For the quarter ended March 2024, Axon Enterprise (AXON) reported revenue of $460.74 million, up 34.3% over the same period last year. EPS came in at $1.15, compared to $0.88 in the year-ago quarter. The reported revenue compares to the Zacks Consensus Estimate of $437.52 million, representing a surprise of +5.31%. The company delivered an EPS surprise of +18.56%, with the consensus EPS estimate being $0.97. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wal ...

Financial Performance - Revenues for the three months ended March 31, 2024, were $460.7 million, an increase of $117.7 million, or 34.3%, from the prior year[143]. - Net income for the three months ended March 31, 2024, was $133.2 million, including a realized gain of $42.3 million from the acquisition of Fusus[143]. - Net income for the three months ended March 31, 2024, was $133.2 million, a significant increase from $45.1 million for the same period in 2023, resulting in net income per basic share of $1.77 compared to $0.62[173]. - Total net sales for the three months ended March 31, 2024, were $460.7 million, an increase of $28.6 million, or 6.6%, compared to $432.1 million for the same period in 2023[175]. - Adjusted EBITDA for the three months ended March 31, 2024, was $108.9 million, an increase from $91.1 million in the previous quarter and $65.1 million in the same period last year[183]. Revenue Breakdown - Net sales from products were $272.0 million (59.0% of total sales) and from services were $188.7 million (41.0% of total sales) for the three months ended March 31, 2024[146]. - International revenue increased, driven by sales growth in Europe, the Middle East, Africa, and Asia Pacific regions[147]. - Net sales for the TASER segment increased by 33.1%, primarily due to strong adoption of the TASER 10 product[150]. - Net sales for the Software and Sensors segment increased by 35.1%, driven by user growth and adoption of premium features[151]. - Net sales for the TASER segment increased by approximately $17.4 million, or 10.8%, during the three months ended March 31, 2024, driven by strong adoption of TASER 10 and higher international cartridge volume[176]. - Net sales within the Software and Sensors segment increased by $11.2 million, or 4.1%, during the three months ended March 31, 2024, primarily due to increased adoption of premium add-on features[178]. Expenses and Margins - Gross margin decreased to 56.4% from 59.5% year-over-year, primarily due to higher stock-based compensation and payroll taxes[143]. - Gross margin for the TASER segment decreased to 50.7% from 62.2% year-over-year, while the Software and Sensors segment increased to 60.1% from 57.8%[155][156]. - Operating expenses increased by $56.3 million, reflecting higher salaries, benefits, and consulting expenses[143]. - Total sales, general, and administrative expenses increased by $36.1 million, or 31.0%, to $152.7 million for the three months ended March 31, 2024, compared to $116.6 million for the same period in 2023[159]. - Research and development expenses rose by $20.2 million, or 28.4%, totaling $91.1 million for the three months ended March 31, 2024, compared to $70.9 million for the same period in 2023[163]. - Stock-based compensation expense increased by $7.7 million, primarily due to increased headcount and additional grants awarded to employees[158]. Cash Flow and Liquidity - Cash and cash equivalents decreased by $194.7 million to $403.9 million as of March 31, 2024, compared to December 31, 2023[185]. - Net cash used in operating activities for the first three months of 2024 was $15.9 million, reflecting a decrease in operating assets and liabilities of $115.4 million[193]. - Cash used in investing activities during the first three months of 2024 was $174.0 million, including $237.8 million for a business acquisition[197]. - The company has a $200.0 million revolving credit facility available for additional working capital needs[185]. - The company has access to a $200.0 million line of credit, with $192.5 million available for borrowing as of March 31, 2024, after accounting for $7.5 million in outstanding letters of credit[208]. - The company has not borrowed any funds under the line of credit since its inception, but future borrowings could be affected by changes in underlying interest rates[208]. Tax and Interest - The provision for income taxes was $32.5 million for the three months ended March 31, 2024, reflecting an effective tax rate of 19.6%[168]. - Interest income, net, for the three months ended March 31, 2024, included realized and unrealized gains on fair value adjustments of strategic investments totaling $117.9 million[167]. Currency and Market Risks - The company's operations are subject to fluctuations in foreign currency exchange rates, particularly as most international sales are transacted in foreign currencies[209]. - The strengthening of the U.S. dollar against local currencies could increase the cost of products for international customers, potentially impacting sales[209]. - Fluctuations in currency exchange rates could pose risks to the company's business operations in the future[210]. - The company has not engaged in currency hedging activities to date, but may consider entering into foreign currency forward and option contracts in the future[210]. Strategic Initiatives - The company is shifting towards a subscription model to better align with municipal budgeting processes, impacting cash flow timing[189]. - The company plans to consider repurchases of its common stock, subject to market conditions and authorization[190]. - As of March 31, 2024, a hypothetical 100 basis point increase in interest rates would result in a $1.5 million decline in the fair market value of the portfolio[205].

