Axon raises FY25 revenue view to $2.74B from $2.65B-$2.73B

Consensus is for FY25 revenue $2.72B. Sees FY25 Adjusted EBITDA margin 25%, in line with prior margin guidance. The company added, “We expect stock-based compensation expenses to be approximately $580M-$630M, in line with prior guidance. Full-year stock-based compensation expense includes approximately $330M, related to the broad-based 2024 eXponential Stock Plan and the 2024 CEO Performance Award, primarily in SG&A and R&D. These performance-based incentive programs are achieved through stock price, operational and time-based requirements and are divided into seven substantially equal tranches. We expect 2025 CapEx to be in the range of $170M-$180M. Our 2025 CapEx plans include long-term R&D investment projects, continued capacity expansion, global facility build-outs and new product development costs. Expected capital expenditures do not include costs related to investments in a new headquarters, as we now await local zoning and planning decisions.”