What is Axon Net Worth 2024: Market Cap, Revenue & Financial Overview

Curious about Axon net worth in 2024? Axon Enterprise Inc., a leading technology company in public safety, has seen significant financial growth.

At Ando Money, we explore Axon’s market cap, financial performance, and what makes this tech giant a standout in the industry.

Quick Facts

What is the Net Worth/Market Cap Of Axon in 2024?

In 2024, Axon’s market cap is estimated at A$44.81 billion ($28.86 billion), making it one of the prominent companies in the global technology sector.

With significant growth and financial stability, Axon continues to expand its market presence. This places it alongside several well-known brands in the tech and security sectors.

Compared to other industry giants, Axon holds a noteworthy position, competing with companies that contribute to the global market cap.

Below are some companies related to Axon:

• Motorola Solutions
• Cloudflare
• L3Harris Technologies
• Palantir Technologies
• BodyWorn by Utility
• Skydio
• Dedrone Holdings
• Fusus LLC
• DroneSense Inc.
• ShotSpotter

For more insights on the wealthiest companies, visit Ando Money’s article on top enterprises.

Financial Performance Overview

Axon Q2 2024 Highlights

Axon’s financial growth in Q2 2024 is impressive, with revenue reaching $504 million, an increase of 35% year over year.

The Axon Cloud & Services segment is a significant contributor, generating $195 million in revenue and showing a 47% growth compared to the previous year.

Additionally, the Annual Recurring Revenue (ARR) stands at $850 million, a 44% growth year over year. This strong performance highlights the company’s strategic focus on cloud and software services.

Net income for Q2 2024 reached $41 million, supporting a non-GAAP net income of $93 million. Axon’s Adjusted EBITDA was $123 million, resulting in a margin of 24.5%, showcasing solid profitability.

The company has set its revenue guidance for 2024 to range between $2.00 billion and $2.05 billion, indicating an optimistic outlook for annual growth.

Software & Sensors Segment

The Axon Cloud & Services revenue grew by 46.8% year over year, primarily driven by new users and increased adoption of premium offerings.

Gross margins for this segment improved, with a 72.4% gross margin and an adjusted gross margin of 75.0%.

This growth can be attributed to a reduction in professional services costs related to installations and higher demand for Axon’s cloud-based evidence management software, Axon Evidence.

The Sensors & Other category also saw a 28.4% growth in revenue year over year. H

owever, the gross margin decreased to 38.9%, impacted by stock-based compensation expenses and manufacturing adjustments.

TASER Segment Performance

Axon’s TASER product line remains a significant revenue driver. The segment achieved a 27.6% growth year over year, resulting in $196.96 million in Q2 2024.

The gross margin was strong at 60.4%, and after excluding stock-based compensation expenses, the adjusted gross margin improved to 62.9%.

TASER 10 has been a successful product, surpassing 100,000 units in the field.

This continued demand for TASER devices, along with cartridges and related cloud services, has fueled the segment’s growth.

Real-Time Operations and Partnerships

Axon’s acquisition of Fusus LLC has played a pivotal role in advancing its real-time operations portfolio.

By leveraging connectivity through devices like body cameras, drones, and TASERs, Axon is providing innovative solutions for public safety.

Revenue from the real-time operations suite grew by more than 100% year over year in Q2 2024.

Additionally, the partnership with Skydio Inc. enhances Axon’s drone integration capabilities, creating a comprehensive solution for law enforcement agencies.

Axon has also been focused on AI-powered productivity software, introducing tools like Draft One, which is a generative AI service for drafting police reports, cutting down on administrative time for officers.

The company anticipates continued growth in this sector as AI adoption in law enforcement workflows increases.

Revenue Outlook & Stock-Based Compensation

For the full year 2024, Axon expects stock-based compensation expenses to be in the range of $355 million to $370 million, an increase from earlier projections.

The rise is primarily driven by broad-based equity incentive programs approved in May 2024.

Axon’s financial outlook remains robust, with an expected Adjusted EBITDA margin of 23.1% for 2024, an increase from prior guidance.

This indicates continued growth and operational efficiency across Axon’s key business areas.

FAQs About Axon

How Did Axon’s Revenue Perform in Q2 2024?

Axon reported a 35% increase in revenue, totaling $504 million in Q2 2024. The growth was led by strong performance across Axon Cloud & Services, Sensors & Other, and TASER segments.

What Is Axon’s Annual Recurring Revenue (ARR)?

The Annual Recurring Revenue (ARR) for Axon grew by 44.1% year over year to reach $850 million as of Q2 2024, primarily due to cloud product adoption.

How Is Axon’s Adjusted EBITDA in Q2 2024?

Axon’s Adjusted EBITDA in Q2 2024 was $123 million, with a margin of 24.5%, indicating profitable growth in their product segments.

What Are Axon’s Key Product Offerings?

Axon’s key products include TASER energy devices, Axon body cameras, cloud-hosted evidence management software, AI-powered productivity tools, and real-time operations platforms.

How Is Axon’s Cash Position as of June 2024?

As of June 30, 2024, Axon holds $969 million in cash, cash equivalents, and investments, with outstanding convertible notes of $690 million, resulting in a net cash position of $279 million.

Conclusion

I hope this comprehensive analysis of Axon’s net worth and financial performance provides you with valuable insights.

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