Axon Enterprise Inc. reported its Q1 2025 financial results, showing strong performance with a revenue of $604 million, marking a 31% increase year over year. This growth continues Axon's trend of exceeding 25% growth for 13 consecutive quarters. The company's net income for the quarter was $88 million, with a net income margin of 14.6%. Additionally, Axon reported a non-GAAP net income of $115 million, equating to $1.41 per diluted share, and an Adjusted EBITDA of $155 million, representing a 25.7% margin and a 42% year-over-year increase. A significant highlight was the 39% growth in Software & Services revenue, reaching $263 million, while annual recurring revenue increased by 34% to $1.1 billion. Personal Sensors revenue also saw a 30% increase, totaling $88 million, driven by the Axon Body 4 product. The newly introduced Platform Solutions category generated $57 million in revenue, growing 51% year over year, primarily due to demand for VR training and counter drone equipment. Axon also improved its financial outlook for the full year 2025, raising expected revenue to a range between $2.60 billion and $2.70 billion, up from the previous range of $2.55 billion to $2.65 billion. The company targets an Adjusted EBITDA margin of approximately 25%, or $650 million to $675 million, which is an increase from the earlier outlook of $640 million to $670 million. As of March 31, 2025, Axon held $2.2 billion in cash, cash equivalents, and investments, with a net cash position of $171 million, reflecting a $61 million increase sequentially.