Scottsdale-based Axon, the bodycam and electro-shock weapons producer, recently posted earnings highlighting the company’s Q4 2020 record revenue on the strong demand for TASER devices and cloud software.
Axon Enterprise Inc. (Nasdaq: AXON) posted net earnings of $1 per share, far ahead of the 36-cents expectation from Wall Street. It also reported revenue more than $226 million, up 32% from the same period last year and outpacing the $180.96 million expectation. In its statement accompanying the financial results, the company said that federal customers helped spur growth, notably a $5 million contract for digital evidence management software with the Department of Justice. Axon also announced that it plans to invest around $20 million in its Scottsdale facility for R&D operations, testing laboratories, quality testing and general office space.
In 2020, Axon made great strides in solidifying its next decade of growth. First and foremost, Axon served its customers, team members and communities during a global pandemic. At the same time, Axon secured its first Dispatch customer, established a solid foothold in the Federal market, launched its Respond platform and grew its international revenue by more than 70%. The innovative company delivered a record $681 million in revenue, representing 28% growth, $1.2 billion in contract bookings, and $221 million in annual recurring revenue. Axon wrapped up the year with an exceptional fourth quarter, highlighted by revenue growth of 32%, strong profitability and robust global demand for its TASER devices. The results showcase the leverage in its business model.
Axon’s objectives in 2021 are to:
1. Grow its core through innovation in our key products,
2. Scale new products by developing solutions to real-world challenges,
3. Unlock new areas for growth by extending its reach to new markets, and
4. Drive operating efficiencies across its manufacturing, hiring, and support systems.
In 2021, Axon is continuing to increase investments in R&D across all of Axon’s product lines. This is enabling Axon to accelerate the pace of innovation for its core customers, and will help the company address new markets and customer segments. Axon’s investments in innovation have allowed it to offer a wider range of valuable bundles to customers, including the introduction of its new highest-tier premium bundle at $239 per officer per month over five years—it includes a TASER device, body camera, and access to many existing products within the company’s cloud software suite, and adds expanded virtual reality (“VR”) training and unlimited AI-powered transcription for body camera video.
VISIT HERE to view the press release.
Visit www.aztechcouncil.org/tech-events to view all of the Council’s upcoming virtual tech networking opportunities, engaging virtual tech events and in-person tech events.