Axon Enterprise Inc. (NASDAQ: AXON), a producer of law enforcement gear and software, announced a double-digit revenue increase in the second quarter. The company’s primary market remains the police, although management intends to grow sales in the civilian sector.
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Axon Enterprise’s Q2 sales increased 31% year on year to over $286 million. Taser non-lethal weapon sales increased by 20.5% year on year, while body camera sales increased by 49%, and cloud storage sales increased by 35%. Earnings per share were adjusted to $0.44.
AXON easily outperformed Wall Street’s revenue and profit estimates, with management even modestly raising full-year guidance to $1.07-$1.12 billion. Adjusted EBITDA is expected to be in the $190 million range. a maximum of $200 million
Axon Enterprise Inc. (AXON)’s major target audience is law enforcement agencies, and the product is constantly increasing. The firm is a pioneer and leader in a number of crucial technologies that have become standard in US police and other agencies, such as streaming body camera recordings to the cloud.
Sales in the civilian sector are a prospective area for the corporation. This business is still in its early stages of development, with Axon sales in this area at $5.2 million each quarter. Axon’s management expects that the consumer market will one day be as large as the market for law enforcement equipment.
The company intended to issue customized drones, GPS trackers for continuous position tracking, and emergency medical services in particular. Axon Enterprise also offers considerable untapped worldwide expansion potential. We’re talking about selling Taser shock guns in nations where people don’t have access to more effective self-defense tools.
Although the company has fared admirably in recent months, investor interest has declined substantially. This has resulted in a -12.73% drop in trading volume, which ranks negatively when compared to the stock’s normal volume. Given that the market is exposed to 67.37 million shares of the firm, this information is essential since it shows the float size of the stock.