Short answer
Axon Enterprise (AXON) filed its Q3 2025 10-Q quarterly report on Nov 5, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $711M (up 31.0% year over year) with net income of −$2M.
Q3 2025 key financials · XBRL
- Revenue
- $711M
- +31.0% YoY · +6.3% QoQ
- Net income
- −$2M
- −103.2% YoY · −106.1% QoQ
- Operating margin
- -0.3%
- Gross margin
- 60.1%
- EPS (diluted)
- −$0.04
- −104.6% YoY · −109.1% QoQ
Source: XBRL data from the Axon Enterprise (AXON) Q3 2025 10-Q on SEC EDGAR. USD.
Axon Enterprise Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $710.6M for Q3 2025, up 30.6% YoY from $544.3M Q3 2024; 9-month revenue $2.0B, up 31.5% YoY from $1.5B
- Operating loss Q3 2025 $(2.1)M vs income $24.1M Q3 2024; operating margin -0.3% vs 4.5% YoY; 9-month operating loss $(12.0)M vs income $74.3M
- Best segment: Software and Services revenue up 41.1% Q3 to $305.2M; Worst margin decline in Connected Devices segment: 49.9% Q3 2025 vs 52.4% YoY
- Cash and cash equivalents increased by $969.0M to $1.4B from Dec 31, 2024; financing cash inflow $1.5B driven by $1.8B Senior Notes issuance and $362.2M ATM equity offering
- Management cites global tariffs, higher Platform Solutions mix pressuring margins; expects to fund growth via opportunistic debt issuance and acquisitions
Risk Factors
- New AI regulatory risk triggered by EU AI Act compliance requirements impacting law enforcement products and company development costs
- Material update on internal controls: remediation of convertible debt-related material weakness completed as of June 30, 2025
- Legal risk: ongoing personal injury and wrongful death lawsuits tied to CED product use with significant potential judgments and reputational harm
- Operational risk in supply chain: TASER 10 CED component shortages due to ATF import permit constraints impacting production and revenue
- Financial risk: majority of cash held at three banks with uninsured balances exposes liquidity to potential loss from bank failures
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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