Axon Enterprise — Feb 25, 2025 release

Full Year • Axon expects full year 2025 revenue of $2.55 billion to $2.65 billion, representing approximately 25% annual growth at the midpoint. • Axon expects full year 2025 Adjusted EBITDA dollars of $640 million to $670 million, representing Adjusted EBITDA margin of approximately 25%. ◦ We provide Adjusted EBITDA guidance, rather than net income guidance, due to the inherent difficulty of forecasting certain types of expenses and gains such as stock-based compensation, income tax expenses and gains or losses on marketable securities and strategic investments, which affect net income but not Adjusted EBITDA. We are unable to reasonably estimate the impact of such expenses, which could be material, on net income. Accordingly, we do not provide a reconciliation of projected net income to projected Adjusted EBITDA • We expect stock-based compensation expenses to be approximately $580 million to $630 million. • Full year stock-based compensation expense includes approximately $325 million, 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 $140 million to $180 million. Our 2025 CapEx plans include long-term R&D investment projects, continued capacity expansion, global facility build-o