and Adjusted EBITDA was $177 million (24.9% margin).
- Annual recurring revenue grew 41% year-over-year to $1.3 billion, with net revenue retention at 124%.
- Axon raised its full-year 2025 revenue outlook to $2.74 billion (31% growth) and expects Q4 revenue of $750–755 million with Adjusted EBITDA of $178–182 million (~24% margin).
- The company completed the acquisition of Prepared, signed a definitive agreement to acquire Carbyne to launch its Axon 911 platform, rolled out its Vehicle Intelligence suite, and announced the Axon Body Workforce Mini for enterprise use in H1 2026.
- Axon has agreed to acquire Carbyne for $625 million, aiming to embed next-generation, cloud-native 911 call management into its public safety suite.
- The deal will create “Axon 911,” uniting Carbyne’s real-time call routing and resilience with Axon’s AI-driven situational insights to streamline response from call to courtroom.
- Carbyne currently serves hundreds of agencies, processes over 250 million data points annually, and protects more than 250 million people with 99.999% inbound call-flow uptime.
- The transaction is expected to close in Q1 2026, subject to customary closing conditions; Axon and Carbyne have retained global legal counsel for the deal.
- Axon delivered Q3 2025 revenue of $711 million, up 31% year over year, yielding a 24.9% Adjusted EBITDA margin and 0.3% GAAP net loss margin.
- Software & Services revenue rose 41% to $305 million; Connected Devices revenue grew 24% to $405 million; ARR reached $1.3 billion with 124% net revenue retention.
- Reported a $2 million GAAP net loss, $98 million non-GAAP net income, and $177 million Adjusted EBITDA.
- Raised full-year 2025 revenue outlook to ≈$2.74 billion (31% growth) and Q4 revenue guidance of $750–755 million.
- Enhanced ecosystem with acquisition of Prepared, planned acquisition of Carbyne, and launched Axon Body Workforce Mini.
- Axon enters a definitive agreement to acquire Prepared, an AI-powered emergency communications platform, with closing expected in early Q4.
- Prepared’s platform synthesizes 911 call audio, text, video, GPS, and real-time translation into a unified interface, supporting over 1,000 agencies in 49 states.
- The acquisition integrates Prepared into Axon’s ecosystem to connect initial emergency calls to response resolution, enhancing public safety workflows.
- This move reinforces Axon’s strategy to leverage AI for faster, more informed emergency responses.
- Revenue of $669 M, up 33% YoY, driven by software & services growth of 39% to $292 M and connected devices up 29% to $376 M; net revenue retention at 124%
- $150 M in AI Era Plan bookings in Q2, with 30% of total bookings from new product categories and record‐breaking large deals including the largest contract in company history and largest in corrections
- Raised 2025 revenue guidance to $2.65–$2.73 B (~29% growth) and adjusted EBITDA to $665–$685 M, maintaining a 25% margin target
- Accelerating demand and adoption for new technologies—Draft One, TASER 10, Axon Body 4, d drone, FUSYS, AI Aeroplan—and expanding customer base and ecosystem partnerships
- Axon highlighted robust growth with over 25% annual growth for five straight years, including 30% last year and strong EBITDA margins around 25%.
- The company emphasized expanding its product portfolio with innovations such as body cameras, fixed cameras, drone solutions, and integrated AI tools including real-time translation and automated report drafting.
- Axon outlined a market expansion strategy targeting US state and local, federal, international, and enterprise segments, positioning itself as the operating system for public safety.