<p>经常性软件和服务收入激增 39%，年度经常性收入（非 GAAP）达到 12 亿美元。自由现金流（非 GAAP）转为负值，达到-1.15 亿美元，反映出投资和营运资本的增加，而硬件利润率继续承受压力。</p>
<p><strong>Axon Enterprise</strong>（AXON 15.06%），一家以其 TASER 设备和数字证据平台而闻名的公共安全技术领导者，于 2025 年 8 月 4 日公布了第二季度业绩。Axon 的收入（GAAP）和非 GAAP 每股收益均超出分析师预期，产品和经常性软件收入持续快速增长。收入（GAAP）总计 6.69 亿美元，超出 641.02 万美元的共识，而非 GAAP 每股收益达到 2.12 美元。与去年同期相比，GAAP 收入增长 33%，非 GAAP 每股收益同比增长 73.8%。尽管这一强劲的收入和盈利增长，自由现金流（非 GAAP）却转为负值。根据美国 GAAP，净收入下降，反映出更高的运营成本、股票补偿和硬件利润率压力。总体而言，本季度实现了快速扩张和创新，但面临利润率挑战和显著的投资驱动现金使用。</p>
<table>
<thead>
<tr>
<th>指标</th>
<th>2025 年第二季度</th>
<th>2025 年第二季度预估</th>
<th>2024 年第二季度</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>非 GAAP 每股收益</td>
<td>$2.12</td>
<td>$1.45</td>
<td>$1.22</td>
<td>73.8%</td>
</tr>
<tr>
<td>收入（GAAP）</td>
<td>$6.69 亿</td>
<td>$6.41 亿</td>
<td>$5.03 亿</td>
<td>33.0%</td>
</tr>
<tr>
<td>净收入（GAAP）</td>
<td>$3600 万</td>
<td></td>
<td>$4100 万</td>
<td>(12.2%)</td>
</tr>
<tr>
<td>调整后 EBITDA（非 GAAP）</td>
<td>$1.72 亿</td>
<td></td>
<td>不适用</td>
<td>不适用</td>
</tr>
<tr>
<td>自由现金流（非 GAAP）</td>
<td>($1.15 亿)</td>
<td></td>
<td>$7100 万</td>
<td>—262.0%</td>
</tr>
</tbody>
</table>
<p>来源：FactSet 提供的分析师预估。管理层预期基于管理层在 2025 年第一季度财报中提供的指导。</p>
<h2>商业概述与成功因素</h2>
<p>Axon 专注于公共安全解决方案，将硬件（如 TASER 能量设备和身体摄像头）与云托管的数字证据管理和生产力软件相结合。它在执法、合规监管和新兴数字技术的交汇处运作，旨在帮助机构现代化其运营并减少冲突。</p>
<p>其商业战略的核心是持续的产品创新、合规适应以及通过经常性软件和服务收入最大化客户价值。最近的重点领域包括研发（R&amp;D）投资、负责任的人工智能（AI）整合和供应链灵活性。公司的成功依赖于扩大客户基础、保持高满意度以及在国内和国际市场上增加市场份额。</p>
<h2>本季度亮点与关键发展</h2>
<p>Axon 在收入和盈利方面均表现优异，得益于硬件和软件的快速增长。总收入（GAAP）同比增长 33%，超出预期。软件和服务收入跃升 39%，达到 2.92 亿美元。年度经常性收入攀升至 12 亿美元（非 GAAP），较去年增长 39%。净收入留存率，即客户续约和追加销售的指标，达到 124%，反映出与客户的持续价值和参与度。</p>
<p>公司在扩展其技术生态系统方面取得了实质性进展。其数字证据管理套件继续作为新工具的支柱，例如 Draft One（一个基于 AI 的生产力工具）、实时翻译和编辑助手。平台解决方案部门，包括反无人机硬件、虚拟现实（VR）培训和车队摄像头，收入增长 86%，达到 6700 万美元。这一增长突显了对新兴安全技术的需求，包括无人机部署，Axon 获得了多个监管豁免，并向联邦客户使用的云产品的重要认证迈进。</p>
<p>硬件增长保持强劲，连接设备收入增长 29%，达到 3.76 亿美元。TASER，即公司的能量武器设备系列，收入增长 19%，得益于其最新 TASER 10 型号的强劲需求。个人传感器，包括身体摄像头，年同比增长 24%。尽管销售势头强劲，硬件毛利率下降 270 个基点至 48.6%，主要由于低毛利平台解决方案销售比例的增加。公司在销售成本中报告了 1300 万美元的股票补偿，进一步影响了报告的利润率。</p>
<p>Axon 还在国际市场上取得了显著增长，来自美国以外的收入达到 1.31 亿美元，占总销售额的 20%，高于 2024 年第二季度的 16%。国际收入同比增长 67%，得益于在澳大利亚、拉丁美洲、欧洲和亚洲的扩展。未来合同预订，作为收入管道的前瞻性指标，达到 107 亿美元，增长 43%。公司特别注意到企业和联邦客户的强烈兴趣，以及在公共安全和惩教市场的进展。</p>
<p>运营费用（GAAP）大幅上升，销售、一般和行政费用以及研发费用均较去年增加。股票补偿费用总计 1.39 亿美元，占收入（GAAP）的 20.8%。自由现金流（非 GAAP）为-1.15 亿美元，而 2024 年第二季度为正 7100 万美元，主要受库存投资、新设施和营运资本增加的驱动。根据公认会计原则（GAAP），净收入同比下降 12.2%，降至 3600 万美元，因为费用增速超过了收入增长。公司整体毛利率为 60.4%（GAAP），下降 40 个基点，而调整后的毛利率（不包括某些非现金成本）增加 20 个基点至 63.3%。</p>
<h2>产品线与部门表现</h2>
<p>TASER 设备是 Axon 的原始非致命武器产品线，广泛被美国执法机构采用。机身摄像头和传感器组合（“个人传感器”）通过捕捉实时事件并将视频整合到数字证据管理平台中，来补充这些设备。平台解决方案业务涵盖反无人机系统、车辆和车队摄像头以及基于虚拟现实的培训产品。基于云的软件产品、高级生产力工具如 Draft One 以及实时情报产品的高端采用是软件收入强劲的关键因素。</p>
<p>软件与服务的毛利率同比上升，得益于数字证据管理、实时操作和培训模块中高级订阅的增加。毛利率的压力主要集中在硬件上，因为平台解决方案带来了快速的收入增长，但盈利能力较低。硬件与软件之间的组合变化将继续成为监测整体盈利趋势的重点。</p>
<h2>展望未来及管理层展望</h2>
<p>管理层在强劲业绩后上调了 2025 财年的全年指引。全年收入现预计在 26.5 亿至 27.3 亿美元之间，高于之前的 26 亿至 27 亿美元的范围。在中间值上，这代表着相较于 2024 财年约 29% 的增长。调整后的 EBITDA 指引也上调至 6.65 亿至 6.85 亿美元，之前的范围为 6.5 亿至 6.75 亿美元。</p>
