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Axon Enterprise, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing shows that Axon's revenues increased to $544.3 million, a 31.7% rise from the same quarter in the previous year. The increase was driven by higher sales in both TASER and Software and Sensors segments.
Net income for the quarter was $67.0 million, compared to $61.3 million in the previous year. The increase in net income was partly due to a noncash unrealized gain of $44.0 million on marketable securities.
Gross margin for the quarter was 60.8%, down from 62.1% in the previous year. The decrease was attributed to higher stock-based compensation expenses and amortization of acquired intangibles.
Sales, general, and administrative expenses rose to $192.2 million from $122.4 million, primarily due to increased headcount and stock-based compensation expenses.
Research and development expenses increased to $114.5 million from $76.9 million, reflecting higher salaries and stock-based compensation.
Axon reported cash and cash equivalents of $695.1 million as of September 30, 2024, up from $598.5 million at the end of 2023.
Operating cash flow for the nine months ended September 30, 2024, was $158.1 million, compared to $49.2 million in the same period the previous year.
The company completed the acquisition of the remaining interest in Fusus, LLC (AXON+0.20%), for approximately $241.3 million, expanding its real-time crime center technology offerings.
Axon also announced the acquisition of Dedrone Holdings, Inc., a leader in airspace security, for approximately $400 million, to be recorded in the fourth quarter of 2024.
The filing details a revision of previously issued financial statements to correct immaterial errors related to revenue recognition under ASC 606.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Axon Enterprise Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.