Axon reports Q1 2024 revenue of $461 million, up 34% year over year, raises outlook

AXON ENTERPRISE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)






















THREE MONTHS ENDED



31 MAR 2024


31 DEC 2023


31 MAR 2023

Net sales from products


$

272,048


$

258,405


$

219,389

Net sales from services



188,688



173,737



123,654

Net sales



460,736



432,142



343,043

Cost of product sales



151,698



125,664



107,584

Cost of service sales



48,992



42,591



31,357

Cost of sales



200,690



168,255



138,941

Gross margin



260,046



263,887



204,102

Operating expenses:










Sales, general and administrative



152,669



137,106



116,567

Research and development



91,097



83,972



70,927

Total operating expenses



243,766



221,078



187,494

Income from operations



16,280



42,809



16,608

Interest Income, net



10,374



12,325



9,666

Other income, net



139,066



668



15,610

Income before provision for income taxes



165,720



55,802



41,884

Provision for (benefit from) income taxes



32,502



(1,469)



(3,255)

Net income


$

133,218


$

57,271


$

45,139

Net income per common and common equivalent shares:










Basic


$

1.77


$

0.76


$

0.62

Diluted


$

1.73


$

0.75


$

0.61

Weighted average number of common and common equivalent shares outstanding:










Basic



75,355



75,060



72,638

Diluted



77,132



76,178



73,880


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