<p>投资者应继续关注自由现金流、股票薪酬、供应链成本和硬件毛利率的趋势。管理层已指出其专注于创新和市场扩展，特别是在国际市场和企业客户领域。</p>
<p><em>收入和净收入采用美国公认会计原则（GAAP）呈现，除非另有说明。</em></p>

AXON

<p>Axon Enterprise (AXON) 报告称第二季度收入同比增长 33%，总计为 6.69 亿美元，超出分析师预期。经常性软件和服务收入激增 39%，达到 2.92 亿美元，而年度经常性收入达到了 12 亿美元。尽管增长强劲，自由现金流因投资和上升的运营成本转为负值，达到-1.15 亿美元。净收入下降 12.2%，为 3600 万美元。公司继续扩展其技术生态系统和国际业务，未来合同预订金额上升至 107 亿美元，反映出公共安全和矫正市场的强劲需求</p>

<p>Recurring software and services revenue surged 39%, and Annual recurring revenue (non-GAAP) reached $1.2 billion. Free cash flow (non-GAAP) reversed to negative, at -$115 million, reflecting investment and working capital build, while hardware margins continued to see pressure.</p>
<div class="lb-trans"><p>经常性软件和服务收入激增 39%，年度经常性收入（非 GAAP）达到 12 亿美元。自由现金流（非 GAAP）转为负值，达到-1.15 亿美元，反映出投资和营运资本的增加，而硬件利润率继续承受压力。</p>
</div><p><strong>Axon Enterprise</strong>(AXON 15.06%), a leader in public safety technology best known for its TASER devices and digital evidence platforms, reported its second quarter results on August 4, 2025. Axon delivered revenue (GAAP) and non-GAAP EPS above analyst estimates, as both product and recurring software revenues continued to grow sharply. Revenue (GAAP) totaled $669 million, beating the $641.02 million consensus, while non-GAAP EPS reached $2.12. Year over year, GAAP revenue grew 33%, and non-GAAP EPS increased 73.8% year over year. Despite this strong top-line and earnings growth, Free cash flow (non-GAAP) turned negative. Net income under U.S. GAAP declined, reflecting higher operating costs, stock compensation, and hardware margin pressure. Overall, The quarter delivered another period of rapid expansion and innovation but saw margin challenges and significant investment-driven cash usage.</p>
<div class="lb-trans"><p><strong>Axon Enterprise</strong>（AXON 15.06%），一家以其 TASER 设备和数字证据平台而闻名的公共安全技术领导者，于 2025 年 8 月 4 日公布了第二季度业绩。Axon 的收入（GAAP）和非 GAAP 每股收益均超出分析师预期，产品和经常性软件收入持续快速增长。收入（GAAP）总计 6.69 亿美元，超出 641.02 万美元的共识，而非 GAAP 每股收益达到 2.12 美元。与去年同期相比，GAAP 收入增长 33%，非 GAAP 每股收益同比增长 73.8%。尽管这一强劲的收入和盈利增长，自由现金流（非 GAAP）却转为负值。根据美国 GAAP，净收入下降，反映出更高的运营成本、股票补偿和硬件利润率压力。总体而言，本季度实现了快速扩张和创新，但面临利润率挑战和显著的投资驱动现金使用。</p>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>Q2 2025</th>
<th>Q2 2025 Estimate</th>
<th>Q2 2024</th>
<th>Y/Y Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS (Non-GAAP)</td>
<td>$2.12</td>
<td>$1.45</td>
<td>$1.22</td>
<td>73.8%</td>
</tr>
<tr>
<td>Revenue (GAAP)</td>
<td>$669 million</td>
<td>$641.02 million</td>
<td>$503 million</td>
<td>33.0%</td>
</tr>
<tr>
<td>Net Income (GAAP)</td>
<td>$36 million</td>
<td></td>
<td>$41 million</td>
<td>(12.2%)</td>
</tr>
<tr>
<td>Adjusted EBITDA (Non-GAAP)</td>
<td>$172 million</td>
<td></td>
<td>N/A</td>
<td>N/A</td>
</tr>
<tr>
<td>Free Cash Flow (Non-GAAP)</td>
<td>($115 million)</td>
<td></td>
<td>$71 million</td>
<td>—262.0%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>2025 年第二季度</th>
<th>2025 年第二季度预估</th>
<th>2024 年第二季度</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>非 GAAP 每股收益</td>
