Amid Calls For Police Reform, Axon Reports Q2 Loss, Revenue Growth
On Thursday, Axon Inc. reported a second-quarter loss of $30.8 million, after reporting a profit in the same period a year earlier. The maker of stun guns and body cameras posted revenue of $141.3 million in the period, up 26% from the previous year. Chief Financial Officer Jawad Ahsan was quick to note the increase was driven mainly by body cams and software.
“In fact, we’ve seen some anecdotal acceleration of body camera buying decisions due to agencies wishing to provide transparency to the communities," Ahsan said, referring to transparency that Axon founder and CEO Rick Smith said comes during times of social unrest.
“When you think of gun violence, social conflict and a fair justice system, most people don’t think of these as technology problems but as political problems. We frame them as problems where technology can play a transformative role," Smith said. "This is really all about reforming and reshaping the justice system and these are issues we engage with daily. They are not new to us," Smith said.
The Scottsdale-based company said it had one time losses related to coronavirus costs and ongoing litigation expenses in a case against the Federal Trade Commission, driving the net loss.
Axon's share price has increased 25% since the beginning of the year. During the second quarter, Axon launched a mobile app that gives users real-time alerts, officer locations, and live-stream video access.