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Edge21 Feb 2025
Axon: Making Bullets Obsolete
Axon transformed the TASER from a struggling invention into a $50B public safety giant, redefining policing with tech-driven solutions.
Axon Enterprise (AXON) investor relations material
Axon Enterprise Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Q3 2025 revenue reached $711M, up 31% year-over-year, marking the seventh consecutive quarter of 30%+ growth.
Software & Services revenue grew 41% to $305M, driven by premium software adoption and user expansion; ARR also up 41% to $1.3B.
Net loss for Q3 2025 was $2M (GAAP), but non-GAAP net income was $98M; Adjusted EBITDA was $177M.
Major product launches and acquisitions (Prepared, Carbyne, Dedrone, Fūsus) expanded the ecosystem and addressable market.
Strong customer adoption across state/local, corrections, international, and enterprise segments, with notable large deals and product expansion.
Financial highlights
Q3 2025 revenue: $711M (+31% YoY); Software/Services: $305M (+41% YoY); Connected Devices: $405M (+24% YoY).
Adjusted gross margin: 62.7%, down 50–70 bps YoY due to tariffs and product mix.
Adjusted EBITDA margin: 24.9% for Q3 2025; non-GAAP net income margin was 13.7%.
Cash, cash equivalents, and short-term investments totaled $2.4B at quarter-end.
Annual recurring revenue at $1.3B, future contracted bookings at $11.4B as of Q3 2025.
Outlook and guidance
Full-year 2025 revenue outlook raised to ~$2.74B (+31% YoY); Q4 2025 revenue expected between $750–$755M.
Q4 2025 Adjusted EBITDA expected at $178–$182M, maintaining a ~25% full-year margin target.
2025 CapEx expected at $170–$180M, focused on R&D, capacity, and new product development.
Stock-based compensation for 2025 projected at $580–$630M.
Management expects to recognize 20–25% of $8.1B in remaining performance obligations over the next 12 months.
Axon 911: Impact on response times?
Operating cash flow: Drivers of YoY decline?
ABW Mini: Target markets and rollout timeline?
Axon 911: Expected revenue contribution timeline
ABW Mini: Key success metrics for enterprise
Is international cloud adoption momentum sustainable?
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Next Axon Enterprise earnings date
Q4 202525 Feb, 2026
Next Axon Enterprise earnings date
Q4 202525 Feb, 2026
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Frequently asked questions
Axon Enterprise, Inc. develops, manufactures, and sells conducted energy devices under the TASER brand in the United States and internationally. The company operates through two segments, TASER Weapons and Software and Sensors. It offers TASER X26P and TASER X2 smart weapons, which are electrical shock devices that incapacitate dangerous, combative, or high-risk subjects who pose a risk to law enforcement officers, innocent citizens, or themselves. Axon Enterprise, Inc. was incorporated in 1993 and is headquartered in Scottsdale, Arizona.
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