Axon Enterprise
Operating system for public safety. Q1 2026 revenue $807M (+34% YoY, ninth consecutive quarter >30%); ARR $1.5B (+35%); future contracted bookings $14.3B (+44%). AI product revenue grew >700% YoY, AI Era Plan bookings +140%; "nearly all large US law enforcement agencies" now include AI in purchases. FY2026 guidance raised to 30-32% growth from 27-30%.
Scenarios
Land-and-expand moat is exceptional — body cameras lead to Cloud, then AI, then Draft One. AI Era Plan reaching saturation at the top end of the agency market means TAM expansion is now international and federal, not domestic.
Civil liberties concerns could generate regulatory backlash in Europe. Still hardware-dependent (Tasers, cameras) — supply chain issues create churn risk.
Key Factors to Watch
- ●Q1 2026 BEAT — revenue $807M (+34%), bookings $14.3B (+44%), FY26 guide raised to 30-32%
- ●AI revenue +700% YoY; AI Era Plan bookings +140% YoY
- ●"Nearly all large US law enforcement agencies" now include AI in purchases — top-end TAM saturation
- ●NRR 125%, ARR $1.5B (+35%) — best-in-class SaaS retention
Score History
| Date | Score | Direction | Note |
|---|---|---|---|
| 2026-05-09 | 8.5 | Very Positive | W19 Q1 2026 BEAT — are 9→10 (AI revenue +700% YoY, AI Era Plan bookings +140%), aam 8→9 ("nearly all large US agencies" saturation) |
| 2026-03-08 | 8.2 | Very Positive | Blind spot review: disruption_risk 1→3 (EU regulation risk), moat_durability 9→8 (competitive bids at renewal) |
| 2026-03-08 | 8.8 | Very Positive | Initial assessment from batch 8 research |
Software Peers
Last researched: 2026-05-09
This is research and analysis, not financial advice. Scores reflect AI impact potential, not investment recommendations.