<td>$2.12</td>
<td>$1.45</td>
<td>$1.22</td>
<td>73.8%</td>
</tr>
<tr>
<td>收入（GAAP）</td>
<td>$6.69 亿</td>
<td>$6.41 亿</td>
<td>$5.03 亿</td>
<td>33.0%</td>
</tr>
<tr>
<td>净收入（GAAP）</td>
<td>$3600 万</td>
<td></td>
<td>$4100 万</td>
<td>(12.2%)</td>
</tr>
<tr>
<td>调整后 EBITDA（非 GAAP）</td>
<td>$1.72 亿</td>
<td></td>
<td>不适用</td>
<td>不适用</td>
</tr>
<tr>
<td>自由现金流（非 GAAP）</td>
<td>($1.15 亿)</td>
<td></td>
<td>$7100 万</td>
<td>—262.0%</td>
</tr>
</tbody>
</table>
</div><p>Source: Analyst estimates provided by FactSet. Management expectations based on management's guidance, as provided in Q1 2025 earnings report.</p>
<div class="lb-trans"><p>来源：FactSet 提供的分析师预估。管理层预期基于管理层在 2025 年第一季度财报中提供的指导。</p>
</div><h2>Business Overview and Success Factors</h2>
<div class="lb-trans"><h2>商业概述与成功因素</h2>
</div><p>Axon focuses on public safety solutions, combining hardware, such as TASER energy devices and body cameras, with cloud-hosted digital evidence management and productivity software. It operates at the intersection of law enforcement, regulatory compliance, and emerging digital technologies, aiming to help agencies modernize their operations and reduce conflict.</p>
<div class="lb-trans"><p>Axon 专注于公共安全解决方案，将硬件（如 TASER 能量设备和身体摄像头）与云托管的数字证据管理和生产力软件相结合。它在执法、合规监管和新兴数字技术的交汇处运作，旨在帮助机构现代化其运营并减少冲突。</p>
</div><p>Central to its business strategy are continuous product innovation, regulatory adaptation, and maximizing customer value through recurring software and service revenues. Investments in research and development (R&amp;D), responsible artificial intelligence (AI) integration, and supply chain flexibility have been recent areas of emphasis. The company’s success depends on broadening its customer base, maintaining high satisfaction, and growing its share in both domestic and international markets.</p>
<div class="lb-trans"><p>其商业战略的核心是持续的产品创新、合规适应以及通过经常性软件和服务收入最大化客户价值。最近的重点领域包括研发（R&amp;D）投资、负责任的人工智能（AI）整合和供应链灵活性。公司的成功依赖于扩大客户基础、保持高满意度以及在国内和国际市场上增加市场份额。</p>
</div><h2>Highlights and Key Developments in the Quarter</h2>
<div class="lb-trans"><h2>本季度亮点与关键发展</h2>
</div><p>Axon outperformed on both top and bottom lines, driven by rapid growth in both hardware and software. Total revenue (GAAP) grew 33% year over year, surging past expectations. Software &amp; Services revenue jumped 39%, reaching $292 million. Annual recurring revenue climbed to $1.2 billion (non-GAAP), up 39% from the previous year. Net revenue retention, a metric capturing customer renewals and upsells, reached 124%, reflecting ongoing value and engagement with customers.</p>
<div class="lb-trans"><p>Axon 在收入和盈利方面均表现优异，得益于硬件和软件的快速增长。总收入（GAAP）同比增长 33%，超出预期。软件和服务收入跃升 39%，达到 2.92 亿美元。年度经常性收入攀升至 12 亿美元（非 GAAP），较去年增长 39%。净收入留存率，即客户续约和追加销售的指标，达到 124%，反映出与客户的持续价值和参与度。</p>
