0001628280-26-071086
SEC filingAxon Q3 2026营收创纪录达$909M、同比增28%，软件与服务加速至43%成头号驱动，但毛利率下滑且指引因联邦Dedrone订单递延而下调。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $908.554 million | $710.641 million | 28% |
| Gross Margin | 56.7% | 60.1% | (340) bp |
| Adjusted Gross Margin | 59.2% | 62.7% | (350) bp |
| Operating Income | $42.080 million | $(2.129) million | — |
| Net Income | $57.006 million | $(2.186) million | — |
| Diluted EPS (GAAP) | $0.68 | $(0.03) | — |
| Non-GAAP Net Income | $143.538 million | $102.746 million | — |
| Non-GAAP Diluted EPS | $1.72 | $1.24 | — |
| Adjusted EBITDA | $235.660 million | $177.010 million | 33% |
| Adjusted EBITDA Margin | 25.9% | 24.9% | 100 bp |
| Software & Services Revenue | $437.030 million | $305.242 million | 43.2% |
| Connected Devices Revenue | $471.524 million | $405.399 million | 16.3% |
| Platform Solutions Revenue | $124.952 million | $60.772 million | 106% |
| Operating Cash Flow | $19.687 million | $60.014 million | — |
| Free Cash Flow | $(18.901) million | $33.379 million | — |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| Q4 2026 | Revenue | $990 million–$1.01 billion | N/A |
| Q4 2026 | Adjusted EBITDA | $245 million–$250 million | Non-GAAP |
| Full Year 2026 | Revenue | 约 $3.61 billion–$3.63 billion（约30%增长） | N/A |
| Full Year 2026 | Adjusted EBITDA | $924 million–$929 million（利润率约25.6%） | Non-GAAP |
| Full Year 2026 | Free Cash Flow | $350 million–$400 million | Non-GAAP |
| Full Year 2026 | Stock-based Compensation | 约 $570 million–$600 million | N/A |
| Full Year 2026 | CapEx | $130 million–$150 million | N/A |
Q3 2026 营收同比增28%至$908.554 million，增长引擎明显向软件倾斜：Software & Services 增43.2%至$437.030 million，管理层称 real-time operations、Axon Records、Axon AI、Axon 911 与 Dedrone software 合计年化收入接近$500 million、较去年翻倍以上，AI ARR 突破$100 million；Connected Devices 增16.3%至$471.524 million，其中 Platform Solutions 增106%至$124.952 million，但 TASER 由去年$237.950 million 降至$233.040 million，且约$30 million 联邦 Dedrone 部署未如期确认。盈利端 GAAP 经营利润转正至$42.080 million、净利$57.006 million、摊薄 EPS $0.68，Adjusted EBITDA 增33%至$235.660 million（利润率25.9%），体现经营杠杆；但毛利率由60.1%降至56.7%、Adjusted gross margin 由62.7%降至59.2%，主因反无人机设备占比上升、内存成本上涨及新品爬坡，Software & Services 分部毛利率亦由73.8%降至71.4%（软件-only 仍超80%）。
现金流与资产负债表是本期最需关注的张力点：经营现金流仅$19.687 million（去年$60.014 million），自由现金流为流出$18.901 million，主因约$100 million 战略库存投入；期末现金及等价物$1.4588 billion、短期投资$181.587 million，长期票据$2.868 billion，净债务$1.2 billion、环比增$182 million。指引方面，Q4 营收$990 million–$1.01 billion、Adjusted EBITDA $245–$250 million，全年营收约$3.61–$3.63 billion（约30%增长），较此前32%–34%下调，完全源于剔除三笔合计约$130 million 的联邦 Dedrone 部署（含Q3的$30 million 与Q4的两笔$100 million）；管理层强调若这些部署如期，全年增速将较当前指引高近500 bp、较此前指引中值高约200 bp。全年自由现金流指引下调至$350–$400 million（原$450 million），同样归因库存策略（全年预计占用$225 million 现金，2027年Q1后趋缓）。战略层面，公司宣布向 Skydio 追加$1.2 billion 投资、持股升至37%，并成为其美加公共安全独家分销商（按净额计入 Software & Services），同时推出 Axon Body 5、TASER Ion 与 Axon Guardian；未来合约订单$15.8 billion（同比增39%）、ARR $1.750 billion（同比增40%）、NRR 126%，为后续增长提供能见度。