Axon Enterprise — May 1, 2025 release

For full year 2025, we now expect revenue between $2.60 billion and $2.70 billion, up from our prior range of $2.55 billion to $2.65 billion, and representing approximately 27% growth at the midpoint. We continue to target an Adjusted EBITDA margin of approximately 25%, or $650 million to $675 million, an increase from our previous outlook of $640 million to $670 million. We highlight recent product innovations, financial results and provide more detail on our updated guidance for 2025 in the sections that follow. Select Highlights Axon Week 2025 In April, we hosted our tenth annual user conference, Axon Week 2025, where we outlined our vision for the future of public safety technology. Attendance at this year’s event exceeded 2,500 participants, more than doubling over the past two years and underscoring the growing strength of our customer relationships. Across nearly 90 breakout sessions and daily keynotes, we highlighted innovations designed to meet the evolving challenges faced by public safety professionals. This year’s event also marked a major milestone with one of our most ambitious product launches to date: the introduction of Axon Vehicle Intelligence—with Axon Outpost and Axon Lightpost—and the unveiling of Axon Assistant, an AI voice-enabled companion built into Axon Body 4. These additions meaningfully expand our product portfolio and enhance our ability to support customers across public safety. In parallel, we broadened our partn