</div><p>The company made tangible progress expanding its technology ecosystem. Its digital evidence management suite continued to serve as the backbone for new tools, such as Draft One (an AI-powered productivity tool), real-time translation, and the Redaction Assistant. The Platform Solutions segment, which includes counter-drone hardware, virtual reality (VR) training, and fleet cameras, saw revenue rise 86% to $67 million. This growth highlighted demand for emerging safety tech, including drone deployments, where Axon secured several regulatory waivers and advanced toward important certifications for cloud products used by federal customers.</p>
<div class="lb-trans"><p>公司在扩展其技术生态系统方面取得了实质性进展。其数字证据管理套件继续作为新工具的支柱，例如 Draft One（一个基于 AI 的生产力工具）、实时翻译和编辑助手。平台解决方案部门，包括反无人机硬件、虚拟现实（VR）培训和车队摄像头，收入增长 86%，达到 6700 万美元。这一增长突显了对新兴安全技术的需求，包括无人机部署，Axon 获得了多个监管豁免，并向联邦客户使用的云产品的重要认证迈进。</p>
</div><p>Hardware growth remained robust, as Connected Devices revenue grew 29% to $376 million. TASER, the company’s energy weapon device family, saw revenue rise 19% amid strong uptake for its latest TASER 10 model. Personal Sensors, which include body cameras, posted 24% year-over-year growth. Despite the sales momentum, Hardware gross margins dropped 270 basis points to 48.6%, mainly due to a higher share of lower-margin Platform Solutions sales. The company reported $13 million in stock-based compensation within cost of goods sold, affecting reported margins further.</p>
<div class="lb-trans"><p>硬件增长保持强劲，连接设备收入增长 29%，达到 3.76 亿美元。TASER，即公司的能量武器设备系列，收入增长 19%，得益于其最新 TASER 10 型号的强劲需求。个人传感器，包括身体摄像头，年同比增长 24%。尽管销售势头强劲，硬件毛利率下降 270 个基点至 48.6%，主要由于低毛利平台解决方案销售比例的增加。公司在销售成本中报告了 1300 万美元的股票补偿，进一步影响了报告的利润率。</p>
</div><p>Axon also saw significant international gains, as revenue outside the U.S. reached $131 million, or 20% of total sales, up from 16% in Q2 2024. International revenue advanced 67% year over year, fueled by expansion into Australia, Latin America, Europe, and Asia. Future contracted bookings, a forward indicator of revenue pipeline, came in at $10.7 billion, up 43%. The company noted especially strong enterprise and federal interest, along with progress in public safety and corrections markets.</p>
<div class="lb-trans"><p>Axon 还在国际市场上取得了显著增长，来自美国以外的收入达到 1.31 亿美元，占总销售额的 20%，高于 2024 年第二季度的 16%。国际收入同比增长 67%，得益于在澳大利亚、拉丁美洲、欧洲和亚洲的扩展。未来合同预订，作为收入管道的前瞻性指标，达到 107 亿美元，增长 43%。公司特别注意到企业和联邦客户的强烈兴趣，以及在公共安全和惩教市场的进展。</p>
</div><p>Operating expenses (GAAP) rose sharply, with selling, general, and administrative costs and R&amp;D up from the previous year. Stock-based compensation expense totaled $139 million, 20.8% of revenue (GAAP). Free cash flow (non-GAAP) was -$115 million compared to a positive $71 million in Q2 2024, driven by inventory investment, new facilities, and working capital buildup. Net income under generally accepted accounting principles (GAAP) fell 12.2% year over year to $36 million, as expenses outpaced revenue growth. Gross margin for the total company stood at 60.4% (GAAP), down 40 basis points, while adjusted gross margin (excluding certain non-cash costs) increased 20 basis points to 63.3%.</p>
