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Axon Enterprise, Inc. ( Axon, the Company, we or us ) is a technology company that provides integrated hardware and software solutions. Founder-led since 1993, Axon began with a mission to protect life and has grown into a global technology company serving a range of customers.
The business is unprofitable at the operating level (-2.23% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 33.5%, still solid. Margins contracted 5.0pp, which offsets some of the top-line progress.
Free cash flow declined 77% versus the prior year, cash generation momentum has weakened. ROIC dropped from 1.78% to -1.09%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$2.98B
▲ +33.5% YoY
Net Income (TTM)
$206M
▼ -66.9% YoY
Op. Margin
-0.81%
▼ -5.0pp YoY
ROIC
-0.36%
▼ -2.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$20M
▼ -77.2% YoY
Op. Cash Flow (TTM)
$154M
▼ -48.2% YoY
Net Debt
$1.11B
Cash & Equiv.
$719M
5Y CAGR: +32.5%
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