Axon 2024 revenue grows 33% to $2.1 billion; third consecutive year of 30%+ annual growth

Core Insights - Axon reported a strong performance in 2024, achieving a record quarterly revenue of $575 million in Q4, representing a 34$2.55 billion and $2.65 billion, reflecting approximately 25$129 billion, indicating significant growth potential as the company continues to innovate and expand its product offerings [12][13] Financial Performance - Axon achieved a full-year net income margin of 18.1% and an Adjusted EBITDA margin of 25.0% [1][11] - Annual recurring revenue grew by 37% to $1.0 billion, driven by new customer adoption and upgrades to premium offerings [32] - The company reported a net income of$135 million for Q4 2024, with a net income margin of 23.5% [21] Product Innovations - Axon introduced a suite of AI-powered solutions aimed at enhancing public safety, which contributed to significant time savings for law enforcement [4] - The acquisition of Fusus strengthened Axon's Real-Time Operations platform, enabling real-time access to integrated data from various sources [5] - The Axon Drone as First Responder solution allows for rapid assessment and intervention, improving operational efficiency in emergency situations [6] Market Expansion - Axon's TAM penetration within U.S. state and local law enforcement is estimated to be below 15%, highlighting a robust growth opportunity [13] - The company identified new opportunities in international governments, expanding its market potential by $32 billion [23] - The enterprise market opportunity has grown by$23 billion, reflecting the increasing demand for integrated public and enterprise safety solutions [23] Operational Metrics - Future contracted bookings increased to $10.1 billion, up 42$250 million, supporting a free cash flow of $225 million [22]