Our 2021 results reflect strong operational and financial execution across the business.
We are executing upon our vision to build the world’s largest and most trusted network of safety devices, in service of protecting life by:
- Obsoleting the bullet
- Protecting truth
- Accelerating justice
- Building for racial equity, diversity, and inclusion
In 2021, we achieved revenue growth of 27% to $863 million. Over the past three years, we have delivered a 27% compound annual revenue growth rate. While our net loss of $60 million includes the impact of non-cash stock based compensation expenses, annual Adjusted EBITDA of $178 million exceeded our guidance, reflected a 20.6% margin and showcases our ability to deliver profitability while investing heavily to scale. Indeed, we have achieved a three year Adjusted EBITDA CAGR of 43%.
Our focus on building best-in-class subscription software, with a positive user experience, has driven our annual recurring revenue to $327 million, tripling over three years.
And record annual bookings of $1.7 billion, up 54% over 2020, point to strong growth ahead.
This level of sustainable high growth and profitability underscores the importance and relevance of our mission to protect life. This is especially true at a time when pandemics and social unrest have created far-reaching impacts personally, professionally and societally, around the world.
The stories that we hear from customers and citizens about lives saved and communities feeling supported embolden us to continue innovating, to pursue new markets and expand Axon’s footprint into new geographies, executing against the $52 billion total addressable market opportunity we laid out in November 2021.
Our long-term model and financial targets remain unchanged: We aim to deliver a 20%+ top line CAGR, while building recurring revenue streams that support underlying Adjusted EBITDA margins of 30%, allowing us to reinvest for growth, as a Rule of 40 grower(1).
Our priority in 2022 is to *further excel at what we do* and we are focused on setting our teams up for success. We are scaling new products and markets, and attracting and developing talent to continue executing on our mission.