In short: Dedrone breaks out. Q2 revenue +35% Y/Y to $904M (a $28M beat) — its tenth straight quarter above 30% growth — with non-GAAP EPS $1.88 ($0.04 beat) and adjusted EBITDA $242M at a 27% margin. Counter-drone is the new leg: Dedrone surpassed $100M of quarterly revenue as Platform Solutions surged 123% Y/Y, with World Cup security accelerating demand that management expects to persist beyond the event; Axon also signed two nine-figure agreements with major cities and future contracted bookings reached a record $15.1B. Software & Services +36% to $398M, ARR accelerating to 39% growth at $1.6B, net revenue retention 126%, and AI Era revenue up nearly 700% with more than a third of software revenue now from products beyond the core Evidence platform. The cost of scaling is visible: professional services and newer products pressured software margins, inventory climbed to $487M building capacity ahead of demand, and memory inflation is expected to pressure Q3 margins before improving in Q4. FY26 revenue growth guidance raised again to 32–34% with the 25.5% adjusted EBITDA margin target maintained. Bottom Line: "The constraint has shifted from finding growth to funding and executing against it without sacrificing margins." A disclosed author holding.
Axon makes Tasers and police body cameras, and — increasingly — the software that stores and analyses the footage. Revenue grew 35% to $904 million, its tenth consecutive quarter above 30%.
The new engine is counter-drone. Dedrone, the business Axon bought to detect and neutralise unauthorised drones, passed $100 million of revenue in a single quarter, with the broader Platform Solutions segment up 123%. World Cup security accelerated the demand, but management expects it to persist — cheap drones are now a permanent problem for stadiums, airports and prisons, not an event-specific one.
Two other numbers stand out. Axon signed two agreements with major cities worth more than $100 million each, and total contracted future business reached a record $15.1 billion — years of revenue already under signature. Revenue from AI products grew nearly 700%.
The cost of growing this fast is visible: newer products carry lower margins, inventory has been built up to $487 million ahead of demand, and rising memory-chip prices will squeeze margins next quarter. Guidance still went up. The article's framing: Axon's problem is no longer finding growth, it is funding and executing it without giving away margin. The author owns it; analysis, not a recommendation.
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