Summary
Axon Enterprise, Inc. (formerly TASER International, Inc.) in its March 15, 2010, 10-K filing, reported total net sales of $104.3 million for the year ended December 31, 2009. This represents a 12.3% increase from the previous year, driven by strong international sales (22% of total) and significant growth in federal and military markets, which offset a decline in domestic municipal spending due to economic constraints. The company's core product, the TASER X26, continued to be a primary revenue driver, along with a substantial contribution from single cartridge sales. Despite the revenue growth, the company experienced a net loss of $1,106 for 2009, a stark contrast to the $3.6 million net income in 2008. This was largely due to a significant increase in research and development (R&D) expenses, which more than doubled to $20 million in 2009, primarily driven by investments in new product development, including the AXON and EVIDENCE.COM digital evidence solution. The company maintains a strong balance sheet with $45.5 million in cash and cash equivalents and no debt, providing financial flexibility for continued investment in innovation and market expansion.
Financial Highlights
28 data points| Revenue | $104.25M |
| Cost of Revenue | $40.85M |
| Gross Profit | $63.40M |
| R&D Expenses | $20.00M |
| SG&A Expenses | $43.48M |
| Operating Expenses | $63.48M |
| Operating Income | -$79K |
| Net Income | -$1K |
| Shares Outstanding (Basic) | 61.92M |
| Shares Outstanding (Diluted) | 61.92M |
Key Highlights
- 1Net sales increased by 12.3% to $104.3 million in 2009, driven by international and federal/military sales, partially offsetting a decline in domestic municipal spending.
- 2International sales represented 22% of total net sales in 2009, up from 18% in 2008, indicating growing global adoption.
- 3Federal and military markets significantly contributed to sales, accounting for approximately 13% of net sales in 2009, a substantial increase from 5% in 2008.
- 4Research and development expenses more than doubled to $20.0 million in 2009, reflecting significant investment in new products like the AXON and EVIDENCE.COM digital evidence solution.
- 5The company reported a net loss of $1,106 for 2009, a reversal from the $3.6 million net income in 2008, largely due to increased R&D spending.
- 6Axon maintained a strong financial position with $45.5 million in cash and cash equivalents and no outstanding debt at the end of 2009.
- 7The company launched initial field trials for its AXON and EVIDENCE.COM digital evidence solution in late 2009, signaling a strategic move into a new market segment.