Axon Q1 revenue $604M (+31%), net income $88M, raises FY guidance; restates prior financials

AXON ENTERPRISE, INC.

2025-Q1 EPS reported $1.08 revenue$603,633,000

Q1 revenue $604M (+31% YoY); net income $88M ($1.08 EPS); raises FY revenue outlook to $2.60-2.70B.
Software & Services revenue $263M (+39% YoY); ARR $1.1B (+34% YoY, net retention 123%).
Restatement: $690M convertible notes misclassified as long-term; should be current liabilities. No impact on totals.
Additional material weakness in ICFR due to inadequate monitoring of conversion provisions; prior financials no longer reliable.
Adjusted EBITDA $155M (25.7% margin); operating cash flow $26M; net cash $171M.

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