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

 

AXON ENTERPRISE, INC.

SEGMENT REPORTING

(in thousands)




































































THREE MONTHS ENDED



THREE MONTHS ENDED



THREE MONTHS ENDED




31 MAR 2024



31 DEC 2023



31 MAR 2023








Software











Software











Software












and











and











and








TASER



Sensors



Total



TASER



Sensors



Total



TASER



Sensors



Total


Net sales from products (1)


$

166,527



$

105,521



$

272,048



$

151,238



$

107,167



$

258,405



$

127,081



$

92,308



$

219,389


Net sales from services (2)



12,221




176,467




188,688




10,105




163,632




173,737




7,201




116,453




123,654


Net sales



178,748




281,988




460,736




161,343




270,799




432,142




134,282




208,761




343,043


Cost of product sales



86,984




64,714




151,698




68,067




57,597




125,664




50,583




57,001




107,584


Cost of service sales



1,074




47,918




48,992




1,096




41,495




42,591




180




31,177




31,357


Cost of sales



88,058




112,632




200,690




69,163




99,092




168,255




50,763




88,178




138,941


Gross margin



90,690




169,356




260,046




92,180




171,707




263,887




83,519




120,583




204,102


Gross margin %



50.7

%



60.1

%



56.4

%



57.1

%



63.4

%



61.1

%



62.2

%



57.8

%



59.5

%

Adjusted gross margin



61.8

%



64.1

%



63.2

%



57.6

%



63.8

%



61.5

%



62.4

%



58.2

%



59.9

%

_____________________

(1)       

Software and Sensors "products" revenue consists of sensors, including on-officer body cameras, Axon Fleet cameras, other hardware sensors, warranties on sensors, and other products, and is sometimes referred to as Sensors and Other revenue.

(2)       

Software and Sensors "services" revenue comprises sales related to the Axon Cloud and Services, which includes Axon Evidence, cloud-based evidence management software revenue, other recurring cloud-hosted software revenue and related professional services, and is sometimes referred to as Axon Cloud and Services revenue.


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