The earnings call presented a largely positive view of Axon's performance, with significant revenue growth, strong bookings, and increased guidance for 2025. While there are some challenges related to tariffs and federal market uncertainty, the overall sentiment reflects confidence in continued growth and expansion.

Company Guidance -

Q2 2025

During the call, Axon provided a detailed business outlook and guidance for fiscal year 2025. They reported first-quarter revenue of $604 million, a 31% year-over-year increase, marking their 13th consecutive quarter of over 25% growth. The company anticipates 2025 revenue to range between $2.6 billion and $2.7 billion, representing a 27% annual growth at the midpoint. They also project an adjusted EBITDA margin of approximately 25%, with guidance raised to $650 million to $675 million. Their Annual Recurring Revenue (ARR) reached $1.1 billion, up 34% year-over-year, supported by a Net Revenue Retention (NRR) rate of 123%. Axon highlighted strong international demand and notable adoption rates for their new products, including TASER 10 and Draft One, with TASER 10 orders pacing at twice the rate of TASER 7 during its first two years. The company also addressed possible tariff impacts, estimating a 50 basis point effect on their full-year adjusted EBITDA margin.

Record Q1 Revenue and Growth

Axon reported first quarter revenue of $604 million, representing a 31% increase year-over-year. This marks the 13th consecutive quarter with over 25% growth.

Strong Bookings and Pipeline

Q1 bookings were strong, with a great indicator of momentum. The company expects another record for annual bookings with growth rates similar to last year.

Software and Services Growth

Software and Services revenue increased by 39% year-over-year to $263 million, driven by digital evidence management and premium add-ons.

TASER 10 Rapid Adoption

TASER 10 orders are pacing at 2x the rate of adoption compared to TASER 7, indicating strong market acceptance and growth potential.

International Expansion

International bookings are off to a strong start, with demand in regions such as Australia, Latin America, Canada, Asia, the UK, and Europe.

Adjusted EBITDA Margin and ARR

Axon delivered a 25.7% adjusted EBITDA margin with $1.1 billion in Annual Recurring Revenue (ARR), a 34% increase year-over-year.

Guidance Increase for 2025

Axon raised its revenue guidance for 2025 to a range of $2.6 billion to $2.7 billion, representing 27% annual growth at the midpoint.

Axon Enterprise (AXON) Earnings, Revenues Date & History

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AXON Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Aug 12, 2025	2025 (Q2)	1.47 / -	1.2	―	―	―
May 07, 2025	2025 (Q1)	1.27 / 1.41	1.15	22.61% (+0.26)
Feb 25, 2025	2024 (Q4)	1.40 / 2.08	1.12	85.71% (+0.96)
Nov 07, 2024	2024 (Q3)	1.20 / 1.45	1.02	42.16% (+0.43)
Aug 06, 2024	2024 (Q2)	1.02 / 1.20	1.11	8.11% (+0.09)
May 06, 2024	2024 (Q1)	0.94 / 1.15	0.88	30.68% (+0.27)
Feb 27, 2024	2023 (Q4)	0.85 / 1.12	0.7	60.00% (+0.42)
Nov 07, 2023	2023 (Q3)	0.76 / 1.02	0.6	70.00% (+0.42)
Aug 08, 2023	2023 (Q2)	0.62 / 1.11	0.44	152.27% (+0.67)
May 09, 2023	2023 (Q1)	0.54 / 0.88	0.45	95.56% (+0.43)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

AXON Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
May 07, 2025	$601.82	$686.83	+14.13%
Feb 25, 2025	$496.65	$572.40	+15.25%
Nov 07, 2024	$468.75	$603.18	+28.68%
Aug 06, 2024	$295.00	$349.24	+18.39%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.