Axon Enterprise — May 1, 2025 release

This operational metric tracks our total unrecognized contracted bookings, including remaining performance obligations, in addition to contracts with certain termination or other clauses as a result of which they are not otherwise included in remaining performance obligations. We expect to recognize between 20% to 25% of this balance over the next 12 months and generally expect the remainder to be recognized over the following ten years. 2025 Outlook The following forward-looking statements reflect Axon’s expectations as of May 7, 2025 and are subject to risks and uncertainties. Please refer to “Forward-looking Statements” below for more information. Full Year • Axon expects full year 2025 revenue of $2.60 billion to $2.70 billion, representing approximately 27% annual growth at the midpoint. This is an increase from our prior revenue guidance range of $2.55 billion to $2.65 billion. • Axon expects full year 2025 Adjusted EBITDA dollars of $650 million to $675 million, representing Adjusted EBITDA margin of approximately 25%. Our Adjusted EBITDA guidance includes expected impacts from recently introduced reciprocal tariffs. This is an increase from our prior Adjusted EBITDA margin guidance range of $640 million to $670 million. ◦ 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 inve