Investment Research report

Axon Enterprises, Inc.

NASDAQ:
aaxn
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Axon Enterprises, Inc.
A Stunning Short
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Research Overview

INDEX:
S&P 500
Sector:
Industrials
Position:
Short
Date:
Jun 19, 2019

After conducting a forensic financial and accounting review, Spruce Point believes Axon Enterprise, Inc. (Nasdaq: AAXN), the maker of the Taser stun gun, will shock investors with significant earnings disappointment and increasing cash burn as it fails to scale beyond these niche businesses. Based on our investigation, we forecast 40% to 60% downside risk, or $27.50 - $40.00 per share.

The report highlights several key concerns with the company, including:

  • We view the Company as a SaaS-driven growth story which is highly likely to disappoint investors
  • Evidence of an aggressive revenue recognition 
  • Evidence of the Company’s undisclosed dependence on China
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