0001628280-26-053363
SEC filingQ2营收增35%至$904M，AI Era与Dedrone驱动，上调全年指引。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $904.4M | $668.5M | +35% |
| Gross Margin (GAAP) | 60.4% | 60.4% | 持平 |
| Operating Income | $46.8M | -$1.0M | +$47.8M |
| Net Income (GAAP) | $29.4M | $36.1M | -$6.7M |
| Diluted EPS (GAAP) | $0.36 | $0.44 | -$0.08 |
| Non-GAAP Net Income | $155.5M | $178.8M | -$23.3M |
| Non-GAAP Diluted EPS | $1.88 | $2.18 | -$0.30 |
| Adjusted EBITDA | $242.0M | $171.6M | +41% |
| Adjusted EBITDA Margin | 26.8% | 25.7% | +110bp |
| Software & Services Revenue | $397.8M | $292.2M | +36.2% |
| Connected Devices Revenue | $506.6M | $376.4M | +34.6% |
| ARR | $1.6B | $1.2B | +39% |
| Net Revenue Retention | 126% | 124% | +2pp |
| Future Contracted Bookings | $15.1B | $10.7B | +41% |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2026 | Revenue Growth | 32% to 34% | 上调自30%-32% |
| FY2026 | Adjusted EBITDA Margin | 25.5% | 维持 |
| FY2026 | Stock-based Compensation | $590M to $620M | 与先前一致 |
| FY2026 | CapEx | $160M to $190M | — |
简评
Axon Q2 2026 营收 $904M，同比增 35%，连续第 10 个季度增速超 30%，增长动能强劲。Software & Services 营收 $398M（+36%），AI Era 营收同比增近 700%，显示 AI 订阅计划快速渗透；Connected Devices 营收 $507M（+35%），Dedrone 营收超 $100M，TASER 10 与 Axon Body 4 持续放量。毛利率 GAAP 60.4% 同比持平，环比增 130bp；调整后毛利率 62.9% 同比降 40bp，主因专业服务收入占比提升及新产品爬坡，部分被关税退款抵消。经营利润 $46.8M，同比增 $47.8M，受益于收入增长与关税退款，但被未来增长投资部分抵消。
净利 $29M（$0.36/股）同比下滑，主因去年同期确认大额税收优惠；Non-GAAP 净利 $155M（$1.88/股）亦同比降，但税前利润同比增加。Adjusted EBITDA $242M，同比增超 40%，利润率 26.8%。经营现金流改善至 $20M（去年同期流出 $92M），自由现金流 -$1M，同比大幅改善，主因 EBITDA 提升，部分被库存投资与收款时点抵消。管理层上调全年营收增速指引至 32%-34%，维持 Adjusted EBITDA 利润率 25.5%，反映对 $15.1B 未来合同预订执行及管道扩张的信心。资本返还方面未披露分红或回购计划。