Analysis of Revenues
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- Cash Flow Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
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Revenues as Reported
Axon Enterprise Inc., income statement, revenues
US$ in thousands
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).
The revenue data exhibits significant growth across most product lines and services over the examined periods, with varying trends in individual items.
- TASER product line
- The TASER 7 shows a strong upward trajectory, starting from $7.4 million in 2018 and increasing sharply to $224.9 million by 2022, representing the most pronounced growth among TASER products. In contrast, TASER X26P experiences a steady decline each year, falling from $70.6 million in 2018 to $33.7 million in 2022. Similarly, TASER X2 shows a downward trend, particularly steep in the final year, decreasing from $78.8 million in 2018 to $24.1 million in 2022. TASER Consumer devices demonstrate modest fluctuations, peaking in 2020 at $9.4 million before gradually decreasing to $6.4 million in 2022.
- Cartridges
- This segment shows consistent growth, increasing from $68.3 million in 2018 to $181.7 million in 2022, reflecting steady demand and growth across the years.
- Axon hardware products
- Axon Body revenue more than quintuples from $21.9 million in 2018 to $124.2 million in 2022, indicating rapid adoption or expanded sales. Axon Flex trends downward, from $6.5 million in 2018 to $3.0 million in 2022, showing diminishing relevance or replacement by other products. Axon Fleet experiences moderate growth initially but then surges in 2022 to $63.0 million from $24.3 million in 2021, suggesting either new product introduction or expanded market penetration. Axon Dock sales generally increase, peaking in 2022 at $30.1 million, nearly tripling from $10.7 million in 2018.
- Axon services
- Axon Evidence and cloud services demonstrate strong and continuous growth, rising from $90.3 million in 2018 to $390.6 million in 2022, establishing this category as a major revenue driver. Extended warranties also show progressive growth, increasing from $27.6 million in 2018 to $78.8 million in 2022, highlighting growing customer investment in after-sales support.
- Other
- Revenue classified as Other remains relatively stable, with a slight increase from $20.3 million in 2018 to $29.4 million in 2022.
- Net sales
- Overall net sales exhibit substantial and consistent growth, climbing from $420.1 million in 2018 to nearly $1.19 billion in 2022, reflecting successful expansion across multiple categories.
In summary, the data indicates a strategic shift toward newer TASER models and a strong growth in services, particularly cloud-based offerings. Some legacy products show declining revenues, while newer hardware and service categories demonstrate increasing market traction. The robust increase in cartridges and Axon Body cameras further supports a diversified revenue expansion.