AXON | Market Cap: $44.1B (07/13/26)
Industry:
Hardware Software

DESCRIPTION

Axon makes integrated hardware and software for public safety agencies and enterprise customers. Axon's two core product lines are TASER conducted energy devices — led by the TASER 10 flagship — and body cameras, led by the Axon Body 4. Binding these together is a cloud software platform that includes Axon Evidence (digital evidence management), Axon Records (records management), Axon Fusus (real-time operations), and the AI Era Plan (AI tools including Draft One for automated report writing). Axon also makes in-car cameras, license plate recognition cameras, drones, and counter-drone systems via its Dedrone acquisition. Axon sells primarily to U.S. state and local law enforcement, and is expanding into corrections, international law enforcement, the U.S. federal government, and enterprise customers. Axon's business model bundles hardware and software into multi-year contracts, typically 5–10 years, structured around per-officer-per-month subscription plans. The flagship Officer Safety Plan has expanded in price as Axon adds products, with top-tier configurations approaching $600/officer/month. About 70% of Axon's domestic user base remains on basic plans, leaving room for upsell. Net revenue retention has been near or above 120% for 20 consecutive quarters. Axon entered 2026 with roughly $10B in contracted backlog. Axon's growth strategy focuses on upselling existing customers to premium plans, expanding into new markets, and tuck-in acquisitions of early-stage companies like Fusus, Dedrone, Prepared, and Carbyne to extend the platform.

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