Name: Axon Enterprise Inc. (NASDAQ:AXON) | Analysis of Revenues
Creator: Stock Analysis on Net

Analysis of Revenues

Revenues as Reported

Revenues as Reported

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Axon Enterprise Inc., income statement, revenues

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
TASER 7	224,905)	135,906)	107,506)	56,652)	7,358)
TASER X26P	33,725)	40,629)	41,724)	52,524)	70,638)
TASER X2	24,068)	58,081)	60,107)	55,920)	78,837)
TASER Consumer devices	6,420)	7,132)	9,407)	4,089)	5,182)
Cartridges	181,686)	152,842)	115,193)	85,987)	68,258)
Axon Body	124,164)	75,484)	57,150)	44,039)	21,883)
Axon Flex	3,031)	4,155)	4,082)	5,928)	6,509)
Axon Fleet	63,017)	24,319)	20,108)	16,182)	12,527)
Axon Dock	30,086)	24,441)	19,723)	20,449)	10,706)
Axon Evidence and cloud services	390,641)	255,164)	179,732)	130,969)	90,291)
Extended warranties	78,773)	57,811)	45,162)	37,262)	27,613)
Other	29,419)	27,417)	21,109)	20,859)	20,266)
Net sales	1,189,935)	863,381)	681,003)	530,860)	420,068)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Net sales demonstrated a consistent and aggressive upward trajectory from 2018 to 2022, increasing from 420.1 million to 1.19 billion. This growth is characterized by a strategic transition toward software-based recurring revenue and the successful introduction of next-generation hardware.

Software and Cloud Services Expansion: Axon Evidence and cloud services emerged as the dominant revenue stream, growing from 90.3 million in 2018 to 390.6 million in 2022. This segment exhibits the most significant absolute growth, indicating a successful shift toward a software-as-a-service (SaaS) business model.
TASER Product Lifecycle Transition: A distinct product migration is observable within the TASER portfolio. Revenues for legacy models, specifically the TASER X26P and TASER X2, declined steadily over the five-year period. Conversely, the TASER 7 experienced exponential growth, rising from 7.4 million in 2018 to 224.9 million in 2022, effectively replacing the older models as the primary hardware revenue driver in this category.
Hardware Ecosystem Growth: Axon Body revenues grew substantially from 21.9 million to 124.2 million, showing particular acceleration between 2021 and 2022. Axon Fleet also displayed a sharp increase in the final year of the period, jumping from 24.3 million to 63.0 million, suggesting expanded market penetration in vehicle-integrated solutions.
Recurring and Consumable Revenue: Revenue from cartridges and extended warranties showed steady, linear growth. Cartridges increased from 68.3 million to 181.7 million, while extended warranties rose from 27.6 million to 78.8 million. This pattern indicates a growing installed base of hardware which creates a reliable stream of ancillary and recurring income.

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