Form 8-K · Current Report · Filed 2025-05-07

Axon Enterprise, Inc. Restates Financial Statements Due to Balance Sheet Error and Reports Q1 2025 Results

Axon Enterprise, Inc. has announced the restatement of its previously issued consolidated financial statements for the fiscal year ended December 31, 2024, and for the quarterly periods ended March 31, 2024, and September 30, 2024, due to an error in the balance sheet presentation of its $690 million 2027 Notes. The company identified that the notes should have been presented as current liabilities instead of long-term liabilities, as they were convertible under certain conditions. As part of the restatement, the Audit Committee concluded that the opinion on the company's consolidated financial statements and internal controls should no longer be relied upon. Additionally, Axon reported its Q1 2025 financial results, showing a 31% year-over-year increase in revenue to $604 million, with software & services revenue up 39% to $263 million and annual recurring revenue growing 34% to $1.1 billion. The company also raised its full-year revenue outlook to a range of $2.60 billion to $2.70 billion.