Axon Reports Q1 2022 Revenue Up 32% to $256 million, Raises Full Year Outlook
- Axon Cloud revenue up 47% on strong SaaS demand
- Net income of $55 million, Adjusted EBITDA of $49 million
- Operating cash flow of $44 million, adjusted free cash flow of $32 million
Axons' full year outlook has strengthened to annual revenue growth expectations of 25%, and the company is already looking toward continued momentum in 2023 and beyond. Bookings grew 52% year over year in Q1, which is a forward-looking indicator given the average contract life of five years.
Axons' demand pipeline remains strong and Axon is not slowing down.
In April, the company formally kicked off thier moonshot goal, which is to join forces with public safety to reduce fatal officer involved shootings by 50% within 10 years. Most notably, Axon aims to break the historical tie between injuries and weapons by emphasizing product development on the non-lethal end of the use-of-force continuum. According to Axon, their customers are incredibly excited about this goal. Axon believes it is uniquely situated to drive improvement in this deeply entrenched societal problem, through their product ecosystem of TASER devices, body cameras and VR training and software.