What is Axon Enterprise's gross profit margin?

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What does Axon Enterprise do and what are its main business segments?

Did Axon Enterprise beat or miss consensus estimates last quarter?

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What were the key takeaways from Axon Enterprise’s earnings call?

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What were the key takeaways from Axon Enterprise's earnings call?

- **Record Growth**: Q3 revenue $711M (+31% YoY), driven by 41% software/services growth and 24% Connected Devices expansion.
- **AI Breakthroughs**: Prepared reduces non-critical calls by 33%, Carbyne modernizes 911 infrastructure, and Fusus pilot cuts court backlog 80%.
- **International Surge**: Europe bookings up 3x YoY, with 2 of 10 top Q3 deals in Europe.
- **Federal Momentum**: Q4 federal bookings strongest quarter, Dedrone adoption accelerates for major events.
- **Profitability**: 25% adjusted EBITDA margin maintained despite tariffs, 124% net retention rate.

**【CEO Summary Section】**
- Axon reported Q3 2025 revenue of $711 million, up 31% year-over-year, driven by software and services growth (41% YoY) and Connected Devices (24% YoY). 
- Introduced **Prepared** (AI-powered call center automation) and **Carbyne** (cloud-based voice infrastructure), enabling 33% reduction in non-critical calls requiring human operators in a major U.S. city.
- Highlighted ecosystem expansion with ABW Mini (enterprise body camera) and Fusus (real-time crime center), with bookings for newer products (Dedrone, Fusus) up 3x YoY.
- Q4 guidance: $750-755 million revenue (31% YoY growth) and 25% adjusted EBITDA margin.

**【CFO Financial Commentary】**
- Q3 GAAP net income: $420 million; Non-GAAP EPS: $1.08 (exceeds expectations).
- Adjusted gross margin: 62.7% (down 50bps due to tariffs).
- R&D investments in vehicle intelligence, AI Era Plan, and counter-drone solutions expected to drive long-term growth.
- Full-year ARR: $1.3 billion (124% net retention rate).

**【Q&A Highlights】**
- **International Momentum**: 2 of top 10 Q3 deals in Europe, with TASER 10 adoption accelerating. Q4 bookings up 30% YoY.
- **Federal Growth**: Q4 federal bookings expected to be strongest quarter of the year, driven by Dedrone adoption for major events.
- **Tariff Impact**: Connected Devices gross margin temporarily reduced by tariffs, but software margin expansion offsets impact.
- **AI Strategy**: AI Era Plan bookings on track to contribute ~10% of U.S. state/local bookings in 2025, with 7 of 10 top Q3 deals including AI features.
- **Enterprise Expansion**: ABW Mini launch in Q1 2026 expected to accelerate enterprise growth, with 80% reduction in court backlog for Scotland pilot using Fusus.

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