<div class="lb-trans"><p>运营费用（GAAP）大幅上升，销售、一般和行政费用以及研发费用均较去年增加。股票补偿费用总计 1.39 亿美元，占收入（GAAP）的 20.8%。自由现金流（非 GAAP）为-1.15 亿美元，而 2024 年第二季度为正 7100 万美元，主要受库存投资、新设施和营运资本增加的驱动。根据公认会计原则（GAAP），净收入同比下降 12.2%，降至 3600 万美元，因为费用增速超过了收入增长。公司整体毛利率为 60.4%（GAAP），下降 40 个基点，而调整后的毛利率（不包括某些非现金成本）增加 20 个基点至 63.3%。</p>
</div><h2>Product Lines and Segment Performance</h2>
<div class="lb-trans"><h2>产品线与部门表现</h2>
</div><p>TASER devices are Axon’s original less-lethal weapon product line, widely adopted by U.S. law enforcement agencies. The body camera and sensor portfolio (“Personal Sensors”) complements these devices by capturing live events and integrating footage into the digital evidence management platform. The Platform Solutions business encompasses counter-drone systems, vehicle and fleet cameras, and VR-based training products. Premium adoption of cloud-based software products, AI-powered productivity tools like Draft One, and real-time intelligence offerings were key contributors to software revenue strength.</p>
<div class="lb-trans"><p>TASER 设备是 Axon 的原始非致命武器产品线，广泛被美国执法机构采用。机身摄像头和传感器组合（“个人传感器”）通过捕捉实时事件并将视频整合到数字证据管理平台中，来补充这些设备。平台解决方案业务涵盖反无人机系统、车辆和车队摄像头以及基于虚拟现实的培训产品。基于云的软件产品、高级生产力工具如 Draft One 以及实时情报产品的高端采用是软件收入强劲的关键因素。</p>
</div><p>Software &amp; Services gross margin rose year over year, thanks to increased adoption of premium subscriptions in digital evidence management, real-time operations, and training modules. Margin headwinds were mostly contained to hardware, as Platform Solutions brought rapid revenue growth at lower profitability. The mix shift between hardware and software will remain a focus for monitoring overall profitability trends going forward.</p>
<div class="lb-trans"><p>软件与服务的毛利率同比上升，得益于数字证据管理、实时操作和培训模块中高级订阅的增加。毛利率的压力主要集中在硬件上，因为平台解决方案带来了快速的收入增长，但盈利能力较低。硬件与软件之间的组合变化将继续成为监测整体盈利趋势的重点。</p>
</div><h2>Looking Forward and Management’s Outlook</h2>
<div class="lb-trans"><h2>展望未来及管理层展望</h2>
</div><p>Management raised its full-year 2025 guidance following strong results. Full-year revenue is now expected in the range of $2.65 billion to $2.73 billion, up from the previous range of $2.60 billion to $2.70 billion. At the midpoint, this represents approximately 29% growth over FY2024. Adjusted EBITDA guidance for the full year was also raised to $665–$685 million, from a prior range of $650–$675 million.</p>
<div class="lb-trans"><p>管理层在强劲业绩后上调了 2025 财年的全年指引。全年收入现预计在 26.5 亿至 27.3 亿美元之间，高于之前的 26 亿至 27 亿美元的范围。在中间值上，这代表着相较于 2024 财年约 29% 的增长。调整后的 EBITDA 指引也上调至 6.65 亿至 6.85 亿美元，之前的范围为 6.5 亿至 6.75 亿美元。</p>
</div><p>Investors should continue to watch trends in free cash flow, stock-based compensation, supply chain costs, and hardware margins. Management has noted its focus on innovation and market expansion, especially internationally and within enterprise customer segments.</p>
<div class="lb-trans"><p>投资者应继续关注自由现金流、股票薪酬、供应链成本和硬件毛利率的趋势。管理层已指出其专注于创新和市场扩展，特别是在国际市场和企业客户领域。</p>
</div><p><em>Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.</em></p>
<div class="lb-trans"><p><em>收入和净收入采用美国公认会计原则（GAAP）呈现，除非另有说明。</em></p>
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Axon (AXON) 第二季度的收入增长了 33%