Exhibit 99.1 CONTACT: Investor Relations Axon Enterprise, Inc. IR@axon.com Axon reports Q1 2024 revenue of $461 million, up 34% year over year, raises outlook ● Axon Cloud & Services revenue grows 52% to $176 million ● Annual recurring revenue grows 50% to $825 million ● Net income of $133 million supports non-GAAP net income of $89 million and Adjusted EBITDA of $109 million ● Raises full year revenue outlook to a range of $1.94 billion to $1.99 billion, up from $1.88 billion to $1.94 billion Fellow shareh ...

"By combining Axon's 30-year legacy of innovation with Dedrone's cutting-edge airspace security solutions, we aim to revolutionize public safety once again," said Axon Founder and CEO Rick Smith. "Together, we will accelerate our efforts in creating a more advanced end-to-end drone solution that enables the good drones to fly and helps ensure the bad ones don't." Dedrone Chief Executive Officer Aaditya Devarakonda said: "Dedrone's growing impact across industries such as federal governments, utilities and c ...

The upcoming report from Axon Enterprise (AXON) is expected to reveal quarterly earnings of $0.97 per share, indicating an increase of 10.2% compared to the year-ago period. Analysts forecast revenues of $437.52 million, representing an increase of 27.5% year over year.The current level reflects an upward revision of 0.3% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this ...

Key PointsThe industrial sector has outperformed YTD, up almost 7%, outpacing the overall market's increase of 5.6%.Within the sector, the aerospace & defense industry has outperformed amid economic and political uncertainties.Breakout candidates within the industry include LMT, XON, GD, RTX, and HWM, all of which are currently trading near 52-week highs.5 stocks we like better than Lockheed Martinhttps://www.marketbeat.com/stocks/NYSE/HWM/Year-to-date, the industrials sector has demonstrated significant ou ...

The most recent trading session ended with Axon Enterprise (AXON) standing at $313.30, reflecting a +1.64% shift from the previouse trading day's closing. The stock's performance was ahead of the S&P 500's daily gain of 0.32%. Meanwhile, the Dow experienced a rise of 0.38%, and the technology-dominated Nasdaq saw an increase of 0.35%.Shares of the maker of stun guns and body cameras have depreciated by 1.49% over the course of the past month, outperforming the Industrial Products sector's loss of 2.63% and ...

Wall Street expects a year-over-year increase in earnings on higher revenues when Axon Enterprise (AXON) reports results for the quarter ended March 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on May 6, 2024, might help the stock move higher if these key numbers are better than expe ...

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For all law enforcement agencies, Draft One is a valuable tool that will be an immediate force multiplier for their workforce. Reporting is a critical component of good police work; however, it has become a significant part of the job that officers commonly refer to as "burdensome." Axon found that every week officers in the U.S. can spend up to 40% of their time — or 15 hours per week — on what is essentially data entry. Additionally, prosecutors and defense attorneys have shared that they welcome the qual ...